It seems Facebook is not just for making friends in a social sense - it’s also a powerful tool for boosting business profitability.
The findings are a result of a new study undertaken by Deloitte and commissioned by Facebook itself. Titled Facebook’s global economic impact, the study measured the site’s impact on the global economy.
It revealed Facebook had a global economic impact of $227 billion, and pointed out that it supported 4.5 million global jobs in 2014. As for Australia, Facebook had an economic impact of $4.1 billion, and created 44,000 jobs for the population.
Three key areas were analysed as a part of this investigation: Facebook’s use as a tool for marketers, as a platform for app development, and as a catalyst for connectivity.
Deloitte global media director Jolyon Barker told AdNews that Facebook’s ability to connect individuals has allowed its professional influence to grow.
“Our study finds that Facebook enables significant global economic activity by helping to unlock new opportunities through connecting people and businesses, lowering barriers to marking and stimulating innovation.”
Facebook’s capacity to promote business growth was deemed to be a direct result of its powerful influence in the area of marketing. Pages, targeted advertising and referrals were particularly successful.
The report explains: “By using these marketing tools to reach their customers, businesses can increase sales locally, nationally, and globally and generate significant economic impact, no matter their size, location, industry, or technical sophistication.”
