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Vincent Lubbe
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Since I am on a rant: Interestingly FB becomes a primary bearer of our trust (compared to banks in earlier days, credit card companies etc.). 1. We entrust FB with the most precious we have - in this case our social capital. 2. We entrust FB with our financial capital on a transactional basis (ecommerce). 3. We might even entrust FB in future with hoarding capital (AUM: some kind of virtual credit/currency/goods - you might even need insurance for that ;-). Other capital: Whom do we entrust with our health (All these apps measuring this and helping us track and influence our behavior?) Whom do we entrust with our "cultural & intellectual capital"? Until now we use google as a search/find and ultimately decision making machine?
Right on! 1. Social networks will drive transactions through activities -> ecommerce in a big way. FB will become a leader in transactions linking my activities to payments (they should work on their "event" module though, it is horrible, but vital for transactions!) I wonder what will happen to plancast, oona, eventbrite, amiando etc. Referral traffic from facebook to USA today and other sites already surpasses google referrals! 2. I can't afford anymore to be ostracized by FB - the demand being a "member" should be relatively inelastic to price. And that helps determining a better margin (ask Buffett and Munger about doing this for See's Candies and other portfolio companies of Berkshire). So why don't these social communities charge me yet for all that functionality -> probably still growing a lot = too early. FB has an advantage, since it owns not only you, but your network of people. And that is what every sales person knows: if you own the relationship, you own the client.
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Jan 21, 2010