Facebook was just a coding project of Mark Zuckerberg some eight years ago. Now, more than 25% of the world’s population has account on Facebook, resulting in a global business with $4 billion of revenue. The company is worth more than $100 billion now, leading the social media industry.
At the time, Mark Zuckerberg launch his project, there were many other social networks (such as Friendster and MySpace) already making money out of this business but they all started losing their popularity with the every passing minute and Facebook became market leader.
Here we will discuss some of the unusual secrets of the success of Facebook that is not considered as a common practice to the success of a product. However, keeping in view the history of Facebook, one can apply these secrets to other businesses as well to make them prosperous.
There Was No “Business Plan” for Facebook
Unlike many successful businesses, Mark Zuckerberg didn’t write any businesses plan before
starting his business. He did not even discuss his idea with his friends and advisors or did a
market research or come up with other similar activities that are supposed to do by entrepreneurs.
He built his first version of Facebook for a university project in his spare time and launched his
product. This is how Facebook was born.
A Simple and Easy to Use Product
Do you think that adding complex features make your product attractive??? No, actually it makes
your product the “users-unfriendly”. Mark Zuckerberg followed the same approach and kept his
product very simple, instead of adding complex features to make it difficult to use. The first
version of Facebook was quite simple and Mark Zuckerberg improved his product over time, with his team. Facebook was launched with fewer features in no time, while other similar companies were so busy in developing their products that they already lost the war at the time of the launching of product.
Product’s Focused Idea
Mark Zuckerberg always focused on the product of Facebook instead of Facebook’s business. He used to reject advertising clients as he wanted his product to be cool, with no irritating ads. He hired senior executives, Sheryl Sandberg and David Ebersman to run the business and finances of his company.
His approach was contrary to the Wall Street, as Wall Street supposed the companies to focus on creating value for their shareholders, so their stock prices would increase.
Hiring Well, Firing Well
Mark Zuckerberg believes that the strength of a company is with its people, not with the technology or products, as technology and products change quickly. There is always a great team behind every success of a company and a great team is based on the concept of: “Hiring well, and Firing well”.
First step is to hire well to find out best people for each position. There is always an error, no matter how effort you have put on certain project, so you need to fix the flaw quickly. Here you go for second step that is “fire well”, in order to compensate your earlier mistake. Facebook followed this approach and make good replacements with the growth of company.
Customers Don’t Know What They Want
Mark Zuckerberg has always operated the Facebook by keeping in view Steve Jobs’ phenomena of doing business. Steve Jobs believes that it is the job of Apple to figure out the want of customer and then provide them, as customers never know what they want. So, Facebook kept on adding new features and make them the need of its customers.
These are some of the unusual tactics followed by Facebook that is also known as their secret of success. They key to the success is keep your product as simple as you can, so that users can easily use them. The company should also focus on the product and his team, working behind the wall. Zuckerberg hired talented people to improve Facebook and come up with unique solutions. He believed in phenomena that customers rarely know about what they want, it is our duty to let the people know what their need is and provide them the best.