Facebook has just received yet another billion dollars in investment and this on top of the $500M from Goldman Sachs and Digital Sky technologies according the company. This is what Facebook should do with the money.
1) Start an app store: These days you are no one in tech without one – they need to find a way to get in on the game and leverage their community in a way which can be easily monetized.
2) Compete with iTunes/Netflix: If everyone is in Facebook, all the time then why wouldn’t they consider buying their media where they live. Hint… They will buy it if you offer it.
3) There is an opportunity for Facebook radio and TV – it is unclear to me at this point what the content would/could be but providing focused communities with targeted content makes a lot of sense.
4) Develop best practices for Facebook marketing: Every company it seems is trying to be a Facebook marketer – and most companies need guidance – perhaps Zuckerberg and company can assist.
5) Sprinkle more money in China quickly: Google has a serious competitor in Baidu and has more or less lost much of China for now. Facebook should be careful to not repeat the mistakes of the search king and they need to defend their turf.
6) Continue philanthropic activities: The company is in the spotlight and they do everything better than other companies and charitable giving is one of the best ways of showing the public you are a solid global citizen.
7) Give workers freedom to create products on their own time: This works well for Google and after all, senior management can’t come up with all the ideas.
8) Hire a privacy czar: Be sure this person has the final word on privacy and stops the on and off again privacy fiascos the company seems to be embroiled in every few months.
9) Embrace Search: Google is coming after the company 24×7 and this in turn should force Facebook to have a solid search strategy to combat Google’s advances. They can partner with Microsoft more closely to get a piece of Bing or come up with other creative ideas.
10) Buy Twitter: This one is obvious – they need to act quickly before regulators deem them too dominant for the deal to be allowed.
11) Start a Google Voice-Like Service: If every Facebook user was assigned a phone number, carrier executives around the globe would have a simultaneous bowel movement as they lose control of their customers. By definition this makes the move (no pun intended) something to consider.
What are your ideas? Feel free to share below.