One of the most popular activities on Facebook is tagging pictures. Facebook is now the largest picture sharing site on the planet, with over 250 million photos being uploaded every day. If the Chinese were right about the idea that “one picture is worth ten thousand words,” then Facebook is getting the equivalent of 250 billion words a day–not even counting the actual words posted on the site. So how can Facebook monetize from such popular activity? We have an idea.
Facebook can start a picture tagging reward program. When an user uploads a picture and subsequently tags the picture with a brand, the brand’s logo and link to its page will appear right next to the picture. The user who provided the tag would then be awarded a certain number of Facebook credits predesignated by the brand (if the brand opted into the program). The cost associated with issued credits will eventually be passed onto the brand as part of its overall marketing budget.
This is a win-win situation for everyone involved. The brand will be able to showcase its products by leveraging user contributed content and reach out to greater number of audience than ever before (i.e., friends of users who uploaded and tagged pictures). Users will be able to earn rewards for activities that they are already doing every day and use these rewards towards premium Facebook activities such as social gaming and purchasing goods. Facebook will also benefit greatly through the increased amount of Facebook credits circulating in the eco-system, which encourages e-commerce activities. The ROI of this form of advertising can potentially be tremendous since brands are promoted using visual mediums (pictures) used through trusted channels (friends). This form of advertising would also work extreme well on mobile devices due to its subtlety. Unlike mobile display ads, pictures would not interfere with the mobile user experience.
So Facebook, why wait? Especially now that you own Instagram. Start monetizing all those pictures that we willingly share with you!