Facebook Credits – The Newest Currency

SocialB Digital Marketing Blog Last modified: 20 Dec 2011 by Lynsey Sweales
Facebook | Social Media

Facebook does seem to be trying to take over the world and yes our blog title is correct

Facebook does have its own currency if you were not already aware, it’s called Facebook Credits. Available in over 47 countries, credits and allows you / your customers to purchase virtual goods and digital goods so far. At present, you can’t buy any physical goods – but of course, that’s coming!

Examples of items you can currently use credits for are; Skype calls, watching movies, programs, music, plus the gaming areas (ammunition for games, extra stuff for Farmville).

So who is already using Facebook Credits and how are they using them in their business?

  • BBC Worldwide have been using it to allow fans to rent the Top Gear special episodes.  15 FB credits which is around 93p and you can watch the North Pole special.
  • GAP – used FB credits as an enticement to sign up to their newsletter.
  • Debenhams – used credits as an incentive to like their page and sign up to their newsletter.
  • Finally, Big Brother tapped into another way of monetising voting people out of the BB house – you could buy credits and credit bundles and vote via FB on top of their previous other methods (phone, texting, Sky button, etc).  Clever idea!

Giving away credits is a good way of enticing people.  Be aware, people will cotton on and sign up to newsletters, etc to collect their Facebook credits to use for their own interests (which might not be your goods/products).

With One US Dollar being the equivalent of 10 Facebook Credits  and with 30% of revenue going to Facebook and the developer retaining 70% you can see that credits are going to be a way forward for Facebook.   We think ultimately they could roll this out across all businesses using Facebook (and perhaps other platforms) to purchase goods in the future.

If you want to stay up to date on Facebook credits then we would suggest you like this Facebook page.

If you are interested in using social media for your business then please feel free to contact us about our social media courses or social media marketing services.

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