The virtual currency has high value for millions of social gamers.
By Michael Amar. Originally published on AdAge.
Madison Avenue is questioning the effectiveness of advertising on Facebook. But rather than heading for the doors as did GM, advertisers would be well served to exploit a straightforward solution that enhances the efficacy of Facebook campaigns: the use of Facebook credits as a promotional incentive.
Facebook describes these credits as “a virtual currency you can use to buy virtual goods in any games or apps of the Facebook platform that accept payments.” Their most common use is for the purchase of social-gaming assets, like animals or stores on Zynga’s FarmVille or CityVille games. But other uses are rapidly proliferating, with the currency being used to buy tickets for events and rent movies.
Millions of people are spending hours playing games on Facebook. To increase their game status, most earn in-game assets through sustained play, rather than buying them with cash. A cow, an energy pack or virtual poker chips might not mean a lot to some people, but social gamers value them deeply, and consistently play long and hard to earn them.
This intersection between gaming, virtual assets and high perceived value creates an opportunity for marketers to reach the Facebook audience in new and powerful ways.
What distinguishes Facebook Credits as a promotional vehicle?