Since Facebook's initial IPO and the ensuing devaluation of their stock, Mark Zuckerberg and his team have been searching for ways to make Facebook more profitable and to encourage users to spend more and more time on the site. When the social networking company went public in May of 2012, the stock was billed at the “must buy” stock of the year. Quickly, investors realized that the stock was going nowhere fast. Not only did their IPO make it to the International Business Times list of the Biggest Tech Flops of 2012, the state of Massachusetts fined Morgan Stanley $5 million for violating securities laws during the initial public stock offering.
After having weathered the storm of their IPO and the “Social Network” movie, Facebook is struggling to stay relevant. Although many of the site's early adopters have abandoned their accounts, claiming that Facebook's time is over and still other have begun to worry about the many security and privacy issues, Zuckerberg is convinced that Facebook's full potential is still to come.
In an attempt to lure more users to the site and keep them there longer, Facebook has introduced a new, graphic search feature. At the product launch, Mark Zuckerberg insisted that the new Graph Search feature isn't a web search, but rather it's a new way to search the site to find the information you're looking for. The feature allows users to narrow down their search criteria using natural words and phrases rather than being required to use specific keywords. For example, if I wanted to find single male friends of friends, I could simply type that phrase into the Graph Search bar and I would see a list of all of the male friends of my friends who have listed their relationship status as single.
Of course, the uses of the search feature aren't limited to dating. In fact, it can be a great way to locate friends who work for specific companies, to find out what restaurants and movies people are enjoying and so on. Although it's not likely that this new feature is going to be popular enough to give Google a run for their money, it's possible that it could have a negative impact on other social sites like Yelp!, UrbanSpoon and Foursquare.
It remains to be seen how many Facebook users will embrace this new search feature. Although there are many practical uses for it, many people contend that the people who will benefit the most from it are businesses. With the ability to search for people who like specific movies, products or businesses, they can target their audience more effectively and create more successful marketing campaigns.
Although Facebook has received a great deal of negative attention concerning their data-mining and other privacy issues, on the Facebook blog page dealing with the launch, they had this to say about the new search:
“Another big difference from web search is that every piece of content on Facebook has its own audience, and most content isn't public. We’ve built Graph Search from the start with privacy in mind, and it respects the privacy and audience of each piece of content on Facebook. It makes finding new things much easier, but you can only see what you could already view elsewhere on Facebook.”
In my opinion, the Facebook Graph Search probably isn't going to become the first search engine of choice for most people – and it's not because Facebook doesn't have the data. It's because of the inherent difference in how people connect and use the site. Social networking sites like Tumblr, Pinterest and even Google+ let users connect with others based on common interests, while Facebook is a place to connect with immediate family, extended relatives, acquaintances and so on. As more and more people set up accounts on Facebook, people are finding that their news feeds are filled with updates from people whose opinions and preferences don't matter as much.
For example, if I were trying to get movie or restaurant recommendations, I would search Google+, Google Places and Yelp! before asking my Facebook friends. It's not personal, it's just that I want either unbiased reviews or recommendations from people who share my interests. Knowing that my great aunt likes a particular movie wouldn't make me want to see it.
Facebook is a great place to keep up with what my friends and family are doing and I can see pictures of my high school and college friend's babies. However, using it as a go-to information source isn't going to give me the results I'm looking for.
I'm sure that loyal Facebook users will enjoy and use the Graph Search feature, but I don't see it as a way for the social networking site to stay relevant or to build profits – unless they use it to sell even more personal data for marketing purposes.
What do you think about the new Graph Search? Do you think it will be a threat to Google? Please share your thoughts in the comments.
Image source: Facebook
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