Facebook Tries to Hook New Advertisers

Facebook has revamped its business profiles to better facilitate the branding and promoting of business goods to the social network’s 845 million active users. The revamp gives businesses more control to design and customize pages for past years and to highlight events and memorabilia.

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Facebook introduced the Timeline feature to business pages, which will allow them to create mini websites within Facebook for free. Macy’s (NYSE:M), Coca-Cola (NYSE:KO), and Walmart (NYSE:WMT) have already made the switch to the new version of Facebook, chronologically placing ads using the timeline feature.

Facebook is also attracting the attention of advertisers and large companies by offering marketers new services. Eighty-five percent of Facebook’s $3.7 billion in revenue is generated by advertising, and the site hopes the new feature will help attract many new businesses ahead of its initial public offering. Facebook plans to raise $5 billion in an IPO that would value the company at $75-$100 billion.

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