Facebook “Want” Button: A Potential New Hot Button for Social Media?

Just when we started getting used to the Facebook Timeline, the talk of a new social media feature has emerged. Although it has not been released or confirmed by Facebook, people are buzzing about the potential benefits of a Facebook “Want” button. This button would allow users to share items they want to purchase with the rest of their friends on Facebook.

While nothing is certain, these rumors leave me thinking about the future of social media. Whether you’re a consumer, business or marketer, social media has relevance in your daily life. Facebook and other social media platforms continue to keep users on their toes with the endless opportunities for collecting data.

As Facebook struggles in the stock market, many people are left wondering what the next big announcement might be. After reading various articles and discussing the possible benefits of the “Want” button, I have begun to think about what this could mean for the platform.

Pinterest has completely exploded in the online atmosphere, connecting people with products and leading them instantly to purchases. If Facebook were to release a “Want” button, the changes for both consumers and companies could be drastic.

Similar to Pinterest, this “Want” button could turn Facebook into an e-commerce site. Friends could view items that other friends would like to purchase, influencing online buying. Newsfeeds would fill up with products “Wanted” and suddenly, Facebook would act as a recommendation site. This combination of e-commerce with customer recommendations could turn Facebook into a social media powerhouse.

The nature of a “Want” button could bring about more discussion around products, which would be beneficial for business-to-business (BtoB) and business-to-consumers (BtoC) companies. A Facebook Page Community Manager would be able to gather insights about which products are doing well. Businesses would also be able to make adjustments to products that are not “Wanted” as much, track trends and even provide real-time customer service.

Another benefit of Facebook functioning as an e-commerce site is data collection. Facebook already provides us with a user’s interests, friends and favorite organizations, but the added feature of a “Want” button would allow a company to see who actually wants to purchase a product, which could lead to accurate audience targeting.

It may be smart to begin thinking of ways to leverage a Facebook “Want” button. Although this might just be a rumor, it is important to always be thinking about the future of social media. As social media platforms continue to evolve, keeping up with current trends and new technologies is constant battle. It is wise to be aware of any benefits you may be able to take advantage of, as well as understand the negative implications your company or profile may be subject to.

While extremely difficult to predict, one thing we can say for certain is that a year from now, or even a month, social media will be different than it is today. It may bring about new concerns or alleviate some of the stresses, but it will continue to change. We already Like, Pin, Digg and Subscribe; why not “Want?”