About a year ago, I didn’t care or desire to be on facebook and until recently not many of my peers were on facebook. Now, it seems everyone is on it. If you are looking for a friend on facebook, just friend me. It is pretty impressive to see a company grow from 0 to 175M registered users in a matter of 5 years and these users are spending an incredible amount of time on the site every month. This leads to a tremendous opportunity for advertisers and entrepreneurs. I admit I haven’t figured facebook advertising out yet, but given the sheer numbers on facebook, it’s only a matter of time before facebook starts becoming extremely profitable. So, for us entrepreneurs, it’s time to start playing the game early before the all the other advertisers arrive.

One of my good pals, DK has a great post on facebook advertising. If you’ve done some facebook advertising with success, please share in the comments below about how you’re thinking about advertising on facebook and what’s worked well. I’m going to share some of the things we’re going to consider trying on facebook. I’m very excited to try this out.

1. Test slowly on a small targeted group. I’m most likely going to target the younger demographic 15-34 since we’re running an entertainment site. Find your group, target age, gender, and location if you need to. Start a campaign on that small group.

2. Measure and Optimize. Watch your results closely and see if you’re driving good, converting traffic. If not, focus on ad copy and your site to make sure it’s converting. CPC’s on facebook are generally cheaper than Google, so you may find some great opportunities to pick up traffic.

3. Consider using CPC as a branding exercise. If you are paying for CPC and you’re getting 0.5% clickthrough, wouldn’t it be great that you would be also getting brand exposure on the other 99.5% of people who don’t clickthrough? Make sure your brand is front and center and that you are doing things that are relevant for the end user.

4. Consider the social impact/virality of ads. If you create a successful campaign, it will get pushed through facebook very quickly with people sharing and talking about your company/product. Find ways to provide value to the end-user and make it easy for them to share your story.

There’s a ton of opportunity right now especially with advertisers staying on the sidelines to be able to purchase advertising much cheaper than in the future which means you can build a business a lot faster now. Facebook is just one of many channels that are going to be huge for driving unique, valuable customers to us. If you figure it out soon, you’ll have a definitive advantage over those who arrive to the party late.

Good luck!

This post was written by Andy Liu, a serial entrepreneur and angel investor. Andy currently runs BuddyTV, sits on several boards, and blogs at InspiredStartup about staring and growing successful businesses.

Happy groundhog day, all!  Stopping short of Bill Murray’s deja-vu-all-over-again nightmare, I thought I’d re-run some advice from the early-aughts that still has legs.  By way of introduction, as of today, I am posting as the new Executive Director of NWEN.  You may remember me from such favorites as the Alliance of Angels, and as a weekly contributor to Seattle 2.0.  As I’m diving into this new role, I’ll be drinking a lot of lattes as I sit down with community stakeholders and learn from each of you, but in the meantime, wanted to bring you some news you could use, drawing on past experience.

With the plethora of community organizations and organic groups springing up around entrepreneurship, my calendar runneth over with happy hours on an almost daily basis.  Good problem to have—I live for this kind of thing, and there are some terrific people out there (from Lunch 2.0 to Girl Power Hour) hosting great industry events.  Cheers to Danielle Morrill for recognizing the need to make these meaningful and fun, but for those of you who would rather watch paint dry than go to a “networking event,” here are a few tips.  (In my past life, I’ve led workshops on this topic for such otherwise hesitant participants as recruiters, attorneys, and non-profit board members—and I’m here to tell you there’s an art and a science to it).

1. It’s not a junior high dance.  It’s really ok to stand by yourself for a few minutes, collect your thoughts and some refreshments, and survey the room.  Take your time getting into conversations, and don’t be afraid to stay put and let people seek you out too.
2. When meeting people for the first time, in addition to introducing yourself, be sure to repeat their name and make eye contact while doing so.  Much better chance of remembering the name in the future. It’s like a new vocabulary word—if you can use it three times it’s yours (I’m not necessarily recommending this kind of repetition in a first meeting—when I hear my own name repeated back to me too many times I feel like I’m in an infomercial).
3. Listen.  Not rocket science here, but this is clearly the foundation of any good conversation.  I am fully convinced that one of the keys to having a good memory (see point 2 above) is actually listening the first time around. When your companion is talking, focus on what they’re saying, not what you’re going to say next.
4. Ask questions.  Even in this two-degree-of-separation town, you may need to dig beneath the surface a bit to find common connections, and that’s where conversations get interesting and fun.
5. Be succinct.  In the early stages of a dialogue, try not to speak in paragraphs (serial monologuing can be a real snoozer).  If someone asks what’s new, or wants to hear about your latest venture/business/idea, see if you can describe it in one sentence. It’s a good litmus test for the clarity of your thinking.  Michael Arrington uses the barometer of whether or not he can explain a business to his mom. Good sign: they’re asking questions (see tip #4).  Bad sign: eyes glazing over.

As all good things must come to an end, please note the following exit strategies, which should be part of the ebb and flow of any social gathering.  If you don’t have Dave Chappelle’s wrap it up box on hand, try the following:

• Make introductions.  At well-attended events this will happen organically, at any time throughout the evening, but look for opportunities to connect people to each other in a meaningful way. Getting that two-degrees of separation down to one is what these events are all about, and chances are, you know someone who could be helpful to your conversational companion.  So be it if it signals the end of your own dialogue.
• Go get a cocktail.  If you sense your conversation has drawn to a natural close, help the other person out and seek a gracious exit.

Practicing What We Preach

We’re really not kidding when we call it the Northwest Entrepreneur Network, and to that end, wanted to draw your attention to a few new items:

• NWEN has a Facebook page. Check us out, become a friend and a fan.
• And because texting is so five minutes ago, follow NWEN on twitter. (Sneak preview: This weekend we’ll be joining 150 of our closest friends for the fun and games of Startup Weekend, and twittering from Google’s Fremont offices. Word on the street this is akin to 6 Hour Startup on steroids, so stay tuned.  This event is sold out, so watch for take-aways from the trenches.)
• Blog posts from your peers.  As NWEN’s blog is kicking into high gear, you’ll notice greater community involvement and commentary; check out Roy Leban’s thoughts about our inaugural First Look Forum.
• Join the NWEN LinkedIn group.

Look forward to seeing more of all of you online and in person.

Rebecca Lovell is the new Executive Director for NWEN. If you see her at an industry event and she claims she has to re-fill her cocktail, there’s a 99% chance that she really just wants a drink.  Seriously.  Ask anyone.