By now, there isn’t a single page of Facebook’s S-1 filing that hasn’t been exhaustively picked through and dissected in advance of the social network’s spring IPO. But what about the metrics that were underreported or unreported altogether? Moreover, which metrics really matter as a gauge of the current health of Facebook’s business and its future prospects for expanding its model?

That’s where BIA/Kelsey plants its flag in its latest Social Local Media Advisory, analyzing essential stats such as ARPU (average revenue per user), juxtaposing the network’s seemingly pleateauing audience against its mobile greenfield, and projecting where and how Facebook’s business iterates moving forward.

We explore several conceivable (and even likely) revenue engines, evaluating Facebook’s potential approach to each and their odds of both occurring and succeeding. These include (but aren’t limited to):

– Facebook ad network (desktop & mobile)

– Expansion of Credits beyond gaming

– “Action Ads Targeting” through the new Open Graph

– Platform monetization (through both developers and brands)

– Mobile monetization strategy and ad formats

– Acquisition approach and targets

Our core focus remains local, where Facebook’s strategy to date has been uneven, and its results mixed. While its aggregated social Deals program was short-lived, and it has never shown a propensity to build a massive sales force to penetrate local markets, Facebook has now opened its Ads API to enable more partners to manage and optimize scaled campaigns. This has application for agencies, media, resellers and other groups serving SMB audiences that can now consider adding Facebook Ads to their digital portfolio.

SLM clients can access the full report here.

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