On Wednesday, Google Inc (NASDAQ:GOOG) announced they would be releasing a new and improved Google+ which will allow social networkers to have a custom experience on the website. Part of the customization will partake to apps and navigation bar that will incorporate profiles and pictures more efficiently. Also, Google has announced the unveiling of the Explore page that will post interesting trends within Google+.

Since its launch in 2011, Google+ has more than 170 million users, which is pretty impressive. The new features added to the site are a response to Facebook’s new Timeline feature. The new design will also make it easier to navigate around the site and use apps more efficiently. The idea was to rival Facebook but look uncluttered and clean at the same time. Google says that the redesign is still in the early stages but that it will be released soon.

Google is taking share away from Facebook, which is impressive. The main question here is whether or not Google’s redesigned Google+ platform will be enough to really make some Facebook users switch. I know that a lot of Facebook users are unhappy with the new Timeline design and the constant changing of the outlay. However, switching social networking sites can be a bit of a hassle which goes against Google but I believe Google’s impressive 170 million subscriber start is only the beginning.

Google is finally starting to innovate and take share away from its competitors. In fact, Google is the only firm to take market share away from Facebook and Apple. Unfortunately, it is not certain that Google+ is a “Facebook killer”.

Keep in mind also that Facebook is supposed to release its IPO next month which should raise a good amount of money for the firm. If they use the cash wisely and upgrade user face and navigation, Google could be in deep trouble. There are a lot of “what ifs” going on right now between Facebook and Google which makes it difficult to decipher what is truth and what is speculation.

Google is a powerhouse that is back on top. For awhile there, shareholders were displeased with Google’s lack of innovation and shareholder value. Since then, Google has delivered great Android smartphone numbers and now Google+. Obviously, some investors were wrong with getting out of Google because I believe they will be outperforming the market and its peers this year after all of this innovation and updated services. Keep an eye on Google and how consumers respond to the new Google+.