Businesses: Keep or Quit Facebook?
What started as a closed social network for college students has mushroomed into one of the largest advertising and informational platforms in cyberspace. Facebook has shouldered its fair share of political drama and data breaches, and it still continues to grow, sporting everything from Karen memes to Halloween pics of the grandkids.
To Keep Or Quit?
That is the question. A maelstrom of change, is Facebook’s hotbed still a useful platform for businesses?
Facebook has seemingly squished organic reach since its algorithm shifts in 2018. Businesses have watched their organic impact dwindle along with their engagement and action rates. Given this, many have started questioning whether they should invest the time and resources to maintain a Facebook account at all.
Keep. And Here’s Why.
While Facebook may not function in the same way it did eight years ago, five years ago or two years ago, businesses still garner significant benefits from maintaining a compelling presence.
In fact, research shows that there are almost 2.75 billion monthly active users worldwide, an increase of 12 percent from 2019. In addition, approximately 1.8 billion people log onto Facebook daily — again, an increase of 12 percent year-over-year. Facebook is growing rapidly and is regularly trafficked.
1. Facebook is your business card.
The stats show that Facebook is the internet’s third-most visited website behind Google and YouTube. In essence, Facebook serves as a powerful search engine for information, much like Google. Potential customers and partners investigate the validity of your business, while job applicants explore photos, videos and posts to get a sense of your company’s culture. An active, healthy Facebook presence legitimizes your business, offers a peek into the personality and culture, and demonstrates that your company has the resources and energy to invest in two-way conversation. When they search, you need to be there.
2. You want the option to advertise (e.g. increase revenue).
While organic reach may have decreased, opportunities for paid advertising has skyrocketed on Facebook. In Q3 of 2020, Facebook ad revenues increased to $21,221 (in millions), a 22-percent increase year-over-year. In addition, average revenue per user increased from $6.95 in Q1 of 2020 to $7.05 in Q2 of 2020. That means that each person is spending more on Facebook ads, and that’s no small deal.
Targeted, intelligent ad campaigns on Facebook can not only increase sales for warm customers but also nurture cold prospects into your sales funnel. In order to tap into this goldmine, you have to have a Facebook business account. Another reason to keep yours up and running strong!
3. The conversation is happening … with or without you.
We recently worked with a client that addressed accusations against its business. And guess where this conversation jumpstarted? Yup, on Facebook. Had this business not had an active, listening account on Facebook, it would have missed this crisis altogether and likely not been able to correct information, offer mitigating actions and make things right. Conversations by customers and partners will occur whether you’re on Facebook or not. So why not be present to be a part of the conversation?
It’s not time to ditch Facebook … yet.
Strategies have changed from relying solely on organic content to crafting targeted ads and investing in interest-based groups. But your business has to be on Facebook to even be a part of these conversations — opportunities you don’t want to miss.
And hey. We can help!
Drop us a line to talk about your social media strategy!