In the early days of Facebook marketing, it was easy and cheap to get visitors to a site. During those days, Google ranked Facebook posts, and Facebook Ads were pennies a click. Times have definitely changed.
With the advent of other social media sites like Snapchat, whose new algorithms promise to personalize user content more than any other social media platform has done in the past, Facebook is now predicted to lose nearly 2 million users in 2018 because of it.
On top of that, recent polls showed that the public was losing faith in Facebook over their privacy policies when they came into question during the Cambridge Analytica fiasco. The company itself lost over $60 billion in value because of it.
As a result, this leaves digital marketers and businesses who have used the platform in the past to drive traffic, generate leads, and guide visitors along the buyer’s journey to ask important questions. Is still worth to advertise on Facebook? Should they still spend so much time and money on it as they have done in the past?
Facebook & Instagram Stats
At the beginning of 2018, Facebook still leads all social media platforms with 2.167 billion active users. Instagram, which is owned by Facebook and is accessed through Facebook Ads Manager, has the third most active users (800 million) out of all current social media platforms.
Given those figures, we think that Facebook is still a great choice for an overall marketing strategy. However, the Cambridge Analytica situation taught us to never put all your eggs in one basket. Always use a multi-channel because one never knows if their favorite advertising channel will be as relevant tomorrow as it is today.
Competition May Decrease
The relatively negative statistics shown above may seem like Facebook advertising might be slowing down shortly. However, considering what has transpired over the last couple of months, it might be a good thing. As a result, it can weed out a lot of the competition and make clicks cheaper than before.
The fact is that advertising costs have gone up because there are too many advertisers using the platform. There’s too little time and space to advertise one’s business without making users angry because of it.
As of this writing, there were approximately six million advertisers on Facebook and 100 million business pages, many of which have not even begun to advertise their brands.
Getting rid of some of the competition may be a good thing in the end, even if Facebook decides to raise their rates due to fewer advertisements placed. However, for savvy marketers, fewer advertisers means more possibilities to show relevant ads without a user dealing with “ad overload.”
Facebook & Your Business
Instead of being skeptical about Facebook’s advertising potential, let us look at how partnering up with Facebook can be profitable. They still have over a billion active users, after all.
There are three areas in which Facebook still shines heads above the rest when it comes to advertising on social media. Influencer marketing, advertising tools, and building a community around a brand.
This form of advertising was by far the most popular and effective form of advertising online last year. People look to those they trust for recommendations and advice, especially when it comes to buying a service and product, more so than any other source.
It has been estimated that roughly 36% of people trust brand messaging from social media and over 90% of people trust recommendations from friends and people they look up to and trust.
The great news is that Facebook leads the pact when it comes to influencer marketing. Their sister company, Instagram, is the number one platform for this form of advertising these days. Here are stats that are sure to blow your mind as an advertiser.
- The top 50 influencers on Instagram have over 3.1 billion followers.
- 60% of Instagram users say they learned of a product through Instagram influencers.
Instagram’s parent company, Facebook, is not too shabby themselves when it comes to influencer marketing. Many of the same influencers on Instagram also have Facebook Fan Pages where they give “shoutouts” for brands from there as well.
Compared to other social media platforms, Facebook is loaded with many useful advertising tools.
Their various advertising tools & options include, but are not limited to, the following:
- Ads Manager (Statistics)
- Ads Manager App (Mobile Devices)
- Exclusion Targeting (Narrow Target Audience)
- Sponsored Posts (Friends & Friends of Friends)
- Interactive Canvas Ads (Mobile Advertising)
- Adaptive Video (Dynamic Streaming Capabilities – Live Feed Videos)
Facebook is always improving and updating their advertising platform and tools to make things easier and more profitable for their advertisers. As a result, they offer more avenues for advertisers than any other ad platform on the Internet.
Whatever your brand, industry, or message, Facebook is sure to have a marketing outlet suitable for it.
Facebook’s mission of keeping people connected holds true for businesses and their fans. People like to build communities around brands and with Facebook Groups, Pages, and Business Manager. A company has a chance to create a stable group of those they can target and market for the future.
Facebook Business Pages are especially suitable for consumers to engage. They allow a brand to get popular and become an influencer itself. If done correctly, a good business page will not only bring in more of an audience to market towards but attract other advertisers who wish to target them also. They might even start paying you big bucks for your brands’ endorsement.
The final verdict is this: Do not give up on your Facebook marketing just yet. The company has a long-standing history of being able to adapt itself to both advertiser and user preferences. They continue to offer the broadest range of prospects and marketing options of all the available online properties.
At the same time, continue to diversify your advertising campaigns. As a marketer or a business, you do not want to get rid of your money-maker, especially when it can still make you money. However, you still should explore new advertising mediums just in case your money-maker slows down.