Facebook’s new algorithm announced this week (Facebook Announces 3 Algorithm Changes) has some Business Page Admins and marketers a bit worried. The reality is that marketing a business on Facebook has changed and they need to understand how to use this tool effectively.
It is true that the way content will be distributed to Facebook Users may negatively impact the Timeline updates from businesses, organizations and media sources. Some may throw their hands in the air and decide that Facebook is no longer a viable option for marketing. Others will understand that these changes will be an opportunity. Facebook Advertising is still one of the most economical games in town, and can deliver a very large and most interested audience. Many smart marketers have been using Facebook advertising for a few years, and have reaped the benefits. As Facebook continues to evolve, marketers and business owners must look “behind the curtain” of this “free” social site and begin to tap into the power of Facebook in new ways.
According to Facebook, the changes implemented are a way to improve the experience of the User rather than increase ad sales. However, on the heels of the algorithm change announcement, Facebook announced its first quarter revenue. Mobile advertising revenue made up 73% of the total advertising revenue. Facebook sees these changes as a win/win scenario – they are enhancing user experience while adding revenue to their bottom line. The third “win” may be for businesses who allocate advertising dollars there.
With 1.44 billion people using Facebook each month and only 2 million advertisers there, there is still room on the “ground floor,” and small businesses can enter the arena at prices that are still far below most traditional advertising venues. Local businesses, in particular, can leverage the power of Facebook as it allows them to target a hyper-local market. (This is especially significant as other local outlets, such as community newspapers continue to disappear at an alarming rate.)
A few other noteworthy statistics revealed at Facebook’s quarterly meeting include:
- 939 million Users are active daily.
- 125 million Users access Facebook via mobile (87% of total monthly active Users).
- 1 billion people use Facebook Apps. i.e. Instagram, WhatsApp, Messenger.
- 1 out of 5 minutes spent on a mobile device is on Facebook or Instagram.
- 45 billion messages are sent daily.
The Facebook population continues to grow and Facebook continue to angle its growth and changes toward connecting everyone in the world. In fact, with the data it has already collected, Facebook knows more about most of us than anyone – and, like it or not, they are using this information to allow marketers to target their ads to the right people.
Business owners, serious about their business success, must begin to take Social Media Marketing seriously.