Is it time for social media leaders to reevaluate their Facebook investment?

Facebook has long felt like the default platform for executing your brand’s social strategy — and for good reason. With 2.91 billion monthly active users, the digital behemoth is by far the most used social media platform worldwide, per Hootsuite’s 2022 Facebook statistics. 

Those 2.91 billion users account for 36.8% of the world’s population. So, it goes without saying that enterprises have audiences to reach on this platform.

Despite Facebook’s irrefutable popularity, the platform is not without its setbacks. From the 2020 Facebook ad boycott to the FTC lawsuit, and ongoing concerns around brand safety and misinformation — to name a few. 

As a result, social media leaders are increasingly questioning what reputational and ethical issues could come from investing in Facebook. 

Additionally, the platform has seen a decline in monthly users, and Meta — its parent company — fell in profitability in 2021, as reported in Meta’s quarterly earnings. 

In light of these challenges and increased interest in emerging platforms, some social media leaders are pausing to reevaluate the time, budget, and resources they’re investing in Facebook.

As you begin to plan your 2023 budget, ask yourself, “Should Facebook have a different place in your social media strategy?” Here are some factors to consider.

Will the demographics support your social strategy?

Before you can review your investment in Facebook — or any social network — you first need to carefully examine the platform’s demographics and how they might align with your brand and advertising goals. 

We know that Facebook has amassed an enormous number of users — but who are they?

Facebook is the preferred social media platform for those ages 35 to 44 but ranks much lower for younger generations, per The Global State of Digital 2022 report by Hootsuite. 

In the 25 and under demographic, just 7.3% of female users and 11.1% of male users felt Facebook was their favorite platform. 

Notably, Facebook also saw a decline in daily users for the first time since its inception 18 years ago, as reported by Forbes. Meta reported in its quarterly earnings that Facebook lost around 500,000 daily users in the last three months of 2021, with a belief that those users are jumping to other platforms.

Chief Executive Officer Mark Zuckerberg said the company is currently focused on attracting and retaining a younger demographic. 

“We are retooling our teams to make serving young adults their North Star rather than optimizing for the larger number of older people,” Zuckerberg said in the third quarter results conference call in 2021.

According to Meta Chief Financial Officer Dave Wehner, Facebook’s investment in short-form video reels will be a vital component of their strategy to win back young users. 

The investment in video content showcases a desire to stay competitive with platforms like TikTok, which has captivated the attention of Gen Z and Millenial social media users.  

Zuckerberg acknowledged this trend saying, “TikTok is so big a competitor already and also continues to grow at quite a fast rate.” 

It’s no secret that short-form video content is having a major moment, which has led many social media leaders to reconsider not only the content they’re creating but on which platforms. 
For example, Hootsuite’s 2022 report indicates that 24% of social media leaders felt TikTok was the most effective tool for reaching their business goals — a 700% increase from 2020.

Benchmark with other social media leaders

It’s clear that managing an ever-evolving medium like social media is no small task, and as a senior social media leader, you already know the importance of adapting. 

When planning a budget and social strategy, there are in-depth logistics to consider beyond platform trends and demographics. 

SocialMedia.org is hosting a behind-the-scenes and confidential conversation on Facebook’s role in your evolving channel strategy on July 21 at 2 PM ET. Together, SocialMedia.org members will benchmark how they’re leveraging Facebook and how they’re evaluating its place in their strategies.

Conversations like this are exclusive to members — senior-level social media leaders at billion-dollar brands — but SocialMedia.org is welcoming a screened group of industry leaders to join in. 

As Facebook continues to undergo changes and pose challenges to your social program, you need a group of peers you can turn to for support. 

To learn more about how you can join the conversation, sign up for the call below.