Facebook Trends: The Best of Small Business Entrepreneurship
In an ever changing world such as ours, Facebook is a great tool to utilize in small business entrepreneurship. It’s important to remember that Facebook’s algorithm has changed drastically, and things that once mattered such as “natural page reach,” are not as crucial as targeted and paid advertising. Facebook is an essential key in today’s day and age to be successful in entrepreneurship. Here are some of the trends from Facebook in 2019.
Small Business Entrepreneurship
2019 Facebook Trends:
Here are the statistics and headlines that you should be aware of.
- 42 percent of U.S. adults have taken a break from Facebook for a few weeks or more.
- 44 percent of younger users have deleted the Facebook app from their phones in the past year.
- Only 12 percent of older users have deleted the Facebook app from their phones in the past year.
- Facebook has more than 2.2 billion active members around the world.
- More than 1.6 billion people around the world have used Facebook to connect with a small business.
- More than 80 million businesses use Facebook to connect with customers.
- 63 percent plan on using “Facebook Stories” even more going forward.
- Advertising on Facebook is constantly changing as well. In fact, you can now buy ads within “Facebook Marketplace.”
- More than one million people use “Facebook Groups” to connect with each other and engage with brands or other users.
- “Facebook Stories” and “Messenger Stories” have about 300 million daily users each.
Facebook Video Trends:
- 28 percent watch five to ten videos daily.
- 32 percent watch two to five videos daily.
- 24 percent watch zero to two videos daily.
- 47 percent of online video viewers said they watch video content most often on Facebook.
- 16 percent watch at least ten videos per day.
- 71 percent of consumers on Facebook said the ads they have seen on the platform are relevant.
- Over the last Thanksgiving weekend, we saw 450 million views for Black Friday.
The “Facebook Video Creation Kit” was launched, which was designed to make it easier for small business owners to optimize pictures and videos. I think this is a good tool for small business entrepreneurship.
“Facebook Watch Party” was introduced in 2018 to make videos a more social experience.
“Facebook Messenger” Trends:
- Facebook Messenger chatbots receive about 80 percent better engagement than other channels like email.
- Paid Facebook Messenger chatbot ads deliver about 50 times the ROI of other paid content.
- The average open rate for messages on Facebook Messenger is between 50 and 80 percent.
- The average click rate is 20 percent. I feel that this is really an underused tactic, one that I think will be used a lot into the forthcoming future.
- Facebook Messenger also allows you to send recurring messages to people. There are just a few specific steps you need to take in order to qualify for this type of service.
“Facebook Security” Trends:
Earlier this year, Facebook discovered a massive security breach that saw about 50 million accounts compromised.
54 percent of Facebook users have adjusted their Facebook privacy settings in the past year.
To make business pages more secure, Facebook introduced a new verification feature this summer.
Facebook is also discussing the purchase of a cybersecurity company, which could lead to even more innovation on the security front.
One of the things we have been noticing is that there has been a shift in Facebook’s organic reach, due largely in part to Facebook’s desire to generate more and more revenue. This means you will have to start creating much more content in order to be more successful in entrepreneurship through the Facebook platform. When you do this you will be able to target a greater amount of people, and will thus be much more likely to convert these views into interested customers. The key is to tailor the content to the specific audience, not to post ads in low volume areas. We have moved much farther beyond those outdated tactics where conversions are less likely.
One entrepreneur we see that is a great example of this is Gary Vaynerchuk, someone who has created a successful business utilizing Facebook’s entrepreneurial services. What is now known as “Vaynermedia” is the juggernaut company that is prominent in today’s industry. However, success hasn’t always been that way. Vaynerchuk used the strategies of content marketing, and was able to appeal to a very wide audience. When you stop hard selling, and start creating content, you’ll notice a great deal of change in your business.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.