Nine Reasons Why Facebook Is - Still - Relevant for Business in 2024

Stories of the death of Facebook have been circulating almost as long as the platform itself: it’s going the way of MySpace… its user demographic is dying off… its algorithm is too complex… it is simply uncool. Take your pick. 

The social media monarch has, allegedly, been losing its crown for nearly two decades. But the rumours of its death have been greatly exaggerated. Not only has it survived, it has thrived thanks to Meta’s savvy technical innovation and financial progress.

Combining the biggest user base of any social platform, and the finest of finely-tuned advertising platforms, Facebook might not be the new kid on the internet any more, but it retains enormous clout and importance for businesses of every scale.

Here are nine reasons why Facebook retains its significance for brand’s marketing two decades after it hit our browsers…

• Its reach is vast

Currently there are 2.09 billion daily users on Facebook - and that’s up 5% since last year. This makes it the most popular social network on the planet, and also the third most visited website in the world. That’s a lot of potential customers to find and sell to. 

• It has significant cultural clout

And not just the 2010 film. It’s also a source of news for 30% of US adults, who regularly get their current affairs stories from the site (YouTube is the runner-up). It means almost a third of Americans trust it to deliver updates of the day. A great thing for the platform and its reputation, but it brings its own problems and a responsibility. So…

• It’s getting rid of fake news

Well, making a valiant attempt. Every three months, Facebook is removing 1.3 billion spam and fraudulent accounts. Which demonstrates the proliferation of these imposters, and that the fake accounts understand the potential power of the platform. 

• It’s part of a big family

When Facebook became Meta, it wasn’t a re-branding exercise. It meant companies could use Meta Business Suite, created to allow businesses to manage marketing and advertising across the family: Facebook, Instagram, and Messenger. And when you add WhatsApp to the mix, the reach of Meta goes up to 3.98 billion. An even bigger number of potential customers to find and sell to.

• It has one eye on the future

Meta has never been afraid of innovation. Be it the introduction of Threads, the Metaverse, virtual reality headsets, through innovation and acquisition it has always known where that curve is heading. And yes, that means AI in 2024 - chatbots in  Facebook Messenger are getting ever smarter which helps businesses support their customers and increase engagement with them.

• It pays for creators to be on Facebook

Pays in terms of building their following *and* their bank balance. Facebook has said it’s going to use artificial intelligence to identify creators which will appeal to an audience or individual – and creators/influencers can use a whole raft of ways to monetize their content. Meta has refined the experience for creators giving them tools to grow and manage communities and earn cash.

• It understands advertising

Ads on Facebook on average get a click-through rate of 2.5% for lead generation ads, while advertising for traffic costs $0.83 per click and the average conversion rate is 8.25%. While these numbers won’t work for every sector, Meta has worked to ensure the return on investment is good enough for brands to want to keep returning to invest.

• Young people haven’t fled Facebook

How old is Facebook’s audience? Much nonsense is spouted claiming its user base is aging or dying. But… users aren’t that old and the ones who are there have cash. The largest group of users is aged 25-34, with the equally affluent 35-44 not far behind. That means just under 25%of users in the US are between 25-34 and it’s used more by people aged under 44 than older.

• It still works for advertisers 

Facebook ads remain cost-effective, contributing to businesses' return on advertising spend. There’s a reason why 91% of organisations have a presence on Facebook and 200 million businesses use Meta apps. It’s because 58% of Facebook users take a wander over to a brand’s website after seeing a product or service in a Facebook Story. It’s also the leading place for social commerce: in 2022, 63.5 million bought something via Facebook.(Instagram is second), while nearly a fifth of all consumers start their shopping search on Facebook.

Arguably Facebook is not only relevant, it’s vital for businesses. And not only to have a presence but one with great content which engages clients or potential customers who are not as old as you might have been told.

Sources: www.statista.com; www.similarweb.com; www.emarketer.com; www.pewresearch.org; www.web.com; www.variety.com; www.wordstream.com; www.hootsuite.com; www.facebook.com