Facebook seems to be having a hard time of it lately.
Due in part to its laissez-faire approach toward hate speech and “fake news,” the social media giant has lost millions in ad revenue from giant brands including Best Buy, Coca-Cola, Starbucks and dozens of other socially conscious companies who disagree with Facebook’s current policies.
Despite the Great Big Brand Exodus of 2020, Facebook – whose stock currently sits near all-time highs — isn’t exactly hurting.
In July, Zuckerberg & Co. stated that the top 100 accounts represent only 16% of Facebook’s total revenue. So even if more big brands jump ship, the social platform will be just fine.
Who is bolstering Facebook’s ad game, then? Small businesses just like yours, as it turns out. In a new report from Borrell Associates, 88% of small and midsized businesses (SMB) consistently use Facebook to market, advertise, and engage with fans.
“That use rate has never happened before with any medium,” says Gordon Borrell, CEO of Borrell Associates, “even with the yellow page books.”
So why is Facebook so appealing to SMBs in a time when several large businesses are pulling their ads from the social platform?
SMBs Don’t Need to Follow the Leader
In the upper echelons of marketing, there’s an almost inherent need to do what your competitor is doing, especially when it comes to hot-button social and political issues. Nobody wants to be the last brand supporting the schoolyard bully and losing their customers in the process.
Small businesses, however, just aren’t big enough to care too much what the big brands are doing. You don’t have the advertising budget that Adidas or Ford have, so there’s really no point in trying to keep up.
Likewise, you don’t have quite the same spotlight on you as the giant brands have. While this could normally be considered a detriment, it’s a big bonus in this case. After all, you’ll have far fewer angry fans and followers to answer should you need to defend your support of Facebook.
Facebook Gives You Plenty of Bang for Your Buck
When compared to expensive ad campaigns, Facebook advertising seems like a steal. The site uses ad auctions to sell advertising, meaning you set your budget and create your ad and Facebook does the rest, getting you the best value possible, whether you have $5 or $5000 to spend.
But it’s not just the advertising cost that makes Facebook a boon for small businesses. It’s the engagement you can get without spending a single cent. Small businesses that “do Facebook right” can organically connect and actively engage with people in a way that static ads simply can’t.
Is Facebook the Marketing Platform You Can’t Afford to Ignore?
These days, we all seem to have our own opinions. Some of us keep them close to the chest; others shout them from the rooftops. If Facebook or its decisions go against your personal values and the values you’ve set for your small business, you might be more comfortable with a different marketing medium. But for those with the ability to keep their politics separate from their business dealings, Facebook still appears to be the way to go!
Whether you’re interested in boosting your social media following, getting more customers through your doors or creating a marketing strategy that gets results, Mischa Communications can help. Let us know what you need!