With the meteoric rise of competitors, we’re asking the question…
…Is Facebook dying or is it already dead?
Imagine you just stumbled upon a really cool spot. Maybe a restaurant or bar. Perhaps a nightclub or even a particularly poppin’ thrift store. Prices are great, the drinks are strong, the vibes are immaculate. And the only people there are the ones cool enough to know about it.
If this has happened to you before, you already know what happens next.
You tell your friends, who tell their friends, who tell theirs…. The next thing you know, your favorite place is now overrun with a bunch of weirdos. They ruined the “free pretzel” policy and snag up all the good vintage hats before you even get there.
It’s not cool anymore.
That’s what happened to Facebook.
Facebook Is Dying
If you look at the number of users, it doesn’t seem like the bell is tolling for Facebook just yet. With almost 3 billion monthly active users (and 2 billion daily users), Facebook is still the most popular social networking site around. Your friends and relatives are still on it. Heck, you might even be on it.
But those in the industry know that the writing is on the wall.
Almost immediately after Mark Zuckerberg announced the name change, Facebook Meta stocks started steadily declining…and its social media users are starting to jump ship. While some of those departing are concerned about their privacy or allegations of election tampering, most have a very mundane reason for their exodus.
Why Are People Leaving?
If you ask me, the answer is simple: Facebook just isn’t fun anymore.
The magical world of memes and Farmville has morphed into something that 25-year-old me would barely recognize. And virtual reality isn’t enough to save it.
Between the political arguments, trolling comments, and irrelevant ads, it’s a rare moment when my news feed leaves me in a good mood. (And that’s to say nothing of the psychological effects of “Facebook envy.”)
Teens have an entirely different reason for staying off the platform. Apparently, Facebook is for “old people”. Sorry to break it to you.
But this is nothing compared to the criticisms experts have against the platform’s weak response to things like hate speech, misinformation, and even propaganda.
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Escaping the Social Net
At the platform’s peak in the early 2010’s, Facebook benefitted from something experts are calling “the network effect,” which states that, the more popular a product or service becomes, the more valuable it is.
In short, when all of your friends and relatives are joining a social networking site, you want to join as well.
The problem is that the network effect works the other way as well. If your connections start to switch allegiances to another platform, odds are pretty good that you will too. After all, having “friends” is the whole point of Facebook.
The problem is that a lot of small business owners have spent a lot of time and money building a presence on Facebook. What are they supposed to do now?
What Should You Do?
As a small business owner, you probably don’t need me to tell you how this affects you.
If a user base is leaving a particular advertising platform (because that’s essentially all social media is, if you think about it), it doesn’t do you any good to be there.
So…where should you go instead?
First off, move to a platform that is working. One that’s gaining popularity and poised to become the next big thing. (Personally, we’ve got our eyes on TikTok.)
Second—and most importantly—focus on your own website.
Social media platforms are used by the public, but they aren’t controlled by the public. Facebook, X, TikTok, and every other social media site can make all kinds of changes and institute any manner of policies…and you can’t do a thing about it.
But having your own URL (with your own features and design) puts the ball in your court—where you’re the starting center.
Conclusion
Facebook has had a good run, but time is running out on the social media giant.
The good news is that you don’t have to panic. You just have to be flexible and change course. Humans will always love being consumers and therefore will always need content for information, entertainment, and connection.
Find another social network (or two!) that makes sense for your business, and use it as a tool to drive people back to a site of your very own.
