Millennials are ditching Facebook and its effect on Brands
Facebook’s monthly users between the age of 12-24 have been on a constant decline, recent reports show. The users of the age group between 12-17 is the one showing the largest decrease. Facebook’s U.S growth has officially peaked and just last quarter, almost 700,000 users left the network. As a result, stock prices are falling, albeit very slowly. But what has triggered such developments? Especially in the past year or so. Let’s discuss a few of the issues.
1. Privacy Concerns
Very recently, global brands such as SpaceX and Tesla deleted their Facebook pages. The reason they cited for leaving the social network was ‘privacy concerns’. This is nothing new, Facebook has constantly received a lot of backlash for its privacy policies in the past and also have been accused of selling user information to third parties. Privacy is the number one concern of every user and unfortunately, the fear isn’t baseless.
2. Baseless and false propaganda with its alarming reach
Situations such as the Brexit campaign and the 2016 US Presidential elections are just two cases of how hate speech and false news can influence the opinion of the general public on such trivial matters of international importance. But since Mark has so confidently stated that 99% of the news on Facebook is correct; effectively implying that the company has no plans to rush to the decision of fact checking every information posted on the network, there goes the huge number of people who are realising to what extent Facebook is contaminated with fake news and hate speech. Especially youngsters and their parents who are ever so protective about their children and what kind of information they are exposed to.
3. Way too many ads and brand content
Sure, Facebook has announced that they’ll be altering the algorithm to decrease visibility and ads of brands but in all probability it’s already too late. For the past few years, Facebook has focused so much on the business side of things that they never really realised how much their users were losing touch of real-time communication with friends and family. This happened because ads and brand content were integrated into the newsfeed along with the status updates of their friends and such. Soon, brand content was dominating and Facebook didn’t make an effort to change things until recently, once it realised that a considerable base of its users were ditching it for more ‘realistic’ social networking platforms.
But what does all this mean for your brand?
The ripple effect for you as a business or a marketer will primarily be the increased difficulty in reaching the right target audience. Since a large chunk of the population with the purchasing power required for your business, that is millennials, are gone out of the picture, it’ll be all the more difficult in reaching the older, more mature population still on Facebook. Convincing them, a whole different ballgame. Youngsters are easily convinced, the older they get, the more persuasion they require.
Adsyndicate, being one of the premier Social Media agencies in India always stays on top of all the trends in the digital marketing industry and are ready to exploit whatever development comes along effectively for the gain of your business. We’ve done this a thousand times before without a hitch. Let us do it for you. We evolve along with the industry.