Facebook is InformationInformation is the main reason for why a user logs on to the internet. Current news, events, sports, updates from friends & education is what users search for online. In order to keep users engaged, the most important criteria to the majority of users (depending on the platform, LinkedIn is more beneficial to job seekers) is the entertainment value. Once that’s maximized, information is then passed along as each user’s daily viewing time increases. The more attention capturing the content is, the more engagement. Engagement is what Facebook encourages the most, with a deep focus on comments from users.
Type of contentWhen users log on to Facebook, their feed is full of posts from friends and family. Some post about weekend trips and current events, some post images of their meals, children and pets. This helps Facebook deliver value to their user providing a personal online atmosphere. Popular social media channel among the youth is Snapchat, connecting users in a faster, more temporary manner, as images and videos are removed after a set amount of time. This creates a sense of privacy among users, while LinkedIn establishes a professional projection of a user’s profile and an online presence. Users connect to leading corporations, business owners, executives and influencers. Depending on a certain market, there are multiple social media outlets that accommodate to each business model. From age groups to defined demographics, choosing the correct platform to reach users is an important first step to any digital marketing strategy.
Facebook is EntertainmentA large amount of time spent on the web, especially YouTube, is users seeking entertainment through video and compelling posts. Negativity, violence, compassion, love, mystery and news reports all contribute to the entertainment value. Users seek both entertainment and education when allocating time to social platforms, often understanding which platform to use for each need. Often, social media platforms like Facebook will filter content that violates their policies. Facebook has became an authority in video viewing with YouTube being the only other platform raking in more views. Cross-posting between both platforms when including video in a marketing strategy is good practice. When engaging with your audience by creating content, avoid boring and stale posts that are always dropping down on users feeds. They will ignore it, ignore it again and eventually will start to resent seeing it, thus tarnishing your marketing & branding efforts. The same concept applies across all content shared across the web. The following chart rates Facebook and its competition (Snapchat and LinkedIn) on these three criteria from 1 (being the lowest) to 5 (being the highest) ranking its total value to the user. Facebook’s versatile platform offers areas to connect to friends, coworkers and family to share memes, videos, news and anything that happens from day to day. Facebook holds the highest value to its users when they use their platform. Their ability to keep users connected to their friends and family while adding a high entertainment value is unmatched among social media sites. The quality of the information that passed through Facebook is inconsistent and has repeatedly been revealed as fictitious, and has been accused of influencing users and potential voters by providing fake news and propaganda from Russian ads during the 2016 presidential election. They were able to win the trust of the public back, yet many large corporations remain hesitant on rolling the dice regarding their marketing focus.
Providing value-based contentIn January 2018, Facebook initiated a new news feed overhaul that encourages more interactions with friends and family, and less passive content (Quora, 2018). LinkedIn ranks high in this category due to the better structured presentation of information and quality articles that are shared among users. Snapchat ranks high in entertainment value, and although Facebook users are much higher, the platform has attracted many younger users. All social sites share a strong ability to connect their users through unique means and value. Facebook always pulls ahead when considering overall value. This includes usability, connectivity, flow of entertainment/news, and the ability to create small business pages with flexible budget plans for various advertising options.
Facebook SWOT AnalysisLet’s take a look into a SWOT analysis for Facebook. As an advertising company in the new digital age, Facebook faces various challenges relating to internal and external environmental factors. Companies like FB can create and analyze these types of tools to forecast making their next move. With a reported 2018 $16.6 billion advertising revenue, and a 30% increase each year, it’s safe to say they’re an advertising company. Connecting users across the world is the business model, but not what’s directly providing cash flow. With technology evolving rapidly, they will need to constantly be ready to make changes. Decision makers are using tools similar if not identical to that of a SWOT analysis. When considering if your business marketing structure will be a good fit with social media companies, keep in mind they’re the new TV and radio. The way the world markets is evolving and rapidly changing every day.
Company structureGlobally known & utilized. Facebook is utilized by over 2.5 billion users on a monthly basis. That number is amazing, and continues to grow. Business opportunities, particularly brand building, are plentiful. When considering Facebook’s public relations, things start to become a bit divided. There are many people that lost faith in the platform’s privacy standards. This loss of faith was influenced by recent controversies including the Cambridge analytica scandal and the Russian 2016 election meddling that reached 126 million Americans. When controversies strike, creating an emergency SWOT analysis will provide valuable insight for what move to make next. Facebook’s answer was to change many policies and their entire algorithm in order to restore the public’s trust in the platform. Learning from the hiccups of large companies can assist small businesses in decision making. Future brand repositioning, pivoting and marketing efforts relating to desired growth are essential to executing a new plan. When a company gets in a rut, creating and executing analyzing tools will help the brand repositioning process.
CompetitorsCompetition lacks connection to friends and family. This is huge. Facebook provides a place for their users to connect with friends and family where no other platform is able to execute. Entertainment, education and identity are the primary focus of their platforms (twitter, YouTube, snapchat). From a professional position, LinkedIn takes the crown when connecting to others. Friending others and connecting on personal levels begun with MySpace, and was swiftly taken over by Facebook. No other platform has come close to offering users the same experiences. The following is a SWOT analysis table that define both internal and external micro/macro factors: Natural resources needed as inputs by the Facebook marketing team are simple. People. People then translate to users, and a company is now able to target them with additional ads. This opportunity can easily be hindered by the fact that only so many people can join Facebook and use their services. The internet isn’t available to all people across the world, and many countries place strict restrictions on their population’s internet usage. Facebook will have to explore other areas of opportunity to continue a successful ad marketing campaign as the competition strengthens.
SWOT Analysis- The BenefitsWhen thinking strategic marketing, a SWOT analysis will provide insight to an organization’s weaknesses, exploring their strengths and understanding competition better. A SWOT will provide detailed insight to what next move to make. When considering beneficial movements like implementing new marketing strategies, a SWOT will prove to be trustworthy. If you lack the time and/or budget for an external consultant, creating a detailed SWOT analysis is a great solution. It can help make the necessary adjustments by providing unique and detailed insight that saves time.
Small BusinessIncorporating a SWOT analysis of your business no matter the size can organize data that’s already floating around for consumption. You have all the factors that are needed to fill the table and the competition is always there. Big tech companies like Facebook, Amazon and Google aren’t the only ones that can benefit from creating similar visual representations of important data. Let’s take a quick look at how small businesses in all industries can utilize the SWOT to forecast decision making. Contact Roberts Consulting Firm to learn more and request a quote for business consulting & digital marketing services.
- Tran, K. (2018, March 5). Social platforms are most popular among 18- to 29-year-olds. Retrieved from https://www.businessinsider.com/social-platforms-are-most-popular-among-18-to-29-year-olds-2018-3
- Quora, (2018, February 11). What Prompted Facebook’s Recent News Feed Overhaul? Retrieved from https://www.forbes.com/sites/quora/2018/02/05/what-prompted-facebooks-recent-news-feed-overhaul/#1f2a4816e223