These two words explain the power of Facebook. As more and more people participate in any network, the more valuable and useful the network becomes. Here’s an example: If you’re the only one in the world with a telephone, it’s useless. But as soon as someone else has a phone, it has value. As more and more people acquire a phone, you have an indispensable tool.
With social media, the overall value of the network increases as more people join it. A network—a platform—that connects you to 20 of your friends is inherently more valuable than a network that connects you to five of your friends.
Clearly, if the network shrinks, it becomes less valuable, less useful. Remember Myspace? Some of you probably don’t! Until 2008, Myspace was the most valuable and most popular social network in the world. But once it was eclipsed by Facebook, it started shedding 40 million users per month. Now it’s merely an example of where the network effect didn’t happen.
If Facebook were to follow that downward trend, you might be justified in ignoring or leaving it. But Facebook is stronger than ever—don’t buy into reports that suggest Facebook’s growth is slowing, or even reversing. This graph from Statista says it all:
Not only is Facebook still growing, it’s enjoying a growth spike—no surprise that with most people around the world spending their time at home, more people are joining and using Facebook! Compared to Q2 2019, the monthly active user count has grown by 12%. Companies also continue to spend ad dollars with Facebook because that’s where the eyeballs are. In Q2 2020 alone, Facebook ad revenue was $18.3 billion, a year-over-year increase of 10%.
With 2.6 billion (with a “B”) monthly users, Facebook has a larger “population” than any country or religion. While it’s true that youth are fickle about using Facebook, chances are you aren’t worried about targeting some 16-year-old girl in Orlando anyway. No, the people you want to reach—the moms and dads, the dreamers and believers, the people looking for a side hustle and have the money to get one started—are still very much on Facebook. The numbers are clear: 7 out of 10 U.S. adults use Facebook.
For social sellers trying to reach people about products and opportunity, you can’t beat the reach of Facebook. Or, if you can think of another network that connects you for free to 2.6 billion monthly users, we highly recommend you jump on that (and let us know what it is). Note: Okay, YouTube may count 😉.
The day may come when Facebook has less reach, less dominance, and fewer users. But from what we can see now, Facebook is, literally, stronger than it has ever been. Southern Social is 100% on the Facebook bandwagon. We want all of our clients to be active and visible on it, so you should keep using it to connect with people around the block and around the globe.