Over the past few years, and with the rapid growth of several new social media platforms, many businesses and users are asking themselves if Facebook still holds relevance for both business use and personal use.

Having been around since 2004, Facebook was once considered to be the king of social media, overtaking MySpace as the most visited social media site in 2008 and as of 2021, Facebook still retains this title with a staggering 2.8 billion users.

So, with so many monthly users, why have we been given the impression that Facebook is a dying platform?

Well, the answer (for the most part) seems to be down to the younger generation, with ‘Generation Z’ shunning Facebook in favour of newer platforms such as Snapchat and TikTok. Younger people are mostly looking for short, entertaining content and for the ability to connect with a global audience at the touch of a fingertip and for the most part, Facebook still doesn’t provide this.

While it may be true that users are at an all-time high, engagement on Facebook has never been lower. Several global brands including Tesla have even removed Facebook from their marketing strategy with other brands including Coca-Cola and Mars pausing ad spending over privacy concerns and lack of reach.

Social media moves fast and despite current figures holding steady, like its predecessor MySpace, Facebook appears to be on the gradual decline. Having been created with the mission statement of ‘bringing the world closer together’ Facebook now finds itself in a saturated market with no USP.

Businesses and individuals are now favouring platforms such as Instagram, Twitter and LinkedIn to connect with a global audience. With Instagram boasting the highest number of daily active users and a large 20-40 demographic (the target demographic for many businesses!)

However, despite its flaws, Facebook still retains credibility, providing both small and large businesses with the ability to reach billions of users, create a global community and build brand loyalty. While for the wider population, Facebook represents a family focused platform that enables meaningful connections and allows users to slow down and focus on news and people that are important to them.

In the short term, Facebook will retain its global status but its long term future looks less certain. The important thing for brands is that they adapt their social strategy to optimise engagement and reach and to identify if Facebook is still relevant to their business needs.

Want to improve your social media strategy? Get in touch at hello@redmarlin.co.uk to find out how we can help you!