There’s a saying that goes “It seems too good to be true.” For years, Facebook has been a leading force in social media tech. However, recent research from eMarketer has everyone wondering, “What’s happening with Facebook?”. Results from the study show that the time people spend on Facebook is trending downward by 3 minutes per day on average. However, we don’t think that Facebook is going anywhere anytime soon. Here are some reasons we believe Facebook’s time spent is decreasing and what it means for your credit union.
In light of all of the fake news polluting Facebook, the social platform decided that it was time to crack down on clickbait articles and trying to eliminate fake news. Because of this, Facebook was aiming to increase the quality of time spent on the app which as a result, decreased the time spent in the app. However, Facebook and other social apps are constantly changing and updating their algorithms to increase engagement. So while there is a downturn in time spent on the app, we will have to monitor to see if this trend continues.
Another reason time spent on the app would decrease is Facebook’s sister social platform, Instagram, is rising in popularity. While Facebook is consistently making upgrades to its own platform, Instagram is continuing to update as well. These updates, like the disappearing DMs, are just one example of Instagram mirroring more of their competing social platform, Snapchat. With these advancements and new features, it makes sense that people are spending more time on Instagram to check out the newest improvements.
While time spent on the app is a concern, this data doesn’t necessarily take into account all the Facebook fasts we’ve been seeing lately. People that are conscious of how much time they’re spending on the app have announced they are taking time off. Others, who are more adamant about monitoring their usage will sometimes deactivate their account altogether. There could be many reasons why Facebook’s time spent on the app could be decreasing. However, it’s not necessarily always the amount of time spent but the experience the user receives while on the app.
What does this mean for your credit union? There’s no one size fits all social media strategy. Just because people aren’t spending as much time on the Facebook app doesn’t mean this isn’t worth including in your marketing plan. Being aware of the trends will help you create and implement the best marketing plan for your credit union. Using Facebook or any other social platform could make sense depending on your audience. What’s important is taking into account your members. Make sure that you’re creating a great member experience on Facebook, or whatever platform you choose, while they’re online. Because when you know how your members like to spend their time online, you can create a better experience for them which will create results for your credit union. There’s a quote from Jim Doyle that I believe sums it all up; “Service your customer even when the services change.”
Want to take your credit union’s social media marketing to the next level but don’t know where to start? We can help. Want to go beyond just posting and checking off a box? We can help with that too.
