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Facebook Shares New Insights into the Impacts of COVID-19 on Small Businesses Around the World

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Facebook has this week published the latest update in its State of Small Business Report, which looks at the impact of COVID-19, and the global lockdowns to limit its spread, on SMBs in various regions.

The data, which Facebook has been tracking since July, incorporates responses from more than 30,000 small business owners across 50 countries, and highlights the key concerns and challenges they face as each seeks to maintain operations. And the insight provided is important for virtually every organization, as the flow-on effects will relate to spending in almost all aspects, and will lead to far-reaching economic shifts.

You can download the full, Global State of Small Business Wave III update here, but here’s a look at some of the key notes and charts.

First off, Facebook notes that more businesses are re-opening, with closure rates declining in almost all regions.

Facebook State of Small Business report

Though the impacts are relative – some sectors are seeing renewed impacts, with ‘Information and Communication’ businesses reporting a jump in closures in this latest update.

Facebook State of Small Business report

That likely points to the cumulative, ongoing impacts as businesses gradually assess the financial impacts of the crisis, and rationalize accordingly.

Overall sales are also down across the board, though digital-enabled businesses have been able to lessen the impact.

Facebook State of Small Business report

That’s important to note for digital marketers – according to the report:

  • 48% of consumers surveyed reported an increase in online spending since the outbreak of COVID-19, and 40% of respondents said they increased their use of social media and online messaging for product and business recommendations. 
  • Nearly two-thirds of shoppers surveyed who substituted one of their frequented businesses for a new one reported using digital tools to discover these new businesses. 

An active digital presence can have significant benefits, and that also looks set to remain true beyond the pandemic, with the rise of eCommerce accelerated by five years due to the shutdowns, according to one report. 

Sales numbers by sector are also down in general, with varying results in each niche.

Facebook State of Small Business report

Overall, the data shows that the impacts of the COVID-19 pandemic are not going to be felt immediately, they’re cumulative, and will show through more over time. Businesses that were not seeing as much impact in the last report are seeing more now, even as more are able to open, because the relative growth or decline may not be evident in immediate figures.

That underlines the ongoing challenges SMBs face, which, again, will impact all businesses in some form. Less spending with SMBs means less spending by SMBs, and with smaller operators dominating the market, that means that we’re all affected over time.

Hopefully, we’re moving closer to a time when we are able to safety re-open our economies, in order to mitigate these losses, but the data shows that we still have a long way to go, and that the flow-on effects will continue to trickle down until we reach that next stage.

There’s a heap more data in Facebook’s full Global State of Small Business Report, which you can download here.

Socialmediatoday.com

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Key Notes on Building Your Brand via Your Social Profile Visuals [Infographic]

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Key Notes on Building Your Brand via Your Social Profile Visuals [Infographic]

Looking to give your social profiles a visual refresh for the new year?

This could help – the team from Giraffe Social Media recently put together an overview of the whys and hows of building your brand via your social profile visuals.

There are some good notes here – a key consideration is consistency, which ensures that you’re building your brand with every post and update.

Check out the full infographic below.

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Publicis Performance Marketing Unit Acquires Influencer Platform Perlu 01/30/2023

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Publicis Performance Marketing Unit Acquires Influencer Platform Perlu 01/30/2023

Publicis Groupe-owned performance marketing agency CJ, which specializes in affiliate marketing, has acquired Perlu, a Syracuse, New York-based influencer networking and technology platform.
Perlu’s platform enables companies to activate, network, and collaborate with a community of influencers.   

Perlu will initially retain its name and organization as it is
integrated …



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Reports Show that Facebook Usage is Up, as Meta Continues to Develop its AI Targeting Models

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Reports Show that Facebook Usage is Up, as Meta Continues to Develop its AI Targeting Models

While Facebook is no longer the cool app, especially among younger audiences, it remains a key platform for many users, and its capacity to keep people updated on important updates from friends and family is likely to ensure that many continue to return to the app every day for some time yet.

But more than that, Facebook usage is actually increasing, according to internal insights viewed by The Wall Street Journal, which also include some interesting notes on overall Facebook and Instagram usage trends.

As per WSJ:

Data gathered in the middle of the fourth quarter showed that time spent on [Facebook] was up worldwide, including in developed markets, over the course of a year.”

Which seems unusual, given the subsequent rise of TikTok, and short form video more generally. But actually, Facebook has been able to successfully use the short-form video trend to drive more usage – despite much criticism of the platform’s copycat Reels feature.

Indeed, Reels consumption is up 20%, and has become a key element in Meta’s resurgence.  

How is it finding success? Increased investment in AI, which has driven big improvements in the relevance models that fuel both Reels and its ads, which are also now driving better response.

On Reels, Meta’s systems are getting much better at showing users the Reels content that they’re most likely to be interested in. You’ve likely noticed this yourself – what was initially a mess of random clips inserted into your Facebook feed has now become more focused, and you’re probably finding yourself expanding a Reels clip every now and then, just to see what it’s about.

Reels has actually been too successful:

“Because ads in Reels videos don’t currently sell for as much as those sold against regular posts and stories, Reels’ growing share of content consumption was denting ad revenue. To protect the company’s earnings, the company cut back on promoting Reels, which lowered watch time by 12%.

So again, while Meta has been criticized for stealing TikTok’s format, it’s once again shown, just as it did with Stories, that this is a viable and beneficial pathway to keeping users engaged in its apps.

You might not like it, but replication works in this respect.

But for marketers, it’s likely the development of Meta’s AI targeting tools for ads that’s of most interest.

Over time, many performance advertisers have been increasingly recommending that marketers trust Meta’s AI targeting, with newer offerings like Advantage+ driving strong results, with far less manual targeting effort.

Advantage+ puts almost total trust in Meta’s AI targeting systems. You can choose a couple of targeting options for your campaigns, but for the most part, the process is designed to limit manual impact, in order to let Meta’s systems determine the right audience for your ads.

Which may feel like you’re ceding too much control, but according to Meta, its continued AI investment is now driving better results.

Heavy investment in artificial intelligence tools has enabled the company to improve ad-targeting systems to make better predictions based on less data, according to the interviews and documents […] That, along with shifting to forms of advertising less dependent on harvesting user data from off its platforms, are key to the company’s plans to overcome an Apple privacy change that restricted Meta’s capacity to gather information about what its users do outside its platforms’ walls, the documents show.”

That’s likely worth considering in your process, putting more trust in Meta’s targeting systems to drive better results. At the least, it may be worth experimenting with Meta’s evolving AI for ad targeting. 

It’s not all good news. Meta also notes that while time spent in its apps is on the rise, creation and engagement is declining, with fewer people posting to both Facebook and Instagram than they have in the past.

That’s particularly true among younger audiences, while notably, usage of Instagram Stories is also in decline, down 10% on previous levels.

So while Meta is driving more engagement from Reels, which draws on content from across the app, as opposed to the people and Pages you follow, that’s also led to a decline in user posting.

Is that a bad thing? I mean, logically, engagement is important in keeping people interested in the app, and Meta also relies on those signals to help refine its ad targeting. So it does need users to be sharing their own content too, but if it can get more people spending more time in its apps, that will help it maintain advertiser interest.

In essence, despite all of the reports of Facebook’s demise, it remains a key connective platform, in various ways, while Meta’s improving ad targeting systems are also helping to drive better results, which will keep it as a staple for brands moving forward.

If you were thinking of diversifying your social media marketing spend this year, maybe don’t reduce Facebook investment just yet.

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