Shifting Facebook Landscape
The number-one frustration of Facebook advertisers across the board is that everything is always changing. Nicholas says we should focus less on what’s changing on Facebook and more on changes to how users are experiencing the platform.
A few years ago, Facebook had a lot less traffic and a lot less going on. You could target someone to come to your website and buy something, and if the message-to-market match was good, you’d get a great result. Everyone was raving about how easy it was to make things happen on Facebook. But things have changed.
More people are using the platform, which means there’s less real estate on the news feed. It’s also getting busier, which makes it harder to capture attention as an advertiser and harder to consume information as a user. Mark Zuckerberg recently estimated there were about 7 million advertisers on Facebook, all competing for limited real estate. And most users are consuming those ads are on mobile, not desktop, by the way.
Buyers are also less trusting. Before, if you were one of the top brands—or even if you were a less established up-and-comer—you could sell a lot very easily. Now, people don’t trust anybody because they’ve been duped. Add to that Facebook’s own issues with Cambridge Analytica, and the trust factor has gone way down.
Consumer behavior has also changed. If we rewind 5-7 years, an average consumer needed up to 16 touchpoints before making a buying decision. Those same studies are saying that a consumer now needs up to 33 touchpoints before making a buying decision.