Entrepreneur in the jungle of social media

Facebook’s parent company, Meta, has been heavily featured in February, with a plunge removing $230 billion of the company’s worth in a day. Mirrored in the U.S. stock market history, this is also the biggest drop ever in a single day. Also, for the first time in Facebook’s 18-year history, the number of daily users declined.

The company is struggling with a number of challenges, the most significant of which are likely to be Apple’s changed Privacy Policy, inflation, which is weakening advertisers’ budgets, and supply chain disruptions.

Where a company’s future prospects raise serious concerns among investors, this equally raises reflection in companies. The declining popularity of Facebook has long been debated – although in Europe, for example, user numbers have remained fairly stable.

There is a fair amount of social media and at least there are enough new entrants and newcomers. Entrepreneurs and small businesses in particular face a significant challenge in keeping up with the ever-changing social media trends and channel options.

When was the last time you went through your company’s social media strategy? If it has been more than a year since the last time, it is time to stop and take a critical look at how your strategy is working. Platforms that have not been updated for a long time should be given special consideration. At its worst, a company page, which in the latest release wishes a happy Midsummer 2019, at least raises the question for the user whether the company is no longer in operation at all.

Channel selections and changes should always be planned strategically. There should not be too many channels: 3-5 platforms are recommended. It is worth investing enough in the selected social media channels – after all, the channel has been set up for interaction with stakeholders.

 

Marika Säisä
EntreFox Project Manager
Lecturer
Turku University of Applied Sciences

Samuli Gratscheff
EntreFox Student Project Manager
Turku University of Applied Sciences

 

Originally posted on the 7th of March, 2022