This week we will cover:
Let's get started.
Around 72% of the US population uses social media. Recently, Pew Research did a study in an attempt to answer the million dollar question: "What's the most popular social media platform across all US adults?"
The answer: YouTube came in 1st with 81%. Facebook is second, with 69%, and Instagram is in third place with 40%.
Supply/demand: YouTube and Facebook had a similar market share in 2019 (73% and 69%, respectively), but things changed after the pandemic, with YouTube jumping to 81% and Facebook staying at flat 69%.
Opportunity: There's an obvious supply/demand gap between YouTube and Facebook. Go to Google and type "Facebook ads". Now do the same for "Youtube ads". The ecosystem around small businesses advertising on Facebook is HUGE. YouTube? Not so much.
2021 might have created a gap in supply/demand that you can exploit if you can find how to use YouTube ads in an efficient way.
Mathias Schroder, a data-driven marketer, wrote a tweet on how he used Facebook broad dynamic product ads (BDPA) to reach a cold audience and get ROAS > 3.5.
A small tweak: Mathias gave Facebook some additional values for his products. He's into the e-commerce space, so he added a field named google_product_category which helped the Facebook algorithm better understand what his product is about. That resulted in the algorithm showing the product to more relevant people, ultimately getting him better return on investment.
Why this works: The Facebook algorithm has gotten so advanced to a point where many advanced marketers don't touch the targeting capabilities. They just target the whole country and leave Facebook to figure out themselves whom to show their ads to.
Opportunity: The opportunity here is to explore different ways through which you can give the Facebook algorithm more information about your product so it can better figure out what your products are about and start showing it to relevant people. Mathias did a second part where he explains how to do this. Some of the tactics involve interacting with the FB Marketing API, but doing this can potentially give you an unfair advantage.
Reddit launched Reddit Talk, a Clubhouse clone that will allow subreddit moderators to start live audio rooms.
Facebook announced various social audio features, and one of these features will grant Facebook Group admins the ability to create live audio rooms for their members.
The live audio wars have begun.
What this means for you: Communities are going to get even more powerful. Text is a human invention. Voice is something that came since the dawn of evolution. It's a thing that makes us bond faster vs. just typing a bunch of keystrokes onto a computer screen.
Opportunity: Now might be the best time to start a community for your industry. Choose a platform you like, because live audio is coming everywhere. LinkedIn and Slack already announced it while Discord/Telegram already have it.