Five ways that Facebook is changing and what it means for your company
Whether you already use Facebook as part of your business or you plan to in the future, here’s how the latest changes could affect your company.
If there’s one thing that’s true about technology, it’s that nothing ever stays the same. With the continual need to evolve, change and grow, some of the world’s biggest companies have committed to doing new and better things year on year.
Facebook is no exception to that rule. Mark Zuckerberg recently revealed to the world that the Facebook company, which owns the social media platforms we all know such as Instagram, WhatsApp and Facebook, will be rebranded as Meta, complete with a new logo. The strategy for doing so, he said, is that the way we interact in the future, both on a personal and business level, is set to change.
“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Zuckerberg said.
Prior to that, the chief executive shared insights, with a recent Facebook post, into some of the unique challenges and changes that any business will need to consider for the future.
While there are plenty of exciting innovations at play, it pays to understand precisely where powerful platforms like Facebook are heading. The better your understanding, the easier it will be to adapt to those changing needs and requirements of that demographic. Whether you already use Facebook as part of your business or you plan to in the future, here’s how the latest changes could affect your company.
Five ways Facebook is changing:
- Demographic targeting a younger audience means greater business opportunities
- Renewed e-commerce focus spells out a different future for online stores
- The introduction of the metaverse suggests future avenues for sales
- More AR and VR integration requires businesses to step up with new technology
- Cultural change reflects how criticism is received for commercial businesses
1. Demographic targeting for on a younger audience means greater business opportunities
Facebook has long been working with an ageing demographic, thanks partly to fierce competition for younger audiences. With platforms like TikTok and Snapchat bringing in a demographic that Facebook once dominated, it’s no surprise that their target audience has changed in an attempt to re-capture that vital young adult demographic. This change is reflected in Facebook’s goal to provide the best services for the 18-29 age bracket, rather than focusing on generic optimisation for all ages and audiences.
What does this mean for your business? If Facebook is determined to get back into the good graces of a younger audience, that means far more potential customers to capture. As one of the most significant online shopping demographics, any digital brand will benefit from this renewed focus, allowing for connectivity with the right audience for the right product.
2. Renewed e-commerce focus spells out a different future for online stores
E-commerce has always chugged along nicely on Facebook, with Marketplace providing an alternative to platforms like Gumtree or eBay for easy, local purchases. But while Facebook’s focus on e-commerce in the past has been spotty at best, its future focus is firmly on improving commerce and helping businesses to reach audiences more effectively.
For the average company, these changes may mean far more scalability to suit future demand, allowing you to focus on one stream of income instead of several via different channels. With the holiday season approaching, now seems like a good time to get involved in the growing e-commerce concepts Facebook has planned to get ahead of your competition.
3. The introduction of the metaverse suggests future avenues for sales
If you’ve had any active following on social media platforms or online media in the past week, you’ve likely heard all about the metaverse. While currently a concept in the early stages, Facebook has big plans to make itself the ‘holy grail’ of social media experiences. What that means, exactly, is a combination of hardware and software, designed to provide the best possible experience to users in one seamlessly designed space.
For companies, this shift towards the metaverse means new opportunities to make sales and reach potential audiences. Significant investments into next-gen technology by Facebook suggests that it’s well worth getting educated about what the future of e-commerce looks like in connection with social media platforms. Metaverse is one to watch, and so keeping an eye on what’s going on will allow your business to meet the growing digital needs of Facebook’s new target audience.
4. More AR and VR integration requires businesses to step up with new technology
Augmented reality (AR) and virtual reality (VR) have slowly trickled into the mainstream as concepts for brands and businesses, allowing consumers an even better experience in a crowded digital marketplace. Facebook’s changing approach to AR and VR as a part of the new metaverse reflects this concept. It shows this kind of technology isn’t something for the far-off future; it’s something the average business should be thinking about in the here and now.
Combined with the new focus on a younger audience, it’s more of a priority than ever for brands to embrace new technologies and ways of selling.
For any company that hasn’t yet explored the benefits of AR or VR, now is the time. With these two technologies destined to become a mainstream part of social media, adopting new technology early is ideal for getting ahead of the curve. As Facebook changes from a simple social platform to a more complex commerce entity, understanding how your business will keep up is vitally important for long-term success.
5. Cultural change reflects how criticism is received for commercial businesses
Beyond the technological future of Facebook, Zuckerberg also took the time to describe another way the company is changing from the inside out. In response to the debate around the company, Zuckerberg stated he believes scrutiny is vital for larger organisations. An open culture and good faith criticism are considered essential to the new, open Facebook ethos, in direct combat to the recent leaks of documentation the company has experienced.
As one of the most significant global companies, it’s no surprise Facebook’s internal practices are as well scrutinised as its outward innovations. For other businesses, this commitment to open discourse and transparency is something that will become more apparent over time in public opinion and the way the public perceives business as a whole. If in doubt, embracing transparency and honesty may be the best way to win future audiences over.
With a strong focus on the advancement of technology and a renewed target demographic, Facebook is making changes to reflect the shifting landscape of online commerce and social media. Keeping an eye on the most influential companies is always a good idea to get ahead for any business.
Whether you’re looking to gain new audiences or considering investing in e-commerce for the first time, having a better understanding of where Facebook is heading should be at the top of your priority list. With more changes and a brand-new metaverse under development, now is a better time than ever to get clued into what’s on the horizon and how it will affect your business plans.
