Is Facebook Still Worth Marketing On in 2023?
Facebook has been a powerhouse in the social media world for nearly two decades, but with the emergence of newer platforms like TikTok and Threads, many marketers and businesses are questioning the value of investing their marketing efforts on the platform. Is Facebook still worth it in 2023? Let’s take a look at some key statistics to help you make an informed decision.
Facebook Statistics
To kick things off, let’s start with some general Facebook statistics that marketers should be aware of:
– According to our Social Media Trends 2023 Report, 25% of marketers consider Facebook as one of the most effective platforms for building a community on social media.
– Facebook is still the most popular social media platform that marketers use in 2023, and it offers the best return on investment (ROI) compared to other platforms, according to our 2023 State of Marketing Report.
– As of July 2023, Facebook boasts over 3 billion monthly active users, making it the most-used social network worldwide.
– An astounding 37.2% of the global population uses Facebook, making it a massive platform for reaching audiences.
– Facebook.com ranks as the third most visited website in the world, further highlighting its significance and reach.
Facebook Statistics for Business
If you’re considering incorporating Facebook into your business’s social media strategy, here are some key statistics to keep in mind:
– When it comes to selling products through social media, 25% of marketers believe Facebook offers the highest ROI.
– While Instagram Shops is the most popular social media selling feature, being used by 22% of social media marketers, Facebook comes in a close second at 21%.
– A substantial 67% of social media marketers utilize Facebook to promote their brand and connect with their audience.
– Interestingly, when it comes to influencer marketing, Instagram may lead in terms of ROI, but Facebook ties with YouTube for the second-highest ROI, making it a viable platform for collaboration and brand promotion.
Facebook Video Statistics
Video marketing has become a crucial element for many brands. For video marketers, these Facebook statistics are worth noting:
– Almost 50% of the time spent on Facebook is dedicated to watching videos, highlighting the platform’s strong video consumption.
– Facebook ranks as the second most popular platform for video marketing, opening up opportunities for brands to engage with their audience through visual storytelling.
– Live videos on Facebook tend to have higher engagement rates compared to pre-recorded videos, although the specific engagement numbers may vary across accounts.
– It’s important to note that many people watch Facebook videos with the sound off, especially when they are in public spaces. To ensure videos are accessible, captions should be used or enabled for viewers who prefer to watch with the sound off.
Facebook Advertising Statistics
If you’re considering boosting your brand’s visibility through Facebook Ads, here are some insightful statistics about its ad reach:
– Facebook’s global advertising audience is a staggering 2.249 billion, giving advertisers access to a massive pool of potential customers.
– As of 2023, there are over 10 million active advertisers on Facebook, indicating the popularity and effectiveness of the platform for advertising.
– Facebook ads have the potential to reach 33.3% of the global population over the age of 13, offering a significant reach to target specific demographics.
– In 2022, Meta (formerly Facebook Inc.) generated over $113 billion in ad revenue, showcasing the platform’s profitability and effectiveness for advertisers.
– Facebook ads reach an impressive 62.2% of all Americans aged 13 and up, emphasizing the platform’s relevance in the American market.
Facebook Demographic Statistics
Understanding the demographic makeup of Facebook users can help determine if the platform aligns with your target audience:
– The largest age group among U.S. Facebook users is ages 25-34, making up 23.6% of the user base.
– In terms of gender distribution, 43.5% of Facebook users are female, while 56.3% are male.
– India has a staggering 315 million Facebook users, making it the country with the highest user base. The United States follows with 175 million Facebook users.
– Among different generational cohorts, 69% of millennials prefer using Facebook, while only 37% of Gen Zers utilize the platform to connect with others and consume content.
In Summary
While new platforms are gaining popularity, Facebook’s vast global audience and substantial reach make it a platform worth considering for marketers in 2023. The statistics above highlight Facebook’s effectiveness for community building, advertising, and video marketing. Additionally, if your target audience consists primarily of millennials or if you’re heavily investing in influencer or video marketing, Facebook can still be a valuable platform to include in your marketing strategy.
In conclusion, Facebook continues to be a force to be reckoned with in the social media landscape, and its immense user base and ROI potential make it a platform that marketers should not overlook. So, if you’re wondering if Facebook is still worth marketing on in 2023, the answer is a resounding yes!