Does it matter that teens are losing interest in Facebook? Marketers have been rushing into social media marketing in hopes of reaching younger consumers who are focused on digital media and the main target has been Facebook. But Facebook recently acknowledged that teens are spending less time on the site. In addition, newer start-ups are attracting more attention, especially from the youth market. Enterprises need to stay aware of and respond to the changes in the social media world in order to successfully connect with younger consumers.
The shift in the social media was highlighted a couple of weeks ago when Snapchat turned down a buyout offer from Facebook. The Snapchat app allows users to share photos and videos which have a limited shelf life. Because the videos and images expire quickly, they can’t be used to embarrass anyone later. Pew Research data indicates that 26% of 18–29 year olds are using the service. The app’s growth rate is making it nearly as popular as Twitter.
At this point, Snapchat doesn’t have a revenue model but it will likely move in that direction in 2014. Meanwhile, Facebook is succeeding admirably in generating revenue, especially through mobile. But some industry analysts believe Facebook could be doing more. Nate Elliott, Forrester, recently wrote an open letter to Facebook CEO Mark Zuckerberg, urging him to make site improvements that would satisfy advertisers. Citing an online survey, Elliott pointed out that advertisers are less satisfied with their Facebook results than they are with other digital formats like YouTube marketing or online display.
It will be fascinating to watch the social media universe evolve as we go into 2014. What’s your prediction? Will Facebook maintain its dominance or will shifts in user attention result in the advancement of other key players?[Sources: Van Grove, Jennifer. Facebook fesses up. News.cnet.com. 30 Oct. 2013. Web. 27 Nov. 2013; Wortham et al. Facebook, Still Dominant. Nytimes.com. 18 Nov. 2013. Web. 27 Nov. 2013; Dredge, Stuart. Ten Things you need to know. Theguarduan.com. 13 Nov. 2013. Web. 27 Nov. 2013]