Hi Reader,
Last week, I talked about getting recession-ready.
If you haven't done so, would you kindly take one minute to cast your vote in this poll. It'd really help me out.
I apologize that this email is long, but when I started to dive into this week's topic, I realized how much there is to unpack.
So, let's get into it.
What happened?
Way back in February, Meta Platforms—the newly rebranded Facebook—reported a loss of about 1 million daily users in the last quarter of 2021.
This was the first time since its IPO debut in 2012 that the company reported a loss rather than a gain in marketshare.
Pretty momentous.
In fact, it was such a shock that the company's stock price fell by as much as 25% in response to the news.
At the end of July, there was more bad news. Meta reported its first ever year-over-year loss in revenues.
Why should I care?
Well, if you use social media at all, even if you don't use Meta platforms, it may be time to evaluate your strategy because things are getting interesting.
Meta's change of fortunes may be the bellweather for what's on the horizon in the Wild, Wild West of the World Wide Web, and you don't want to be caught trying to catch up and pivot on the fly.
Why did this happen?
The reasons for Meta's downturn are manifold and they speak to trends that are important not just for their impact on social media, but because of the larger implications they may have for your business strategy as a whole.
What should I do about it?
Whether or not you actively use Meta platforms in your business, you still want to look with a fresh eye at your social media strategy, policies, and content plans to make sure they're still serving you, your business, and your audience(s).
Here are my recommendations for how to do that:
In conclusion
To be clear, I am absolutely not telling you to ditch Facebook and/or Instagram. If they work for you, your business, and your audience, terrific—keep doing what you're doing.
What I am recommending is that you make sure these platforms, and any others you use, continue to serve your business as the social media marketplace matures and your business needs and audience continue to evolve.
Want to talk through your social media strategy or anything else you're struggling with during these uncertain and ever-changing times?
Just schedule some time with me.
Until next week, keep staying true to your values, mission, and purpose in everything you do.
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I help entrepreneurs leapfrog over the typical potholes that derail most small businesses with inspiration, motivation, education, and support across a wide range of business topics drawn from over a decade of running my own business, teaching entrepreneurship for the City of New York, and coaching and consulting privately with dozens of women and minority small business owners. Honestly, why go it alone when help is an email away?
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