As we all know, Facebook is a social media platform used by everything. Facebook has been through the initial, growth, and the maturity level. It has experienced much maturity. Every existent person on Earth has his or her account on Facebook. Some are using it for communication purposes, others for networking, and majority of brands and businesses have been using Facebook for marketing. But in the previous year, Facebook has experienced a slight decline in its consumption rate by the users. According to a recent research made by the pivotal Research Group and the report made by the Fast Company, it is concluded that all the Facebook properties that includes the Facebook itself, WhatsApp, Facebook Messenger, and Instagram has experienced a decline in engagement of the users by 7%.
Facebook is still being used by a lot of people, but the website engages less users. According to the reports by the Fast Company, the average per person consumption rate has dropped by 20 percent. The overall consumption of the platform during the past year has experienced a decline by 16.5 percent and today in the recent times it has declined by 14.3 percent. But that doesn’t make Facebook less known or recognized by its users. Even today after all this decline in the consumption rate, Facebook is still known as the most famous platform that is used for multiple purposes. Be it for conversing, communication, interacting with other people or businesses, or for marketing, Facebook is always going to be the top choice.
Apart from the consumption issues, Facebook is also facing some business related issues. According to Elizabeth Denham who is the Information Commissioner in UK says that Facebook needs to change its business and policies, and devise or design such policies that helps it build trust of the users. The Commissioner suggested it should work on the privacy policies, and it should adopt strategies that keeps the personal data of the users safe.
Due to the lack or decline in the consumption and other issues related to the handling of the personal data, Facebook needs to worry about its potential users because the users might switch over to other social media platforms. Therefore, Facebook should try every possible way to retain its users and attract new users. Facebook needs to build high customer loyalty in order to increase engagement by the users on the platform. If Facebook continually experiences such decline in the overall consumption by the users, it is going to be in trouble. Many brands or companies will stop investing with Facebook. They will opt other platforms for lacing their ads or displaying their products. This will not only affect the engagement or the consumption rate of Facebook, but also it will experience a huge decline in the revenues it generates from other brands and businesses. Hence, Facebook must work on its privacy issues in order to build satisfaction among the users. Only then it will be able to retain its users.