Is the Facebook name change bad for Australian Small Businesses?

If you have clicked to read this blog, there’s a good chance that you are a business owner or entrepreneur in Australia looking for answers about the Facebook name change to ‘Meta’.

And there’s a good reason to be on the lookout. Around 25 Million Australians are using Facebook, and at least 28% of ad expenditures in the country went to Facebook in 2020.

The platform has provided a level playing field for local advertising, giving small businesses a chance to promote their products and services online without spending too much on traditional advertising.

So, why the Facebook name change?

During the Connect 2021 in October, Facebook CEO Mark Zuckerberg introduced Meta, bringing together the company’s apps and technologies into one new company brand.

“Meta’s focus will be to bring the metaverse to life and help people connect, find communities, and grow businesses,” Zuckerberg shared in a founder’s letter.” The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world.

Rebranding is a typical move in the business world, and it is more prevalent in tech startups as they pivot their purpose.

Google also restructured its company and transitioned to Alphabet Inc in October 2015.

Following the same path, Facebook gave birth to Meta to house its companies: Facebook, Instagram, Oculus, and WhatsApp.

Should You Be Worried?

Yes, if you are in the gaming or entertainment business.

Beyond restructuring, Meta will focus on bringing virtual reality into daily experiences such as meeting people, doing business, and entertainment.

Big gaming companies such as Sony and Nintendo will be affected soon, as Meta is seen as an emerging platform to level up how people play.

But if you are a small business such as a restaurant owner, a plumber, or a local mortgage broker and have generated customers from Facebook, you should not worry that much.

Remember, Facebook is just restructuring its company, but the social media app, including its advertising platform, will stay, at least for the short term.

Sure, there will be changes in Facebook advertising brought by industry changes such as Apple’s iOS 14 update or data privacy legislation. Still, the general concept of display ads in Facebook will be the same.

‘Meta’ Opportunities, Especially for Advisors, Brokers

Accelerated technology adaptation is one good thing brought by COVID-19 into our lives. People had to learn how to use platforms that allow them to communicate and work together without meeting face to face.

Client meetings using Zoom, Google Meet, or Skype are now part of the new normal, and many people are planning to stick to this option even if lockdowns are starting to be more relaxed.

Now, Meta’s plan will allow you to “share immersive experiences with other people even when you can’t be together – and do things together you couldn’t do in the physical world.”

So futurists are excited about the idea of meeting your client’s in the virtual world to discuss the details of your loan, or perhaps schedule a 4D visit of open homes when you shop for your dream home in the future.

Get Your Facebook Ads Pumping

Let’s stop daydreaming for now and instead focus on the present.

If your business needs more leads, then you can use Facebook as a tool to advertise your products and services to your target audience.

While there is no one-size-fits-all solution or ‘easy Facebook advertising’, there are established best practices that Facebook ad agencies such as Webbuzz adopt for campaigns.

Call WebBuzz on 1300 41 00 81 or Download our FREE Insider’s Guide to Digital Marketing.