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In episode #567, Eric and Neil discuss the new Facebook algorithm and how it will affect your marketing strategy. Tune in to hear how you can still be seen after the algorithm shift.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: What Facebook’s New Algorithm Update Means for Marketers in Early 2018
- [00:36] Mark Zuckerberg recently announced a new algorithm that is supposedly about connecting people.
- [01:00] Facebook makes money off of advertising.
- [01:11] Your ads will have a tough time showing up organically, so get ready to spend money.
- [01:30] Historically, they have updated their algorithm for years, but this always increased their ad revenue.
- [02:01] Neil has spent hundreds of thousands of dollars trying to “buy fans”.
- [02:17] Every time Facebook updates its algorithm, it will be harder and harder for you to gain traction with your ads.
- [02:25] Don’t buy fans, instead spend the money to drive traffic to blog posts and websites.
- [04:00] Neil spent money on something that didn’t help his business, while Eric spent money on ads.
- [04:35] YouTube isn’t as “harsh” with their algorithm.
- [04:53] Anything Facebook sees as a weakness in their site, they try to improve upon using an updated algorithm.
- [05:15] Facebook needs to promote video more than anyone else.
- [05:34] Social networks are attention-based and they are constantly trying to buy your attention.
- [06:02] That’s it for today!
- [06:04] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!
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The post What Facebook’s New Algorithm Update Means for Marketers in Early 2018 | Ep. #567 appeared first on Marketing School Podcast.
Full Transcript of The Episode
Eric Siu: Welcome to another episode of Marketing School, I'm Eric Siu.
Neil Patel: And I'm Neil Patel.
Eric Siu: Today, we're gonna talk what Facebook's new algorithm update means for marketers in early 2018. So, Mark Zuckerberg just recently said that, "It's about connecting people on Facebook, it's about making sure there's more interaction so the feed doesn't get polluted." All that kind of stuff, but, translation Neil, what do you think he's really saying?
Neil Patel: If you're a publisher you're gonna get less reach, and that also causes stock price to go down by 5%.
Eric Siu: Right. So, think about it this way ... Not Neil. Facebook ... It would be funny if Neil did. But, Facebook makes money off advertising, that's how they make money. What's gonna happen? What does that mean?
It means guys, it's time to saddle up and get ready to spend more money publishers or whoever's running ads, because your stuff is gonna have a tougher time showing up organically. They're decreasing the organic reach just to make sure it's a better experience for the users.
Neil Patel: And for their own pockets and wallets.
Eric Siu: Yeah, maybe that one first.
Neil Patel: I think so. Yeah, do I believe Zuck really has that mission? Sure. But, if you look at their history he's continually been doing this for years, and it's just help to increase the amount of revenue Facebook's making from ads spend. Yeah, do I like Facebook? Yeah, they hit me up and they offer me to speak at their conferences and they even try to give me money to do it.
So, I'm not gonna hate on them, but I rather not get any of the money and speak at the conferences, I rather just make it where my reach is great and normal. It's like I spend all this money to acquire fans on Facebook, but yet they pretty much limit how many of those fans are gonna see my content.
Eric Siu: How much you spend?
Neil Patel: Dude, I've spent hundreds and hundreds and thousands of dollars just trying to buy fans, it's one of the worst investments I ever made. It was amazing back then, but now it just sucks and I regret it. But, what could you do? Live and learn.
In other words, with Facebook you're gonna continually see this problem in which it's gonna become harder and harder for you to get more attraction, so you're gonna have no choice to do advertising. Don't do advertising like me, don't be a chump like Neil and buy more fans and create that wall so you can be going back, and back to them.
Instead, spend the money to just get more people going directly to your blog posts, your website, reading your content, driving sales, converting email, or visitors into emails like buying pretty much emails. A lot of people spend a buck per email from Facebook ads.
Eric Siu: Yeah, I think there's also a really good lesson too, if you've listen to this podcast from the beginning you'll notice that we've done episodes where Neil's talked about buying fans and how it works out well, things change over time, technology changes over time.
Also, not only that business changes a lot too, the context of things changes. So, Neil might say something and then he might come back and change his mind, so we often change our minds quite a bit. So, you'll see us contradict ourselves but here's the thing, Jeff Bezos has said, "Often times ..." I think I'm trying to make a lazy excuse for both of us.
"But, often times the smartest people are the ones that change their minds a lot." 'cause they're constantly getting new contexts and they're making new decisions all the time-
Neil Patel: So, that's awesome, I'm smart.
Eric Siu: Yeah. So, you're a smart guy. So, just keep that in mind, for your business it doesn't mean you have to stay rigid all the time, just 'cause where you said something on a podcast doesn't mean you go tell your boss, or you go tell your partner that we've said and that's the gospel. Because I've certainly seen in some scenarios where I literally walk into an office and one guy said, "Well, Neil Patel wrote this on a blog post so this is how it is."
And I was like, "Whoa, whoa, whoa, whoa, whoa." And he's-
Neil Patel: You're like, "I know Neil let me text him right now." I was like, "Be careful." It's funny, I used to tell Eric, I'm like, "Dude, you're wasting money on all your Facebook ads, just build up that well and get a ton of fans, and then you can keep going after them. And look who's laughing now, Eric's laughing at me, he actually has a smirk while I'm sitting across from him.
It's because I spent hundreds and thousands of dollars buying all these fans that don't do much anymore. I appreciate all of you guys if you guys like my page, or became a fan from any of that, I'm not hating on you I'm hating on Facebook for screwing over the reach.
It's funny, I've been getting people messaging me and be like, "Yeah, I barely see your stuff on Facebook anymore, why? I loved your content." And I'm like, "Thanks Facebook."
Eric Siu: That's true, I actually don't see any of your stuff on Facebook, I see your stuff on YouTube.
Neil Patel: Yeah, YouTube's much more friendly and they're not as harsh with their algorithm. But, a lot of people are telling me like, "Dude, I barely see your content on Facebook anymore." The content that they're seeing more on Facebook is videos, and this is another thing that we can get into in 2018.
Anything Facebook is lacking, that's what they're very favorable for in their algorithm. So, they lack video content, they're doing that. What's the other thing that they released Facebook Watch is it?
Eric Siu: Facebook Watch.
Neil Patel: Yeah, they also lack people creating "reality TV's" like Logan Paul or Jake Paul, The Kardashian type of content. So, they're really promoting that really hard, and they're really favorable and their reach goes through the roof.
The reason being is, they need it more than anyone else due to the fact that they have one of the smallest inventories of it compare to YouTube, and their goal is to just crush all the other social networks.
Same with LinkedIn, and this works for all networks. The moment someone's lacking a specific type of content and they want it, they're very favorable when it comes to reach.
Eric Siu: Yeah, and the final thing to note is any of these social networks they're all attention based, it's all about acquiring the most attention possible, which is why Facebook bought WhatsApp, which is why they bought Instagram as well, which is a really good return for them.
You got to keep that in mind, they're just constantly trying to buy your attention, and they're trying to figure out how to monetize that. So, again, for your business think about how that might work in the longterm, and why it's important to build your email list, be on all new present, and just be able to defend yourself in case there's any big algorithm change and something bad happens to you.
So, with that being said before we go to get our marketing goodies go to singlegrain.com/giveaway to learn more, and we will see you tomorrow.
Speaker 1: This session of Marketing School has come to a close, be sure to subscribe for more daily marketing strategies and tactics to help you find the success you've always dreamed of. Don't forget to rate and review, so we can continue to bring you the best daily content possible. We'll see you in class tomorrow right here on marketing School.
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