Meta, formerly known as Facebook, is dedicated to bringing people closer together through new products, technologies, and experiences. The company rebranded itself, focusing on a new initiative, the Metaverse: a digital space that allows users to connect through augmented and virtual reality experiences. The Metaverse was aimed to create immersive experiences that shape the future of social connection. What does that future look like today? Has Meta strayed too far from their original mission? We'll explore how Meta can apply a fresh approach to their brand and product positioning to remain a pioneer in the social/tech space.
The History of the Platform.
Since 2006, FB's core mission has been helping the world get more connected. Facebook has served billions with it's core application, with features such as the Home page: featuring News Feed, Messaging, and Groups. The brand has expanded its portfolio with apps like Instagram, WhatsApp, and Messenger that offer users varying levels of connection.
The Evolution of Meta Platforms.
The Problem.
Despite the metaverse's goal to transform connection from 2D screens into immersive experiences, there have been many challenges as people have found it inaccessible, expensive, and complex to understand. In addition, the development of the metaverse appeared to be much farther from completion and was estimated to take 10-15 years for it to be a full reality. From a financial perspective, the continuous investments haven't produced results or increased revenue. To date, Meta has invested over $36 billion on the Metaverse, with an operating loss of $13.62 billion for Reality Labs in Q4 of 2022. In contrast, Meta has taken steps to implement generative AI into products, but they're not geared toward improving connection.
In what ways can Meta Platforms change its course to drive more revenue, while furthering the future of connection?
1. Create the products more closely aligned with Brand Principles.
Products should not only reflect what the company stands for, but also the approach to how it's builds them, with the goal being to create profitable, consumer-focused ones that benefit everyone. Meta can better ensure success by implementing just four of these five principles.
Connection: Connection remains at the core of the brand and is also a large part of our everyday lives. I suggest implementing a product that allows niche, user-to-user connection and communication.
Accessibility for All: In contrast to expensive technology, Meta can offer an affordable, yet premium, and easy-to-use product. This will accelerate revenue and increase monetizable active users for select platforms.
Economic Opportunity: A good product serves everyone, but a great product will empower them as well. I recommend creating a product that supports niche B2C connections, but also one that helps users discover new opportunities on Meta's Platforms.
Privacy and Safety: Develop innovative ways for privacy and safety to align with new products. I recommend honing in on Parental Controls, additional privacy tools for user communication, and location.
2. Identify key audiences on Meta Platforms.
Products should always be designed with key audiences in mind. Demographics and user behavior play a role in understanding those key audiences. The top Meta Platforms across the United States are Facebook and Instagram. Internationally, Facebook, Instagram, and WhatsApp are the top platforms.
For United States audiences, Generation Z (age 11-26) are the top users for both social platforms, followed by Millennials (ages 27-42). In regard to behavior and activity, studies show that users are likely to do following on Meta Platforms (Instagram, Facebook, WhatsApp)
1. Connect with family, friends and acquaintances.
2. Discover new groups, and join communities of interest.
3. Shop (IG Shopping + FB marketplace) and discover brands online.
4. Stay up to date on current events in the world.
5. Share photos, video and reels content.
3. Develop a Strong Value Proposition.
Products should offer a high value for everyone that uses them; from users, to small businesses and corporations. Regarding connection, Meta can create a product that allows users to "Discover their Niche, with no Limitations." Based off top 3 user behaviors, we can also incorporate consumer needs into tools that support:
I. B2C connections.
II. Fostering community and new relationships.
III. The discovery of new products and niche service providers.
But also, economic opportunities for users/businesses.
The Final Solution: Getting Back to their Roots.
Lastly, Meta can build a future of connection through it's customs: their existing values, while ensuring it accomplishes revenue goals. Meta, has been a leader in the social tech space since the creation of it's Facebook campus directories, which I recommend the brand revisiting. In the end, we want to create a product that can "Get us, back to us". Because the future of connection isn't rooted in expensive technology, it's the intersection of tradition and innovation. Connection lies at the essence of what makes up Meta, the people and its communities.
"Meta Connections" is a product created by the Jonathan Daniel Co, as a way Meta can accomplish all of these goals, while still remaining aligned with their core audience and mission.
