Despite Facebook's struggles, one important contingent remains loyal via CNBCMakeIt
Mark Zuckerberg testifies before the House Energy and Commerce Committee in the Rayburn House Office Building on Capitol Hill April 11, 2018.Facebook shares have whipsawed in the past year, falling from close to $220 last summer to a low around $125 in early 2019 before climbing back to near-$190. But one thing has remained constant: the percentage of small businesses that buy Facebook advertisements.
As Facebook rolls out a series of new tools in the attempt to bring more small businesses into its advertising mix, it is a minority of Main Street businesses that say they advertise on Facebook, and at a level that is not showing growth or retreat, according to the CNBC|SurveyMonkey Small Business Survey for the second quarter.shares over a cliff, from which the company has now rebounded.
The Q2 survey found that 26% of small business owners have advertised on Facebook within the past few months. The last time the survey asked small business owners about Facebook ads, in Q2 of 2018, 25% indicated they had recently advertised on it. Sixty percent of business owners say they have not purchased ads on Facebook, compared to 62% who said that about Facebook ad-buying a year ago.
But many small businesses remain reluctant to spend money on Facebook, even though digital marketing executives say its power is proven. "I think people shy away from Facebook to wait and see [if they can succeed without it]," said Gary Galloway, senior product marketing manager at Netsertive, a consulting firm that local businesses with digital marketing. "Facebook is able to really drive strong, intense signals for people who are interested in certain products. That drives higher performance from an advertising perspective.
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