I can’t help but laugh.
There’s been a lot of talk about some large Facebook groups shutting down. As though there is a hidden conspiracy about what some gurus know but aren’t sharing, that Facebook Groups are dead.
It reminds me of when I worked in Finance. Rumours would surface about a stock and people would create hype, speculate or emotionally react to the rumour.
This could either create a buying frenzy where everybody and their dog wanted to get in on the stock. As a result, the price would skyrocket and the crowd would keep buying because they thought surely something big is happening and they feared missing out.
Or it could create a massive sell off (everybody rushing to sell) if the talk on the street was all doom and gloom.
If people anticipated bad news, they would sell the stock and try to cut their losses or get out while they still could. As though the sky was falling. And the stock price would plummet, leading to more fear and speculation of doom and gloom for the company.
The best part about that was as a savvy investor, if you knew the company was still a great company and you knew people were just overreacting you could pick up the stock for super cheap and move away from the current and cash in on some impressive profits.
If you jump on the bandwagon of what everyone else is doing based on rumour, it’s easy to ‘miss out’ on the opportunities that it creates.
The monkey see, monkey do phenomenon creates a sea of followers.
And you, my friend, are a leader. You create the current. You make the market. You lead the way.
My biggest wins in the financial markets were always when I chose an opposing view. When I didn’t respond by emotion or fall into the trap of following the crowd’s emotional response to rumours.
Check this out:
So when I got scared, I reminded myself to turn off my emotions and assess the opportunity or risk before making a decision. Not even knowing what a mantra was at the time, I’d say to myself “Buy the Rumour, Sell on News!”
So back to Facebook Groups.
Are they dead?
Does it make sense for some people to close them down?
Is everyone cut out to be a Facebook group host?
We’re in this monkey see monkey do phase that is talked about in the book Contagious [Why Things Catch On].
If you believe in group consciousness you may relate to the idea that there is unifying force of beliefs spiraling into a Monkey See Monkey Do epidemic that is taking the Facebook group world by storm.
So let’s get real for a moment.
Are Facebook Groups still working?
They are one of the best tools for building community and getting paying clients. Hands down.
But beyond that, it’s one of the best ways for your peeps to have an inside scoop and pulse on you, your business and the message you have to share with the world.
What are some valid reasons Facebook group hosts are shutting down their groups?
- What works to grow your business to 0 – $100k or even $500k is not the same thing that will allow you to scale to multiple 7 figures. So when you grow, the tactics you use shift, you adapt and you tailor your business to match your new goals.
- The group has grown so much that it no longer reflects the core principles, beliefs and vision the group host had when they started the group.
- Having a Facebook group no longer feels good or aligned with their personal life, direction or desire.
Some fear based reasons people are shutting down their groups:
- Because other people are doing it and they’re assuming it’s the new trend to keep up with.
- As their groups grow, engagement is dropping off from where it once was.
Hello! This is a natural progression. Whether it’s your email list, your Facebook group or even scaling FB ads…increasing numbers does not mean all your other measure points will increase at the same rate.
For example, when you first start building your email list you maybe have a 30-50% open rate from 0-1000 subscribers. Why? Because it’s more intimate. It was likely built from more connected and organic growth strategies. But when you hit say 10,000 subscribers, your open will likely drop off and might sit around the average 10-15% open rates. Meaning out of 100 subscribers only 10-15 will actually open your email compared to 30-50 before.
Does that mean an email list isn’t worth having anymore? Heck no. It’s a natural progression and so to scale your business, you get more creative with your strategy.
- Because their return on investment to the group has dropped off.
- Much like the second point, don’t throw the baby out with the bath water.
- Get curious how you can improve this.
- Worry that Facebook will shift to monetizing groups.
- Which is inevitable I might add.
- Whether that will eventually look like business pages, where you have to pay for all of your followers to see your posts or they allow people to target your Facebook group through paid advertising.
- Sure something will be coming down the pipeline, but right now, you can grow your group and profit from it for free.
Why are people freaking out?
Group members are freaking out because they’ve hedged their business on other people’s communities and with some of them getting shut down, their business models and client flow are dissolving, so they are angry at the hosts for taking away their gravy train.
Hosts are freaking out that doom and gloom is coming and even though their Facebook groups may be profitable, they’re scrabbling to see how else they can generate business.
And this frenzy makes me take a deep breath and smile.
Because just like Warren Buffet says “Only when the tide goes out do you discover who’s been swimming naked.”
Meaning that when the financial markets hit a recession, all the hype gets washed away and you get to really see the companies that have a strong foundation that can withstand the storm and come out stronger on the other end.
So if you’re running a business, you should always be hedging your bets.
For example, like I always teach my students, if you are a Facebook group host you want to make sure that you’re getting people from your Facebook group onto your email list as well, which is an asset you own and you can continue to market to, no matter what.
If you’re building your business off of other people’s Facebook groups, are you bringing those connections back to your community where you are in the driver seat?
Mark Zuckerberg has announced his commitment and vision in growing Meaningful Facebook Groups.
So the way I see it, they are here to stay.
And those who have a purpose or a mission behind their community, who are using their group as a tool to connect and have a greater impact, will stand strong when the current goes out.
When all the monkey see monkey do peeps dive blindly into the current and get swept away.
So I ask you…
Are you a leader here to lead?
Or are you a follower meant to follow?
It can be scary and lonely leading the herd. But I can promise you there is nothing more rewarding than standing strong for your mission, sharing your message and doing what is right for you and for your business.
Let go of the fear of missing out.
One day Facebook won’t be the giant that it is.
One day something else will take the world by storm.
But you won’t miss your chance.
There will always be opportunity.
So carve your own path.
Shake up the herd.
Go against the current.
And keep being true to you.
And if I’m being completely honest, I too got stuck in the hype for a moment. Wondering. Doubting. Questioning if I was doing the right thing with my Facebook group.
Until I reminded myself, “Buy on rumour, sell on news.”
And that’s when I realized, the hype and the fear is contagious and it can take you over if you let it.
Shed all the hype and look at the truth.
Facebook groups aren’t going anywhere.
They have the potential to be a huge profit centre with the right strategy.
They aren’t right for everyone at every stage.
Hosting a Facebook group is a brilliant money maker and opportunity for the leaders of the world who want a pulse on their community. Leaders who want to connect with their followers and who are on a mission to make an impact.
Go take on the world, gorgeous!