Though most of us are still using Facebook, our interest in the hugely popular social network is quickly fading especially if you are a marketer because of Facebook viewer-content creater-advertiser complex.
Facebook is a complex ecosystem of individuals, creators, brands and advertisers, but I don’t think it serves any of these groups quite well because its top priority is to make money, something Facebook is making tons of at the moment but hasnt really worked out for a long run. Now, I don’t think making money is a bad thing, in fact I hope to make some myself. After much trial and method Facebook has come to a business model where the only way Facebook has found to make money is by treating all entities on the site as advertisers and charging them to share their content. Problem!
This business model doesn’t really make sense because:
1. Not all entities ARE advertisers and
2. it was the content from these people, specifically friends, family, and creators that made the site worth visiting in the first place.
3. Incentives are misaligned:
– Individuals want to see great content, but they are now seeing more paid content and organically shared content which appeals to the lowest common denominator (babies, weddings, and banal memes)
– Creators want to reach fans but their posts are being throttled to force them to pay to be seen, where is the value for high quality content
– Brands and advertisers have to pay once to advertise their page on Facebook, and then pay again to reach the people who have already liked their page. Plus Facebook is not a place where people generally go to buy things.
Facebook stands in contrast to other social media like Twitter, YouTube, and Instagram where all content is shared with all followers. In certain ways Facebook is trying to be to social media what Google Search is to the internet but then its the internet!