As a digital advertising option, hundreds of savvy marketers rank Facebook last in “business value” according to a critical Forrester Research study.
The study ranks Facebook last among 13 digital options by 395 marketers in the U.S. and Canada, reports Kristin Burnham, the senior editor of InformationWeek.com, in her Oct. 30, 2013 article (Facebook Ads Fail Marketers: Report).
Ms. Burnham explains Forrester’s study:
“Respondents were asked to rank how satisfied they were with the business value their company achieved. Social sites including LinkedIn, YouTube, Google Plus and Twitter all ranked above Facebook.”
As a result, she reports Forrester’s recommendation:
“A scathing report from research company Forrester advises marketers to ditch Facebook advertising in favor of other marketing opportunities. Although the social network has potential to redefine marketing, it said, Facebook has failed to do so. As a result, it creates less business value than any other digital marketing resource, it concluded.”
She indicates Forrester also took an unusual step:
“Nate Elliott, report author and principal analyst at Forrester, wrote an open letter to Facebook CEO Mark Zuckerberg explaining why the social network fails to impress marketers and advising him on what Facebook needs to do to win back advertisers.”
My sense is that Forrester and the 395 marketers are right. Here are nine tips to evaluate online advertising options.
From the Coach’s Corner, not convinced about Forrester’s warning about Facebook?
Here are more Biz Coach warnings:
Facebook Draws Fire for 6 ‘Stubbornly Childish’ Behaviors — Facebook continues to incur the wrath of critics. This includes a six-point indictment by a leading professional publication, AdAge.com. It’s a daily must-read for advertising professionals. AdAge columnist, Simon Dumenco, posed this question: “Facebook Under Siege: Will It Ever Grow Up?”
Marketing – Why Visual Content Works on Facebook, but Hashtags Don’t — Ninety-eight percent of top brands have a Facebook fan page, but Facebook’s hashtags don’t enhance engagement with consumers. That’s one of two salient conclusions from an analysis of top-brand experiences from marketing on Facebook. What does work is visual content.
Facebook – Fewer Users, Drop in Consumer Satisfaction and Share Price — Get out the black balloons for Facebook. True, as a new public company, its stock made a bit of a comeback in 2012 after announcing plans for more mobility to keep users happy.
Is Facebook Approaching the End of Its Product Life Cycle? Yes — If you’re a prospective Facebook stakeholder looking to profit from the social-networking site – as an investor or major advertiser – beware of all the Facebook hype. Facebook appears to be approaching the end of its product life cycle.
“For a truly effective social campaign, a brand needs to embrace the first principles of marketing, which involves brand definition and consistent storytelling.”
Author Terry Corbell has written innumerable online business-enhancement articles, and is a business-performance consultant and profit professional. Click here to see his management services. For a complimentary chat about your business situation or to schedule him as a speaker, consultant or author, please contact Terry.