Posted in Marketing & Strategy Articles, Total Reads: 1021
, Published on 11 September 2012
Don’t ask me why, but I am just going to delete my Facebook account. These were the words of one of my classmates, who till few months back used to spend a very significant amount of time on Facebook. Most of the time he used to busy peeping into the lives of unknowns and trying hard to make connections. But now he is no more interested in all these.
When me and my friends persuaded him then he relented and said that he finds the messages and posts repetitive,boring and everything cluttered. What I had been reading in newspapers, magazines, blogs etc was happening with me and my friends, so called Facebook “Fatigue”. Something which generated a lot of excitement and discussions has become monotonous now.
Though it’s common for something new, especially in the field of technology to generate the initial hullabaloo, things have started falling flat for Facebook. Though the number of users would cross the one billion soon, there are many who have either stopped accessing it or have the frequency. Some important reasons in the recent time are for the withdrawal of users:
As more and more people are becoming Facebook users,they are creating more and more clutter. There has been excessive “information overload” in the recent time due to the excessive audio & visual content by the users. According to a new poll by Reuters and research firm Ipsos, roughly one-third of Facebook users are feeling pretty "meh" about the social network these days, and the sentiment seems to be growing.
One reason for the fatigue is the new TIMELINE profile which exposes a user's past.According to a recent survey by the American Customer Satisfaction Index, the satisfaction with the site has plunged and people want to have their old profile.
Another very critical factor,due to which Facebook has drawn a of lot criticism is the lack of respect for people's privacy, especially when somethings are intimate and personal.
People have become very conscious regarding the time they are spending on on social networking sites especially FB.They have started realizing that they should put a check on the number of hours they are spending.
More socialization is making people more and more anxious.A glimpse into others life forces people to think that their life is not fulfilling and others have a life better than them.
A Marketing tool:
Facebook is considered important for Social Media Marketing.It has become an important tool for the marketers to connect with the consumers and also increase their brand Awareness.We can see excessive presence of the companies with their Facebook pages trying to entice the future consumers.But,are these companies getting the expected return on their investment!Will it be having the expected efficacy,sustainability and authenticity?Has it delivered on the hype which is generated and will it continue to deliver the same in the future? Are they able to get the mindshare of the consumers?
Even though around 84% of Facebook revenue comes from advertising there is skepticism regarding the effectiveness of Facebook advertisements.Some facts related to it are worth taking a note:
As per the recent BBC investigation “companies paying for advertising find themselves getting hundreds or thousands of Likes that are worth nothing, since they don’t come from real people, while real users risk being targeted by spam and malware”.
52% of consumers say they have stopped following a brand on Facebook because the information it posted had become “too repetitive and boring”.
Though nearly every large charity and university in America has a Facebook presence, less than 60% of the Fortune 500 do.
95% of Facebook wall posts are not answered by brands.
New data from Facebook analytics company Pagelever has shown the impact of the Timeline since it was introduced on 30th March this year, how the design of Facebook limits marketers in engaging their audience in content marketing outside of the Wall.Their own site or community will enable them to encourage engagement more effectively.
An important incident in the recent time is about General Motors,which pulled out from advertising on Facebook stating that it was not getting much mileage from the paid ads.
Another crucial factor which would impact its advertising revenue is its falling share prices and market value since the IPO in May 2012.This has created doubt in the mind of those who expected to leverage the revolution which would be brought in the field of advertising by Facebook.
So,the question which comes in the mind is has Facebook reached its zenith? What would be its future in the coming years?Will it be left behind in the race and forced to traverse the same path which others have taken in the past.Preferences of people are very volatile and change with time. It is very important to keep the users involved and minimize his/her perception of the risks.
Marketing lessons tells that in order to involve the consumer we need to disrupt his/her thought process and make him realize the need.This has to be taken care of with respect to advertising on the Facebook,as the main purpose of the users is to get connected socially.Marketeers have to work out a strategy to distract users with advertisements so as to grab their attention.
Risk perception could be a determining factor as this has had, and could lead to significant decrease in the number of users,which ultimately would be affecting the revenue of the company.In order to maintain the past growth FB should make strategic moves which not only would allay the fear of risk but also helps it in foraying into areas which have never been ventured before. I believe Mark Zuckerberg must have anticipated the Scenario and would be preparing his next move, so as to redefine the apex.
This article has been authored by Aashish Kumar from FMS.