Our recent report on why Facebook is failing marketers has caused quite a bit of conversation — with some supporting our findings and others disputing them — and we think that’s healthy. We fully stand behind our data and our conclusions, and we welcome the chance to further discuss what’s working and what’s not working in social media. Conversations like these can only push the industry forward and help all social marketers and sites become more successful.
In particular, we wanted to address a few common questions people are asking about our research:
Facebook’s score didn’t look that low. Are they really failing marketers? Facebook offers marketers access to the largest audience in media history and it knows a remarkable amount about each of its users and their affinities. By all rights, Facebook should be driving significantly more value for marketers than other sites and channels — but according to our survey, they’re not. Forrester’s Data Center of Excellence has looked at this data many different times, through many different lenses, and every view of the data supports this conclusion.
I know this statement sounds remarkable, perhaps even unbelievable. After all, you offer marketers access to the largest audience in media history and you know a remarkable amount about each of your users. As a result nearly every large company now markets on Facebook. Last year your company collected more than $4 billion in advertising revenues.
But while lots of marketers spend lots of money on Facebook today, relatively few find success. In August, Forrester surveyed 395 marketers and eBusiness executives at large companies across the US, Canada and the UK — and these executives told us that Facebook creates less business value than any other digital marketing opportunity.
Why are business leaders less satisfied with Facebook than with any other digital tool? We believe there are two reasons.
First, your company focuses too little on the thing marketers want most: driving genuine engagement between companies and their customers. Your sales materials tease marketers with the promise that you’ll help them create such connections. But in reality, you rarely do. Everyone who clicks the like button on a brand’s Facebook page volunteers to receive that brand’s messages — but on average, you only show each brand’s posts to 16% of its fans. And while your company upgrades its advertising tools and offerings monthly or more, you’ve done little in the past 18 months to improve your unloved branded page format or the tools that marketers use to manage and measure those pages.