Everyone’s heard the news, but ICYMI: Facebook took a HUGE downward tumble in its market value ($119 billion, actually). The Cambridge Analytica scandal contributed to this turmoil, and now it’s the biggest one-day loss ever. So, we reeled in our digital Elementals to get their take on the situation: should we abandon the SS Zuckerberg?
Let’s be real … social is my job, so I’m not exactly repping job security in saying that I think Facebook is past its hey-day; however, what is Facebook’s purpose in this new landscape? IMO, “Facebook” means ads, updates from your Aunt Gertrude, unwanted opinions from people you haven’t talked to since high school, and bad brand feels. Of course, it’s still the biggest social platform by a “wide margin,” but as its sparkle fades, companies who establish strong follower bases on existing (Instagram, Snapchat) and emerging channels will be protected when Facebook inevitably becomes Myspace. #RIP
While I understand the frustrations of brands and social media specialists who’ve lost organic reach and feel the platform is no longer fresh,
It’s not time to abandon ship … yet. Facebook’s reaction to the financial hit will be the true tell. Leadership must not swing back too far toward catering to marketers but find the right middle ground where users, advertisers, and privacy advocates are (reasonably) happy. Daily engagement will drop before we see mass numbers of users leaving the site, probably over a few years. In the meantime, Facebook will remain a critical part of the digital marketing mix for both B2B and B2C marketers.
While it may seem like it’s time to jump ship,
Now, enough from us. We want to know whether you’re on or off the ship. Use the hashtag #PRbrief and let us know! We love people with opinions.
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