WTF: welcome to Facebook. (Creative Commons photograph.)
Mark Zuckerbergâs promise to fix Facebook in 2018 is, in my opinion, too little, too late.
However, since I ceased updating my Facebook profile last month, Iâve come across many people who tell me the only reason they stay on it is to keep in touch with family and friends, so Zuckerbergâs intention to refocus his site on that is the right thing to do. Heâs also right to admit that Facebook has made âerrors enforcing our policies and preventing misuse of our tools.â
Interestingly, Facebookâs stock has fallen since his announcement, wiping milliards off Zuckerbergâs own fortune. Investors are likely nervous that this refocusing will hurt brands who pay to advertise on the platform, who might now reconsider using it. Itâs a decidedly short-term outlook based on short-term memory, but thatâs Wall Street for you. Come to think of it, thatâs humanity for you.
But letâs look at this a bit more dispassionately. Despite my no longer updating Facebook, Iâm continuing to get a lot of friend requests. And those requests are coming from bots. Facebook hasnât fixed its bot problemâfar from it. This reached epidemic levels in 2014, and itâs continued in 2018âfour years and one US presidential election later. As discussed earlier on this blog, Facebook has been found to have lied about user numbers: it claims more people in certain demographics than there are people. If its stock was to fall, that should have done it. But nothing happened: investors are keen to maintain delusions if it helps their interests. But it needs to be fixed.
If Zuckerberg is sincere, Facebook also needs to fix its endless databasing issues and to come clean on its bogus malware warnings, forcing people to download âscannersâ that are hidden on their computers. This should have hit the tech media but no one seems to have the guts to report on it. Thatâs not a huge deal, I suppose, since it has meant tens of thousands have come to my blog instead, but again, that was a big red flag that, if reported, should have had investors worried. And that needs to be fixed.
Others Iâve discussed this with inform me that Facebook needs to do a far better job of removing porn, including kiddie porn, and if it werenât for a lot of pressure, it tends to leave bullying and sexist comments up as well.
All these things should have been sending signals to the investor community a long time ago, and as weâve discussed at Medinge Group for many years, companies would be more accurately valued if we examined their contribution to humanity, and measuring the ingredients of branding and relationships with people. Sooner or later, the truth will out, and finance will follow what brand already knew. Facebookâs record on this front, especially when you consider how we at Medinge value brands and a companyâs promise-keeping, has been astonishingly poor. People do not trust Facebook, and in my book: no trust means poor brand equity.
But the notion that businesses will suddenly desert Facebook is an interesting one to me, because, frankly, Facebook has been a lousy referrer of traffic, and has been for years. We have little financial incentive to remain on the site for some of our ventures.
Those of us with functioning memories will remember when Facebook killed the sharing from our fan pages by 90 per cent overnight some years ago. The aim was to get us to pay for sharing, and for many businesses, that worked.
But it meant users who wanted to hear from these brands no longer did, and I believe thatâs where the one of the first declines began.
People support brands for many reasons but Iâm willing to bet that their respective advertising budgets isnât one of them. They follow them for their values and what they represent. Or they follow them for their products and services. Those who couldnât afford to advertise, or opted to spend outside social media, lost a link with those users. And I believe users lost one of their reasons for remaining on Facebook, because their favourite brands were no longer showing up in their news feeds.
(Instagram, incidentally, has the opposite problem: thanks to Facebookâs suspect profiling, users are being bombarded with promotions from companies they are not fans of; Instagramâs claim that they rely on Facebookâs ad preferences, and Facebookâs claim that you can opt out of these, are also highly questionable. I get that people should be shown ads from companies they could become fans of; but why annoy them to this extent? Instagram also tracks the IP where you are surfing from, and ignores the geographical location you freely give either Instagram or Facebook for advertising purposes.)
What then surfaced in news feeds? Since Facebook became Digg, namely a repository of links (something I also said many years ago, long before the term âfake newsâ was coined), feeds became littered with news articles (real and bogus) and people began to be âbubbledâ, seeing things that supported their own world-views, because Facebookâs profiling sent those things to them. As T. S. Eliot once wrote, âNothing pleases people more than to go on thinking what they have always thought, and at the same time imagine that they are thinking something new and daring: it combines the advantage of security and the delight of adventure.â
This, as Facebook has discovered, was dangerous to democracy and entire groupsâpeople have died because of itâand thinking people questioned whether there was much value staying on the site.
From memory, and speaking for myself, Facebook probably had the balance of personal, brand and news right in 2010.
But I doubt that even if Facebook were to go back to something like the turn of the decade, it will entice me back. Itâs a thing of the past, something that might have been fun once, like Myspace. It didnât take long to wean me off that.
Even Zuckerberg notes that technology should decentralize and democratize, and that big tech has failed people on this front. I can foresee an attempt to decentralize Facebook, but with a caveat: theyâll want to continue gathering data on us as part of the deal. Itâll be an interesting gamble to take, unless it’s willing to give up its biggest asset: its claim to understanding individual profiles, even if many of its accounts aren’t human.
To me, the brand is tarnished. Every measure we have at Medinge Group suggests to me Facebook is a poor corporate citizen, and itâs going to take not just a turnaround in database stability or the enforcement of T&Cs, but a whole reconsideration of its raison dâĂȘtre to serve the masses. Honesty and transparency can save itâtwo things that I havenât seen Facebook exhibit much of in the 10-plus years I have used it.