“Oh, that’s not cocaine, it’s a mixture of baby power and finely ground glass.”
I’d say both, but the argument is becoming academic—quickly—anyway in the matter of Facebook’s astonishingly misguided “promoted posts” scheme.
As I predicted here recently, the consumer backlash over promoted posts is starting to pick up steam: After word of George Takei including a chapter about his frustrations with the social network in his upcoming book, Oh Myyy! got around last week, Dallas Mavericks owner Mark Cuban now says he is planning to make good on his threat to stop putting any future efforts into marketing on Facebook.
I would imagine that Wall Street is paying pretty close attention to this…
Respected author and media journalist Dan Lyons writes on ReadWrite:
Two weeks ago Cuban tweeted out a screen grab of an offer he’d received from Facebook. The social network wanted to charge him $3,000 to reach 1 million people. Along with the screen grab, Cuban wrote, “FB is blowing it? This is the first step. The Mavs are considering moving to Tumblr or to new MySpace as primary site.”
Now Cuban tells me he’s doing more than considering a move - he’s doing it. And not just with the Mavs but with the 70 or so companies in which he has invested.
“We are moving far more aggressively into Twitter and reducing any and all emphasis on Facebook,” Cuban says, via email. “We won’t abandon Facebook, we will still use it, but our priority is to add followers that our brands can reach on non-Facebook platforms first.”
Cuban and other corporate Facebook members are howling because new rules on the social network make it harder for brands to reach people without spending big money on sponsored posts.
That’s because in September Facebook changed the algorithm that controls which messages get through to which members. The result is that some brands a sharp dropoff in the reach of their posts - as much as 50% in some cases.
In the interests of fairness, Lyons lets Facebook make their threadbare claim that they’re not trying to shake their users down for money, just trying to fight the proliferation of spam and blah blah blah. As if anyone actually believes that!
Via email, Cuban additionally told Lyons:
“The big negative for Facebook is that we will no longer push for likes or subscribers because we can’t reach them all. Why would we invest in extending our Facebook audience size if we have to pay to reach them? That’s crazy.
“In many respects it has already blown up on Facebook. Their search for revenue has severely devalued every brand’s following and completely changed the economics of consumer interaction.”
And then there was a curious post today from TechCrunch’s Michael Arrington, who surprising wrote this about Facebook’s new promoted post policy after he tried it himself and looked at the results:
Cuban’s right, this has the appearance of shady.
Michael Arrington wrote that? When is the last time you’ve read anything negative about Facebook on TechCrunch???
(I also find it more than slightly odd that the promote concept seems like it’s kinda fresh news to Michael Arrington, don’t you?)
Very interestink! And again, I am pretty sure Wall Street would have noticed this. When is Facebook going to cry “Uncle”??? It’s insanity writ large. We’re witnessing staggeringly stupid mega-corporate ineptitude here. Nothing less.
As one of our readers wryly quipped:
“With promoted posts, Facebook has come up with the ultimate killer app (if suicide’s your thing)”
Previously on Dangerous Minds:
PAY FACEBOOK TO PROMOTE THIS POST OR THIS DOG WILL DIE!
Facebook: Enemy of the Internet
Send a message to Facebook about their exorbitant Promote fees! Download larger versions of this graphic (in both blue and red) to post on your own Facebook page HERE, HERE, HERE and HERE. Graphic by Dimitri Drujchin, original photo Guillaume Paumier