Facebook is Not Admired ??
Fortune release a list of the World’s Most Admired Companies. Apple topped this list 14th time.
Surprisingly, in this list of 332 companies, Facebook is missing. So, even with 2B+ users, Facebook is not admired.
There is none from Bharat as well, but that’s a different topic of discussion.
But why Facebook is not Admired?
1. Data Privacy Issue
Facebook’s mission is to empower people to build a meaningful community and to bring the World Closer.
That seems like welfare for everyone but the issue came when they face some heat because of Data Privacy.
I know Facebook needs revenue, I know it helps part of the business.
As far as Facebook is concerned, they have a long tail of SMB advertisers and these folks will have a small market that now uses Facebook Marketplace, Instagram Shop and Whatsapp Business. So targeted advertising is required.
What most users don’t see, is that data which is shared from their WhatsApp is much lesser than their data on Facebook and Instagram already. So unless they are not leaving Fb/ig, WhatsApp isn’t their biggest problem.
Now Apple, it values privacy. Apple isn’t known to abuse the data, Yet. (publicly at least).
The recent move by apple can be put simply by saying, iPhone will give you a pop-up if there an app on your phone trying to track you.
Do you think Apple is correct in enforcing data privacy safeguard measures or do you think Facebook is right in collecting data for personalized ads (which they claim is for SMB)?
If I were a PM, I’d probably try to use the influencer market to spread the correct information and reasoning behind why these new changes are being introduced! Curious to hear what others think!
2. Change in the Userbase
When I created my Facebook account in 2011, it was a trend that young people were following. Their user acquisition worked really well for them.
But I think they aren’t hitting the younger demographic anymore.
You walk into a school, college, everyone is on Snapchat, TikTok, Instagram.
“Facebook? Oh, old people use Facebook”
Now the older generation who is curious about what other people are doing and actively trying to stay connected with family is using Facebook.
Another boost came with let’s say Jio and other factors that made Wifi and Telecom internet more affordable, even in developing countries. Now it is easy and cheap to be online.
They must be doing something for the younger generation.
Facebook dating app.
They already have 2B+ people who are actively using Events, Groups, and Pages; that means they can leverage their existing users to find love through shared interests.
The young population who wants to get in touch with someone with whom they can be emotionally connected or might help them in their loneliness, in this case majorly used platform would be a Mobile app and focusing on one platform would help the engineering team save some time and effort.
By expanding its reach to Europe, Facebook Dating is now available in 50+ countries. I hope this will make Facebook a platform for young people, again.
These kinds of topics need a chai pe charcha. Online platforms just don’t do justice.
