Advertisers trying to give money to Facebook but everything’s all stupid and broken
Okay, yesterday in the memo we told you about Facebook’s new system that makes it easier to become an organ donor and announce it to the world. Because why do something if you can’t announce it to the world? In fact on today’s show, the head of liver transplantation at Johns Hopkins says Facebook could eliminate the organ donor waiting list in three or four years. Wow, right? Makes you feel good about Facebook ahead of its IPO later this month?
Hold on there. The advertising program at Facebook may be a disaster.
CNET reports on stories of advertisers who want to buy ad space on the social media site but they can’t get anyone to call them back:
Here, for instance, is Mike Parker, the co-president of U.S. operations of Tribal DDB, talking about his frustration with Facebook: “For the longest time, we’ve been trying to call Facebook to do business with them and there’s nobody to pick up the call,” said Parker. “They’re very focused on the consumer experience, and less focused on revenue and working with advertisers.”
And here’s David Smith, the CEO of digital agency Mediasmith: “Facebook just doesn’t seem to care. They’re still trying to grow this thing. The question is, do they want the big bucks?”
Given that the company’s valuation is 33 times its ad revenue, it’s hard not to think that’s kind of screwy. I know, I know, focus on the customer and all that, but still. Money.
Facebook’s road show to promote the IPO begins Monday. Maybe it’s just the public radio host in me talking but geez, sponsors, you guys.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.