Facebook brand meaning
Tom Dougherty, CEO – Stealing Share
30 July 2018
Facebook brand meaning stands for secret and inept
The Facebook brand meaning is under siege. Its stock plummets 19% on Thursday, robbing it of $119 billion in market value. You might say, hey, its stock price is what’s under siege. What’s the brand got to with it?
Let’s briefly recap. Facebook gets blasted when it’s discovered that all your information is being shared with third-party entities. The hacking of the 2016 election by the Russians primarily takes place through Facebook. Things just go from bad to worse.
But it’s a Facebook brand meaning problem. The brand once meant connection. But now that connection means connecting with entities in which you don’t want to connect. So, what happens? Users like me flee. I closed my Facebook account months ago.
Now, before I go any further, let me share one of word of warning. Facebook still remains the top social media platform in the US and the world. It isn’t going anywhere.
But the Facebook brand meaning has been torpedoed. For one thing, it faces the truth that most people who wanted to sign up with Facebook already have. So where’s the growth? In Facebook’s mind, it was by selling more ads and collecting more information. That’s the real business it’s in.
However, when usage goes down, its ad rates go down with it. And less information is collected. Its grip on our day-to-day lives loosens.
“So, now, with the brand of connection effectively weakened, audiences see Facebook brand meaning as corrupt, secret and even inept. If it can’t fix its issues, why should Wall Street have any confidence in the social media network?”
Facebook brand meaning must change
So what’s the Facebook brand meaning now? In the absence of true meaning, target audiences will fill in that space. So, now, with the brand of connection effectively weakened, audiences see Facebook brand meaning as corrupt, secret and even inept. If it can’t fix its issues, why should Wall Street have any confidence in the social media network? That’s why the stock took such a plunge.
Now, Facebook must reverse course and become something different but meaningful. It can’t continue to just be in crisis mode, saying it’ll fix the problems and be more transparent. Because that, at least so far, hasn’t been believable.
No, the Facebook brand meaning must be a reflection of a new audience, something that goes beyond the idea of connection. In fact, connection is now an antiquated idea. We connect with people in all sorts of ways today, even without Facebook.
The leaders at Facebook are struggling through a new reality. When the changing market has passed you by, even if it’s one you dominated, what do you do now? You reconsider your brand meaning.
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