Facebook has started to lose some of its glitter. Here's why.
I created my Facebook account in July 2007 at the request of one of our agency partners. Our creative agency had suggested that Facebook was going to be the next big thing and the time was ripe to launch a branded app. Our app, The "Acuvue® Wink" was launched in August 2007 and received an overwhelmingly positive response, with over a million winks sent in just four months.
Since then, Facebook has been marching toward its goal of 1 billion users. However, in the last year, signs of Facebook's popularity waning in mature markets like the U.S. and Australia have started to emerge. According to Experian Hitwise Australia, the time users spent on Facebook is down by roughly 21 percent in the last year (Fosum, 2012). In addition, the number of active accounts in the U.S. declined for the first time in 2011 (Lee, 2011).
Having been part of the Facebook journey from the beginning, I would like to share a few reasons behind why Facebook has started losing some of its glitter:
With Facebook's ad revenues down in the first quarter and the stock price still languishing below its launch price, it's time for Facebook to define how it will continue to be relevant to its 900 million users and at the same time deliver to its stockholders.
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Mandeep has over thirteen years experience of building brands with blue-chip organizations like Johnson & Johnson and Pfizer across FMCG & Medical Device categories. His latest assignment is to launch a newly acquired medical technology start-up business across Asia-Pacific.
Mandeep is a recognized expert in integrating emerging media to drive business results. In 2007, he led the launch of one of the first branded apps on Facebook. The app was a finalist at Cannes and won the highest recognition for marketing excellence in J&J. In 2009, he pioneered the launch of the first iPhone app in J&J, which was featured in the Sydney Morning Herald as an example of innovation.
Mandeep has spoken widely on social media, mobile marketing & multichannel marketing at conferences across Asia-Pacific. He writes regularly for ClickZ and has been a judge for the Australian Marketing Institute (AMI) Awards for Marketing Excellence.
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