Arrogance, Greed And An Inferior Product Is What Sunk The Facebook IPO
And the Titanic was unsinkable too, right?
We are not market analysts or stock experts by any stretch of the imagination, but we do have an inkling as to why Mark Zuckerberg and the Facebook IPO was left hung out to dry by Wall Street. In fact, anyone who is a regular user to Facebook can tell you why this is happening. So to better understand why investors could care less about what happens to Facebook, let’s take a high-level overview of the ‘Facebook Experience’
Punitive measures by unseen judges
Facebook does something that is really very curious. They bombard every page you click on or through to with an endless appeal for you to “add these people as your friends”, or “people you may know”. They really make the push for you to send the people they suggest to you friend requests. Now on the surface that seems like a great idea, right? This is how Facebook is “building community”, right? Wrong. Dead wrong. This is how you get banned for a week, or a month, or lose your profile forever.
I can see by the puzzled look on your face that you are not following me. You are puzzled because it almost seems like that Facebook bans you for sending too many friend requests after they have put the full-court press on you to send them in the first place. Here is your first “A-ha!” moment. This is EXACTLY what happens. Facebook begs and pleads with you to friend people you don’t know and when you do they treat you like a stalker and ban you. First for 7 days, then for 15 days, and if you are really bad they ban you for 45 days. Memo #1 to Mark Zuckerberg: ”Banning and blocking people for no reason makes them really, really, REALLY mad at you.”.
And when they ban you for what they consider “deleterious behavior”, there is no listing of what your “crime” was, no board to appeal to, no way to get a chance to plead your case. Facebook is the judge, jury and very willing executioner as the lights go out on your Facebook page. We personally know dozens and dozens of people this has happened to, and we rightly imagine that there hundred of thousands more who are victims of this kind of treatment.
Laura Martin, of Cloud Nine Design, puts it this way -
“The tide is turning and this is just the beginning. The arrogant infants that run Facebook have always believed themselves to be more valuable than they really are. They are young technology geeks that have had zero interest in helping members or advertisers with technical issues, and they’ve never sought to create an ounce of goodwill with the real people that use their service. (Have you ever had a problem with your account and tried to contact someone at FB for help? No help exists. There is NO ONE TO CONTACT.) They have treated advertisers and members with outright disdain because they thought there was no alternative to Facebook.”
Miss Martin, while bold in her assessment, is actually quite correct. No customer service, no way to get real help with any issues, no technical support, and yet Facebook has the gall to position themselves as a multi-billion dollar company? Memo #2 to Mark Zuckerberg: ”Real companies have real staff and real technical support to assist the people that use their products.”
Selling an inferior product
It is no coincidence that Facebook and Microsoft are very cozy with each other, they both share common roots. When Bill Gates rolled out Windows, it was for all intents and purposes the only game in town. Microsoft did not succeed because they were good, they succeeded because they had the only ice water stand in the desert. And then they got so big so fast that the idea of competing with them became ludicrous. Remember Red Hat? So Microsoft was allowed a free pass to put out an inferior product because there was no reason for them to do anything else.
Facebook did much the same thing. They came along when Social Media was confined to inappropriate photo profiles on MySpace. Facebook was the very first attempt at using Social Media in a legitimate way for actual purposes. It was clean, simple, and easy to use. In short order, Facebook sunk all competition and established a beach head. That is until update after update after badly-coded update led them to roll out ‘Timeline”. Timeline is such a badly-coded, resource hog that it crashes your browser like clockwork, and makes trying to use it on your mobile phone nearly impossible. Look at the photo above. Over 25,000 reviews and 90% of them range from negative to hating it with unbridled enthusiasm. Memo #3 to Mark Zuckerberg: ”Timeline is really, really bad. Everyone hates. Put your massive ego aside for a moment and get rid of it. Spend just a little of your billions on hiring people that can actually code.”
Wall Street is made up of people, people just like me and you but just with more money. All all these bankers, traders, brokers and finance whizzes all use social media, and they all use Facebook. We are willing to bet that nearly everyone of these people has gotten the same type of poor treatment, bad product experiences and gestapo-like banning of their Facebook privileges like we all have. But they can do something we mere mortals cannot do. They can turn their back on the Facebook IPO and watch it sink and collapse under it’s own moribund excesses. Wall Street makes their living on speculation, right? So let’s do a little speculating of our own here.
It is our opinion that Wall Street avoided Facebook like the plague, and purposely allowed it to collapse for the reasons we have already mentioned. Its one thing to invent the “next big thing” in your college dorm room as a kid. But it is something else entirely to grow a mature company that at least pretends to care about the people that use their product. Facebook does not care about their customers, and it shows in every thing they do, every thing that say, and in every time you get banned, blocked or removed for no apparent reason.
Today, someone in a position to do something about it did something about it. Today the “little guy” won a round. Hats off to Wall Street.
Memo #4 to Mark Zuckerberg: ”Mudflower can show you how to fix your many problems and reverse most or all of the ill-will your company has generated. Drop us a line sometime, we will be happy to consult.”
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about 9 months ago - No comments
about 10 months ago - 7 comments
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about 10 months ago - No comments
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