It’s coming. Facebook is about to go public. Some estimates place the value of the company as high as $104 billion. At this point, most people have an opinion on the social networking juggernaut. Some are concerned about privacy issues, others think it’s a great way to reach consumers and their friends. Here’s my take:
Facebook’s primary function is to feed our narcissistic and voyeuristic tendencies. It’s secondary function is to make money off of friendships and connections.
Where’s the value for you though? Yes, it CAN be a great community building tool and it CAN be a decent way to find people but outside of that, again, where’s the value?
Facebook’s value lies in the vast amounts of data the company gobbles up from people just like you. Unfortunately, even FB doesn’t know how to effectively use it, but marketers are chomping at the bit to get their hands on all that juicy data, so they can encourage you to buy things you most likely don’t need.
FB fails at mobile, ad serving, privacy and most importantly making your life better.
The next time you log-on to Facebook, think about how you’re using the service and how it’s making your life easier or more importantly making you happier. If it is, then by all means embrace the technology and disregard everything I’ve just said. But, if you don’t see the value take a step back to examine why you use the service. The internet is an amazing tool that allows us to get smarter and better at an unprecedented rate. Don’t waste it.