Forrester announced the results of its survey of 395 marketers and e-business executives from large companies ranging the U.S., UK and Canada.
"While lots of marketers spend lots of money on Facebook today, relatively few find success," wrote Forrester analyst Nate Elliott in the report.
Shares of Facebook fell $1.47, or nearly 3%, at $50.48 in midday trading.
Forrester's report says that Facebook in particular doesn't give marketers enough ability to drive engagement between companies and customers.
While the world's largest social network is failing marketers, it is also leaning on traditional online advertising that isn't doing well for those advertisers, says the report.
"We estimate your site now delivers tens of billions of display ads every day. But fewer than 15% of those ads leverage your ever-growing cache of social data to target relevant audiences.
Facebook did not immediately respond to requests for comment.
Facebook reports its third-quarter financial results on Wednesday after the close of markets.
Follow Scott Martin on Twitter: @scottysmartin
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