6:29 PM, Apr 25, 2022
Photo by Jo San Diego on Unsplash
I've done a lot of social media adverting and I've been right in the trenches with data driven advertising. I've spent fortunes on social advertising and I've written automated programs to create adverts selling both houses and finance on the medium.
For the most part twitter is absolutely useless, if you look at the price of twitter, $43 billion, it generates about $3 billion a year and makes about $150 million profit. As a business it is useless and these are not numbers that will radically improve, it has been at this for more than a decade.
Advertising on this is like throwing money down the drain, real estate, finance. Useless, possibly works at large brand level it will be good at awareness but not at some or medium level business.
Musk is right if he is to get rid of advertising. Make it a paid platform and 3 dollars a month for a blue tick. Of course, advertisers will be saying they will be leaving anyway with Musk suggesting a more robust free speech model, but I have a theory that most advertising done in the last couple of years has been government health messaging over covid. That is going to go now anyway.
Facebook was the go-to advertising platform for real estate for years but that has now gone downhill. Apple and their privacy improvements have reduced the amount of data Facebook can pull from people's phones. In turn their a targeted advertising is completely ruined, and I don't think it will ever return.
If you are wondering what all this metaverse gibberish is about it is simply Facebook searching for a new business model with their advertising business is going to go downhill fast.
I feel sorry for all the small businesses that relied on Facebook. It was fantastic for small places, eateries, boutique shops and real estate agents to target local customers. The machine learning was phenomenal. I truly believe that it is going to harm the national economy when it plays out.
Tik Tok is filled with kids and I don't think that is every going to fill a void for finance or real estate. LinkedIn is also just not viable.
people are going back to email marketing which I detest. But again that is next in the sights of big tech and they are clamping down on tracking in mails.
I have a feeling that advertising for local real estate is going to go back to paper and door drops. But smarter. Individual letters based on people's data. That is where our next project is, a trial of personalised mail.