Mark Cuban has a message for entrepreneurs: Facebook is increasingly not worth your time.
After slamming Facebook's Promoted Posts feature last week, the Dallas Mavericks owner and angel investor took to his blog at 1:18 a.m. Monday to expand his argument for why the latest tweaks to Facebook's Newsfeed make fan engagement increasingly difficult for businesses.
In the post, titled "What I Really Think About Facebook," Cuban stresses that business owners shouldn’t cash all of their social media chips on Facebook. Instead, he advises companies to focus on a broader social media presence that’s strong across all platforms.
Why? According to Cuban, Facebook's recent Newsfeed, Promote, and Engagement updates--which are designed to curate posts, photos, and comments according to a user's interests and Facebook activity--create hurdles for businesses trying to reach Facebook fans. These new features, Cuban says, filter out the very posts companies pay to promote.
"By trying to be an incredibly efficient information delivery source, [Facebook] confine[s] our ability to organically reach most of our followers using Sponsored Posts," Cuban writes. "...If we create a post that doesn’t engage our followers to the level the algorithm expects it to, it can impact our ability to be seen in the future. Talk about pressure."
Cuban is referring to the News Feed algorithm, which selectively picks what shows up in users' News Feeds based on what they've clicked and liked in the past. Generally, that filter weeds out Promoted or Sponsored Posts.
Facebook didn't immediately respond to requests for comment.
Cuban also argues that the Newsfeed, especially when compared to Twitter and other social media platforms, stifles Facebook users’ ability to discover news or products that are outside of their direct social circle.
If you want to see what everyone is saying about the election, you have to go outside of FB. So by default you are not going to use your newsfeed as a primary source of information. It’s more like the township newspaper. You get the basic local stuff and updates, but it can’t be a comprehensive source.
Cuban says if entrepreneurs are smart, they won't rely on paid Facebook promotion as their primary tool for connecting with potential customers because he doesn't think the results justify the time and money required.
And he has some parting advice for the social network, too: "FB is making a big mistake by trying to play games with [its] original mission of connecting the world... One of the threats in any business is that you outsmart yourself. FB has to be careful of just that."