Over 900 advertisers now support #Stophateforprofit, boycotting Facebook advertising during July because of the platform’s approach to hate speech. The real test comes in August when Facebook likely won’t have met the campaign’s demands and marketers must decide what to do next.
Many brands have started preparing for a future without (or with less) Facebook. They note that Facebook usage and engagement have been dropping steadily among key demographics, and that slide is projected to accelerate. They already planned to reduce their spending on the social platform, and #stophateforprofit just speeds up their timeline for moving to new marketing tactics.
Others, like Unilever, have announced they are pulling all advertising from Facebook, Instagram and Twitter till the end of 2020, while maintaining their total marketing budget. They clearly already have a plan.
Finally, some brands are using very nuanced definitions of “advertising on Facebook.” They continue to advertise on Instagram and via Facebook Audience Network. I assume their businesses are so dependent on social media they cannot risk changing direction.
When August 1 arrives, many marketers face a difficult decision: how to weigh the cost of taking a principled stand aligned with their brand values vs the potential impact on sales.
Sources: Digital News Daily 2020, Drum 2020, Gizmodo 2020, Reuters 2020
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