Confessions of a CMO: A Fortune 500 chief marketer on whether boycott statements are just PR moves, if they'll really hurt Facebook, and why it's hard to quit the platform
We talked to one Fortune 500 chief marketing officer — granting this person anonymity to speak candidly — about, if they'll really hurt Facebook's business, and why it's hard to quit the platform.
A Facebook spokesperson said in a statement: "We invest billions of dollars each year to keep our community safe and continuously work with outside experts to review and update our policies. We've opened ourselves up to a civil rights audit, and we have banned 250 white supremacist organizations from Facebook and Instagram.
Half the CMOs out there are sincere. The other half are doing it because they're worried about being tone-deaf. You have to look at which companies have a track record of acting on social causes. For us, it's not like we just woke up to Black Lives Matters. But they've all written their boycott statements vaguely enough so they can keep their options open and come back to Facebook.If all the Fortune 500 companies stopped advertising, it would only be 10% of their revenue.
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