/// Facebook Is Still Figuring It Out. Will Advertisers and Investors Wait Around?
There are a bunch of ways to explain away GM’s decision to stop spending ad dollars on Facebook . We’ll get to those. But there’s one thing that even the most ardent Facebook fan can’t argue with: Facebook advertising is very much a work in progress. Don’t take my word for it. Listen to Facebook itself: “We believe that most advertisers are still learning and experimenting with the best ways to leverage Facebook to create more social and valuable ads,” the company says in its IPO filing . If you’re a Facebook bull, those words sound reassuring. Facebook sold $3 billion worth of ads last year , and it’s just getting started. Imagine what happens when things really kick in . But if you’re a skeptic, and there are lots of them, that uncertainity is a real problem. When Google went public in 2004, it had already built AdWords, the search ad engine that still generates the majority of its revenue today. Facebook doesn’t have an AdWords, so it doesn’t have a tried-and-true plan it can present to advertisers: Put dollars in here, see results over there . Instead Facebook marketers try different things over time. A few years back, they were all building Facebook apps. Then they started concentrating on amassing fans/followers