Seventy-nine percent of companies market on Facebook — betting billions on Facebook’s potential and buying into its promise to revolutionize marketing. But in a new Forrester report, Vice President and Principal Analyst Nate Elliott lays out the harsh reality that Facebook hasn’t delivered on its promise and in fact has quietly become reliant on the traditional advertising models it once lampooned. According to Elliott, Facebook no longer supports social marketing, doing little in the past 18 months to improve its branded page format or the tools marketers use to manage and measure those pages. The result: Facebook is actually doing more to disconnect than connect brands to their customers and worse has admitted that fewer than 15% of Facebook ads leverage social data to reach more relevant audiences.

Marketers are clearly feeling the effects: Forrester asked 395 marketers from the US, the UK, and Canada how satisfied they were with the business value they get from 13 different online marketing sites and tactics, including Twitter, Google Plus, and YouTube marketing, and where did Facebook fall on the list? Dead last. What’s more, when asked how satisfied they were with the six largest online and social properties as marketing partners, Facebook once again fared poorly. Just 51% said they were satisfied with Facebook as a partner, placing it behind Google, LinkedIn, and Yahoo. Despite these findings, Elliott writes, “we don’t believe Facebook will make the changes needed to win back marketers’ hearts. In fact, we don’t believe the company even sees the need to change: Its enormous revenues have blinded it to marketers’ growing dissatisfaction. But if it doesn’t change, the results will be dire.”

Elliott further details these study findings in “An Open Letter To Mark Zuckerberg,” found here.