As consumers and advertisers alike watch the Mark Zuckerberg debacle unravel on cable news, the world of social media continues to change. If you’re like us, you’re curious as to what these changes will mean for your social media marketing strategies.
Certain aspects of the revisions remain to be seen. However, here at Concept, we aren’t ones to wait and twiddle our thumbs while the social media world shifts. Instead, we analyzed what the data roll-back may mean for your business’ presence on social media.
If you haven’t read a newspaper in the last few months, Facebook is currently being scrutinized for their role in the Trump campaign of 2016 — namely the Cambridge Analytica misuse of data. In light of the most recent allegations, Facebook already altered certain policies regarding the release of third-party data.
What are the Benefits of Third-Party Data?
As marketers, we understand the effectiveness of third-party data for highly targeted ads. Being the best way to make your content relevant to the receiver, this data is a vital component of personalized marketing.
We don’t, however, condone exploiting users. The utilization of nearly maliciously gathered data is not only a manipulation and an invasion of privacy, it’s creepy!
What Do the Changes Mean?
In the wake of the Zuckerberg congressional hearings, we are still learning what effect, if any, changes to data sharing will have on targeted ads. The biggest modification, so far, is to Custom Audience Targeting. Facebook removed third-party data sources — such as Acxiom and Oracle — making behavior targeting much more difficult.
Additionally, Facebook announced they will implement a permissions tool requiring all advertisers to certify allowance for the use of any data collected outside Facebook.
At the moment, we are awaiting the impact of these revisions to Custom Audience Targeting and what those changes will mean for advertising on the platform. The question we are asking is: will our reach and targeting decline?
The Next Steps for Social Media Marketing
Upon reviewing the facts, we believe the changes to Facebook are similar to a bullish market correcting itself. After a steady incline of highly-targeted advertising capabilities, the platform breached certain protocols. Now, they will more effectively regulate permissions. Consequently, we will likely see a decline and then a plateau in targeted advertising capabilities.
Even as Facebook makes adjustments, we believe the platform is still a great tool for connecting with current and potential customers, and it will continue to offer unique advertising capabilities.
What will ultimately change depends on the consumer demand for transparency. As data sharing becomes more transparent, we may see social users hand over their data for advertising purposes like they hand a credit card to a cashier. It just depends on if we make it worth it for them to share said data. The key here is to ask permission first.
If you have questions about the effect of the current changes to Facebook advertising, contact the team at Concept Marketing. We are here to guide you and your business through the ever-changing landscape of online advertising.
Do you have thoughts on how Facebook adverting will change? We would love to hear them! Share your ideas in the comment section below.