Privacy has always been a concern for users on social media and across the internet, but these issues have come into the spotlight amidst recent reports of the Cambridge Analytica data scandal. And both users and brands are wondering is it finally time to dump Facebook. Across Twitter, #DeleteFacebook began trending. Celebrities made announcements that they were leaving Facebook. Several big name brands including Mozilla and Sonos temporarily suspended their Facebook advertising.
But what does this really mean for marketers? Should you pull back on your Facebook ad spending right now? Here are four reasons why companies should not be afraid to continue business as usual on Facebook.
1. Only a small number of people are leaving Facebook.
There are still over two billion users on the world’s largest social media platform, whose daily lives are entwined with Facebook. Although people are concerned, most are taking steps to be more cautious about data being shared rather than outright deleting their accounts.
Few companies are making changes to their ad spending as a result of the news, at least for now. According to Pathmatics, digital intelligence platform, of the top 1,000 ad spends on Facebook, only seven pulled ad spending following the Cambridge Analytica reports.
2. Facebook has been through issues before – and survived.
Facebook has already begun to make changes, including removing 3rd party data providers from its ad targeting, pausing all messenger bots and developing a new certification tool for marketers to guarantee email addresses used for ad targeting. Right now, Facebook’s priority will be to actively pursue solutions to earn back the trust of consumers.
Last year when Google-owned YouTube came under fire for showing brand ads next to hate speech and offensive content, brands boycotted YouTube but returned after a few months because of their quick response to remedy the situation. YouTube did not suffer any losses in earnings or growth.
3. Facebook advertising works.
The effectiveness of Facebook advertising has always been due to its hyper-targeting abilities. As the demand for transparency increases and access to data is limited, marketers may have to get more creative with targeting and begin to rethink their digital strategies, but as long as Facebook ads continue to deliver results, brands will continue to use it.
4. It could have happened to anyone.
This is the time we live in and privacy has been the tradeoff for the benefits of technology. And while the target is on Facebook right now, this is an overall consumer privacy issue across all digital media that needs to be addressed.
At the end of the day, leaving Facebook is a personal decision. As an ad agency, our job is to stay educated on the matter, monitor the situation closely for further fallout and help our clients determine the best strategy moving forward. And for brands, unless enough users leave or if the targeting regulations hurt performance, there is no reason to panic.
Regarding your personal account, learn ways to protect your data here.
Read more here:
http://adage.com/article/digital/marketers-wrangle-cambridge-analytica-fallout/312932/
https://marketingland.com/advertisers-didnt-leave-youtube-and-they-wont-leave-facebook-237063
https://www.impactbnd.com/blog/should-you-delete-your-facebook-account
