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Facebook is in trouble. Social media platforms need constant growth to survive, but Facebook is no longer grow. In fact, it loses users. As Facebook’s core platform slowed, Mark Zuckerberg made the fateful decision to shift focus to the metaverse, going so far as to change the company’s name, mission statement, and stock symbol to reflect this new direction.
The public reaction was swift and decisive: People don’t want the metaverse, and especially not a half-baked version of Facebook. Even among those excited about the potential of virtual reality, there’s a sense that Facebook’s technology is decades behind the forefront. And thus people are leaving Facebook. Today, META stock is down about 70% from its highs.
This exodus will have a major impact on digital advertising. Facebook has long been the go-to platform for marketers looking to reach young people, and its targeting capabilities are second to none. But with Facebook no longer growing and users spending less and less time on the site, companies will look elsewhere for their digital advertising needs.
As a result, brands will need to find new platforms to reach their target audiences. They will also have to give more importance to user privacy as the public is no longer willing to tolerate Facebook’s cavalier attitude towards data. In addition, given the Facebook-driven proliferation of ad blockers, brands will need to find ways to reach people that don’t rely on traditional display ads.
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Brands are turning to new platforms
When Facebook first launched, it was a new way for businesses to reach their audiences. There was nothing like it, so companies flocked to the platform. But now there are many other social media platforms and companies will have to spread their advertising budget across multiple sites.
This will not be easy as each platform has its own quirks and capabilities. For example, TikTok is popular with young people, but it doesn’t have the same targeting capabilities as Facebook. And while Instagram is owned by Facebook, it has a very different user base and set of features.
Advertising on Twitter is a whole new can of worms. After Elon Musk’s takeover of the platform and the subsequent removal of content restrictions put in place to appease advertisers, Twitter is now something of a Wild West. Many advertisers have drew their budgets of the platform, but those that remain find themselves needing to adjust their strategies.
Google is another behemoth that brands should reckon with. Although it is not a social media platform, its search and display advertising business is still huge. However, like Facebook, advertisers are faced with fake news and bots on Google. The company is too embroiled in antitrust investigationswhich could lead to tighter regulation of its advertising activities.
All this is to say that brands need to be nimble and adaptable in the post-Facebook world. They should be willing to experiment with different platforms and they should have a clear understanding of each one’s strengths and weaknesses.
Companies focus on user privacy
As people become more aware of the ways their data is being used and misused, they are demanding greater control over their personal data. This is especially true for young people, growing up in a world where data breaches are rife.
In response, brands will need to respect user privacy. They need to be more transparent about how they use data and they need to give users more control over their personal information. This requires a fundamental change in the way many companies operate, but it’s something that must be done if brands want to stay on the good side of the public.
I have previously written about the rise of zero party data. This is a new kind of data that users voluntarily share with companies, such as through quizzes, surveys, and signups. This data is incredibly valuable as it allows companies to get to know their customers on a much deeper level. Unlike third-party data, which is often inaccurate and outdated, zero-party data is new and accurate.
As user privacy becomes more important, brands will need to start collecting this kind of data. They will have to find new ways to interact with their customers and they will have to invest in the necessary technology. This will take a significant amount of time and money, but it’s something that needs to be done if brands want to stay relevant in the post-Facebook world.
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Interactive content dominates
The most successful advertising campaigns of the future will be those that manage to cut through the clutter and grab people’s attention. In a world where people are bombarded with hundreds of marketing messages every day, this is no mean feat.
One way to do this is with interactive content. This is content that requires people to take some action, such as answering questions for a style quiz or responding to a poll to gauge interest in a new product. Because interactive content is more engaging than traditional display ads, it’s more likely to grab people’s attention and notice your brand.
Facebook’s sheer staying power has meant that many brands have been slow to catch on to this trend. But with the decline of the platform, they will have to start experimenting with new types of content if they want to stay ahead.
Ultimately, Facebook’s demise will have a major impact on the world of digital advertising. Brands will have to find new platforms to reach their audiences, and they will have to put more emphasis on user privacy. In addition, with the rise of ad blockers, brands will need to find ways to reach people that don’t rely on traditional display advertising.