Brands need to distance themselves from all third-party business practices that do not align with their values, to survive the current business uncertainty.
Brands are disenchanted by what even some people refer to as Facebook’s “lackadaisical” approach – while enforcing community standards, allowing paid political misinformation and hate speeches to persist on the user-driven platform.
However, with Facebook, Google, and Amazon, representing below 70% of global digital ad revenue – a clean break from the tech giants is always easier said than done. Advertisers must look within this concern. After all, they don’t wish to make the same mistakes, as they cannot just throw newly freed up advertising budget at a new social network ad platform, where the same conflicts could follow.
With introspection, marketers will see that this is beyond just a war on disinformation and hate speech. To conclude, a data war is brewing, pushing businesses to diversify data sources. As organizations compete to comprehend the needs and preferences of today’s consumers, consumers will be concurrently responding with extensively guarded data protection.
To get over this war, brands need to reclaim data autonomy to infuse their digital media strategy with increasingly diversified data. But they cannot do it individually within the current system.
Facebook’s plan to adjust its community standards to appease discouraged advertisers is going to be difficult. But meanwhile, as advertisers walk out the door, it’s noteworthy that Facebook’s reliance on online data may soon be obsolete.
One of the differentiators for Facebook’s ad platform has been its ability to help create a level playing field for smaller brands by cost-effectively capturing the right audiences. But the platform primarily draws in-depth insights from audiences’ behaviors online. The next wave of data-based marketing needs to employ tools that blend first-party data and qualified third-party data to ensure a holistic view of customer behaviors, both offline and online.
Leading integrated data providers are effectively managing extremely rich datasets, which continuously increase in value as consistent tracking yields higher quality data throughout. Such enriched and powerful data stacks offer brands visitor insights, based on a specific location after the ad is used on devices — giving clear data points for the marketing team.
Brands can pinpoint exactly the messages that can resonate with which segments of their audience are to be referred, at which time. This precision ultimately allows them to craft the right message for the targeted consumer — to deliver it at the just the perfect timing.
A newly imagined system should be organized outside the proprietary control of anyone single tech conglomerate. Otherwise, advertisers might lack ownership of the data they need to reach out to new audiences. Or they’ll again get mixed up with common paid political disinformation or hate speech across user-generated platforms, sending them back to Facebook.
Firms should focus on transparency rather than relying on a single centralized social media platform, transparent publishers, and media partners must come together on a common central system that takes an omnichannel approach to build lookalike audiences.
Facebook operates on a lookalike (LAL) model, but it is exclusively generated by online data from its users. This will help to build a core conversion audience while scaling new LALs for each brand constantly. Such a system would require collaboration, enlisting players in a co-op style undertaking.
Brands advertising with the co-op shall gain access to robust and more enriched insights on consumers than Facebook could ever offer, leading to a higher ROI for the $336 billion spent on digital ads annually.
Most importantly, it is crucial as it helps brands to future-proof their digital marketing efforts, granting greater freedom in choosing where the advertising dollars are being actually spent.