What does this mean going forward for advertisers?
Simply put, it means that the way that Facebook gathers data for advertising will change. Does this mean that you should abandon the platform? Definitely not. The network is still by far the biggest collection of potential customers in the world and ignoring it would be a mistake. The main difference going forward will be the need to do perhaps a little more A-B testing than you would have before. We would also assert that Facebook should not be your only advertising medium. Other social networks offer a fantastic opportunity but Facebook is unique.
You will now need to be a little more accurate with your own targeting and be willing to play around with the available data. You may also need to be a little more creative with your advertising. No doubt recent changes will also affect the future of advertising on the platform and it will be necessary to keep up with the latest news to ensure that you are ahead of the curve.
What information can I still get my hands on?
You will still be able to access most of Facebook’s own information that you could get to before. Data such as demographics (education, job, relationships etc), interests and behaviours. This data is still especially useful even without the extended partner set that used to be available. It will now be more important than ever to be able to drill down into the data to try and sift out what is important and what is not. Facebook is still the advertisers best tool and should be used.
If you want to diversify your social media marketing then you may want to think about bringing in some outside expertise. The sheer range of options and changes mean that the industry has been tipped on its head. Now that these significant changes have been made, getting the right advice could make a huge difference to your business going forward.