Facebook’s stock has dropped over 10% since the Cambridge Analytica scandal and subsequent #DeleteFacebook campaign. Sheryl Sandberg, Facebook’s COO, has acknowledged that advertisers have already pulled back, pulled out, and certailed spending on the popular social media platform.
With the undetermined outcome of the ongoing Facebook investigation, lots of brands that rely on Facebook to share their message are left with uncertainty about the future of their advertising efforts.
According to LinkedIn influencer Ryan Holmes, Facebook’s struggles are actually good for brands using social media! According to his article, the chaos of the last few weeks marks an important shift toward restoring faith and trust among social media users; a trend that we all stand to benefit from.
“Facebook is now spearheading the charge to restore exactly that kind of trust and connection. They’re reining in the ways third parties can access data, cracking down on foreign operatives, recalibrating algorithms to surface more meaningful content, clarifying privacy settings, offering users a bird's-eye view of their data, complying with General Data Protection Regulation rules (increasingly, the gold standard globally), and updating terms of service to spell out more clearly what data their services collect,” says Holmes.
Though this is a trying time for Facebook officials, users, and advertisers, the Cambridge Analytica situation has proved to be a critical wake up call. As these changes unfold, brands that engage with transparency and creativity will find a more receptive audience than ever before on Facebook.