A new feature released by Facebook allows users to find out more about businesses that use their information and possibly stop certain types of data collection for targeted ads.
Last Thursday, Facebook published a release showing its additions to the Ad Preferences settings for users. The interface now allows people to see a list of advertisers and businesses that have uploaded and shared lists with their information.
In addition to this, users will also get more information in the “Why am I seeing this ad?” feature.
“In the past, ‘Why am I seeing this ad?’ highlighted one or two of the most relevant reasons, such as demographic information or that you may have visited a website. Now, you’ll see more detailed targeting, including the interests or categories that matched you with a specific ad,” the company wrote.
The measure may have been taken due to the heat the social media giant has been facing from both public pressure and governments, as just a day later, a fine arrived from the FTC for $5 billion due to the recent Cambridge Analytica scandal in which user data was severely mishandled, CNBC reports.
A boon to advertisers
A number of users might see the release of these new ad settings features and opt-out of data collection, especially after the aforementioned scandal. This may make them harder to reach with ads that specifically cater to them.
However, that doesn’t mean that Facebook is no longer an attractive marketing platform. With over 1.5 billion active daily users on the network, the numbers stack up immensely compared to the number of people who would modify their preferences so that advertisers wouldn’t be able to target them specifically.
Although the world is becoming more privacy-conscious, Facebook’s move towards more data transparency is a way of adapting to the trend rather than fighting against it. Marketers will continue to have their target audiences, and their ads will be shown to people who are less likely to ignore them.
Viewed in this manner, the situation is actually a win-win. Advertisers get to use a platform that continues to attempt to reinforce trust with one of the largest user bases on the planet.
When it comes to workflow and conversion rates, brands that choose to use Facebook should see little to no difference in how things worked prior to the update. If anything, in the long term, things could actually improve.