In the wake of the Cambridge Analytica-Facebook data scandal, Facebook is changing the way that it operates, by putting business posts on the back burner. This is reportedly a response to "Facebook fatigue", which is a euphemism for people getting tired of using the social media network. It's safe to say that the changes are also a form damage control after the data debacle. Facebook execs want users to have a more meaningful experience at the platform and they also want to build trust. In August and September of 2018, the number of people who used Facebook dropped, as audiences for YouTube and Google grew. So, what do the new adjustments at Facebook mean for Bulgarian entrepreneurs (and entrepreneurs all over the world)?
Is Facebook Really That Important?
Facebook is a global platform and many digital and non-digital businesses rely on it to connect with customers. Bulgarian entrepreneurs are currently bracing for the negative impact of Brexit, so it's likely that Facebook's new rules and changes are going to make digital marketing more challenging. Thirty percent of Bulgarian businesses are anticipating negative fallout from Brexit. Since Facebook allows for global outreach, and is getting tougher on businesses who promote using the platform, Bulgarian entrepreneurs are going to have to get creative to engage adequately with consumers. Of course, entrepreneurs all over the globe are dealing with the impact of the Facebook changes. However, most of these do not have the shadow of Brexit looking over them.
What is Facebook Changing?
Facebook is going back to its roots by ensuring the people's newsfeeds are filled with personal posts from family and friends, rather than a glut of business posts. This means that it's harder for digital entrepreneurs to get their message out. Facebook is also cracking down on fake news, which means that the social media empire is putting a lot more energy into vetting posts. When it comes to Europe, Facebook is also preparing for the new data privacy law, which will go into effect in EU nations on 25May 2018. With these challenges on the horizon, Bulgarian business people may want to explore other methods of attracting customers. Old-fashioned business practices, such as local outreach, may be appropriate in some cases. Entrepreneurs will need to sharpen their pencils and come up with marketing strategies that allow them to survive and thrive, despite Facebook changes and Brexit-related woes.
How Will Bulgarian Entrepreneurs Cope?
Choosing to promote via other social media channels, while still maintaining a Facebook presence, is probably going to be the most popular course of action. Facebook will always be important. Its paid ad services and free tools for entrepreneurs still have great value. It's just more difficult at this point to reach Facebook users with paid ads and free posts. Many entrepreneurs will probably try to woo social media influencers, who generally accept cash to promote companies, whether overtly or in a subtle manner. These influencers make waves via a host of platforms, including Facebook.