As Adweek reports “Facebook wants brands to know their data is safe. The social network has been on a charm offensive of sorts to assure advertisers that when they share information to buy ads on Facebook, that data is not seen by anyone else.” But the data brands have on their customers is a valuable asset and when shared you should take for granted that it’s out in the open. So should you share data with Facebook?
Advantages of sharing data
1ne: It can help you laser target ads leading to an improved ROI and better performance.
2wo:It can help your social media marketing be more relevant.
3hree: It can lead to even better insights with prospects and customers.
Disadvantages of sharing data
1ne: You lose control of the data.
2wo: It could be used by a competitor if you stop doing business with Facebook even though Facebooks denies this.
3hree: A Facebook employee, who leaves the company, could use the insights at a new employer (competitor).
The Bottom Line:
Brands need to ask themselves “how important is Facebook to our overall integrated marketing strategy?”. The more important it is the more brands should share data. However, if the data levels the playing field and takes away a competitive advantage, then brands need to carefully control what they share with Facebook. It would be inexcusable to open up your best data to a social media company only to find, later, that you are putting less emphasis on Facebook marketing.
My advice, be careful what you share and ask yourself “what would happen if this data became available to competitors?” before giving your Facebook rep data nuggets.