What does this mean for small to medium businesses in the Caribbean?
Facebook recently released a message to their business users informing them that they will be retiring Facebook Analytics on June 30th, 2021.
If you have followed ACM for a while, you would know how much we believe in data-driven marketing. It is one of the best ways to ensure a high return on investment on social media because the strategy is guided by data and analytics that can help companies know what works for them and their audience.
This announcement might be a bit nerve-wracking for some businesses, especially small to medium businesses that like to keep tabs on their analytics but let’s clear some things up.
First off, what is Facebook Analytics?
Facebook Analytics is where a Facebook page’s data from Facebook pixel is located and organized in graphs, maps and charts. This data includes demographics, engagement, reach, actions taken by viewers, devices used by viewers etc.
Monitoring analytics like this for Facebook and Instagram, are a great way of measuring the success of a company’s social media business and strategies. This type of data can shows companies what their customers engage with most, the posts that drive more conversions and more.
It should be noted, however, that companies that really invest in data-driven marketing typically opt for more complex data analytic tools than Facebook Analytics.
Why is it going away?
Facebook explained the new change by saying:
We are retiring Facebook Analytics as part of an initiative to consolidate business tools. Even though this tool is going away, we continue to invest in measurement products that provide insights and data analysis capabilities.
However, some tech magazine believe it might be due to companies using other social media analytic tools. Others believe that it is also a way of Facebook dealing with Apple’s new privacy changes that will come out with the new iOS 14.5.
This change includes a new App Tracking Transparency feature that makes app developers ask for permission from users to use an IDFA (identifier for advertisers). Facebook has outwardly condemned the new feature and how it could affect small businesses on their platform.
What are the alternatives?
As we mentioned before companies that actively practise data-driven marketing typically invest in more robust data analytic tools that provide a lot more information that also caters to the company’s needs. These tools also help monitor a company’s data and mentions across social media platforms which can be especially important for larger companies.
Here are some great analytic tools to look into if you want to keep on top of your page's analytics:
- Brand 24