If the shocking announcement Facebook made yesterday sent your head spinning, you’re not alone.
If 2021 has taught us anything about the digital marketing universe, it’s that adaptability is virtually everything.
From iOS updates and cookie privacy changes to inventory shortages and the removal of Facebook Marketplace listing automation, auto agencies have risen to the occasion.
And now there’s a new disruption: Facebook is rebranding to “Meta.”
It’s only natural that this news has some agencies feeling misaligned with the “Metaverse” and concerned as to what it means for the advertising industry + their clients’ ads/accounts.
But we are confident that this change will enable agencies to help their client’s connect to local communities in more and meaningful ways.
Here are some FAQs for your agency on the new “Metaverse:”
Why is Facebook Renaming to Meta?
On Thursday, October 28th 2021, the colossal company, known as Facebook for 17 years, publicly announced that it would be renaming itself to “Meta.”
Mark Zuckerberg, Facebook’s CEO, revealed that his company was expanding beyond today’s social networking, which is what Facebook has built on for over a decade.
Considering the company now owned many apps and was fundamentally about connecting people, he said that using Facebook as the corporate name was no longer tenable. (Source: The New York Times)
Breaking Down “Meta” and the “Metaverse”
Facebook Newsroom released an article that details what exactly “Meta” and the “Metaverse” is:
Meta: “Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.”
Metaverse: “The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company.”
What Does This Mean For My Agency & Clients’ Ads on Facebook Owned Platforms?
Our expectations are as followed:
- There should be no immediate effects on your client’s existing ads across Facebook-owned platforms.
- You will still see “Facebook” labeled in your clients’ Google Analytics, advertising reports, direct invoices, etc.
- If we DO notice any immediate changes, we will notify you as soon as we learn more.
IMPORTANT: It’s been made clear by Zuckerberg and the company that they will continue to invest in the already existing social media platforms under the Meta umbrella.
“Building our social media apps will always be an important focus for us. But right now, our brand is so tightly linked to one product that it can’t possibly represent everything that we’re doing today, let alone in the future,” Facebook’s CEO said.
Additional Opportunities That the “Metaverse” Will Provide for Your Clients’ Ads
Our Facebook Partner Manager reassured us that Facebook’s new holding company, Meta, is “committed to helping you deliver on [marketing] objectives by reaching the right people and engaging with your customers – today and in the future.”
This Metaverse ideology will provide your agency’s dealership client’s with vast advertising opportunities in the years to come. The inclusion of virtual and augmented experiences take center-stage of this new environment and have the power to potentially change your agency and its advertising for client’s, but the world as we know it!
BuyerBridge is looking forward to finding out more about these new media opportunities and what they mean for agencies.
Does Your Agency Need to Refer to Facebook’s Platform as “Meta”?
You don’t have to! Facebook and its other apps, such as Instagram and WhatsApp, will maintain their individual logos, branding, and names – they’ll simply be associated with the “Meta” name.
Side note: Some instances like “Facebook for Business” Facebook Business Page have in fact been swapped to “Meta for Business,” BUT certain sites including facebook.com/business remain unchanged and Facebook-focused. We will keep you informed about any additional changes.
What IS Changing & When to Expect Changes
According to Meta’s announcement, the company’s corporate structure is not changing, and the metaverse concept will likely take years – potentially a decade or more – since the concept is theoretical right now. That said, it will begin trading under the stock ticker MVRS beginning on Dec. 1, and is expected to begin branding some of its virtual-reality products as Meta, shifting away from the original brand name of Oculus.
Next Steps
We want you to take comfort in knowing that we don’t currently see any critical changes that require you to take action with regards to your clients’ ads or their accounts.
BuyerBridge is on top of this trending topic and will continue to provide more valuable information for you as it becomes available.
We can’t wait to see how auto agencies will benefit from transporting to the Metaverse!
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