What does the change of Facebook’s corporate name to Meta actually mean for the business world? As Mark Zuckerberg made the big announcement, let us look into how relevant this is to your business. There are deeper implications than it seems at a first glance.
Data protection and social media policy for businesses
While the name of the social media platform remains the same, the change in the company name doesn’t come without consequences.
Firstly, it will impact on data protection policies and GDPR laws. This could also affect your company’s digital presence and social media communication. Ensure you are not missing relevant aspects that could potentially place your business in a vulnerable position.
In the past, Facebook made news with scandals such as the Cambridge Analytica incident. An investigation revealed data harvesting of 50 million Facebook profiles, with information used for political gain. Despite denying any data breach, the social media company agreed to pay half a million British pounds for its role in the scandal. Many keep this incident in mind as a cautionary tale of misuse of digital tools and data.
Secondly, Zuckerberg highlighted that Facebook is transforming and not only changing its corporate name. He pointed out how the platform will be shifting more towards virtual reality technologies.
This should remind all business owners why they need to keep their social media policy up to date.
Download Croner’s social media policy template for free here.
A social media lesson to business reputation
Companies, small or large, can take important lessons from how Facebook has evolved through the years. This applies both to social media communication, and to the history of the corporation now called Meta.
What started as a fun online platform for friends has grown to a corporation worth hundreds of billions in 2021. Its success story comes with pitfalls and costly mistakes too. While Facebook retains its worth in the billions, Zuckerberg has lost more than $6 billion in the wake of the name change to Meta.
What better example of how loss of reputation will affect any business, regardless of its size and financial worth?
It can take years to build a solid professional reputation and hours to destroy it. And the media has asked questions around whether such a change aims at cleaning the name of the corporation. They also point out how it won’t be enough to regain lost trust.
While a change of brand can benefit your business in times of growth and expansion, you need to also consider potential damages.
Get free advice today
With the digital environment continuously changing and adapting, you need to understand how it can affect your business. Most companies today use Facebook and similar traditional social media platforms for communication.
Stay up to date with your documents and policies to keep your business safe in the digital environment. Call a Croner expert today for free advice on 01455 858 132.
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