When it comes to the social media sites that we use on a daily basis, it's hard to really pay attention to anything other than what you're trying to do. You never really notice the small things at the bottom of the page, like the privacy policies and what not. Even if you do notice them, 9 times out of 10, you're not going to read them. Why? Well because you can't really understand what they're saying unless you went to law school for eight years and are studying to become a Supreme Court Justice. This is where all of the "fine print" for your social media sites are at, though, so it wouldn't be the worst idea to check them out. Again though, it's hard to read into them when you can't even understand what you're reading. Facebook has made a change to that however.
As it stands now, we will all be able to read the basics of what the Facebook policies are, and it's not just for individual users, but also for businesses and advertisers.
How Is It Helping The Users?
How Is It Helping Advertisers?
When it comes to the advertising aspect of Facebook, you probably get annoyed. In June though, Facebook updated their advertising policies that that advertisers could target specific groups of people based off of the the applications and websites they go to while they're not on Facebook. I know that sounds a bit stalker-ish, but this way, the advertisers are able to properly utilize their funds to target the users that will be the most likely to purchase their products or services. Facebook will be giving the information of users who would seem the most relevant, while still maintaining the users anonymity.
What Else Is Facebook Doing?
Facebook isn't stopping just at the privacy policies and cookie policies. They're also working to add new features such as a "buy" feature to the site itself. When this finally takes place, they say that users will be able to buy directly from another service, directly on Facebook without having to be routed to that services page directly. They will also be targeted users based on location. Essentially whenever you "check in" some where or are with "nearby friends", Facebook will gather that data to show ads for places and services that are nearby. It will also use the data to show you updates of friends who are nearby, instead of that one friend you randomly have in Colorado.
Facebook is taking their marketing game to the next level, there is no doubt about that. They themselves now hold 10% of the $50.7 billion digital advertising market. They're only increasing that share percentage with the changes they are making.
Whether it be with the "readable" privacy policies, or the increased targeted advertising policies, Facebook is making sure that they stay relevant, and stay on top.