Back in 2007, Facebook began the rollout of the now well-known Business Page model, allowing businesses to harness the power of social media to increase brand awareness through a digital storefront. Since then, the platform has undergone multiple layout updates and new feature additions with more than 2 billion people on Facebook looking onward. Now new changes are on the horizon, and they have implications for compliance & marketing teams.What's New
As of January 2021, Facebook continued the updates tradition by announcing the roll out the newly redesigned Facebook Pages Experience that claims to "make it simpler for public figures and creators to build community and achieve their business objectives". This update advertises:
The Facebook Pages Experience first introduced into beta testing at the beginning or 2021 but roll out has come in waves over the past few months. The new Business Page format is designed to look more like Facebook's Personal Profiles in an effort to soften the divide between business and personal affairs on the platform.
Despite Facebook's promotion, the new layout has elicited moans and groans from compliance and marketing teams everywhere since not all previously listed information is making it over to the updated pages. Notably, Facebook users of the new page layout are citing that some previous information, like their About section text, is not always making it over during the transition. Facebook also had removed the Impressum section for a time and only recently returned it after public backlash. One additional major change is the removal of a page's "Like's count". Business Pages will now have a dedicated focus on Follower counts and public reviews. The update also includes an emphasis on account "Mentions", be on the lookout for RESPA Section 8 concerns with referral partners.
As updates happen, compliance and marketing teams should be prepared to pivot and adjust internal social media guidance. Teams should consider the following:
Facebook's Help Center provides additional information on the New Pages Experience transition. ActiveComply will continue to monitor the situation and how our lender partners may be impacted.
By creating a Facebook Business Page, you can use more tools and share with a wider audience, while...