Guy Harley - Nov 7 2023
Meta's Verification Charges: Do You Truly Own Your Online Brand and What It Means for Your Business
Estimated Reading Time: 4 Minutes
In the fast-paced world of digital marketing, social media platforms have become indispensable tools for businesses looking to establish their online presence. Recently, Meta, the parent company of Facebook and Instagram, made a significant announcement that has raised concerns among Kiwi businesses. They will begin charging Kiwi businesses $35 a month to have their business pages verified on their platform. This development has ignited a critical question for businesses: Do you genuinely own your online brand? In this blog post, we will explore the advantages of owning your intellectual property (IP) in simple terms, and the challenges of building and managing your brand through a social platform, where you're at the mercy of their terms and conditions.
Understanding Intellectual Property (IP) in Layman's Terms:
Before we dive into the pros and cons, let's break down what intellectual property (IP) means in straightforward language. Intellectual property encompasses all the intangible assets your business creates, like logos, trademarks, content, and innovative ideas. Think of it as the valuable digital assets that make your brand unique. Owning your IP means you have the rights to control, profit from, and protect these assets.
Pros of Owning Your Own Intellectual IP:
1. Control: When you own your IP, you're the master of your domain. You have the final say in how your brand is presented, used, and safeguarded.
2. Legal Protections: Owning your IP means having a legal fortress around your brand. This fortress ensures that others can't simply use your trademarks, logos, or content without your permission.
3. Long-Term Value: Intellectual property can be a valuable asset for your business that can appreciate over time. You can even sell or license it to others, turning it into a potential source of revenue.
Challenges of Building Your Brand on Social Platforms:
1. Dependence on Platform Rules: When you build your brand on a social platform, you're subject to their rules and regulations. Changes in these rules can significantly impact your business's visibility, reach, and profitability.
2. Lack of Control: You don't have full control over the platform's algorithms or how they showcase your content. This lack of control can affect your marketing strategy and brand exposure.
3. No Ownership of IP: On social platforms, your brand's intellectual property is often subject to the platform's policies. You may not have full control over your branding elements, and changes can be made without your consent.
Meta's decision to charge Kiwi and Aussie businesses for business page verification highlights the importance of owning your intellectual property, which grants you control and legal protection. However, building and managing your brand on social platforms can be advantageous for expanding your reach and being cost-effective. Still, it also comes with the risk of platform rule changes and limited control over your brand's destiny.
The ideal approach may involve a balance between owning your intellectual property and leveraging social platforms strategically. By embracing the benefits of both approaches, businesses can ensure a strong and sustainable online presence while mitigating potential risks. In the end, it's about finding the right balance that suits your business goals and helps you navigate the evolving digital landscape effectively.
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