Ever noticed how the ground shifts under our feet in digital marketing? It’s all about the platforms we rely on. Big changes are continually happening – changes that could shake up how we do business. Recent changes by major tech companies underscore a significant challenge for businesses: platform risk.

This issue isn’t abstract; it’s a concrete risk that can have immediate and profound impacts on operations and revenue.

Platform Peril

Consider the recent decision by Meta to restrict third-party access to Facebook Groups. This move alone has jeopardized the livelihoods of numerous businesses built around this access. For instance, one business reliant on this access, faced a catastrophic loss, highlighting the vulnerability of depending too heavily on platforms outside one’s control.

This situation isn’t unique. Reddit’s alteration in API pricing, Shopify’s updated terms of service, Twitter’s API cost restructuring, and Facebook’s algorithm changes have all similarly disrupted businesses.

These examples serve as stark reminders of the precarious position companies find themselves in when their digital marketing strategies are too closely tied to platforms they do not control.

The lesson here is clear: diversification and autonomy in digital strategy are not just advantageous but necessary. Businesses must prioritize establishing their platforms and channels to mitigate these risks. This involves developing a direct relationship with your audience through owned media and content, thus reducing dependency on third-party platforms.

In addition, digital marketers should continuously monitor platform policies and adjust their strategies accordingly. Being proactive rather than reactive can make all the difference. Adopting a flexible approach to digital marketing, one that anticipates change and adapts strategies in response, is crucial.

Investing in your website and its content is a practical step towards reducing platform risk. It gives you control over your messaging and a direct line to your audience, free from the unpredictable changes of third-party platforms. Your website is where you can genuinely connect with your audience and gather insights directly from their interactions, which is invaluable for tailoring your marketing strategies.

Domain Ownership is Key

Ultimately, success in digital marketing doesn’t just come from leveraging the latest tools or platforms but from understanding the inherent risks these external dependencies bring.

By focusing on building resilience into your digital marketing strategies, your business can navigate the uncertainties of platform risk, ensuring long-term sustainability and growth.