👑 Dethroned: Customer Is No Longer The King
Profits over customer love, framework content bank, three pillars of digital strategy and more.
Hello, fellow marketers! 👋
I hope your Wednesday is shaping up brilliantly.
If it needs a little pick-me-up, I stumbled upon this classic meme over the weekend – it's so iconic that there's even a whole Reddit community dedicated to it!
On our agenda this week, we've got:
🌐 Search, Social & Retail: The Internet's Dynamic Trio
💰Mover Over Customers, Profit Is The New King
👥Your Employer or Your Talent Manager? Maybe Both
🥇A framework bank for your next presentation
...and plenty more to keep you inspired.
Ready? Let's jump right in!
The Consumer Crystal Ball: Five Fresh Trends for 2024.
Last week, YouTube was in the news for two different reasons. YouTube's Q3 ad sales saw an impressive 12.5% jump, reaching nearly $8 billion and surpassing analyst expectations. On a different note, the platform has begun cracking down on ad-blockers, sparking backlash across online communities.
Similarly, Netflix boasted a record Q3 result, partially fueled by its efforts to curb password sharing among its users.
A focus on profits is overshadowing the relentless pursuit of customer satisfaction.
But what's the consumer's take on this shift? Accenture Song’s Life Trends 2024 offers an insightful perspective in its latest report on consumer trends.
The report identifies five key trends for 2024:
Trend 1: Where's the Love? Customers are feeling less valued as brands prioritize profits over great experiences. With a background of economic uncertainty, layoffs and inflation, this betrayal feels personal.
Trend 2: The Great Interface Shift. The emergence of Large Language Models (LLMs) is transforming product discovery from traditional searches to more conversational interactions.
There is a giant leap happening from "I want a" to "I want to" search.
For example, A search like "Thai Restaurants Near Me" will change to "Thai Restaurants near me, popular with locals, that have a reservation available for a family of 4 and 6 pm tonight".
Trend 3: Meh-diocrity. The push for efficiency and risk-aversion has led to a surge of sequels, remixes, and indistinguishable brand content. Creativity is getting stifled by the tech templates. Big tech algorithms have become the gatekeepers & cultural tastemakers.
Trend 4: Human Request Limit Reached: The rapid hype cycles of technology can be overwhelming, prompting consumers to reassess its impact on mental health and sometimes simplify their tech usage.
Trend 5: Decade of Deconstruction: Five-year plans no longer work. In the backdrop of uncertainties, the planning horizon for younger consumers is shortening. People are rethinking major life milestones like buying a house, starting a family or getting married, which reshapes the relevance and demand for products and services.
Accenture Song's Life Trends 2024 report is a pulse check of consumer sentiment. For all of us brand marketers, it is much food for thought.
Retail, Social & Search: Digital Marketing’s 3 Musketeers.
Today's digital marketing strategy stands on three solid pillars: Social, Search, and Retail.
For the longest, most brands focussed on Search Engine Optimization and paid Media campaigns. But retail media is growing at an astounding 20%+ y-o-y compared to the 7-8% growth rate of the non-retail media.
Three key trends to watch:
Retail media is diversifying. It's not just about ads anymore; it's a multifaceted approach for brands to engage with customers right at the purchase point.
Social platforms are the new search engines. More and more, especially the younger crowd, start their searches on social networks like TikTok, not Google.
Integrating search with influencer marketing is a win-win. When influencers optimize their content for search, they cover social, search, and retail all at once.
As we plan for 2024, this framework with three pillars of social, search and retail will help visualize integrated digital experiences for our brands.
No Business Like Show Influencer Business.
Picture this: your employer approaches you with an enticing proposition – a brand deal. In addition to your regular duties, you're invited to craft branded content, opening up a new stream of side income. All the logistics, including sourcing deals and negotiations, are handled by your employer.
Sounds unusual? Maybe. But an extra paycheck is always welcome, right?
Cirque du Soleil, a leading contemporary circus company, recently launched a new perk - joining the Cirque du Soleil Artist Influencer Network. This network connects the company's artists with brands that align with their values and passions.
For brands, the network unlocks access to 1500 nano, micro and macro influencers across acrobatics, fitness/wellness, family & kids, travel and comedy categories.
This foray into the $100 Billion creator economy could address the longstanding issue of competitive pay for artists.
Interestingly, this initiative is part of the HR transformation at Cirque Du Soleil since it helps create an additional, unique benefit of working with them.
If this model works (and fingers crossed, it does), could we see a shift in traditional employment contracts? Maybe the new employment contract includes elements of talent management contracts. Our social media following could be a negotiation tool for salary discussions!
A new model in the creator economy is taking shape. What do you think?
A Framework Bank For Visual Storytelling.
Are you running out of inspiration for your marketing presentation?
Here's a resource that you should bookmark.
As marketers, we need to spend much time on internal storytelling. This content bank can help us visually tell our stories about growth, brand campaign structures, the importance of branding, and so much more.
Skimp, save & revisit this content bank for your next strategy presentation.
Meme-Time: Every Marketer’s Narcissistic Moment.
Short Stuff:
Meta temporarily pauses ads for all users under 18 while it waits to roll out a subscription option. (The EU law is costing Meta a lot).
TikTok explores selling groceries in the US (Wait, what??)
Pinterest’s active users soared to 482 Mn in Q3 primarily due to its popularity with Gen Z. (Going slow but growing steady).
That’s all for the week. Thank you for your time and attention. If you enjoyed this week’s newsletter or learnt something new from it, don’t forget to give it a like. Your comments and likes make it easier for this newsletter to get discovered.
Thanks again, and see you in your inbox next Wednesday.
Regards,
P.S.: For those who are celebrating. Here’s wishing you and your family a very Happy Prosperous Diwali!
