TWITTER: New Monetization Features Are Stalled
Today In Digital Marketing is a daily podcast showcasing the latest in marketing trends and updates. This week, Tod touches on:
TWITTER: New Monetization Features Are Stalled
RETAIL: Ikea Offering to Buy Product Back
VIDEO MARKETING: Vimeo + Facebook
TIKTOK: The Bad Hashtag
RESEARCH: How Much Racial Bias is in Marketing Data?
Below is the transcription from this weeks topics
TWITTER: New Monetization Features Are Stalled
Twitter's platform may not be crashing as much, but their most recent feature isn't exactly blowing the doors wide open.
Their creator platform Super Follows, which they launched three weeks ago, has only generated a little more than $6,000 in total revenue on Apple devices. In Canada, it's made a whole $600 bucks. In total. Oh, and that includes revenue from their Twitter Blue upgrade package. (The data is from Sensor Tower.)
Super Follows is like a sub on Twitch, joining as a channel member on YouTube... that sort of thing, where users pay $5 a month for access to private tweets.
One potential issue is they're really picking and choosing who can be on the selling side of those. Most people who apply are turned down. That said, the number of people who can buy is not limited — any iOS user in the U.S. or Canada can “Super Follow” any number of accounts with it on.
In the U.S., Twitter has 37 million monetizable daily active users. And yes, only a portion of those will be iOS users, but come on — that's still millions and millions of people.
Digital marketers were indeed watching Super Follows as a potential path to a new revenue centre — looks like the good money is on "Keep watching."
Twitter's take on this: They didn't refute the numbers, but said it's still too early to make any decisions on it.
RETAIL: Ikea Offering to Buy Product Back
If you're a retail marketer, and looking for a way to differentiate yourself, consider this move that IKEA's making — buying their products back.
They're testing this in one U.S. store right now. The idea is if you've used their stuff and it's not damaged, they'll buy it back from you when you're tired of it.
To be clear: This is quite different than a refund for product quality issues. This program will take your couch or bookshelf years after you bought it, and give you a portion of your purchase price for it.
There are, of course, some catches:
First, you need to be part of its free-to-join loyalty program
The items need to be only gently used; you can't trash them then expect them to take it
And it has to come back fully assembled, functional, and not subject to any safety recall.
What IKEA's doing is jumping on the concept of a circular business — which it says it plans to fully embrace within nine years.
It says once it reviews the data from this test, they plan to add more cities and eventually make it a fixture of all American stores. It's something they've already been doing in some European countries for the last couple of years.
VIDEO MARKETING: Vimeo + Facebook
Facebook has added some new video tools into Facebook Business Suite: ‘Vimeo Create’
Vimeo is a premium video platform, and they have their own set of tools they sell as a plug-in to other platforms — kind of like how you sometimes see mini versions of Canva in other social media tools.
Vimeo Create is a paid tool, though, so this is really meant more for people with existing Vimeo accounts to make some quick edits prior to sending a video into an ad campaign or asset library.
The tool is also inside Pinterest and TikTok.
With the announcement, Facebook offered three tips to marketers wanting to up their video game. Quoting SocialMediaToday.com:
Capture attention within the first few seconds – With users scrolling by quickly, you need to grab attention, and the first seconds of your clip are critical in this. Facebook also notes that custom thumbnails can play a key role here.
Repurpose your creative assets - Vimeo Create enables you to change the ratio of your video, so you can convert assets into 9:16 for Instagram Stories, or 1:1 for Facebook ads, while you can also edit, trim, and plug in different product shots. This can be particularly beneficial for creative split testing, as you can easily chop and change elements in the app
Test and optimize – Which leads to the final point – “You can use Facebook Business Suite to monitor performance of your video ads to easily see which video is performing best”. Integrating the two elements then streamlines this process, and facilitates more capacity for trialing different creative elements.
TIKTOK: The Bad Hashtag
TikTok is limiting the searchability of a specific hashtag after it was found to be encouraging kids to steal.
It's part of a viral TikTok trend happening now — one of many that pops up on the platform. But this one encourages students to steal small items from their classrooms — things like COVID test kits, soap dispensers, and even school technology.
By Monday of this week, the hashtag in question — #deviouslick — had amassed more than 175 million views.
So, two days ago, they limited searching for it, removed videos with the tag, and encouraged users to be kinder to their teachers.
RESEARCH: How Much Racial Bias is in Marketing Data?
As digital marketers, we like data. Lots of it. Some of us spend millions to get detailed market research. And the providers of that research spend a lot of time trying to ensure their methodology is sound and they've removed as much bias as they can.
But, a new study has found that there may still be a long way to go.
The Alliance for Inclusive and Multicultural Marketing has found that while White people were accurately identified 68% of the time in large datasets used for marketing, only 49% for Hispanics were, 28% of African Americans were, a number that dropped to 24% for Asian Americans.
The group says the marketing industry should require data providers to show the composition of the segments they use and the date ranges when that data was compiled. And those providers should consider investing in getting self-reported identity data.
If you're a retail marketer, and looking for a way to differentiate yourself, consider this move that IKEA's making — buying their products back.
They're testing this in one U.S. store right now. The idea is if you've used their stuff and it's not damaged, they'll buy it back from you when you're tired of it.
To be clear: This is quite different than a refund for product quality issues. This program will take your couch or bookshelf years after you bought it, and give you a portion of your purchase price for it.
There are, of course, some catches:
First, you need to be part of its free-to-join loyalty program
The items need to be only gently used; you can't trash them then expect them to take it
And it has to come back fully assembled, functional, and not subject to any safety recall.
What IKEA's doing is jumping on the concept of a circular business — which it says it plans to fully embrace within nine years.
It says once it reviews the data from this test, they plan to add more cities and eventually make it a fixture of all American stores. It's something they've already been doing in some European countries for the last couple of years.
If you're a retail marketer, and looking for a way to differentiate yourself, consider this move that IKEA's making — buying their products back.
They're testing this in one U.S. store right now. The idea is if you've used their stuff and it's not damaged, they'll buy it back from you when you're tired of it.
To be clear: This is quite different than a refund for product quality issues. This program will take your couch or bookshelf years after you bought it, and give you a portion of your purchase price for it.
There are, of course, some catches:
First, you need to be part of its free-to-join loyalty program
The items need to be only gently used; you can't trash them then expect them to take it
And it has to come back fully assembled, functional, and not subject to any safety recall.
What IKEA's doing is jumping on the concept of a circular business — which it says it plans to fully embrace within nine years.
It says once it reviews the data from this test, they plan to add more cities and eventually make it a fixture of all American stores. It's something they've already been doing in some European countries for the last couple of years
Credit to Tod Maffin and the Today In Digital Marketing podcast, Produced by engageQ.com