You Know You're Winning When Your Customers Cry
Today In Digital Marketing is a daily podcast and daily newsletter showcasing the latest in marketing trends and updates. This week, Tod touches on:
Three significant updates to Google Business Profile this July.
Data indicates a surge in advertiser spending during Amazon Prime Day.
DoubleVerify introduces fraud verification for YouTube Shorts.
Despite the success of the Barbie movie, Mattel faces a decline in sales and profits.
Google is now categorizing reviews in Maps based on the type of reviewer.
Details on Pinterest’s annual 'Pinterest Presents' advertiser summit.
TweetDeck will soon feature "psy op plugins" and undergo a rebranding to 'XPro'.
At his concert, Drake uses a Snapchat AR filter on attendees and the result is hilarious.
Netflix Lowers Ad Prices
Netflix has hit the rewind button on its ad partnership with Microsoft.
The move comes as the streaming giant introduced a $6.99 per month ad-supported option last year, with Microsoft winning the bid to provide tech for the service and sell ads on Netflix's behalf through a "revenue guarantee."
Seeking Alternatives
However, with the new ad tier slowly gaining traction, The Wall Street Journal reports that Netflix is now looking to sell ads through other partners, according to people familiar with the matter. The company is also renegotiating its agreement with Microsoft to reduce the revenue guarantee, though the exact terms are still being worked out. Sources say some company executives have been frustrated that Microsoft hasn’t sold more ad inventory.
Luring Media Buyers
To attract more advertisers, the streaming giant is now offering better deals, charging some brands around $39 to $45 per 1,000 viewers compared to the previous range of $45 to $55. These lower rates, which are more in line with other subscription streaming services, have enticed new advertisers to buy ads from Netflix, ad buyers said.
Challenges for Advertisers
Netflix noted, however, that the impact of ads on its overall earnings remains relatively small, and its CFO doesn't expect a substantial contribution this year.
One of the challenges for advertisers is the limited number of subscribers to the platform's ad tier. Brands risk having viewers see their ads too often and can’t effectively target specific groups of subscribers, according to media buyers.
Despite these challenges, Netflix has asked brands to be patient, as the ad business continues to evolve.
Google Business Profile July Updates
Google Business Profiles received some handy updates for marketers this month.
Availability Status
First, the Google Business Profile chat feature now lets users change their availability status and manage away mode. This feature is currently only available to select users, with plans for wider expansion soon.
POV: Your Customer Browsing Your GBP
The platform also recently added an option to view your business as a customer. It's a small but useful feature that brands can use to identify any areas they need to improve.
Cya Never, Call Tracking
Last but not least, the company has finally gotten rid of its problematic call tracking feature. Before its removal, users reported the tool would redirect calls to the wrong merchant.
Marketers Bet Big on Prime Day 2023... And It Paid Off
Advertisers flexed during this year's Amazon Prime Day, with a 410% increase in ad spend compared to the previous 30 days, and the gamble paid off, as ad-related sales increased by 490% during the same period, according to a new study by marketing platform Skai.
Favorable Economic Conditions
The sales event this year occurred in better economic conditions than last year, resulting in even greater promotional boosts, with marketers' spend up 65% year-over-year. Clicks also saw a substantial rise of 225%, and cost-per-click rates increased by 60% compared to the previous 30 days.
Prime Day also accounted for more than half of the year-over-year spending growth so far this year. During the event, online U.S.-based sales grew by 6% to $12.7 billion, and globally, Amazon sold 375 million items, 75 million more than last year.
Meanwhile, ad-attributed sales rose sixfold compared to the 30 days leading up to the event, exceeding last year's growth rates. Ad-attributed spending, average order value, and return on ad spend for 2023 all beat those for 2022.
Top-Performing Categories
Certain product categories performed exceptionally well, with electronics taking the lead among big-ticket items. Tech-related sales saw an increase of 115% compared to 30 days prior, while the average order value doubled. Home and garden, as well as beauty and personal care, also saw a jump in ad spend and ad-related sales.
Double Verify Expands Verification Services to Shorts
YouTube marketers have access to more data. Yesterday, Double Verify expanded its offerings to include verification for Shorts clips.
Advertisers using Shorts placements can now access the verification technology, including:
Fraud Measurement: which looks for bad traffic that's not coming from compromised devices or bots.
Viewability Authentication: providing insight into whether advertisements are likely to be seen.
In Brief
COMMERCE: Despite the Barbie movie buzz, Mattel's sales and profits have declined. Sales fell 12% to $110 billion, with an almost 20% drop in North America. The company says it's still optimistic about its full-year forecasts.
GOOGLE appears to be testing a feature that categorizes reviews on Maps and Local Reviews based on the different types of reviewers leaving feedback such as vacationing couples, solo travelers, and families.
PINTEREST will host its annual ‘Pinterest Presents’ advertiser summit this year on September 13, 2023, where employees will showcase the latest platform updates and innovations. Registration for the online event is now open. You can sign up by searching 'Pinterest Presents 2023.'
X: Elon Musk announced today that marketing tool TweetDeck will undergo changes. The dashboard app will soon come with "psy op plugins" and be rebranded as ‘XPro'. WTF are "psy op plugins," you ask? That still remains unclear.
And finally…
Drake is making fans cry.
The rapper is adding augmented reality to his tour by using Snapchat’s Crying Lens on concert-goers.
While performing “Laugh Now Cry Later,” the stage screens show audience members with the Crying Lens in real-time, making it look like they are moved to tears.
Started from the bottom, now we're crying.
Credit to Tod Maffin and the Today In Digital Marketing podcast, Produced by engageQ.com
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