5 Key Marketing Updates You Need to Know This Week – November 25th
Since marketing methods are always being updated, you need to be too.
Stay in the know with these advertising news stories from the past weeks, updated November 25th, 2021.
1. Twitter is doing research right.
When Twitter executives hired research teams to uncover ways that the platform could be improved, the teams revealed significant algorithmic bias.
- More tweets from right-wing politicians and news outlets in the US, UK, Canada, France, Spain and Japan were amplified than content from left-wing sources.
Similarly, when Twitter hosted an open competition this Summer to find bias in its photo-cropping algorithms, the participants demonstrated significant bias toward or against different types of people.
- The top-ranking entry showed the platform’s cropping algorithm favored people who were slim or young, had light or warm skin color, displayed smooth skin texture, and possessed stereotypically feminine facial traits.
- The second and third-place entries showed the algorithms were biased against people with white or grey hair and favored English over Arabic script in images.
Twitter continues to pay outside researchers to participate in its algorithmic bias research.
- The platform believes that public participation will quicken and improve its findings.
- The affected groups now have contacts at platforms who can address the algorithmic biases.
Nobody fully understands how algorithms make decisions.
- Algorithms rank content based on how likely users are to like, share or comment on it.
- Multiple models of algorithms blend to make most decisions.
- Each algorithm makes guesses that are weighted differently according to changing factors.
- The amount of guesswork involved makes it difficult to determine where the algorithmic issue is.
- Twitter is working on a project to make its network decentralized so users have more choice about how their feeds are ranked.
2. Advertisers gain adaptability to supply chain problems without pausing campaigns.
Supply chain issues and increased customer demand have merchants and PPC professionals concerned.
Having no inventory to sell can result in disappointed customers and wasted ad spend. However, stopping campaigns may cost brands more money than it saves.
- Pausing campaigns can result in loss of market share or brand awareness.
- Advertisers who rank high on SERPs and turn off their ads likely will give business to the competition.
- Campaigns that stop for at least 7 days may experience a new learning period when the ads are back on.
Reallocating spending to upper-funnel projects may be more effective than spending on performance-based programs.
- Highlight your brand value and what sets your company apart from the competition.
- Use search and native messaging to focus on your brand values and stability to maintain share of mind and customers.
Change the strategy or timing of your advertising.
- Tighten your geo-targeting and bid strategies.
- Spend more in locations less impacted by supply shortages.
- Schedule your ads part-time during the most profitable hours.
- Run ads at a level where prospects are directed to purchase an alternative, join a waitlist or place an order to be fulfilled at a future date.
- Promote gift cards or digital goods.
3. Are you focusing on your App Store search results?
Where your app ranks in Apple’s App Store is more important than how many downloads it gets.
Knowing how to promote new ratings can help your app rank higher in its group.
- Focus on your app’s main keyword.
- Eliminate duplication.
- Convert downloads into ratings.
4. Elevate growth by attaining product-market fit.
Finding product-market fit means people learn about your store through word of mouth, you have a steady customer and sales stream, and/or your product solves a problem within a substantial market.
This means you don’t have to rely heavily on paid advertising. It also is an early indicator of success.
- Identify a large market, then shape your product to fit the needs of the market.
- Take your product to your target audience. Listen to what they say. Understand what is and isn’t important to them. Eliminate the features your market doesn’t want.
Prove your product is something customers want to buy.
- Use market research, surveys and input from family and friends to move in the right direction.
- Ask your first few customers for feedback, then make the appropriate improvements.
- Use Kickstarter to create proof of concept. The built-in audience already supports new product ideas. You can gain loyal supporters who want to help improve your product and marketing messaging.
Validate your product idea with organic marketing.
- Send direct messages with questions about your product to your followers on social media. Ask how much they would pay for your product and other relevant questions. Use the responses to make product decisions.
- Continue the feedback loop to improve your product over time.
- Look for trends to further develop your product, positioning and brand.
Determine your product’s effectiveness by the jobs it can perform.
- Focus on how your product performs a job that solves a problem. For instance, if you need to put a nail in a wall, you can buy a hammer. Keep in mind that the result is what matters. For instance, you can hang art on the wall that you put the nail in.
- Map out the jobs your product can perform and the problems it can solve. This helps uncover innovative solutions that can differentiate your product from the competition.
Properly position your product in the market. You need the right marketing messaging to increase sales. Provide a solution to a problem your target audience can relate to.
- Take your product to farmers markets, trade shows and other venues that attract your target audience. Ask your customers for input to make improvements.
- Use social media platforms to see how well your product is received and establish a customer base.
- A/B test different messaging through paid advertising to see what resonates more with your target audience.
5. Stock winners and losers during the pandemic: where are they now?
While some stocks soared between 2020 and now, others faltered or tanked.
- Videoconferencing platform Zoom skyrocketed 735%.
- Online marketplace for vintage gifts and homemade crafts Etsy gained 555%.
- DocuSign, which lets companies electronically manage contracts and agreements, is up 257%.
- Although shares from online travel company Expedia lost almost 60% of their value, they are making a comeback.
- Since Airbnb went through a restructuring and completed its IPO, stocks are up 38%.
- Live Nation Entertainment, the parent company of Ticketmaster and other live event platforms, gained 57%.
- American Airlines and Delta are down 33% and 32% respectively due to increased debt or issuing equity during times of reduced air travel.
- Although Peloton shares are up 60%, the company still is burning cash and may be losing value.
Need a hand?
At Operam, we look at your marketing as a whole rather than in isolated silos. As a result, we optimize the value you realize from every step of the customer journey, no matter how many channels it entails. Contact Operam today to learn how we can help you reach your marketing goals.