Global survey shows nearly three-quarters (74%) of respondents are influenced by social media ads and 88% agree that they consult online reviews before purchasing a product
Social Media Ads and Online Reviews Carry Major Weight with Consumers
According to the survey’s 4,000 respondents across the U.S., UK, Ireland, Germany and France, nearly three-quarters (74%) of respondents are influenced by social media ads and the majority (71%) of global respondents have made at least one purchase from a social media ad in the last 12 months. Of this group, 35% of respondents made one to two purchases, 23% made three to five purchases and 13% made more than five purchases.
When it comes to the amount of influence online reviews have, nearly all respondents (88%) from the five countries surveyed agreed that they consult online reviews some of the time before purchasing a product, and 41% of those said that they always do. Global respondents also indicated that negative reviews impact their purchasing decisions 88% of the time, on par with positive reviews (89%). The survey also revealed the most popular channels. On a global basis, it was Google Reviews (58%). Respondents’ second choice; however, was dependent on where they live. In the U.S., UK and Germany it was YouTube (37%), while those in Ireland and France prefer Facebook (34%).
“A robust content moderation strategy, that could include engaging an external partner with the industry experience, regulatory landscape knowledge, technology capabilities and skilled moderators, is imperative to providing an engaging, safe and trust-worthy brand experience,” continues Hannon. “Brands that make the proper investments will set themselves apart from competitors and create lasting impressions that will translate to customer loyalty and incremental sales.”
If you work in tech, media, or even marketing, you’ve likely heard a lot of buzz around Web 3.
And, when filtering through all the noise about future versions of the internet, you might find it hard to differentiate all of the predictions from myths and reality. And, more importantly, if you’re likely asking questions like, “How could Web 3 impact my business?”, “Will I fall behind if I don’t get in on Web 3 now?”, and “Is Web 3 just built on hype?”
“When you’re listening to the news, or you’re on Twitter, and people are talking about NFTs and Web 3, it seems really abstract and futuristic and stupid. It’s really easy to naysay all of it. I get that,” says Kipp Bodnar, HubSpot CMO. “A lot of it is going to be crap. And a lot of it’s going to fall away.”
But, Bodnar adds, “In the last version of the internet, your whole job was to make a product or value proposition 10 times better than it was before. In the next generation, the internet, it’s making something somebody thought was impossible possible.”
“And if you can’t pull that magic trick out as a business over the next 10, 20, or 30 years, you’re not going to exist. Because that is the game that’s going to change. Don’t think about the technology, think about the changing customer experience and that move from impossible to possible,” Bodnar says.
When the internet launched, it was essentially decentralized and many companies that focused on internet services had a slight leg up as many tech firms began to invest in it and learn what it could do. Today, the internet has become drastically centralized with companies like Google and Meta owning many of the platforms we visit each day.
Because consumers want growing control over their experience and are more hyper-connected to technology than ever, some describe Web 3 as “giving the internet back to the people”, as blockchain-built web experiences are often decentralized.
At this point, it’s still a bit too early to know how many of the predictions we’re seeing will come to light. And, if they do become a reality, they’ll likely require a learning curve and a long adoption lifecycle. Because of this, the move from Web 2 to Web 3 might be much slower and more gradual than some would expect.
But, even though we likely won’t see the entire internet change in one day, week, or year, we’ll still watch some Web 3 concepts, companies, and technology grow in the coming years — which could enable us to adopt it at a quicker pace.
Ultimately, you don’t need to ditch your current business plan to focus on major Web 3 investments just yet. But, there are concepts, consumer behaviors, and tech you might want to keep on your radar so your company can adapt if and when a wide-scale evolution happens.
Since the emergence of YouTube in 2005, the prevalence and impact of video marketing have skyrocketed.
YouTube changed the game by allowing everyday users to upload, publish, and market their video content directly within the search engine.
Today, over 2.6 billion people use the platform.
And YouTube isn’t the only player in town.
Vimeo, TikTok, Facebook, and Instagram all have powerful video marketing capabilities to help businesses get found.
Local businesses can use video marketing to drive traffic, reach more customers, and grow online.
Benefits Of Local Video Marketing
- Website traffic: Publishing videos online and optimizing for clicks can drive more users directly to your website.
- Revenue growth: Video marketing can influence buying decisions and increase revenue for your local business.
- Brand awareness: Video exposes your business to more users across a wider range of platforms, helping drive visibility for your business
- Trust and authority: Posting valuable content can build trust with your audience and lend authority to your business.
- Search Engine Optimization (SEO): Embedding videos in your web pages and articles can help your site appear in Google organic or image search.
- Backlinks: Videos can add value to your content and encourage other websites to link back to your website, which is good for SEO and referral traffic.
- Email marketing: Videos make great additions to your email marketing campaigns, driving more engagement and clicks.
- Advertising: Many video platforms offer paid advertising opportunities to generate even more clicks and revenue for your business.
- Local presence: Publishing videos about your community or local events can help you attract more customers in your area, even if advertising online.
- Relevance: Creating relevant and engaging videos can further support your existing marketing campaigns, teach users about your business, and improve your digital footprint.
Video marketing is the future of marketing.
In the past, marketing was about getting your name out there. In 2022, it will be about creating an effective brand, compelling storytelling and measuring the success of that story. It’s no longer enough to create a brand and expect it to sell. Effective marketing requires both long-term thinking and short-term quick wins, which is why effective storytelling will be even more pivotal to a company’s success than ever before.
Video marketing will become crucial to the success of your marketing plan
This might sound like hyperbole, but there’s data to back it up. Search engine giant Google has announced that YouTube reaches more 18-34 and 18-49 year-olds than any cable network in the United States. Facebook reports that video posts receive six times more engagement than photo or link posts on average while Twitter has seen an increase in video views by over 160%.
It means that if you aren’t incorporating video into your strategy, you are missing out on a huge opportunity to connect with your audience and build trust with them. Video is key for creating customer relationships because it puts a human voice behind the brand, which builds credibility and loyalty with customers.
Content marketing will still be king
As we head into 2022, marketers should expect even more fragmentation and noise, making it harder than ever to break through the clutter with advertising messages alone.
Content marketing is one of the most important aspects of any digital strategy. Content has become a powerful way to connect with customers, engage them and build their trust. Bad content, on the other hand,. can be disastrous for your company. It will do more bad than good in terms of brand image and customer sentiment towards that brand or product.
These are boom times for digital advertising. While the pandemic battered the economy, the job market, and consumer confidence, it did little to quash a bonanza in digital ad spending.
US digital ad spending is surging thanks to increased investments in video, connected TV (CTV), and ecommerce ads, as well as growing use of programmatic channels. The health of the digital ad market is also reflected in a pendulum shift toward ad-supported video-on-demand (AVOD) services, despite the continuing strength of subscription-based services.
US digital ad spending will grow by nearly 50% in the next four years. By 2025, the digital ad market will top $300 billion—more than three-quarters of all media spending. Digital has eclipsed all other forms of advertising, and it has also outperformed our expectations several times in the past couple of years.
Metaverse & Metaverse Ads – Major 2022 Online Ad Trend
If there’s been a buzzword for 2021, it’s definitely metaverse. Even though the entire concept isn’t that new, when Mark Zuckerberg mentioned it in the context of Facebook’s (now: Meta’s) future, the market lit up instantly.
In this respect, in addition to numerous successful brands’ collaborations, the digital property space in metaverse has been recently booming, too, with valuations rising to record-breaking heights.
As for the prospects for 2022, metaverse in a whole, and metaverse advertising in particular, will definitely undergo its further evolution, yet its dynamics will significantly depend on how fast the implementation of infrastructure will be going forward.
The metaverse is already upon us, and for brands, retailers and consumers alike, there is an immense opportunity not to be missed.
20 years ago, it was unlikely advertisers would have believed you if you told them they would be spending such a significant amount of their budget on platforms like Facebook and Instagram.
Yet in the last decade, online platforms have become the lifeblood of countless companies, allowing them to reach much wider and targeted audiences than ever before.
“Projected global social media advertising revenue of $153.7bn in 2021 is expected to grow to $229.6bn in 2025.”
It might seem like a pie in the sky notion when we hear people saying how the metaverse will change the way companies and consumers interact.
“However, in the past few months, we have already reached a point where the question is not whether the dominance of the metaverse is going to happen, it is a question of when that is going to happen.”
via Yahoo Finance
Video has been consumers’ favorite method of content delivery for some time now, but marketers are always finding unique ways to utilize it in their outreach to current and prospective customers.
From short-form videos on TikTok and Instagram Reels to various livestreaming platforms and influencers unboxing products, the biggest trends in video marketing that compel consumers to check out brands and purchase their products and services are constantly evolving.
Video is still one of the best ways to connect emotionally with a consumer. Data will increasingly drive content strategy and optimization, while the speed at which video content is produced will continue to get even faster. Creating tailored content for each specific platform will become increasingly important as well—such as TikTok versus Instagram, a TV commercial or even long-form content, for example. – James Schiefer, Schiefer Chopshop
Video Will Soon Become A Necessity For Marketers
If you look at the current trends in digital (social, paid, email), notice the amount of movement that you are seeing on each channel. Then notice how much more prevalent it is than before. Since platforms (such as Instagram) are favoring accounts that post video content, this will very soon become a necessity for marketers. My advice is to step out of your comfort zone; you will need video soon. – Christopher Tompkins, The Go! Agency
Since we started tracking Canada’s ad market more than a decade ago, advertisers have steadily increased their investments in digital.
Back then, less than a quarter of ad expenditures were in digital. But last year, digital reached new heights at the expense of traditional formats.
In 2020, digital video ad spending exceeded TV ad outlays for the first time in Canada. Digital video gained the most momentum of any format last year, growing by 10.0% year over year (YoY). This includes both in-stream video formats (e.g., YouTube ads) and those outstream (ads appearing in social media feeds).
In 2021, digital video ad spending will grow by another 15.2% to CA$3.25 billion ($2.43 billion). Double-digit growth will continue for a couple more years, and by the end of 2024, the format will account for more than a third (34.0%) of digital advertising and about a fifth (20.2%) of all advertising.
Pinterest Inc. is starting to offer video advertising on its image-based social network, seeking to catch up in a fast-growing market.
While Facebook and Twitter have honed their video-advertising offerings for years, Pinterest pursued other priorities, like building its business model, improving search and making it possible to buy some items directly from the site. Now the San Francisco-based startup realizes that it’s behind on video.
“It’s something we’ve under-invested in in the past, and we’re changing that,” said Jon Kaplan, who was hired from Google earlier this year to be Pinterest’s head of sales. “This is all part of a broader push from the company to make video a bigger part of the consumer and advertiser experience.”
Pinterest’s site and app let people browse and save inspirational images of things they want to buy, make or do in the future. The company tracks a person’s activity to create personalized feeds of photos they think will appeal to that user. Within those feeds, more video has started to pop up — with YouTube now the top source of pinned items and video use up 60 per cent from a year ago, Pinterest said. The company is also working on a tool to let people post and view original video on Pinterest.
The new video ads will be interspersed with those personalized feeds, catering to the interests of whoever is browsing. If clicked, the ads will start to play with sound. The advertiser can choose to show as many as six related “pins” of items to pair with the ad. For example, if the ad shows video of a fashion model, the pins might be of items the user can buy to get the look. “Our video ads are going to be tailored to your interests,” Kaplan said. “We’ve added in additional features that allow the user to take action.”
U.S. digital video-ad spending will reach US$9.9 billion this year, and is set to almost triple by 2020, according to research firm EMarketer. Pinterest, which has more than 100 million users, was last valued at US$11 billion in a funding round in March 2015.
via Financial Post
Despite the seemingly high bar set, Facebook’s second quarter earnings blew past expectations. However, the bigger issue here is that Facebook’s longer-term picture is probably one of the best on Wall Street (maybe the best) and CEO Mark Zuckerberg hinted on the earnings call Google’s search business is in his sights.
On the earnings call, Zuckerber said that users are doing more than 2 billion searches per day, a significant amount.
This isn’t the first time Facebook has talked about search — you have to go back to 2012 (such a long time ago in tech) to hear where Zuckerberg first talked about search. Since then, the company has continued to innovate and experiment with the search bar at the top of the app or the website, but it was something Zuck said afterwards, when talking about commercial search that caught the eye of Wall Street.
When asked by an analyst how far the company was from commercial search, he responded: “We’re in the “second phase” of three phases of monetization.” That right there signals that while Facebook is still more than happy to generate revenue from mobile ads (mobile ad revenue this quarter was $5.2 billion, or 84% of all ad revenue), it’s looking at going after the lucrative search market as well.
This is music to the 3 million companies that advertise on Facebook, with the Menlo Park, Calif.-based company’s marketers’ ears, with Facebook’s 1.03 billion mobile daily active users (it ended the quarter with 1.71 billion monthly active users in total, a mind boggling number!) and 1.13 billion daily active users searching left and right for things like the Democratic National Convention, Chewbacca Mom, or whatever else their heart desires.
As if that wasn’t enough, Instagram just surpassed 500 million monthly active users (300 million of them check the app/site once a day), Messenger just surpassed 1 billion monthly active users and WhatsApp, the seemingly forgotten platform (at least as it relates to Wall Street’s eyes), has over a billion monthly active users.
Add all of that up, along with the increased push towards video ads, which have higher CPMs (cost per thousand views), plus increased engagement on Facebook, Instagram and Messenger (Zuck said time spent increased double digit percentages, up from 50 minutes a day the last update given) and you have the makings of a company that Wall Street hasn’t seen in a long, long time.
Long live the ‘book.