TikTok is the telenovela that keeps on giving
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Growing up in a household where two hours every evening were dedicated to gasping at soap opera plot twists, is it really surprising I'm so intrigued by the TikTok drama?
Politics, big business, marketing – throw in a jealous priest and an evil twin back from the dead and it'd be perfect!
Just as TikTok fever was set to take the world like COVID, Trump's Executive Order cooled it down. Now brands are avoiding the app until its future in the US is secure.
Despite what they want us to believe, TikTok has some serious privacy concerns.
Triller and Reels are having a field day while we're waiting for someone to buy TikTok's US business.
But TikTok isn't taking it lying down: just this week alone they launched helpful tutorials for marketers and a global marketing campaign.
Possible suitors now include Oracle, Microsoft and various investors. Only those with pockets deep enough to afford the $30-50 billion price tag need apply.
Not to mention that China isn't too pleased with the Trump administration forcing the sale of a Chinese tech company.
Whoever ends up with it will get a surly mother-in-law to boot, as well as inherit a slew of other problems.
+ In early August The Weeknd had the very first virtual concert on TikTok drawing in 2 million viewers and raising $350,000 for the Equal Justice Initiative. (And that's not the only virtual space where you can interact with The Weeknd.)
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Good news for Martech vendors
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But there's some good news for tech vendors.
Gartner's latest CMO Spend Survey found that CMOs across North America, UK, France and Germany are expecting their martech budgets to increase in 2021.
That isn't much of a surprise.
What would be a surprise is if you still haven't planned how you're going digitally engage your customers and partners in 2021 and beyond.
If you're not thinking ahead now, you're going to be left behind as the new normal begins to build momentum.
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Machine Learning is transforming advertising
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From a passive activity that people are subjected to, into an experience people actively participate in.
Like this new lens from Sally Hensen that allows (select users) to try-on nail polish using Snap Chat's AR.
And purchase the product directly through the app, of course.
With limitations on being able to go to a physical location, the online experience is now more important than ever.
Many other brands – including IKEA, Pepsi and Taco Bell – have also tried creating branded AR experiences.
And even though people still prefer to try out physical products before purchasing them, with better AR some of that demand might just shift to online retail.
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Convenience makes your customers love you more
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The last few months have been inconvenient in many ways (to say the least).
But brands have worked at a break-neck pace to deliver convenience, comfort and safety straight to our doorsteps.
And while some of our lockdown habits won't last, convenience isn't going anywhere. Just look at Amazon, the empire built on convenience.
Those who're going to emerge strongest out of this crisis are the businesses that innovate their way out of it.
Slashing prices, forking out on billboards and running value-based ads to remind your customers you exist isn't enough.
The Drum has some advice from researchers and analysts on weathering the 2020 economic storm.
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Farmers want better online retail
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According to McKinsey, European farmers are early adopters of digital tools and technologies in farming.
- 87 per cent say they prefer to conduct initial product research online;
- 65 per cent repurchase online.
But so far they've stayed away from buying equipment and supplies online due to poor retail experience. Most find it difficult to compare products and say that pricing is confusing.
A third say they prefer to purchase online, but only 13 per cent actually do so.
COVID is changing that.
McKinsey estimates that online retail in farming and agriculture will create a new market worth €10 billion post-pandemic.
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A rollercoaster of consumer trends
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At first, there was panic then came denial followed by uncertainty and now it feels that we're moving into acceptance.
As the pandemic drags on and drags the economy down with it, Global Web Index takes a closer look at how consumer trends and behaviours have changed during 2020 so far.
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I've had a really lovely time nerding out on marketing with you again today, <<First Name>>.
Have a great weekend!
Aliyar
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