Discover the most impressive marketing news of the year
Discover the most impressive marketing news of the year. Marketing has undergone endless changes in the last two years. However, the news regarding this practice is still surprising us. Today, we’ll show you some of the most important news for this year.
So, without further ado, let’s start!
New 4 Ps of the marketing mix
2020 was a year filled with isolation and distance brought by the global health crisis. As a result, this forced companies to work on links in new ways.
Starting 2021, the global digital director of the advertising firm McCann World group, Sean McDonald, published an updated version of the marketing principles on the digital portal The Drum. It consisted of a change in the 4 P of marketing, modified ten years before.
McDonald (2021) explained that the old Ps were unable to meet the needs of the new market force. “If we want to unlock the potential of these increasingly important younger segments, we must radically change our way of thinking,” said the director of the advertising firm. The new 4 Ps are purpose, positioning, partnerships, and personalization.
Purpose refers to signalling the value of a brand. This is the real component by which customers compare one brand to others. This shouldn’t be about what to sell to clients, it should be why. For new generations of consumers (Gen Z and Gen Alpha), brands must pursue a purpose beyond selling.
When it comes to this, it consists of what brands build. For example, their culture, ethics, way of presenting narratives and experiences. This is what really lets consumers know who the brand. As a result, they can then easily identify with the company.
As for the partnerships, they are the factor that creates a halo effect with the brands. For some years now, all companies have sought to collaborate with businesses that are in their own markets or entering new audiences to expand their reach. Collaborations became a ninth trend that adds great value to brands but is fading fast.
The last point of personalization, one of the biggest changes in recent years and is a differentiating point for any business to be a success. To define this new P, we must take into account the experiences of customers and those personalized consumer products. The important thing is that each brand knows its audience very well to create content and products that fit the needs, lifestyles, and attitudes of their communities.
Tiktokers now influence the purchase decision
This year has been one full of significant growth for TikTok. As a result, today more and more brands have started to use it as part of their marketing strategies. On the other hand, to increase leads, TikTok launched a new function that allows companies to interact with their target audience. The said function, called “First Party”, allows brands to show relevant information to their potential customers.
Besides, brands have also gotten the help of different influencers, also called Tiktokers, on this platform. Thanks to this, now over 60% of millennials and Gen Z started to buy the items that these people promote. The ones most people were most attracted to, according to a study by The Influencer Marketing Factory, were fashion and beauty products.
YouTube will sacrifice its videos to beat TikTok
Due to TikTok’s success, many platforms have started to look for ways to keep up with it. However, there are also platforms such as YouTube that seek to beat it in full. Therefore, they have focused on Latin America, Canada, and the UK.
They launched a new feature called “shorts” to achieve their goal. In it, content creators will be able to use the sounds within this platform. Now, even if we know that YouTube copied this from TikTok, is still expected to add great value to it.
Today, this new feature is available in Canada. It has already become very popular due to YouTube’s strategy to integrate it into the platform. Their main goal is to work on the viralization of the content and sharing of interesting materials.
Twitch toughens its policies in favour of music copyrights
Twitch is a platform that allows live broadcasts, which is owned by Amazon, Inc. For a while now, many users have complained about copyright infringement claims that cause videos and lives to be removed. Music can affect content creators who have already been warned in the past. However, most of these users have been suspended from the platform without the possibility of reversing the decision.
The company explained that they recently received more than a thousand individual complaints about the violation of the DMCA (Digital Millennium Copyright Act). Different music companies made these requests. However, the truth is that many content creators play some music in the background while playing games or talking. This, of course, doesn’t necessarily mean that they are doing this to go over copyright laws. This is often unintentional, and they weren’t even aware of it. So, even if Twitch has recommended not to use music while broadcasting, the company has become more assertive regarding this measure. As a result, they will now be in the process of eliminating all publications that violate this law.
Twitter rules out automated cropping systems, marketing news
A few weeks ago, Twitter’s board of directors announced that their automated cropping system would no longer exist.
The reason for this was the discovery of a bias within its algorithm.
In this sense, they explained how this algorithm gave unequal treatment based on other demographic differences.
For example, it favoured white people and men over blacks or women themselves.
Many users also pointed out how this algorithm was based on the “male gaze.” After all, it used to focus only on the chest or legs of women when cropping these images.
This news came a month after Twitter launched a campaign for equality in algorithms. As a result, their goal is to reduce biases on this platform promoted by automation.
The hand of software engineering of this platform, a specialist in ethics and artificial intelligence, assured that the company made this decision after a careful analysis. After this, they decided it was better to get rid of the cropping system.
This way, each user can now decide whether they want to crop their photos or not.
It’s expected that the speed and consistency of the cropping system will balance itself out against the demands of users.
The latest news but not the last, marketing news
Even if these aren’t the only news, they had the most significant impact in the marketing world. Because of this, companies and brands looking to join the digital world should pay attention to them. We hope that this year 2021, keeps bringing us shocking news. If you want to keep up with the latest news in the marketing world, don’t forget to follow us on social media.
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