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Marketing News July 2023 | Part 1

Updated: Jul 24, 2023



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Stay ahead in the dynamic world of marketing with our curated selection of the latest marketing industry news, trends, and insights.


Marketing News July 2023 | Part 1 Table of Contents



LinkedIn's Algorithm Update: A Focus on Professional Engagement


Date: June 27, 2023 | Source: Social Media Today | Type: Article


Brief Summary

LinkedIn has recently updated its algorithm in response to user feedback about the prevalence of irrelevant, non-professional content. The changes aim to prioritize professional engagement, content from first-degree connections, and expert knowledge and advice. The platform is also working on better categorizing content into relevant topics to show it to more interested users.


Key Findings

  • LinkedIn's algorithm will no longer reward non-professional content, especially posts designed to game the system. This change was prompted by an influx of Facebook-style content during the pandemic.

  • The platform is now prioritizing content from first-degree connections, based on user feedback that the most valuable content comes from people they know.

  • LinkedIn is also highlighting expert knowledge and advice. The system identifies users' interests based on their profile info and activity, and if other members within your niche are engaging with your posts, it's a strong signal of relevance and value.

  • LinkedIn is trying to get better at categorizing content into relevant topics, to show it to more interested users. The more you share, the better LinkedIn will theoretically be able to understand who you are, what you do, and who wants to see your posts.

Implications

  • The update could be beneficial, as it aims to penalize engagement bait and amplify more relevant content. However, the effectiveness of LinkedIn's system at achieving these goals remains to be seen.

  • The platform has also reported a 42% increase in content shared between 2021 to 2023, and a 27% increase in overall content viewed, suggesting that it's making progress.

  • LinkedIn's efforts to incorporate more topical filtering have been ongoing for the last few years, indicating that this is still a work in progress.

Commentary

Based on our experience, it appears that some of LinkedIn's experts are gaming the system by creating what's known as link-sharing circles. It remains to be seen whether these types of behaviors will be curtailed and whether the new changes to the algorithm will effectively catch these practices. People seem to always be one step ahead of the algorithm on LinkedIn when it comes to gaming the system. Only time will tell if this will change.

 

New Twitter CEO Outlines Her Key Points of Focus in Re-Building Opportunities


Date: June 29, 2023 | Source: Social Media Today | Type: Article


Brief Summary

Linda Yaccarino, Twitter's new CEO, has unveiled her strategies for rejuvenating the platform, with a focus on full-screen ads, attracting high-profile users, AI ad tools, and in-app shopping. However, she faces hurdles such as improving Twitter's brand perception, navigating regulatory challenges, and managing potential backlash against political content.


Key Findings

  • Yaccarino plans to introduce full-screen, sound-on ads in Twitter's scrollable video feed, capitalizing on the short video trend.

  • She aims to make Twitter more appealing to high-profile users, encouraging them to share more content directly on the platform.

  • Yaccarino intends to incorporate generative AI elements into Twitter's ad system to assist brand partners in creating, testing, and improving their campaigns.

  • In line with Elon Musk's vision, Yaccarino supports the introduction of in-stream payments in the app to open up new opportunities for eCommerce and product marketing.

  • The perception of Twitter as a brand-safe platform has been challenged, particularly with Elon Musk's controversial posts.

  • The article mentions the potential regulatory challenges that Twitter might face, particularly in relation to in-app payments.

  • Many social media users have indicated they don't want their feeds dominated by divisive political content.

Implications

  • The introduction of full-screen, sound-on ads could make Twitter a more attractive platform for advertisers, but it's unclear whether this will be enough to significantly shift Twitter's position in the market.

  • Attracting high-profile users could increase Twitter's reach and influence, but the platform faces stiff competition from other social media apps with larger user bases.

  • The incorporation of AI ad tools could improve the effectiveness of ad campaigns on Twitter, but the platform is behind others in this area and may struggle to catch up.

  • The introduction of in-stream payments could open up new opportunities for eCommerce on Twitter, but this will depend on whether the platform can overcome regulatory challenges.

  • The challenges around brand perception, regulatory issues, and user preferences for content could pose significant hurdles for the platform.

Commentary

We believe that Twitter may face significant challenges in returning to its state before Elon Musk's acquisition. It appears to be becoming a "me too" platform, attempting to replicate strategies that have worked for other platforms. This approach could potentially harm Twitter, and we're not convinced that it will be successful.


We would suggest a return to the roots. What was the original purpose of Twitter? What was its core mission? It might be beneficial to revitalize the true intentions of what Twitter was, what it did, and what it can continue to do in the future.


Furthermore, we've noticed that Twitter does not actively engage with its users to understand what they want from the platform. Until they engage with users like us and truly understand the value we derive from the platform, we believe Twitter may continue to struggle to find its way.



 

L'Oreal's Shift to Connected TV Advertising: A Discussion with Tiffany-Ann McNeil


Date: June 16, 2023 | Source: YouTube | Type: Video


Brief Summary

Tiffany-Ann McNeil, the Manager of Precision Advertising at L'Oreal Canada, discusses L'Oreal's strategic shift from traditional linear advertising to a connected TV approach, particularly through YouTube. This strategy targets the 18 to 34-year-old demographic, often referred to as cord cutters or cord nevers, who don't typically watch traditional TV. L'Oreal has increased its investment in connected TV eight times over the last year.


Key Findings

  • L'Oreal discovered that 17 million Canadians were watching connected TV on YouTube, prompting them to test this approach on specific brands and scale based on their findings.

  • A successful case with the brand Garnier Olia showed that consumers were three times more likely to search for the brand after seeing it on connected TV.

  • The Search Lift study demonstrated that their strategy was driving extra interaction, with consumers actively trying to find and learn more about their brands.

  • The cost to drive ad recall became 21% more efficient, and the cost to drive awareness became 68% more efficient with this approach. YouTube connected TV was the most efficient device when it came to driving purchase intent.

Implications

  • The shift to connected TV advertising represents a significant change in L'Oreal's marketing strategy, reflecting the changing media consumption habits of younger demographics.

  • The success of this approach suggests that other companies targeting similar demographics may also benefit from a similar shift.

  • The key takeaways from Ms. McNeil's discussion emphasize the importance of challenging the status quo, understanding and listening to the consumer, and effectively using data to drive decision-making.

  • The increased efficiency in driving ad recall and awareness suggests that connected TV advertising can be a highly effective tool in a brand's marketing strategy.

Commentary

In our opinion, YouTube is fast becoming a preferred channel for many consumers to watch videos. The vast quantity and variety of content available, whether it's entertainment, business information, shows, movies, etc., will only continue to grow on the platform.


From a corporate marketing perspective, we believe more companies will want to explore YouTube as a platform to leverage more extensively.


At this point, we can't comment specifically on YouTube TV, but it's clear that the trend is moving towards connected TV.


This is a direction that all marketers need to keep a close eye on. It's crucial for us to figure out ways to use YouTube and video content in general effectively in our marketing strategies.

 

CMO Focus: Five Trends to Watch in 2023


Date: Dec 2023 | Source: Prophet | Type: Article


Brief Summary

The article discusses the top five trends that Chief Marketing Officers (CMOs) should watch out for in 2023. Amidst economic uncertainty, CMOs are expected to be more creative and innovative, focusing on strengthening brand trust and deepening connections with consumers. The article outlines five key trends: CMOs expanding their roles, refocusing on existing customers, maintaining a balance between brand and performance marketing budgets, incorporating more ESG (Environmental, Social, and Governance) initiatives, and rewriting their personal purpose.


Key Findings

  • CMOs are expected to expand their roles beyond traditional marketing, taking on more ownership of the growth agenda and integrating different functions from sales to product to ESG.

  • A refocus on existing customers through their post-purchase journeys is anticipated, with an emphasis on creating better customer experiences and building trust.

  • CMOs are advised to maintain a balance between brand and performance marketing budgets, even in uncertain economic times.

  • There is a growing trend of incorporating more ESG initiatives into marketing strategies, as customers increasingly demand accountability and responsible behavior from companies.

  • CMOs are encouraged to rewrite their personal purpose, applying lessons from tough times to reignite their passion for marketing and transform resilience from a corporate buzzword to a personal mantra.

Implications

  • The expanded role of CMOs implies a need for broader skill sets and a deeper understanding of various business functions.

  • The focus on existing customers and their post-purchase journeys may require companies to invest more in customer experience and data analytics.

  • The balance between brand and performance marketing budgets could challenge CMOs to demonstrate the value of brand initiatives amidst pressure for quick results.

  • The incorporation of ESG initiatives into marketing strategies may necessitate a more comprehensive understanding of ESG issues and their impact on brand value.

  • The rewriting of personal purpose could lead to a shift in the mindset of CMOs, emphasizing resilience and adaptability.

Commentary

The role of the Chief Marketing Officer (CMO) is often one of the most transient in any business. The average tenure of a CMO in a large corporation is not well-defined, and in small to mid-size businesses, the role of a CMO is often non-existent.


Instead, these businesses typically have heads of marketing, and in the case of small businesses, the CMO role is often entirely absent. This absence often necessitates the hiring of a marketing agency to provide guidance and fulfill the responsibilities typically associated with a CMO. At MI6, we offer three types of marketing services to address such situations.

In the context of this article, there's not much that's new. However, it does serve as a good reminder of what the priorities of CMOs should be. What stands out as a new focus is the emphasis on Environmental, Social, and Governance (ESG) factors.


This focus is becoming increasingly prominent, particularly in areas of sustainability and equity within an organization. It highlights the role that companies of all sizes play in the broader environmental context.

 

B2B Marketing Basics


Date: Jun 13, 2023 | Source: Mi6 | Type: Article


Brief Summary

The article, authored by Chris Herbert, provides a comprehensive guide to B2B (Business-to-Business) marketing, distinguishing it from B2C (Business-to-Consumer) marketing. It covers the definition, importance, and pillars of B2B marketing, the B2B purchase process, the role of branding, and various strategies and tactics. The article also compares B2B and B2C marketing and discusses the B2B marketing trends for 2023.


Key Findings

  • B2B marketing refers to the strategies and tactics a company uses to promote its products or services to other businesses, focusing on meeting their needs and helping them increase efficiency, productivity, and profitability.

  • B2B marketing plays a crucial role in facilitating the supply chain, driving innovation, building long-term relationships, enabling high-value transactions, and contributing to economic growth.

  • The four pillars of B2B marketing are understanding the target market, defining the product or service offering, establishing a clear value proposition, and effective customer relationship management (CRM).

  • B2B customers follow a more complex and longer purchase process compared to B2C customers, often involving multiple stakeholders and significant financial implications.

  • Branding in B2B marketing can influence purchasing decisions and lead to long-term customer loyalty.

  • Effective B2B marketing strategies often involve a mix of traditional and digital tactics, including content marketing, email marketing, SEO and SEM, social media marketing, webinars and online events, trade shows and conferences, account-based marketing (ABM), customer testimonials and case studies, and partnerships and collaborations.

  • Content marketing is extremely important in B2B marketing for establishing thought leadership, generating leads, improving SEO, educating customers, nurturing leads, and building relationships.

Implications

  • B2B marketing requires a deep understanding of the target market and the ability to communicate the unique value proposition of the product or service effectively.

  • The complexity of the B2B purchase process necessitates the building of long-term relationships with customers and providing detailed information to help them make informed purchasing decisions.

  • Branding plays a significant role in B2B marketing, influencing trust, credibility, risk reduction, ease of decision making, and relationship building.

  • The rise of digital marketing strategies, such as content marketing, email marketing, and social media marketing, has provided new avenues for B2B marketers to reach their target audience.

  • The importance of content marketing in B2B marketing highlights the need for businesses to create and share valuable content to attract and engage their audience.

Commentary

Interested in being a guest commentator on these posts. Contact us, we'd love to add your perspective!

 

About This Content Series

The Marketing Industry News, from Mi6, serves as a valuable resource for professionals in the marketing field. It provides a comprehensive overview of the latest trends, updates, and insights from the marketing industry, sourced from various reputable platforms. The post includes summaries of articles, videos, and other types of content, each with key findings and implications. This format allows readers to quickly grasp the essence of each piece of news and understand its potential impact on their work. By staying informed about industry developments, marketing professionals can make more informed decisions, anticipate changes, and stay ahead in their field.

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