Happy Monday, y’all! I hope you had a wonderful weekend and are ready to have a spectacular week. Here’s some news items I spotted to quickly get you up to date on what you need to know in the world of digital and marketing!
So Twitter has announced that it is making several moves in an effort to boost revenue. These include letting users monetize their content via newsletters or ‘super follows’ (I saw someone tweet “I don’t know what a ‘Super Follow’ is, but I know I don’t like it’). Now, is this a glass half-empty or glass half-full scenario for Twitter? On the one hand, critics of Twitter have noted that the company has been slow to roll out new revenue streams, so these moves will meet those complaints head-on. On the other hand, Twitter’s recent moves to moderate and even censor content on the platform has led to users leaving the site, either by their own choice or by Twitter’s. Additionally, emerging sites like Clubhouse, Gab and Parler are pulling users away from Twitter. Twitter will likely feel a pinch from users spending less time on the site, and will need to make up for that in some form. These monetization moves can been seen as being proactive moves to increase growth, or as hedges against coming losses. I suspect we will have a much better idea of which it is when Twitter reports revenue for Q2 and Q3.
Subscriptions, communities, brand profiles – many new things coming to Twitter https://t.co/JxcLBYAEDZ
— Social Media Today (@socialmedia2day) March 1, 2021
Clubhouse continues to be white-hot among digital early-adopters and would-be influencers. But we are starting to see some cracks in the armor. I’ve seen some complaints about room moderation and letting hateful speech be shared (I honestly haven’t experienced any issues in any rooms I have been in), and now there are complaint arising over privacy concerns. One of the disappointing aspects of Clubhouse rooms is that the conversations happening in the room aren’t recorded or available to the users. Or so we thought. It turns out that the conversations in every Clubhouse room ARE being recorded. They are recorded in real-time as they happen. If a complaint is made about the content of the room while the room is still open, then the audio will be saved and can be used in any later investigations. If no complaints are made while the room is open, then the recorded audio is deleted when the room is closed. This is why I always advise clients to take a wait and see approach with any new ‘hot’ social media platform. Clubhouse could easily be 10X bigger by the end of the year, and it could just as easily have folded by then. As I said in my Backtage Pass newsletter earlier this month, I think you should be aware of Clubhouse, play around with it and become familiar with it, but for most businesses it doesn’t make sense to jump on the platform with both feet. If your customers are already there, and you can use the tool to connect with them in a way that creates value for you both, fine. That’s standard for any emerging social media platform. Always be wary of the hype from early-adopters. And when it comes to privacy concerns over social sites and apps, just remember that if you aren’t paying for the product then YOU are the product.
1. Clubhouse is recording your audio
2. You can't delete information other people share about you
3. You can't just delete your account
4. They can share your personal information without notifying you
5. Clubhouse is tracking youhttps://t.co/gWxXQxkRej
— Ruth Glendinning (@GuRuth) February 28, 2021
Finally, I thought these findings from IBM were interesting. They found that for CEOs feel that improving CX (customer experience) and building better relationships with customers to be the top priorities over the next 2-3 years. What’s interesting is these same CEOs said that they didn’t feel that CMOs would play a vital role in reaching their goals for improving CX and customer relationships. Instead, they felt that CFOs and COOs would be the main positions driving these efforts. What I suspect this suggests, at least in part, is that many CEOs don’t feel that their CMOs have a solid grasp of the digital marketing tactics and strategies that will be necessary to deliver better digital experiences to customers in the coming years. Let’s remember that even most corporate early-adopters to using digital marketing to reach customers barely have 10 years of experience creating and implementing digital marketing strategies. Many have far less than that, and even in 2021, there are many top companies that are still hesitant to make digital marketing the priority in connecting with customers. This will continue to change, and obviously the shift to digital will be accelerated by moving both employees and customers to home due to covid restrictions.
CEOs Prioritize the Customer Experience, but not CMOs https://t.co/jO14WUADwv @marketingcharts @IBM
— marketingcharts (@marketingcharts) February 26, 2021
So that’s it for this Monday’s Marketing Minute. If you haven’t already, please do click the image below and signup for my Backstage Pass Newsletter. It’s delivered every Friday morning, so it’s perfect to read and digest over the weekend, then begin to implement what you learn on the following Monday. I’m super pumped about this Friday’s issue, as I’m going to do a deep dive into how your company can develop a training system for your digital marketing team. I think it’s vital that all employers have a plan in place to constantly work with all employees to upgrade their skills. It leads to higher productivity, and less churn among workers. Plus, it makes for a happier workforce! So on Friday I’ll talk about how you can create a system to improve the skills of your employees AND I’ll include a special offer on how I can work with your team to create a skills improvement program for your company. But you have to be subscribed to the Backstage Pass Newsletter to get the information, and the offer.