Happy Monday, y’all! I hope you are ready to have a productive week! Here’s a few business stories that have caught my eye over the last few days:
If you haven’t noticed, we are transitioning from social media being free, to being paid. First Elon bought Twitter, which he claims was in huge financial distress (I believe him) and ever since he has been attempting to monetize basic features of Twitter which had always been free. Now, it looks like Meta is trying to do the same thing with Facebook and Instagram. Under the guise of ‘we have to do this, we have no choice!’ Remember Elon has framed many of his initial monetization attempts as being necessary ‘to combat bots’ on Twitter. This is a big topic and I will have more to say on it in a full post on Thursday.
Meta wants to charge EU users $14 a month if they don't agree to personalized ads on Facebook and Instagram https://t.co/DXlZGxB5rM
— Insider Tech (@TechInsider) October 3, 2023
Elon has debuted Grok, X’s attempt at a ChatGPT/Claude AI rival. And shockingly, it will be a feature only available to Premium X subscribers, tying into the first story. Again, more on this on Thursday. The big advantage that Grok could have will be real-time access to tweets that can inform answers.
Elon Musk debuts 'Grok' #AI bot to rival ChatGPT
👉 The prototype is in its first two months of training and is available to a select group before a wider release
— Marsha Collier (@MarshaCollier) November 6, 2023
People buy from brands they trust. You can say that’s common sense, but if that’s the case, why is 99% of advertising aimed at acquiring NEW customers versus appealing to EXISTING ones? Also, note that for customers aged 55+, the only two significant drivers of purchases are past experience/trust in a brand, or a recommendation from a friend or family member. That’s it. Which shows that advertising a brand that the customer is unfamiliar with has almost no impact on purchase behavior if that customer is 55 or over.
Brand equity is top purchase driver for consumers, beating out ads
— eMarketer (@eMarketer) November 9, 2023
So that’s it for this week’s edition of Monday’s Marketing Minute, thanks for reading! Tomorrow will be the November Power List update for the Tourism industry, and on Thursday there will be a post on the trend of social media sites moving from free to paid.
There might be a Bible-related post on the weekend, I honestly haven’t decided yet. I do have a new app recommendation I want to share, and will do so if I write a post.
I hope you have a great week, please return tomorrow for the Tourism Power List for November!