What’s New In Marketing This Week -January 3rd Week, 2022
New In Marketing: Marketing changes every week — bit by bit. Here’s to capturing those bits
30 years ago, Digital Marketing didn’t exist.
Blockchain entered the world in the late 2010s.
In recent years, metaverse (events in Decentraland for example) have started becoming a viable option for hosting consumer events.
Marketing changes the way the world does. And these changes usually happen bit by bit. Every week, innovations are tested in the space of marketing. Some make a permanent mark, some pave way for others, and most fizzle away.
The first two kinds of innovations eventually lead to a new way of doing things.
This article is about finding those bits that made their mark in the last week. Let’s have a look at what’s new in marketing this week.
McDonald’s loyalty program rewards users with Big Mac- New in Marketing
If consumers are the king.
Repeat consumers are the emperors.
McDonald’s launched its loyalty program in the UK to bring in repeat consumers. The program is as simple as it gets — it awards 100 points for every pound spent and then users can redeem those points for items from McDonald’s menu.
Why is it genius? Because McDonald’s can now track consumer usage patterns, create customized offerings to bring back lapsers, reward loyal consumers, lower their customer acquisition cost and increase lifetime value.
All of that while selling directly to consumers using their delivery service & app.
Centralization and apps like FoodPanda or Ubereats played a major role in the food delivery industry. But if companies can afford it, like McDonald’s can, owning the entire delivery value chain will provide significantly more reward & control.
Market research budgets enjoy a strong boost
This shouldn’t be a piece of news.
But it is, as spending on market research had decreased over the years.
Given how the world has changed in the last two years due to COVID, all companies need to readjust their consumer insights.
Consumers have changed in many ways over the last two years. In their minds, safety has become a big concern. Additionally, the following aspects will also affect consumption.
- Changes in income level: Many workers have lost jobs or are taking curtailed salaries during COVID
- Relocation due to COVID: Due to increased acceptance of WFH culture, some workers have changed their locations to more affordable locations. That’d allow them to purchase more using the same salary
- New forms of entertainment & behavior: Staying in is the new normal as opposed to spending time in eateries or bars. That means more consumption of delivery services, streaming, and other remote forms of entertainment
These are a few of the general changes that’d impact consumer behaviors. If you go by industries, you’d see more micro-level changes that’d rewrite the DNA of multiple industries.
450+ scientists urge PR agencies to ditch fossil fuel clients
The world’s largest PR firm Edelman recently announced that it will focus on working with clients who are committed to sustainability.
Following that announcement, the Clean Creatives and the Union of Concerned Scientists challenged PR & ad agencies to stop working with clients “that plan to expand their production of oil and gas, end work with all fossil fuel companies and trade groups that perpetuate climate deception.”
They believe and strongly suggest that the PR & advertising efforts made by fossil fuel companies downplay their data and the risks of the climate crisis. Misinformation campaigns also represent one of the biggest barriers to government action.
While this might not immediately result in any action from PR or Ad firms, this move might be the onset of a movement that’d find strong traction in the future.
Especially with the growing usage of cleaner energy, the voices might get louder as we go.
But most importantly, the idea to fight for sustainability is the type of idea that’d constitute a better tomorrow.
Taco Bell crowdsources its next ad for Nacho Fries- New in Marketing
On January 18th, Taco Bell started a thread of tweets — calling fans to submit commercial ideas using the hashtag #FriesChallenge
By January 24th, up to 20 entries will be selected. So far, 15.4k social interactions took place involving the hashtag. On January 19th, they announced a concept of a time loop story where the main character Vanessa and her best friend are stuck on the same day.
This approach to involve fans to create excitement around a limited edition item is a fantastic way to generate demand and hype.
Just weeks ago, Taco Bell announced a subscription-style Taco Lover’s pass that gives fans one taco per day for 30 days — only for $10.
A good creative streak from the team at Taco Bell!
Samsung hosts the virtual event “Samsung 837X” in Metaverse- New in Marketing
On January 6th, Samsung Electronics America opened the doors to Samsung 837X — a groundbreaking & fully immersive metaverse event.
It debuted in Decentraland, a metaverse powered by Blockchain. Guest would embark on an adventure to complete quests for 837X NFT badges through the Connectivity Theater & Sustainability Forest.
Modeled on the Samsung 837 flagship location in New York, the event blends art, fashion, music, and sustainability. While Connectivity Theater showcases Samsung’s technology and the customized solutions, Sustainability Forest allows guests a journey through millions of trees.
In addition, DJ Gamma Vibes hosted a mixed reality live dance party to celebrate the debut of 837X.
The event is a milestone in the space of virtual metaverse events. This might be a glimpse of how events will be held in the future.
This might also give birth to an NFT-based avatar/clothing marketplace that you’d need to use in these virtual events.
To summarize- What’s New in Marketing this week
On one hand, there was an increased focus on age-old (yet indispensable) market research, on the other we witness a blockchain-enabled virtual event.
But to summarize, we can say that consumers are still at the center of all things new in marketing — be it Twitter-driven crowdsourced activities, call for sustainable future-oriented PR & ad, a loyalty scheme, or an event in the metaverse.
Because consumer remains the king!
Read more: 5 Simples Steps To Build Your Brand Positioning
Want to get updates about new things in marketing, marketing strategy, and growth hacking? Subscribe to email updates to never miss a post.
This was first published on Marketing Meets Data – Medium
One thought on “What’s New In Marketing This Week -January 3rd Week, 2022”
Comments are closed.