SUMMARY: Stupidity is defined as doing the same thing over and over and expecting different results. 91% of business executives plan to increase their social media budgets over the next three years despite fewer than half of companies who describe their social media strategies as “very effective” when measuring its power to strengthen brand image, raise awareness, increase sales or growing the customer base.
HEY NOW: According to Bango marketers need to realize that board-level executives aren’t interested in vanity metrics like shares, likes, and retweets… and don’t even get them started on “impressions” and “engagement” levels. But Sprout’s new report on social media marketing indicates that marketers are still pouring money into social media and feel it’s a channel they need for brand building. What we have here is failure to communicate.
WHAT’S UP? “Board To Death,” a new report from Bango, reported that corporate CEOs have issues buying into digital Marketing tactics, specifically social media marketing. The report found that 62% of CEOs believe too much of their digital marketing budget is wasted on activities that don’t deliver meaningful results. Ouch…but true.
QUICK READ: 20% of consumers are following brands on social media, but marketers should not apply that blanket statement to all products. It’s more likely that consumers will follow brands that make products they care about, like hard goods (i.e., electronics) or exercise equipment.
SUMMARY: As the battle between Facebook and Apple intensifies, The Wall Street Journal is out with a new report detailing Facebook’s anger at Apple. The report explains that one of the turning points in the battle was an interview Tim Cook did in 2018 amid Facebook’s Cambridge Analytics scandal. In private, the report says that Zuckerberg has been even harsher. “We need to inflict pain,” he has reportedly told his team at Facebook.
SUMMARY: Pivot marketing is your brand’s ability to change the direction of your marketing because of changes in the marketplace. It requires speed and the ability to separate real trends from hyped ones quickly.
DISCUSSION POINT: Social media’s ability to control public opinion and lead to acts of violence are reflective of the real power they have over our daily lives. With the power of so many people using their platforms, social media companies have a responsibility to users, and they are failing miserably.
SUMMARY: Zuckerberg and Sandberg have continually lied to users and been caught time and time again going against their own “standards.” Democrats and Republicans are both calling for new legislation to curb Facebook’s power, and it’s about time.