Podcast Summary
Underpriced attention in social media marketing: Businesses can save resources by targeting underutilized social media platforms for effective marketing. Social media ads blend into users' feeds, making them more engaging and effective compared to traditional interruptive ads.
Businesses can harness the power of underpriced attention in social media marketing for effective modern communication planning. Underpriced attention refers to the value of platforms that aren't fully utilized by marketers, allowing businesses to allocate resources efficiently. This concept was crucial for Gary Vee's growth of his family business with limited resources. Social media platforms, particularly those with biddable ads, offer the most significant opportunities for underpriced attention. Unlike traditional interruptive advertising, social media ads blend seamlessly into users' feeds, making them more engaging and effective. This shift towards social media as a platform for underpriced attention is significant, especially as consumers increasingly consume content at faster rates. Influencers and high-profile sponsorships are just a few examples of underpriced attention in the marketing world, but the most significant opportunities lie in social media's vast, biddable platforms.
Opportunity for underpriced attention in U.S. vs. Asia's KOL-dominated market: In the U.S., underpriced attention exists in social media and streaming platforms. In Asia, KOLs dominate, but modern communication planning is gaining recognition. Agencies need to adapt to create effective ads for these platforms.
The landscape for media and advertising, particularly in social media, varies greatly between regions like the U.S. and Asia. In the U.S., there's a significant underpriced opportunity for attention through modern communication planning, which is primarily focused on social media and streaming platforms. However, in Asia, the market is currently dominated by Key Opinion Leaders (KOLs) due to less competition and a lack of well-funded startups. Despite this, there's a growing recognition of the importance of modern communication planning and underpriced attention. However, a challenge arises in the creative industry, as most agencies are not equipped to create effective ads for these platforms. The speaker's company has been successful due to its ability to provide both strategic planning and creative execution. It's important to note that there may be pushback from traditional creative agencies, who argue they have the necessary talent to excel in social media. However, the speaker challenges these agencies to prove their capabilities by showcasing their work, rather than just making claims. The speaker believes that while the craft of creating long-form videos as commercials is a valuable skill, it's increasingly less effective and expensive in today's world. Instead, brands should focus on social media and other modern communication platforms for greater reach and impact.
Ineffective Social Media Spending in Asia: Brands should optimize social media spend, invest in creative talent, and consider influencer collaborations for effective digital marketing.
While there is a growing trend towards allocating more budgets towards digital marketing, particularly social media, the way this budget is being spent is often ineffective. Many brands in Asia, in particular, are focusing on reach and frequency rather than optimizing their social media spend for relevance and creativity. This approach can lead to underpriced attention and a saturation of the market, driving up costs for influencer marketing. The speaker argues that influencers may eventually bypass traditional creative agencies and take on more creative roles themselves, as they become savvier in the digital space. Influencers deserve a larger share of the marketing budget, but the speaker also suggests that creative agencies should receive less funding due to their overpricing. The example of the Super Bowl illustrates the power of creative advertising, but many brands are currently unable to produce such content in-house, making influencer collaborations an attractive alternative. Overall, the key takeaway is that brands need to reconsider their approach to digital marketing, focusing on optimizing their social media spend and investing in creative talent, whether that be through influencer collaborations or in-house teams.
Undervalued Attention on Social Media Platforms: Brands, especially new ones, should invest in social media advertising for its potential to reach large audiences at a lower cost compared to traditional methods. Stay adaptable to new technologies but avoid hasty decisions.
The advertising industry is not fully recognizing the value of underpriced attention on social media platforms, particularly Facebook Reels. The speaker argues that this is due to the complexity of social media and the traditional agencies' reluctance to adapt. He also mentions the recent trend of TikTok-like platforms making it easier for brands to reach large audiences with minimal followers. Despite the challenges, it's essential for brands, especially new ones, to invest in social media advertising as it offers significant potential for reaching large audiences at a lower cost compared to traditional advertising methods like television or radio. The speaker also touches on the rapid pace of change in the digital world and the importance of staying adaptable to new technologies like Web 3. However, he cautions against hasty decisions and the need for a thoughtful approach to implementing new technologies in business strategies.
Focusing on the present for business success: Successful businesses prioritize the present, focusing on being the best in their current projects, rather than being preoccupied with past failures or future possibilities. The adoption of Web 3 technologies, driven by IP ownership and copyright issues in artificial intelligence, is an example of this present-day focus.
Corporations, particularly publicly-traded ones, often prioritize cost-cutting measures to appease shareholders, leading them to neglect investments in current projects or opportunities. The speaker, who runs a business, emphasizes the importance of focusing on the present and being the best at it, rather than being too preoccupied with past failures or future possibilities. He uses examples from the NFT and metaverse trends, predicting that IP ownership and copyright issues in artificial intelligence will drive the adoption of Web 3 technologies. However, he acknowledges the challenge of striking a balance between the constant demands of yesterday and tomorrow. Despite the risks, the speaker and successful individuals he admires prioritize the present to avoid wasting resources and maximize potential.
Understanding customer attention on underpriced platforms as a practitioner: Reverse engineer customer attention on underpriced platforms for significant returns, regardless of B2B or B2C.
Being a practitioner in the advertising industry, having hands-on experience in various aspects of the craft, allows for a unique perspective and approach to finding balance and success in an ever-changing market. This is particularly valuable for underpriced platforms, as understanding the customer base and their attention can lead to significant returns, regardless of whether the brand is B2B or B2C. For instance, a B2B company might find more success on LinkedIn due to its search engine capabilities, while a SaaS company targeting accountants may benefit more from experimenting on TikTok for insights. The key is to reverse engineer where the customer's attention lies and remain open to exploring various platforms. Being a practitioner not only gives peace of mind but also makes one stand out in the industry.
B2B Marketing on LinkedIn: Underpriced Attention: B2B companies can benefit from LinkedIn's underpriced attention compared to traditional marketing methods, but many are not fully committing. Embrace digital channels for a more integrated approach.
B2B marketing on LinkedIn presents a significant opportunity due to its underpriced attention compared to traditional methods like print and trade shows. The interaction element of social media may be a concern, but the speaker believes that sales are important and can complement digital efforts. Despite this, many B2B companies are not fully committing to LinkedIn's potential. This disconnect could be due to the perceived need for face-to-face interactions at trade shows, but the speaker expresses a desire for a more integrated approach. Overall, the conversation highlights the potential of LinkedIn for B2B marketing and the importance of embracing digital channels alongside traditional methods.
