030 | DIGITAL MEDIA SPEND JUST TOOK OVER, AMAZON GOES HOME SHOPPING, TIKTOK CLOCKS RAPID GROWTH
Social Currency
English - March 18, 2019 10:00 - 33 minutes - 46.9 MB - ★★★★★ - 22 ratingsBusiness fitness health business entrepreneurship leadership interview entrepreneur finance Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Social Currency | Episode 030
There is one constant in digital marketing. And it is change. In episode #30, we discuss three topics that all revolve around this ongoing pattern of change, growth and consolidation.
Up first is TikTok. If you haven’t heard of it, you will soon. The short video sharing app just reached 1 billion installs across iOS and Android, globally. In fact, in 2018, TikTok was the 4th most downloaded non-game app worldwide and the most downloaded non-game app in the US as of January 2019.
TikTok is owned by China-based company, ByteDance, who bought and consolidated lip-syncing app Musical.ly into TikTok. It’s demographic is largely gen Z with a large growing user base in India. While TikTok may not have yet made it into your annual digital strategy, it is one to watch.
Next, we discuss Amazon’s return to video as a content format aimed to sell` more product. Back in 2016, Amazon dabbled in video with their “Style Code Live” effort and now they return to video as a content strategy. Live video, reality show and celebrity guests like Heidi Klum and potentially Blake Lively will up the ante for the over 100 million Prime members offering exclusive content. 90% of Amazon’s product views result from searches within Amazon. Adding in this element of video is, no doubt, going to increase time on site and average spend per transaction. Amazon is on fire!
Last, we comment on how fast digital marketing spend has grown. In 2019, it will surpass traditional marketing spend for the first time (per eMarketer’s forecast) topping out at $129.3 billion in the US. We both recall when digital spend was lucky to earn a seat at the table, perhaps comprising 10 or 15% of the marketing budget. If spend is any measure of where attention is going, all eyes should be on digital marketing.
Key takeaways:
Digital channels continue to grow, evolve and reinvent themselves. If you have a dollar to spend, put it on digital marketing.
The connective tissue between content (video, in particular) and commerce grows tighter and we’ll see e-commerce players reap the rewards first.
Keep your eyes on new platforms. TikTok is on the rise, and it is heavily influencing the under 25 demographic.
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