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In Retail? Till Receipts Can Now Be Digital – And Feature Advertising

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A South African tech company wants retailers to send receipts to their consumers’ phones directly upon purchase. These receipts can be held in the cloud, be searchable, and carry advertising.

By MediaStreet Staff Writers

The company, called EcoSlips, says it is launching the new disruptive service to forever get rid of paper-based transaction receipts.

Retailers can now link their point-of-sale systems to EcoSlips and send transaction receipts digitally from any pay point to the consumer’s mobile phone.

Paper receipt waste is reduced and a new advertising platform provides opportunities to grow any business in the retail sector.

Consumers may download the application to their mobile phone and register free of charge. The cashier scans or enters the customer’s unique pin number and a digital receipt is forwarded to their phone within seconds.

Transaction receipts are stored in the cloud from where it can be downloaded, verified, forwarded or printed at any time, from any location.

BENEFITS TO CONSUMERS

Transaction receipts do not get lost and a printer-friendly report with all transactions can be downloaded in seconds. Consumers may use it for tax purposes, corporate expense claims, medical and warranty claims.

Transaction slips can also be forwarded directly from the retailer to the user’s office for corporate expense claims. Users do not even need a cell phone to request their digital receipts at a pay point.

The system saves hours of manual labour, since transaction slips are already scanned and summarised in digital format.

Customer identities remain protected and no spam can be sent to any phone, as is the case with text or email powered systems. Messages do not get lost in spam filters because they are sent directly to the user’s phone.

BENEFITS TO POINT-OF-SALE VENDORS

Vendors can provide a value-added service to their clients at no additional cost. They have an advantage over competitors and receive free advertising exposure in the process.

Free software is provided to link any windows based POS system without backend programming to EcoSlips.

BENEFITS TO RETAILERS

EcoSlips provides an advertising platform that targets only consumers in their immediate geographic location.

Complaints and compliments can be sent directly to the retail manager from the customer’s phone and frustrations caused by waiting in line to speak to a call centre agent are completely eliminated. Service levels can improve significantly when complaints are handled in a timely fashion by the retailer.

According to Henco Schoeman, founder of EcoSlips, “consumers may use the service free of charge. Retailers can significantly reduce paper slip waste, save on printing costs and early adopters may secure an exclusive opportunity to advertise in their geographic area. It is a win-win solution for retailers and consumers.”

EcoSlips is financially supported by Mlab and the SA Technology Innovation Agency (TIA). The service can be used anywhere in the world.

So if you are a retailer, this may be food for thought.

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How blockchain is used in media and advertising

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By Shareen Pathak.

It suddenly feels like blockchain is everywhere — and that includes media and advertising. Here’s what to know.

What it is
Blockchain is the technology that underpins cryptocurrencies like bitcoin; it’s essentially a massive Excel sheet that operates in a decentralized network format. That means that the data can have large amounts of information that can be transmitted and added onto, without compromising on security. You can’t change the blockchain — and for data purposes, not one person or entity can destroy it.

What it isn’t
Blockchain is not bitcoin. While that’s what it is best known for, bitcoin is basically a digital currency that operates on blockchain. The blockchain developed for bitcoin was developed specifically for it — which is why other uses for it were only developed much later. And while bitcoin works because it is anonymous, blockchain for other types of businesses don’t have to be anonymous. In fact, they shouldn’t be: Participants are able to tell where data came from so they can trust that it’s real.

Use in media

  • Monetization: This week, blockchain content distribution platform Decent announced the launch of Publiq, a “rewarding” process that will let writers and creators distribute content on the blockchain and get paid immediately.
  • Advanced TV: A new technology by Comcast’s advanced advertising group lets brands make ad buys on both broadcast and OTT TV using blockchain technology. The group, which has brought together Disney, Altice USA, the U.K.’s Channel 4 and TG1 Group in Italy, plans to — in 2018 — let marketers, publishers and programmers share data without having to pool it in any one place. A CPG marketer, for example, would be able to use data from a content producer like Hulu to understand how to target its ad buys without receiving the actual data itself.
  • Fraud: In June, MetaX and the Data & Marketing Association launched adChain, an open protocol on the Ethereum blockchain that tags a piece of creative and follows it on the internet to make sure someone sees it, determining who it was as well as what actions were taken afterward. Like Comcast’s approach, adChain lets multiple parts of the industry, from agency to publisher to marketer, work together without dependency.
  • Whitelisting: MetaX also runs an adChain registry in collaboration with the DMA and ConsenSys that uses a cryptocurrency called “adToken,” which incentivizes people to determine whether a publisher can be whitelisted or not (or is deemed reputable or not). Brands can then decide to spend money only on those publishers.
adToken (via MetaX)

 

  • Ad buying: New York Interactive Advertising Exchange, which will be a marketplace where brands, publishers and agencies can buy and sell future ad inventory will launch this year, in partnership with Nasdaq. The idea is to automate contract execution as long as conditions are met. It plans to first support only digital ad buys.

The problems
Blockchain isn’t widely adopted: Fred Askham, associate director of analytics at IMM, which is looking into using adChain, said while fraud is a big concern, the big problem in the industry is adoption. Blockchain relies on multiple “nodes” and players, and if people don’t participate, it doesn’t work. “In the advertising industry, we’ve seen this happen a few times where the tech to measure something comes out and then there is some lag time,” he said.

It’s too theoretical: Comcast’s platform won’t launch until 2018, while NYIAX is still in the proof-of-concept phase. Most moves in blockchain are in the theoretical phase, with their realization expected to be years away, if they even happen.

It won’t scale: Dave Morgan, CEO of Simulmedia, whose investor Union Square Ventures recently announced a major blockchain investment, said blockchain’s biggest promise is in ad delivery, but scale remains an issue. “It’s good for problems that are easy to solve on an individual level but hard to compute overall,” he said. “It’s really about five years away, if not more.” For example, an Ethereum-based blockchain processes 20 transactions per second — light-years away from how quickly real-time bidding works. Research firm Gartner places blockchain right before the “Trough of Disillusionment.”

It won’t work for many types of transactions: Jon Heller, co-founder of FreeWheel, which worked on the insights platform and is owned by Comcast, said that where there is no secondary market, like in the premium video space, blockchain for smart contracts doesn’t make sense. “Premium inventory doesn’t have this commodity-like feeling,” he said. “The parts where it makes a ton of sense is that it lets you trust a transaction without having to trust the counterparty. So that’s not everywhere in marketing, but it’s in a decent number of things in marketing.”

The counterargument
“There are few technical barriers. Blockchain has proved itself robust and adaptable to dozens of high-impact use cases. Companies need to develop compelling-enough applications that it can make a real impact. This is already happening,” said Alex Tapscott, author of “Blockchain Revolution.” “As I say, the future’s not something to be predicted; it’s something to be achieved. We’re seeing people achieving amazing things already.”

By Shareen Pathak

Sourced from DIGIDAY UK

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Identity Marketing Backfires: Don’t Tell a Consumer What they Like

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By MediaStreet Staff Writers

When choosy parents choose Folláin jam and sports fans who call themselves sports fans subscribe to SkySports, identity marketing is hard at work. But what happens when this type of advertising misses the mark?

According to a study in the Journal of Consumer Research, when a person’s sense of ownership and freedom is threatened they are less likely to respond positively to identity marketing campaigns.

“While people may be drawn to brands that fit their identity, they are also more likely to desire a sense of ownership and freedom in how they express that identity. Identity marketing that explicitly links a person’s identity with a brand purchase may actually undermine that sense of freedom and backfire,” write authors Amit Bhattacharjee (Dartmouth College), Jonah Berger (Wharton School of the University of Pennsylvania), and Geeta Menon (New York University).

The researchers ran a series of five studies that compared two types of identity marketing, messages that simply referenced consumer identity or messages that explicitly tied consumer identity to a brand purchase. Participants were first asked to answer questions about the importance of a given identity in their overall life. They then viewed an advertisement for a brand that appealed to that specific identity. The advertisement used a headline that either referenced the identity or explicitly linked it to a brand. Participants then rated their likelihood to purchase a product from within the brand.

Study results showed that explicit identity marketing messages backfired with consumers who cared about the specific identity and resulted in a lower likelihood to purchase the product. This information may help brands understand why some people react negatively to products used in important areas of their lives.

“Contrary to the traditional thinking about identity marketing, our research shows that people who care deeply about an identity are not receptive to messages that explicitly communicate how a brand fits with their lifestyle,” the authors conclude. “In fact, to restore their sense of freedom, some people may avoid purchasing a product that otherwise appeals to them and fits with who they are.”

There you go marketers. You can suggest your product to your customer using their identity, but not tell your customer that if they are a certain type of person that they will buy it for sure. Humans: we hate being told what to do.

 

 

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What you need to know in advertising

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The digital-advertising industry is looking to stamp out bogus ad inventory, like websites that claim to be premium brands but are actually sites the average person hardly ever visits.

Google, with help from some media giants, is taking the lead.

To read more about the company’s initiative aimed at wiping out fraud, click here.

In other news:

It’s starting to look like Facebook and YouTube blew a golden opportunity to grab TV ad money this year. The timing of Facebook and YouTube’s recent mishaps centered around shoddy measurement and ads ending up in the wrong places appears disastrous.

America’s “Moneyball” Tour de France team just made a clever deal that should make it more competitive against Chris Froome’s Sky juggernaut. Cannondale-Drapac announced on Friday that it was teaming up with the Verizon-owned company Oath as its digital-media partner for the 2018 racing season.

This popular drink from the ’90s is making a comeback. Pepsi says it is bringing back Crystal Pepsi for one last time.

Walmart built giant towers to solve the most annoying thing about online ordering — and they could be coming to your store. The company told Business Insider that it is ramping up its rollout of self-service kiosks that retrieve customers’ online orders.

Five years ago, two roommates launched TheSkimm, a newsletter now read by five million people and former presidents — here’s how they hustled to success. The business was far from easy to build, with Zakin and Weisberg quitting jobs at NBC only to get turned down by “hundreds” of venture capitalists.

Twitter is clamping down on users for being abusive 10 times more than it was a year ago, reports Recode. It also claims its recent efforts to curb abuse are helping.

Follow us at  @BI_Corporate  to be among the first to hear about news and updates from Business Insider. 

Also,  sign up for the Executive Summary , a new biweekly newsletter that brings the latest marketing news, trends, and company updates straight to your inbox.

 

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Sourced from Business Insider UK

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Sex Doesn’t Sell Anymore… Wait… What?

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If you think sex sells, you’d be wrong. You now need to associate your product with compelling dialogue to make it appear attractive.

By MediaStreet Staff Writers

So maybe a world saturated in free porn and technology has had a rather unpredictable outcome. People are craving conversation and connection in person, and not nameless faceless sex, helped along by tech. Who knew?

Plenty of Fish (POF), a dating website and app, has just released the findings of Conversation Nation, the largest survey on the topic. According to this survey, 90 percent of singles crave great conversation – not sex.

65% of both men and women of all generations believe conversation is a lost art, yet see a great conversation as the top indicator of a successful match.

Conversations should be a primary driver in how singles connect, according to the study. However, 61 percent of singles believe the rise in technology usage has impacted our ability to have meaningful, face-to-face conversations. Nine of 10 respondents identified a great conversation as the gold standard for a great date, bumping out sex by a longshot with only one in 10 opting for it. Compelling dialogue can also make someone appear more attractive, according to nearly 90 percent of respondents.

“The internet is making it difficult for people to have meaningful conversations, so technology companies need to do their part to solve that,” said Celeste Headlee, conversation expert and author. “Learning to have conversations that inspire and enlighten you is achievable.”

POF have decided to concentrate on conversation as the true measure of dating success. The company has just launched “Spark”, a new in-app feature that enables a user to easily initiate a conversation. By picking up and dragging a new conversation icon over any aspect of a potential date’s profile, users can quote and comment on any content – from photos, to anything a user has written about themselves.

“With more conversations than any other dating app, Plenty of Fish is focused on bringing conversation back to singles,” said Hesam Hosseini, CEO, Plenty of Fish. “In the short time we’ve been testing Spark, we’ve seen a 15 percent increase in conversations. Given our scale, this can result in an increase of hundreds of thousands of conversations happening every day on the app, leading to more dates and more relationships – and it is just our first step to bring the art of conversation back to dating.”

Conversation Nation Insights

The Emotion of a Great Conversation

  • Nerves run high with Gen Z. While 87 percent said they prefer face-to-face conversations with someone they’re interested in dating, a full 62 percent said they get too nervous for face-to-face. Only 32 percent of Gen X and 26 percent of Boomers felt the same way.
  • Fear of rejection (48 percent) and not knowing what to say (43 percent) are the leading reasons why singles are hesitant to start a conversation with a potential date. Of all the generations, Gen Z is least likely to start a conversation because 60 percent have a fear of rejection.

The (Lost) Art of Conversation

  • Face-to-face conversation isn’t the only lost art. Letter writing (78 percent), common courtesy (66 percent) and cursive (63 percent) are also on their way out.
  • With age comes confidence: Forty-five percent of Gen Z think they need tips or techniques to keep a conversation going, while only 35 percent of Millennials, 25 percent of Gen X and 18 percent of Boomers felt the same way.
  • Sixty-one percent believe that technology has impacted our ability to have a meaningful, face-to-face conversation, because it’s distracting (72 percent), people are heads down in their phones (65 percent), and it has just made people worse at speaking face-to-face (61 percent).

Smart + Funny = Key to Attraction

  • Nearly nine in 10 respondents have found someone more attractive after having a conversation with them, proving beauty is a lot more than skin deep. Intelligence (42 percent), having a sexy voice (40 percent), and a sense of humour (34 percent) ranked at the top of reasons people got better looking with dialogue. Gen Z and Millennials both selected sexy voice as their top pick, while Gen X and Boomers chose intelligence.
  • It does work both ways: Someone can also appear less attractive after a conversation. Having nothing in common (61 percent), coming across as insensitive or mean (58 percent), and having misaligned values (57 percent) dominated an appearance downgrade.

Tech Talk: What Constitutes a Conversation?

  • More than 80 percent of respondents agreed that a phone/voice call is a conversation, but division ensues from there.
    • Fifty-four percent said texting constitutes a conversation, particularly among Millennials (67 percent) and Gen Z (76 percent). Only one in four Boomers think texting qualifies as a conversation.
    • 87 percent of Boomers don’t consider chat apps as a conversation. A majority of Gen Z (54 percent) and 47 percent of Millennials disagree with the Boomer mindset.
    • Boomers are significantly more likely than other generations to communicate by email, while Gen X, Millennials and Gen Z prefer texting.

So if you are about to launch that sexy ad campaign, maybe you need to have a rethink. Witty and smart is the new sex, and if any of us want to sell anything, we have to take this on board.

 

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Teenagers and Higher-Income Households Most Likely to Struggle with Technology Addiction

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By MediaStreet Staff Writers

–One in three people find it difficult to take a break from technology, even when they know they should

-China, Brazil and Argentina have highest levels who struggle to take a tech break

-People in Germany, The Netherlands and Belgium lead for finding it easy to ‘unplug’

A third of people (34 percent) in an online survey of 17 countries firmly agree that they “find it difficult to take a break from technology (my mobile device, computer, TV, etc.), even when I know I should.” This compares to less than half that number (16 percent) who firmly disagree that it is difficult to take a break.

The findings from global research firm GfK, show that, internationally, gender makes next to no difference in people’s struggle to turn off their devices or ‘unplug’ from technology, with nearly equal percentages of both men and women agreeing they find it difficult.

However, the different age groups and income groups show distinct differences in susceptibility to being ‘always on’.

Younger age groups struggle most with technology addiction

Teenagers (15-19 year olds) are the most likely to struggle with technology addiction, with just under half (44 percent) firmly saying they find it difficult to take a tech break, even when they know they should. This dips to 41 percent for those in their twenties and to 38 percent for those in their thirties. It then falls significantly for the older age groups – standing at 29 percent of those in their forties, 23 percent for those in their fifties and 15 percent for those aged 60 and over.

Critically, the 50-59 and 60+ age groups are the tipping point, where there are higher percentages who firmly indicate they have no problem turning off their technology, than percentages saying they struggle to take a break.

High income households show biggest gap between those finding it easy or difficult to take tech breaks.

For people living in high-income households (across all 17 countries), 39 percent find it difficult to take a break from technology, even when they know they should, while 11 percent find it easy – a gap of 28 percentage points. This contrasts to those in low-income households, where 30 percent find it difficult, while 20 percent find it easy – a gap of only 10 percentage points.

China and the Americas have highest percentages who find taking a technology break difficult. Germans lead in finding it easy.

Ireland didn’t feature in the survey, but everyone can agree we all are prone to tech addiction.

At country level, China (43 percent) has the highest percentage of online population who strongly agree that they find it difficult to break from technology. This is closely followed by the Latin American countries surveyed (Brazil 42 percent, Argentina 40 percent, Mexico 38 percent), with the USA coming fifth (31 percent).

On the other side, Germany has the highest percentage (35 percent) of online population who strongly disagree that taking a break from tech is difficult. This is followed by the Netherlands (30 percent), Belgium (28 percent) and Canada and Russia (both 27 percent).

The findings clearly show where the key markets lie at a number of levels – from brands offering the latest devices targeting happily ‘always-on’ consumers, to brands offering ‘quality time’ services that resonate with people who like to break from technology.

You can find the full report here.

 

 

 

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How AI Is Changing the World of Advertising Forever

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By George Beall.

For how much Hollywood loves remakes, I’m curious to see what a futuristic Mad Men is going to look like. Don’t get me wrong; I’m not expecting to see robotic Don Draper, who writes poignant lines of copy aggregated from data points all over the world (that’d be cheesy and boring). Rather, I’d be more excited to see how technology is going to change the world of advertising for good.

A lot of people might think that under the reigns of Artificial Intelligence every job will suddenly be replaced by a robot. However, the core component of advertising is storytelling, which is something that requires a human touch. Even more, AI isn’t going to replace storytellers, but rather empower them. Yes, the world of artificial intelligence is about to make advertising more human. Here’s why:

From Madison Avenue to Silicon Valley

It’s no secret that the advertising world goes giddy over any innovation in the tech realm. After all, a big portion of how firms gain an edge in their industry is by being up on the latest and greatest, as well as demonstrating a capacity to look at how new practices can be applied to client campaigns. And when it comes to AI, a lot of major agencies have already situated themselves ahead of the curve.

The interesting thing to note here isn’t necessarily that these agencies are using AI in general, but rather, how they’re using it. For example, the link above notes how a few firms have teamed up with AI firms to work on targeting and audience discovery. While these practices have been implemented long before, Artificial Intelligence has been accelerating the process. However, even with major players teaming up with the likes of IBM Watson, smaller agencies and startups have been on this trend as well.

An excellent example of this is the company Frank, an AI based advertising firm for startups. Frank’s goal is to use AI in the same manner of targeting mentioned above, only offering it to those businesses that could really use the savings. The platform allows you to set the goals of your campaign, as well as hones in on targeting and bidding efficiently. This saves time and money often devoted to outsourcing digital advertising efforts, as well as gives an accurate depiction of how ads are performing in real time. Expect players like Frank to make a significant change in how small businesses and startups approach how to use AI in their marketing.

Big Dollars For Small Budgets

One of the biggest news stories to hit about AI and advertising was Goldman Sach’s $30 million investment into Persado. If you haven’t heard about it yet, Persado essentially aggregates and compiles ‘cognitive content,’ which is copy backed by data. It breaks down everything, from sentence structure, word choice, emotion, time of day, and even can bring in a more accurate call-to-action. And for those that hire digital marketers and advertisers, this sounds like a dream come true in saving time and money. However, when it comes to writing, AI can only go so far.

While some content creators and digital copywriters might be a little nervous that AI will eventually take their jobs, that’s simply not the case. Writing involves a certain sense of emotional intelligence and response that no computer can feel. Moreover, the type of content that AI can create is limited to short-term messages. I’m not sure about you, but I’ll safely bet that no major marketing director is willing to put their Super Bowl ad in the hands of a computer. Overall, while Wall Street recognizes Artificial Intelligence’s potential impact in the creative world, it’s safe to say when it comes to telling a story, that human touch will never go away.

The Unexpected Players

Perhaps one of the most underrated things about AI is its potential to eliminate practices altogether. While we mentioned above that, yes, certain jobs in the creative field will never go away, there’s a possibility that certain processes in the marketing channel might change drastically.

For example, companies like Leadcrunch are using AI to build up B2B sales leads. While before B2B sales could rely on either targeted ads or sales teams to bring clients in, software like Leadcrunch’s is eliminating those processes altogether. Granted, this isn’t exactly a bad thing as a lot of B2B communications relies heavily on educating consumers, something a banner ad can’t do as accurately as a person. Overall, companies like this are going to drastically change how our pipelines work, potentially changing how the relationship between advertising and AI work hand-in-hand for a long time.

By George Beall

George Beall is a student at the Wharton School of the University of Pennsylvania. He has a deep admiration for true innovation and has been involved in multiple in technology startups. He is currently an active angel investor. In his spare time he enjoys horseback riding, discovering upcoming music, and binge watching Netflix.

Sourced from TNW

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YouTube clarifies stance on ‘hate speech’ and ‘advertiser-friendly’ content

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By Gillian West.

YouTube has made changes to “address advertiser concerns” around ad placement clarifying its rules on hate speech.

Speaking via a blog post, YouTube said it would not allow adverts to appear alongside “hateful” or discriminatory content. However, some vloggers have complained the rules are too strict and will affect their income.

The announcement clarifies the kind of content that will not earn money on YouTube describing “hateful” content as any video that promotes discrimination or “disparages or humiliates” people on the basis of their race, ethnicity, nationality, religion, disability, age, veteran status, sexual orientation, gender identity, or “other characteristic associated with systemic discrimination”.

Advertising will also not be placed next to videos using “gratuitously disrespectful language that shames or insults an individual or group.”

Videos deemed to not be “advertiser-friendly” could remain on the video sharing website as long as they don’t fall foul of the new guidelines which also advise users to refrain from making “inappropriate” parody videos.

According to reports, users have criticised the move with one – Captain Source – telling the BBC that the algorithm used to determine “advertiser-friendly” content was far from perfect.

“Context around many words is incredibly important and needs to be addressed,” they said.

Others also pointed out that mainstream news networks posted inflammatory debates that could fall under “incendiary and demeaning”, and that music videos often push the boundaries of sexually-explicit content but still carry ads. “Why punish the little guy, but not the big networks?” asked user Eugenia Loli. “This is a double standard.”

Back in August, some YouTubers had complained that their videos had been flagged as “not advertiser-friendly” so were no longer earning ad revenue.

YouTube parent company Google has been dealing with many ad misplacement issues over the last six months with Havas Group making headlines back in March, pulling its clients ads from YouTube and Google over brand safety fears.

By Gillian West

Sourced from TheDrum

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What you need to know in advertising today

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Yesterday, Google revealed more details on its plans to bake some ad blocking features into its Chrome browser next year, and the reaction, at least on social media, was predictably fierce.

Here comes the digital ad bully, throwing its weight around. Of course Google is doing this, not because it wants to help the ad industry, but because this serves Google. And look at the hypocrites at Google, paying one ad blocking company (Eyeo) while pledging to stamp out ad blocking for all.

The knee jerk reaction is predictable. After all, Google has a well earned reputation for using its clout (like pushing some advertisers to use its ad tech to buy ads programmatically).

But what if Google isn’t being evil in this case?

In explaining why Chrome would block certain ad types dubbed to be “annoying” to consumers, such as videos that automatically play with the sound on or ads that keep people from content until a countdown clock ticks down, Google’s direct of product management Scott Spencer pointed out to Business Insider that some web browsers have long blocked pop-up ads. Which raises some questions:

  Pop up ads

Flickr/Pascale PirateChicken

Anybody miss pop-up ads?

Anybody lamenting the non-democratic nature of arbitrarily blocking all pop-ups?

Has the digital ad economy survived the lack of pop-up ad inventory?

It’s dangerous to be naive when it comes to Google. These guys tend to be smart and see around corners, and focus on doing things that are good for Google. But is it outside the realm of possibility that in this case the company may be wielding its massive power for good, because it actually wants the digital ecosystem to thrive? After all, Google probably wins either way.

The company seems to be trying to making some gestures to cater to other media companies’ interests. As the Wall Street Journal reported, Google is giving publishers lots of time to prepare. And it even wants to help publishers make money from people that block ads, per the Financial Times.

To read more about Google’s point of view on ad blocking, click here:

In other news:

Amazon’s ad business may be nearing a “tipping point.” Ad buyers say that as more more marketers sell their products via Amazon, they are finding buying ads from the e-commerce giant a must.

The ad tech company Audience Science is shutting down. The firm took a major hit when it lost Procter & Gamble’s business recently.

Disney CEO Bob Iger quits Trump’s advisory council after US withdraws from Paris climate deal. The media mogul joins a growing list of U.S. business leaders, including many from the tech world, criticizing the move.

Netflix has begun cancelling more shows. The latest casualties are the sci-fi series “Sense8” and “The Get Down.”

Facebook execs face more questions and concerns about fake news. The company received several questions and comments from investors at its shareholders meeting earlier this week.

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Sourced from Business Insider UK

 

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Too Much Social Media Advertising can Hurt Sales. Yikes!

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By MediaStreet Staff Writers

Social media marketing is currently a very popular practice for businesses. But it isn’t all success and roses. A recent Temple study shows that businesses must find a proper balance in order to avoid negative results. So for businesses who currently rely on social media marketing to attract new customers, listen up.

While the potential for social media marketing seems almost limitless, a study led by Ph.D. candidate Shuting Wang and senior associate dean of research Paul Pavlou reveals the exact opposite. The Temple professionals recently conducted a study which looked to determine the specific value of social media marketing in relation to data from WeChat and a Chinese shoe retailer.

The study revealed that while social media advertising had a positive impact on increasing customer sales in the short term, it actually created a negative impact on the business in the long term.

When looking at the specific figures, the business witnessed a 5% increase in sales on the same day following a social media post. However, this same post increased the chance that customers would unfollow the business by 300%. Within five months, the retailer experienced a 5% decreased in sales paired with a 20% loss of online followers within a year.

With regard to these findings, Shuting Wang notes that people often “get annoyed” by a company’s post in the long term compared to the short term. “In that case, they will unfollow, which will lead to a long-term decrease in purchases,” Wang said.

sales, marketing, social media, online sales, social media marketing

Researcher Paul Pavlou believes this phenomenon can be contributed to the way in which companies often “over-do” social media.

“They see that the more posts they put out there, the more sales they’re going to see,” Pavlou notes. “Companies should be more careful with this and focus more on their long-term goals. Social media marketing is so quick, so immediate that companies say, ‘Well, let me leverage this as much as possible in the short term,’ and they may actually miss the big picture.”

While the study findings support the idea that too much social media advertising can hurt a company’s sales production, there are contextual factors which also play a role. Professor Paul Greenwood notes that these factors include, “What time of day it is, and where people are located.” In addition, the professor notes that people in large cities “Unfollow a lot faster…and if you post during rush hour, people unfollow a lot faster, but if you post at off-peak hours or smaller locations, that effect seems to go away.”

While the full extent of social media marketing trends have yet to be identified, Greenwood believes that future research will look to address whether dissatisfied customers go to competing firms or simply stop purchasing in general. This information will drastically help businesses fine-tune their social media strategies going forward.

While the Temple study revealed the potentially harmful effects of social media advertising, it is important to note this only took place when attempting to sell products. Businesses who have a balanced social media approach, or one which incorporates potential sales with public relations, are much more likely to create productive customer relationships in the long run.

For some interesting case studies on this topic, click here.

 

 

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