TikTok for Business; Politics and Twitter; Free Lyft Rides
TikTok: Is It Worth Your Business’ Time?
This past month feels like everyone and their brother has finally learned that TikTok is a thing that exists. For this, we can thank celebs like Jimmy Fallon and Will Smith getting on the train and spreading the good word.
But is it just another social platform fad, or is it worth investing your time into for your business?
And this question really only begs the question; “Are you building an audience of Zennials, or looking to build a purely personal influencer-esque brand, playing in an MLM, or representing musicians/athletes/actors?
If the answer is no, you’re not looking to do any of those things, then no—TikTok isn’t for you. YET. And by yet, we mean the content for those of us who aren’t one of those things listed above, just isn’t *quite* there yet.
For example, a piece of content that currently has 1.8 million views and seems to be pretty status quo for the platform? This video of a girl staring at the camera while her earrings switch ears (why is this a thing?). Apparently this is quality Zennial content.
If you want to invest in the lonnnnnnng game and get in now, there *is* a serious gap in the business/marketing space on the platform. As of writing this, the business hashtag has over 130 million views. But the content is, frankly, complete trash. Same for marketing and other business related hashtags. The only quality content is what Gary Vee is repurposing there, however it’s almost all of his content geared towards high school seniors and college students. Otherwise, content appears to be nonsense with people exploiting the business hashtag, real estate, people showing college students how to side hustle, or content mocking business majors. So there’s definitely room here for those looking to talk about business or marketing in a way that isn’t polished and isn’t straightforward. Potentially by leveraging any of the riveting trending hashtags at the time of this writing: #vibecheck, #justdancemoves, #signalfound, #imbaby, #chooseyourgame. Riveting, I say!
What we are interested in and will definitely be keeping our eye on, is their ad platform. They currently have 4 options; infeed native content, brand takeovers, hashtag challenges and branded lenses — and brand takeovers are we haven’t really seen scaled as a paid advertising source on social media platforms before. We’re curious to see how companies like Netflix keep using these to drum up engagement for their younger bases’ shows.
Sound off: Is the content on TikTok where content is trending next, or is it a sign of a generation starved for a different type of social platform their parents/grandparents AREN’T on, and they’ll watch whatever they can get to keep it going?
Twitter’s Ditching Political Ads?
The Gist: Last week, Twitter’s CEO, Jack Dorsey, tweeted this gem: “We’ve made the decision to stop all political advertising on Twitter globally. We believe political message reach should be earned, not bought.”
It’s what some are calling a direct jab at Facebook’s founder and CEO, Mark Zuckerberg since Facebook has become notorious for their anything goes policy on political ads, allowing outright lies to permeate their network.
He clearly wants to be the anti-Zuckerberg.
The Details: It sounds like a noble sentiment, but details are pretty much few and far between. Dorsey said the company would share more details about the policy on November 15th and would stop accepting political ads on November 22nd. But that’s all we know right now.
As far as the battle between the top digital advertising platforms goes, Google/YouTube has also been notably silent. We’re guessing that this is because their top spenders are political campaigns. The Trump Make America Great Again Committee is the largest political advertiser on Google, having paid $8.23 million, according to the company. Second is the Senate Leadership Fund at $5.12 million, followed by the Congressional Leadership Fund at $4.15 million.
It’s important to note that political advertising spending is relatively low as far as advertising revenues across all of these companies, somewhat diluting the impact of Twitter’s announcement as only .1% of their revenue is from such ads. Facebook’s is around .5%. Google comes in around .3%.
Our take & what it could mean for you + your biz: This move was both praised and renounced by various leaders on Capitol Hill depending on which political party they represent. We largely see this across the board ban to be a negative for businesses. Mostly in part due to the lax language around what qualifies as political to Twitter. Currently, Twitter defines political content as “1/ Ads that refer to an election or a candidate, or 2/ Ads that advocate for or against legislative issues of national importance (such as: climate change, healthcare, immigration, national security, taxes).”
The second part is where things can get dicey. How far do they take each of those categories? They’re fairly broad and could impact issues/businesses that *aren’t* inherently political. As tech writer Will Oremus noted on OneZero, “Presumably, tech companies will still be able to run ads touting their commitment to user privacy, but watchdog groups will be barred from running ads suggesting that we need better privacy regulations. Big corporations will be able to boast about how they treat workers, but unions won’t be able to push for prevailing wage laws or workplace safety laws.”
The biggest win we could see coming out of this and something for businesses — especially in these “political” categories — could take note of, is that transparency appears to be rising in value. Advertisers being open and honest in what value they’re communicating to the potential customer/voter. The market is becoming more sophisticated by the day and they’re aware of the smoke and mirrors. The jig is up. How can we as business owners create more transparency and honesty in the value we provide?
Free Rides with Lyft
The Gist: Lyft recently announced their Jobs Access Program which will provide free rides to those going to job interviews, training programs, and to/from their first 3 weeks of employment until the individual receives their first paycheck.
The Details: To accomplish this, they’re partnering with several national companies like United Way, Goodwill, The USO, National Down Syndrome Society, and several others.
This has come about due to a Lyft study showing that 44% of rides start or end in low income areas and they want to be a part of expanding transportation access to those who need it most. This program is on top of a $50m annual commitment they made in May to improve cities through transportation infrastructure, donated transportation, and sustainability initiatives.
It will first be rolling out in 35+ markets with additional markets to potentially follow depending on the initial round’s success.
In the spirit of full disclosure, while this does seem noble and good, one must ask if Lyft can really take this on right now. They’re losing money like crazy, double in Q3 of 2019 vs losses in 2018. And since going public, their share price keeps declining as they burn through money. It does seem though that this could be a great move for getting Uber users who are tired of it’s checkered past and potentially be the thing that brings them into profitability. Only time will tell.
What it means for your business: If you’re building an audience of or marketing to millennials in any capacity, taking a stand and letting your values be known matters. It matters more than it has with any other generation. However, with the political climate being what it is, this is often misconstrued as having to shout from the rooftops that you hate Trump, or think that Fox News is the greatest news show since sliced bread.
And that isn’t true.
If your brand voice and positioning isn’t as black and white as some other companies that are taking controversial stands, you can take a page from Lyft’s book and start out representing a cause such as this. Supporting those with disabilities, veterans, in poverty situations they’re trying to overcome.
This creates a persona for your brand that feels more human, without having to maintain an exhausting personal brand alongside, and makes your customers feel good about where they’re spending their money — without feeling like they’re contributing to a tense political climate they’re likely exhausted by. Unless, of course, they don’t like people standing up for things like puppies, veterans, those with disabilities…etc. In which case, do you want them anyway?
Some of Our Favorite Things:
Tool: We’re loving this AI tool that’s currently top ranked on ProductHunt, to understand how customers are using client’s websites so we can make more strategic funnel decisions based on their behaviors.
To Watch: Shane Dawson and Jeffree Star Break Shopify. Take notes, as this collab took down an e-commerce giant.
To Read: I Accidentally Uncovered A Nationwide Scam on AirBnb. Don’t get caught in a sketch situation when traveling for work or pleasure by taking some of the clues this guy uncovered into account when booking your next trip.
To Listen: Lifecycle Of A Business by Mailchimp. I know what you’re thinking, Mailchimp?! But it’s a fascinating look into the life and death of businesses, told by the people who are in the arena and fighting the battle. And the episodes are super short. #winning!
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