Welcome to the Virtual Marketers digital marketing mashup for November 2023. This month we discuss the ski slope that is Twitter, I mean X, the introduction of voice capabilities for all ChatGPT users, Amazon’s in-stream social media purchasing, net-zero goals for the ad industry and, as always, an update from Google. Check it out!
- Is X heading for the exit?
- ChatGPT reveals free voice capabilities
- In-Stream Amazon purchases for Facebook and Instagram
- Ad industry struggles toward Net-Zero goals
- Google makes changes to review-based content
1. Is X heading for the exit?
One year after Elon Musk's acquisition of Twitter for over $40 billion, the platform continues to face challenges. Its current valuation is now less than half of the acquisition cost, and various key metrics have all seen a decline under Musk's leadership. There’s been a 500,000 drop in daily sign-ups and a reduction of 200 million in active minutes. Musk has also faced huge challenges in retaining advertisers. In the initial weeks of his tenure, half of the company's major advertisers stopped running ads on the platform, citing Musk's content moderation decisions and questionable behaviour as the reason. According to a recent Reuters report, advertising revenue has declined consistently each month since he took over. In a span of 10 months, concluding in August, Twitter's overall revenue plummeted by a significant 60 percent. It appears that Twitter (sorry I mean X) remains an unattractive prospect for both users, and businesses looking to invest their time and money in the near future. Eeeek!
2. ChatGPT reveals free voice capabilities
OpenAI has introduced a groundbreaking update to ChatGPT, making voice interaction available to all users for free. This move signifies a positive shift for AI inclusivity and technology. The update provides new opportunities for marketers and SEO experts to delve into voice-optimised strategies, enhancing user engagement and accessibility. Previously exclusive to premium subscribers, the democratisation of access allows users to engage with ChatGPT through voice commands by simply downloading the app. This advancement is expected to transform the ChatGPT experience, offering a more natural and intuitive way for a broader range of users to interact with AI. Content and search marketers will also see the benefits of this, as you can now explore interactive and personalised campaigns, as well as experiment with voice search optimisation strategies. We’re pretty excited!
Source: Search Engine Journal
3. In-Stream Amazon purchases for Facebook and Instagram
There’s a new collaboration between Amazon and Meta, allowing Facebook and Instagram users in the US to make in-stream purchases of Amazon products. The integration means Instagram users can link their IG and Amazon accounts, streamlining one-click purchases directly on Instagram. Although not a groundbreaking revolution, this feature offers real-time pricing, Prime eligibility, delivery estimates, and product details on select Amazon product ads within Facebook and Instagram.
So what does this mean? Although there was initial excitement about the level of data sharing, in truth it’s actually not huge. Engagement with Amazon ads on Facebook and Instagram will go up for sure, and while Meta has abandoned live-stream shopping plans and removed dedicated shopping tabs on its platforms, the direct connection with Amazon, boasting over 167 million Prime subscribers in the U.S., could offer a new avenue for in-app shopping activity. Let’s see how it goes hey!
4. Ad industry struggles toward Net-Zero goals
The global advertising industry's pursuit of net-zero goals is falling short, with a recent report from Ad Net Zero revealing a mixed landscape. While 100% of tech platforms have established both net-zero and near-term reduction targets, only 35% of creative and advertising agencies, and 34% of production companies, have committed to net-zero targets. Advertisers show a higher commitment, with 88% setting net-zero targets. Despite progress by some brands, the slow adoption of standards among agencies and production companies is creating a ripple effect in the marketing-communications supply chain.
Ad Net Zero, a framework originating in the UK that NZ has been involved with since August this year, is urging industry partners to step up, emphasising the significant responsibility of media owners, who at this stage only 25% of have set net-zero targets. The report highlights a five-point action plan to expedite emission reduction, covering business operations, production, media planning and buying, awards and events, and leveraging advertising's influence for consumer behaviour change. The industry is called upon to prioritise emission reduction collectively, and the report carries a note of disappointment regarding the low profile of climate change at major industry events and a lack of critical evaluation of the industry's environmental impact.
Source: Ad Net Zero
5. Google makes changes to review-based content
Google is implementing a shift to regular assessments of review content quality. Effective immediately, it focuses on evaluating articles, blog posts, and opinions, excluding third-party reviews on product or service pages. Websites with review-centric content are looking at page-level assessments, particularly if reviews are secondary. Coinciding with Google's latest core search algorithm update, it may impact search traffic and rankings.
Unlike past announcements, Google will now make review system changes regularly without notifications. For sites emphasising reviews, this shift enables faster rebounds but introduces ongoing challenges. The advice is to adhere to quality guidelines, emphasising originality, transparency, currency, informativeness, and pros/cons coverage. Initially covering English reviews, the update may expand to other languages. Sites reliant on reviews may experience volatility based on content alignment with Google's evolving system. To make sure the impact isn’t too rough, Google recommends auditing and improving review content, signalling a new era of continuous evaluation.
Source: Marketing Tech News
November, over & out! From the continued downward spiral of X, openAI’s latest voice update and in-app Amazon purchasing for Meta, to climate action in the ad industry and Google’s review update, it’s all go this month. As always we’ll keep our eyes and ears peeled for more interesting bits and bobs in the marketing world, so see you back here next month!