Marketing News 012 — Scary Economics, Meta money, TikTok cash machine, Vegemite turn 100 years old
It’s the effervescent Melanie Farmer and I talking about the marketing news and this one is a doozy :)
00:00 Introductions
03:16 What has been interesting in the marketing news?
05:34 How are you feeling about the global economic situation?
17:51 Meta roll out new monetisation tools on Instagram and Facebook.
31:01 TikTok employees accessing US user information.
43:42 Vegemite being 100 years old.
Martin Henley 03:16
Has it been an interesting couple of weeks for Marketing News, do you think?
Melanie Farmer 03:21
Yeah, yeah. I think so. I think we might have the same story. I have a couple of stories, one is about the changes Meta are making in terms of Facebook shared revenue and how they’re charging and how much and who gets what money, which was really a March 2021 story. It’s now starting to ramp up. So I think that’s becoming quite topical for those of us on Facebook. Then my second story is about Vegemite, who is about to turn 100 years old, which is a very Australian story. I thought it was kind of interesting, where for any business that is hitting milestones of 10 years or 20 years or 100 years, and how they can make the most of that opportunity.
Martin Henley 04:18
Okay, super cool. So we have here on the same story, I also wanted to talk about Meta and their more generous monetisation approach. And then I’ve got another couple of things which are quite closely related. One of them is TikTok employees accessing US user information. And the other one is TikTok, taking far more in the way of US dollars, because they are such an effective social media platform. So those are my kind of two and a half three. But the first one is that the other thing that I was looking for, because I think I’m interested to have a conversation rrom somebody about this is like we are on the precipice of a global economic crisis, if we are to believe what the newspapers are telling us, and that obviously has ramifications for people in their marketing, but I haven’t found a sensible precis kind of new story that says that, apart from the G7 met last week, and then everyone put out a new story that says the whole of the G7 are worried about this. What do you what do you think? Can we do just like a minute on this or two minutes on this? How are you feeling about the global economic situation?
Melanie Farmer 05:40
You know, I think it depends on what industry you’re in honestly, that’s my feeling about this. So, you know, great, disruptive change isn’t like, it’s the first time this has ever happened. So it’s an opportunity, it always is. And you would say that to that, you know, that there’s there’s things that might collapse, but there becomes potentially much more opportunity, especially at a national level. So it’s really making sure that you’re where you are headquartered, you’re making the most of the national opportunity and the regional opportunity. You know, if it becomes difficult to engage fully with the international market, but saying that there’s international market areas that are booming, it doesn’t really matter where you’re working from, despite perhaps some industries or what Elon Musk might be saying at the moment about that. So I think, you know, there’s there’s always opportunity. And again, I think it’s just finding the place where markets are growing, especially in local markets, where you’re, you know, you’re much more with your finger on the pulse, and making the most of those. So, you know, I mean, I look at the chief economist in Australia, he was very recently talking about the most the fastest growing companies are those that have students with 457 visa, so effectively, recent immigrants. So you know, there’s a lot of data that you could rely on and be inspired by to say, well, if I want to grow, or if I want to grow in a particular market, do I have anyone in my company who has connections to that market, and actually, a pathway could be hiring business students to come in and connect the dots for you is they’ll have their own networks in their home countries. So it but it was a significant, statistically significant difference between high growth companies and slow growth companies, according to the data, that the high growth companies had these interns. So you know, it’s just being open to diversity, and open to, you know, the power of the human in connecting you to other markets that are growing, there’s some ways going to be growing at any given time. So even though there might be, you know, a Great Depression ahead, not everyone suffered. That’s when Hewlett Packard launched right in the middle of a Great Depression. That’s when Microsoft launched in the middle of a Wall Street crash and all that. So, you know, who’s growing? Where’s the growth? And who do we know that is personally connected to that market?