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Learn How Ambitious Startups Can Gain an Edge on Social Media
In an increasingly noisy world, it’s all the more difficult to be heard.
This is especially true for startups, which often face the added disadvantages of possessing fewer resources and lacking the market recognition of more established competitors.
But a tough environment isn’t stopping entrepreneurs from being entrepreneurs. Far from it: According to Forbes, more than 4.4 million new companies were started last year, with a 26.9% increase from 2019 representing the largest year-over-year jump in the past decade.
Whether your company is brand new or further along in its journey, reaching buyers and driving engagement is an essential focus, and social media offers a world of opportunity on this front.
In our next upcoming episode of Live with Marketers, Building Your Startup Brand, we’ll help you establish a framework for success and build upon it.
Laying Social Media Foundations for Startup Success
On Tuesday, May 25th, I’ll be joined by Danielle Duhon, Director of Services at Obility, and Felix Baca, Digital Marketing Manager at Weave HQ, for a focused conversation around the cornerstones of growth for ambitious young ventures.
Together we will tackle three primary challenges faced by modern startups: telling your story, understanding prospects, and (of course) acquiring customers.
Tell Your Story
"In a world where people have a lot of choices, the story may be the deciding factor,” said author and communications consultant Nick Morgan in a recent article from Inc. Magazine.
One of the most exciting parts of marketing for a startup brand is that you have a fresh slate to craft your story and tell it to the world. But as Mr. Morgan suggests, the stakes are high when it comes to getting it right in this formative stage. This is true in the eyes of not only your potential customers, but also employees and investors. “Many VCs think of themselves as investors in stories, and storytellers, every bit as much as investors in companies,” writes Adam Bluestein in the piece.
We’ll explore proven startup storytelling strategies and provide actionable tips to break through and make your story heard on social media.
Understand Your Customers
When you launch a new product or service, you probably have a picture in your mind of the exact person and situation for which it is a perfect solution. This is commonly known as an Ideal Customer Profile. However, if your ICP remains entirely vague and theoretical, it isn’t all that useful.
"Part of a successful ICP is clarity — defining who they are in a way that makes them identifiable,” says Tomasz Tunguz, Partner at Redpoint Ventures, on his website. “The often overlooked part is that they are discoverable."
LinkedIn’s wealth of professional data and extensive searching filters make it much easier to narrow down an audience that best matches your ICP. In this episode, you’ll learn how to zero in.
Acquire New Customers
At the end of the day, this is the name of the game, right? Investors increasingly want to see tangible results and revenue before they buy in. An analysis last year from Wing Venture Capital found that two-thirds of companies closing a seed financing were generating revenue, up from 9% in 2010.
With a community of more than 750 million members, carrying a ready to do business mindset, LinkedIn is an indispensable platform for finding your customers, learning about them, engaging with them, and ultimately converting them.
During this Live with Marketers broadcast, you’ll gain insight from the expertise of our guests on how to establish and expand your startup’s presence on LinkedIn, turning it into a critical cornerstone of your business growth strategy.
It’s all ahead on Tuesday, May 25th when we stream live at 1:00 PM ET/10:00 AM PT. Register here for Live with Marketers: Building Your Startup Brand.
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How Women in Marketing Are Advancing in the New World of Work
Editor’s note: This is the fourth and final post in our “The Changing Marketing Jobs Landscape" series. Read the first, second and third posts now.
It’s a question on the mind of change-makers and equality-minded business leaders across the marketing universe: Where does equity stand in the industry — gender, race and otherwise — and how can we keep pushing it forward? We combined data on gender and jobs from LinkedIn's platform with research from ANA, McKinsey and others to look into this question.
Let’s start out with some positive news: In North America, the gender split for marketing roles features strong female representation, with new data showing that 60% of professionals occupying this function are women.
Better yet, women are successfully ascending the ladder, accounting for 53% of director-level or higher positions, and 59% of manager-level positions.
Now, the bad news: racial diversity among these roles is lagging behind, and pretty significantly. While 52% of Chief Marketing Officers are women, only 13% of all CMOs have racially diverse backgrounds, a field that includes Asian, Latina and Black women.
While the percentage of women CMOs rose from 2019 to 2020 (47% to 52%), the percentage of racially diverse CMOs actually declined. Black women, in particular, are struggling to advance.
The following infographic digs a little deeper into the state of gender and racial diversity in marketing today, with an eye on identifying key opportunities.
(An important caveat before we get started: Gender identity isn’t binary and we recognize that some LinkedIn members identify beyond the traditional gender constructs of “male” and “female.” However, LinkedIn gender data is inferred on the basis of first name and pronouns, both used and implied, and currently does not account for other gender identities. As members begin to self-report gender, we will be able to share more inclusive gender data.)
Women in Marketing Are Taking Charge
Anyone who’s watched an episode of Mad Men has a concept of how problematic the gender (and racial) imbalance of power and equity in marketing was in the not-too-distant past. Through this lens, these numbers are encouraging:
- In North America, women have higher representation than men in marketing roles, 60% to 40%. This contrasts the overall professional pool, which slightly favors men at 53% to 47%.
- The contrast is even starker when you start zeroing in on leadership roles. While women hold 53% of all director-plus-level roles in marketing, this is true for just 37% of such roles in the overall cross-functional sample. For manager-level positions, the disparity is 59% to 41%.
Those organizations that empower women are seeing the benefit. According to a 2018 McKinsey report, companies in the top-quartile for gender diversity on executive teams were 21% more likely to outperform on profitability, and 27% more likely to have superior value creation.
You might ask: Which specific industries have the greatest representation of women in marketing? We might answer.
Real Estate and Wellness & Fitness Lead the Way for Female Representation
More than 70% of marketing roles in Real Estate and Fitness & Wellness are represented by women. Nonprofit, Health Care, and Education follow in line with 65% or more. In fact, all of the following industries have female representation in at least 60% of jobs:
- Real Estate (71%)
- Wellness & Fitness (70%)
- Nonprofit (68%)
- Health Care (66%)
- Education (65%)
- Retail (63%)
- Consumer Goods (62%)
- Corporate Services (62%)
- Construction (61%)
- Recreation & Travel (60%)
- Finance (60%)
If you’re a woman who is interested in joining these ranks, or you’re looking to make a move within the marketing space, you might wonder which titles have the highest volume of and greatest demand for female employees.
The Hiring Landscape for Women Marketers
In comparing 2021 to 2020, these are the 10 fastest-growing job titles for women in marketing:
- Director of Growth
- Account Strategist
- Creative Strategist
- Campaign Manager
- Search Engine Optimization Manager
- Community Manager
- Digital Director
- Social Media Coordinator
- Digital Media Specialist
- Senior Product Marketing Manager
In terms of the big picture, these job titles have the highest total number of women represented:
- Marketing Manager
- Marketing Director
- Marketing Specialist
- Marketing Coordinator
- Social Media Manager
- Marketing Consultant
- Digital Marketing Specialist
- Digital Marketing Manager
- Vice President Marketing
- Social Media Marketing Specialist
Despite strong representation and demand in these roles, women are seemingly showing hesitation to pursue opportunities. Our data shows that while men and women view job listings at a similar rate, women are 15% less likely to apply for them than males. Women are 18% less likely than men to apply to a marketing job after viewing it, and when they do, they're 8% less likely to apply for jobs of higher seniority.
For some, it’s a great time to be a woman in marketing. Don’t be afraid to take advantage. Meanwhile, when it comes to racial diversity there is a clear impetus on the business world to effect change.
Racial Equity Lags Behind
As mentioned earlier, there is much progress to be made on the ethnic and racial equity front in marketing. ANA’s annual report on diversity in marketing and advertising found that CMOs and equivalents are overwhelmingly white, to a degree that is greatly out of balance with the broader population sample: only 12% are Black, Latina or Asian.
While 13.4% of Americans identify as Black or African-American, Coqual (formerly the Center for Talent Innovation) finds that only 3.2% of senior leadership roles at large U.S. companies are held by Black people. And tying this back to the gender conversation, we find perhaps the most problematic disconnect.
Black Women Are “Severely Underrepresented” in Leadership
So concludes McKinsey in its latest Women in the Workplace study, and there is really no other conclusion to be reached. For every 100 men that advance to a managerial role, only 58 Black women do, compared to 80 white women and 72 women overall.
There is no shortage of brilliant, talented Black women marketers and creatives out there. We highlighted a handful in our recent Marketers to Watch round-up and that’s only the tip of the iceberg. After all, Black women are the most educated demographic in the country. It is incumbent on current leaders throughout the business leadership sphere — marketing and beyond — to knock down barriers and create pathways for this severely underrepresented cohort.
Keep Pushing Forward for Greater Diversity in Marketing
Viewing all this data together, it’s clear that while marketing has achieved strong gender balance overall, there are blatant inequities within this that need to be addressed.
What can you do? We recently shared some guidance around how marketing departments can build racially diverse leadership. We also recommend taking in the perspectives of inspirational women of color, leaders such as Gail Moody-Byrd, Naomi Assaraf, Zontee Hou and Luvvie Ayaji Jones. (You can click on their names to read their LinkedIn interviews, many of which touch on combating inequality and driving inclusiveness.)
Above all, recognize the problem and commit to being part of the solution. When it comes to diversity in marketing, much progress has been made, but we’ve still got work to do.
Download the full infographic to explore gender diverstiy in marketing and subscribe to the LinkedIn Marketing Blog to stay on top of trends and the state of the profession.
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‘The code is still there’: Why O2’s Fortnite gig is just the start of a brand extension
Travis Scott’s concert in Fortnite may have happened over a year ago, but it’s never been far from the mind of the music industry.
In fact, it’s a source of inspiration for the marketers of the O2 Arena. They saw the concert as a litmus test for a theory: if artists can use a platform like Fortnite to bring their worlds to life then that would grow the pie for all involved. Now, those marketers are testing this out for themselves.
They put the O2 Arena inside the Fortnite game.
For a few days last week, fans got to explore the London-based venue ahead of a virtual gig by the Island Records-signed pop band easy life.
Before the event, fans could take part in mini-games, go on rides and hang out with friends in breakout areas across the venue. Once the event started, they got to take part in what amounted to a 20-minute interactive gig where they could visit six areas inspired by a different track from the group’s debut album “Life’s a beach.” Players who completed the entire experience unlocked an exclusive track for the game.
Then the venue shut.
When it came to a one-off experience like this timing was key, said Simon Valcarcel, head of brand and consumer marcomms at O2. So the decision was made to launch it on June 24 and end it on June 27. Many of the best brand tie-ins with Fortnite are limited edition, creating an urgency among players to engage. The limited nature of these integrations also gives marketers like O2 a chance to experiment with different types of integrations, getting a better sense of what success looks like and the partners that drive the deepest adoption and traction within games.
“As music to many has become a virtual on demand experience, it’s natural to see live events migrate to this format as well,” said Greg Castronuovo, chief operating officer at global marketing services network Two Nil Holdings. “Why would we limit our experiences and how we enjoy life to a carbon based world when we can extend those experiences and that joy to a digital platform where we can manifest into whatever avatar suits us? A platform like Fortnite that has a very relevant audience at scale is a savvy way for the music industry to find innovative new opportunities to extend their products (concerts) to fans.”
Even though the focus was the concert, it was important that it didn’t try to replicate a live stream of the band, said Valcarcel. The experience could be richer and more layered because O2 built it within Fortnite, he added. “It built a world within the real world where play and fantasy come to life for the people who step through those gates, said Valcarcel. It’s this suspension of normal reality for the time spent in those places that make them so memorable. The online game worlds are similar,” said Valcarcel.
The marketing potential of activations like this cannot be underestimated. It’s harder than ever for today’s artists to reach Beyonce levels of stardom now that music has a shorter shelf life in the streaming era. Most albums come and go like stories in a news cycle. Fortnite et al are a great opportunity for brand exposure, given how music and gaming audiences converge. The virtual arena may have shut down after the gig, but unlikely for good — especially given the involvement of O2’s ad agency VCCP.
“We’ve built the venue now — the O2 Arena is in Fortnite,” said Valcarcel. “Yes, we’re switching it off but the code is still there — it’s just not publicly facing. And so the ambition will be that we switch it back on again for new experiences.” For now, any follow-up activations will all be about marketing — marketing both the O2 brand as well as artists. But in the future, all bets are off. After all, Fortnite is a platform in gaming not only getting it right for users but also monetizing effectively. Working off of a micropayments model and not an ad model, user interactions there are fluid and only need to pay to enhance their experience, closely simulating real-world scenarios.
“Look at the stats from the Travis Scott concert and the money made from the merchandise around it,” said Valcarcel. “It just shows you the future potential when the activation is authentic to the gaming experience.”
Virtual concerts aren’t new. In fact, it was first popularized by Second Life — a virtual environment not too dissimilar to Roblox that drew attention from the music industry almost two decades ago.
It’s just the idea gets more traction now among younger people that are spending more time in those environments. Scott’s concert tested how far experiences can be pushed in those environments. Over 12.3 million concurrent “Fortnite” players participated live in Scott’s “Astronomical” virtual performance.
To put those figures into context, ITV’s broadcast of the finale for the top TV show “The Masked Dancer” earlier this month drew an average audience of just under four million viewers, with a peak of closer to five million.
The post ‘The code is still there’: Why O2’s Fortnite gig is just the start of a brand extension appeared first on Digiday.
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Google may have to play nice in W3C-hosted Privacy Sandbox, thanks to U.K. antitrust authority’s role as referee
It’ll all be different now that the U.K.’s antitrust authority has come to the rescue.
At least, that’s what James Rosewell, CEO and co-founder of 51Degrees, a small ad tech fish in a Google-dominated pond, hopes will happen now that the country’s competition oversight agency is expected to play a role in the process Google has guided in developing cookieless tracking and targeting tech.
The Worldwide Web Consortium — an international web standards body also known as the W3C — is hosting the Privacy Sandbox initiative to develop methods for tracking, ad targeting and measurement to replace third-party cookie-based approaches. But Google is driving the initiative, which it developed in connection to its now-delayed plans to disable third-party cookies in its much-used Chrome browser. And ad tech providers like Rosewell feel like Google’s involvement has unfairly tipped the Privacy Sandbox process in the digital ad giant’s control.
The balance of power could shift, though. The U.K.’s Competition and Markets Authority has investigated the competitive implications of Google’s Privacy Sandbox proposals, and on June 11, the government regulator announced Google had agreed to facilitate the CMA’s participation in the initiative. The CMA’s involvement could make the Privacy Sandbox process more equitable, according to Rosewell, who also leads a small advocacy group of “just shy of 20” unnamed members called Marketers for an Open Web.
“The CMA has power over Google,” said Rosewell. On behalf of Marketers for an Open Web, he has lobbied the government agency to take a more aggressive part in overseeing the way Google is remolding the technical underpinnings of how firms like his gather and use data for advertising. “The CMA’s involvement changes the dynamic of Google’s engagement with the rest of the industry including the W3C,” Rosewell told Digiday, adding that the agency “can be there and just call foul, and give in the red card, using soccer terminology.”
‘A substantial investment’
The CMA could end its investigation of the company if it approves Google’s commitments to be more transparent, open and fair in its Privacy Sandbox efforts. For that reason, Google’s decision announced on June 24 to extend its deadline for killing off the third-party cookies was driven in part by pressure from the government agency. According to the CMA’s analysis of Google’s Privacy Sandbox, “Some market participants have claimed that Google’s engagement with stakeholders, through the W3C, has been limited and of a very technical nature, which limits the potential for participation and examination of Google’s proposals by third parties.”
Google promised the CMA it will take several actions to make sure it doesn’t force new ad techniques on the industry that benefit its business while harming others. If the CMA accepts those commitments, they will become mandatory under a court of law. One of those commitments: “Google will, at the CMA’s request, seek to facilitate the involvement of the CMA in discussions on the Privacy Sandbox in the World Wide Web Consortium or any other fora.”
The regulator is making “a substantial investment” and dedicating people, including data scientists, to oversee the Privacy Sandbox efforts going forward, said Simeon Thornton, director of the CMA, speaking at a June 17 conference on data privacy policy held by Centre for Economic Policy Research, a nonprofit group conducting research on issues affecting the European economy. “Under the commitments, the CMA will be closely involved in the development, implementation and monitoring of the [Privacy Sandbox] proposals including through the design trials for example.”
Government welcome in W3C, but some question their involvement
Still, the CMA has yet to dispatch any diplomats to the W3C group developing Privacy Sandbox tech, according to Wendy Seltzer, strategy lead and counsel at the W3C. For now, as the CMA assesses Google’s promises, it has welcomed input from interested parties on how to be involved in the W3C process.
The W3C is not a governmental body, though it has ties to governments around the world. Its primary mission is to serve as an international community of member organizations, full-time staff and “the public.” And Seltzer said, “W3C welcomes participation from government entities and agencies, as users of standards, public stakeholders in their outcome and reviewers.” However, there’s no indication that the W3C would give the CMA — a singular government agency — some sort of special influence in final decisions about Privacy Sandbox tech.
There are examples of government involvement in past W3C standards development, though. Both the U.S. Federal Trade Commission and the Europe’s independent privacy body — the Article 29 Working Party — took part in the fraught development of Do Not Track tech standards, for instance. But for now, there do not appear to be any government-affiliated members of the W3C group overseeing the Privacy Sandbox efforts, the Improving Web Advertising Business Group.
W3C does have some governments and government agencies as members representing the U.K., U.S., China and other countries. The U.K.’s government — listed as “HM Government,” as in “Her Majesty’s” — is on the list, along with several U.S. agency websites. The consortium also gets funding from government bodies including the European Commission and the U.S. Department of Health and Human Services.
But the involvement of the CMA in the W3C — which does not allow for public meetings, for instance — could be scrutinized by open-government advocates. One privacy technologist who spoke on condition of anonymity said the fact that W3C meetings exclude non-members, with only meeting minutes provided for public use afterward, is problematic. This person said that, if the CMA gets involved in the W3C’s Privacy Sandbox process as part of its Google oversight, the consortium’s process should be a public one because “taxpayers fund your salary, and you are attending meetings with corporate interests and where policy is made.”
The post Google may have to play nice in W3C-hosted Privacy Sandbox, thanks to U.K. antitrust authority’s role as referee appeared first on Digiday.
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