Marketing Briefing discusses the latest marketing trends and challenges. Recently, companies like Bumble and Apple faced backlash for their ad campaigns, leading to quick withdrawals. Bumble's campaign, "a vow of celibacy is not the answer," was deemed tone-deaf, while Apple's iPad ad "Crush," which depicted the iPad replacing various creative tools, was seen as a threat to creative jobs.
Marketers are becoming more conservative, avoiding issues that could trigger boycotts. For instance, Target reduced its Pride footprint following backlash from conservative groups. Marketers are also preparing for potential boycotts, aware of the financial and reputational consequences.
However, being overly cautious can result in ads that fail to stand out. Marketers are advised to avoid polarizing issues or be prepared to back their stance.
Budget constraints and the need for efficiency are other challenges. Gartner's 2024 CMO Spend Survey revealed that marketing budgets now constitute only 7.7% of a company's 2024 revenue, a decrease from 9.1% in 2023. Budgets are down 15% YoY, and 64% of CMOs feel they lack the necessary budget to execute their marketing plans.
Marketers often view consumer groups as monoliths, which can lead to backlash. Brands need to understand that audiences are diverse and require different approaches.
The briefing also includes an interview with Randi Stipes, CMO of The Weather Company, discussing the use of AI, the impact of natural disasters on brand messaging, and the challenges posed by the deprecation of the third-party cookie.
Finally, influencer marketing is projected to generate half a trillion dollars by 2027. Key data points from a Sprout Social report include: 49% of consumers make purchases due to influencer posts, 87% of Gen Z consumers are more likely to buy from brands that partner with influencers, and 64% of consumers engage with genuine and unbiased influencer reviews.
