Welcome to the Summarin - your weekly dose of commentary and summaries of the most interesting topics from the world of culture, media and commerce. If you are new around here and like what you read, hit the subscribe button below.
On today’s edition (29.5.22):
Experimenting with new tech
Meet the digital designers
Long-term strategy and community
Read and listen:
Change and Experimentation
Technology is a driver of change and this is particularly evident in the field of marketing. Today’s marketing executives have to be knowledgeable not just in storytelling, media and communication techniques, but also in technology. We have to be just as much technologists as we are marketers.
Which means that a significant chunk of our time should be dedicated to observing and trying to understand how technology evolves and is reshaping consumer behavior. In some cases, these experiments make a lot of sense and fit naturally within the already well-oiled marketing machine. Yet, in others, it will seem completely unnecessary, disconnected, scary. It will be hard to convince higher ups and legal teams to jump on board. Justifying an investment in such experiments can also be a huge challenge.
But in order to stay relevant and at the forefront of the work one does, marketing technologists should actively pursue some of these wild ideas. The value which can be unlocked from such an approach can have the potential to turn things around for a struggling brand or to further strengthen the advantage of an incumbent.
Look around and you will notice there are quite a few stories that can serve as an inspiration. Such examples can help push you to think in a similar direction and to start tinkering. In fact, the sole purpose of this newsletter is this - to shed light on the fringes where experimentation happens so that you can go out on your own and try something new.
On that note, for today’s edition I wanted to share a few examples from this week (all short and sweet) which can serve as inspiration to look around and start tinkering.
And now, let’s resume with out regular programming.
The digital designers making millions from in-game fashion (Vogue Business)
“As fashion interest surges across games, digital fashion houses are primed for growth on the back of the unique looks they are creating for people’s avatars.”
Meet the designers who are turning the digital fashion world on its head. These creators are raking in millions in revenue per year thanks to the rising popularity of games such as Roblox and Fortnite. Established brands, turning their attention to these virtual worlds are collaborating with digital fashion houses and designers in a bid to enter the metaverse. Whether through NFTs or in-game wearables, mass markets brands are seeing an opportunity in low value, high volume digital fashion. However, there are still logistical and cultural challenges in this world of collaborations between digital creators and brands that need to be overcome. Read story
For the next generation of DTC companies, community is key (Marketing Brew)
“Community-based marketing is about building loyalty with customers instead of targeting random people with ads they may never engage with.”
Community is one of those words that is in vogue these days. Operators of both mass market and small direct to consumer brands have had to grasp the basics of community building and get familiar with the tools and approaches to help them foster a relationship with an existing and prospective community base. In a world where the costs of digital advertising are increasing, attribution is hard to pinpoint and people get bored and sensitive with ad formats, marketers have to look in another direction to tell their stories. Community-based marketing on platforms such as TikTok, with content that is authentic and based on behind the scenes stories, has the potential to engage customers and inspire a feeling of co-creating the brand together with the target audience. Read story
Making the metaverse: What it is, how it will be built, and why it matters (Nick Clegg)
“Why the metaverse is a compelling new evolution of the internet; some of the potential benefits it creates for education, healthcare and economic opportunity; the importance of building it in a way that ensures it is open and interoperable”
An essay from Nick Clegg, President, Global Affairs at Meta and the Former Deputy Prime Minister of the United Kingdom, which outlines his thoughts on the metaverse - the opportunities, challenges and governance surrounding the future experiences that will emerge from this new medium. As much as it is a PR piece, this essay raises good points about what value can be unlocked but also sets the stage for a discussion on how we can ensure an open and inclusive environment sits at the foundation of the metaverse. Read story
Tweets
That’s all for this week.
Embrace change, tinker,
Marin