Many marketing tech companies are built on the faceless calculations of cookie-based tracking, targeting, and attribution. But as the general public came to understand how their data is being traded and used, their concerns sufficiently inspired regulators to come up with ordinances like GDPR and CCPA. Google’s decision to eliminate the cookie will make its own dealings with regulators easier, but it also forced a lot of companies who benefited from the ecosystem to rethink their own data practices from the ground up.
And so the demise of the cookie presents us with an opportunity – both for consumers and data-dependent organizations. What arises to replace the cookie in the coming years should lead to a more accurate, honest, and valuable digital ecosystem.
All six social platforms analyzed by StatSocial (Pinterest, Snapchat, Twitter, Facebook, Instagram, and YouTube) over-index considerably when it comes to spending on photography & camera equipment. However, YouTube users exceeded spending in this category compared to the average U.S. consumer by a leading 72%. And YouTube mostly dwarfs the other platforms analyzed by StatSocial in music spending – YouTube users spend 28% more than the U.S. average on music.
After a brief outline of social media marketing’s evolution (leading us to our current, influencer-centric times), Michael writes about the degree to which reliable attribution is absent when assessing the ROI generated from influencer marketing campaigns.
He explains that brands know that working with influencers makes an impact, but currently the evidential connective tissue that would prove definitively in what ways, and to what degrees — what he equates to the “missing link” — is elusive.
He summarizes the difficulties as such:
The problem persists that earned media and influencer marketing have yet to develop effective attribution models. When a social influencer or blogger produces content favorable to a specific brand, the monetary value of that uplift has been impossible to track with any real accuracy because it doesn’t correspond with specific sales data regarding who saw it and made a purchase. In a world of diminishing ad budgets and rising costs, success or failure can depend on very slim margins of efficiency.
The answer? Identity solutions for influencer audiences. Michael concludes:
The evidence the market is looking for will arise when visionary data scientists apply the right technology to connect the dots. Once that happens, the influencer market with its proven attribution models will continue to change and evolve, just as other marketing channels do.
In order to make the influencer attribution equation work, a model needs to account for the quality and quantity of their reach on social networks, the nature and quality of their content, and other variables that tie influence to revenue. Ever cautious of their budgets, advertisers need better tools for influencer and social attribution if it’s going to take its rightful place in the performance marketing toolkit.
The article touts the virtues of earned data (“information derived from earned media — instances in digital and social media where influencers and other consumers mention or express their support for a certain company, issue, product, cause or interest”), and the ways that harnessing the insights it provides enhances traditional survey methods.
As David writes in his intro:
Surveys will always be a staple of the marketing research toolbox. But their limited sample size often limits their usefulness and reliability for informing decisions about digital marketing campaigns. Extrapolation beyond the bounds of the questions asked becomes a real problem. They’re also static, representing a snapshot in time of expressed opinions, and cannot capture the dynamics of attitude and sentiment shifts in real-time.
Here earned media comes to the rescue, finally making it possible to augment survey findings so they’re reliable at scale and across a longer time span. And with richer insights to boot.
2019 was StatSocial’s biggest year to date, and we rang in 2020 knowing that we’d be surpassing it. A bigger, better StatSocial called for an upgrade in corporate HQ, and commanded a view from our offices sufficiently spectacular to match our outlook as we march into the new decade.
After many happy years in Manhattan’s colorful Garment District, we’ve moved our operations downtown, to the city’s Financial District. Our new address is one no less distinguished than One World Trade Center. It’s quite easy to remember, and locate.
With the move downtown has come a simultaneous and dramatic move skyward. From where we’re now sitting, on the 85th floor, one need never search long for inspiration, as it can be found in the view from every window.
Keep scrolling to get a glimpse of what we now get to see every day. We’re pretty sure we’re going to like it here.
And finally, if you’d like to see what we’re now seeing, in real time, try jumping in on the live stream below. Enjoy the majesty of our gorgeous city, as we now see it daily from our beautiful new offices.
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Our CEO, Michael Hussey, was featured on Washington Examiner for his comments related to our Top Political Journalist and Bloggers List, focusing on the difference between the conservative and liberal audiences.
Hussey told the Examiner that StatSocial categorized left and right-leaning Twitter users by examining user data, including what social media users like, what their interests are and what they follow.
The group found that left-leaning Twitter users not only outnumber conservatives, but that they are also interested in hearing only from like-minded media figures, while right-leaning users hear from both sides.