The Next Frontier: Key Takeaways
Thank you for joining us at The Next Frontier! In case you missed it, or if you want to rewatch any of the sessions, please see session recaps and video links below.
State of the Industry
- We’re in a “Goldilocks” moment economically. While the path to recovery will be slightly uneven among industries, we can expect growth in the next year.
- Digital behavior has permanently changed. We will need to adapt commerce and our digital strategies in order to stay ahead.
- We need to think beyond performance marketing. We need to think about diversifying media beyond the duopoly. Growth Beyond Performance Marketing
- In order to grow your brand, you need to consider the handprints you’re leaving.
Brand Strategy Pivots in The Next Frontier
- The narrative of the 4Ps of marketing (product, price, place and promotion) is shifting post-pandemic to include partnership, positioning, purpose, and personalization.
- Product is transitioning from product-specific to a range of products or bundles.
- Consumer behavior has shifted towards a greater desire for safety and individuality. Consumers are now gravitating towards locally made products or products that have a positive impact on their community.
- With most brands recognizing the greater need for diversity, it is now about authentically bringing this idea to life. Brands must stay authentic in the conversation on diversity.
2021 Amazon Consumer Trends & How to Stand Out
- Amazon has become the go to shopping destination. In today’s world, consumers are buying all products and categories on Amazon, from hearing aids to furniture.
- Amazon Prime continues to grow, with an estimated 153 million prime members by 2022.
- As more brands move to Amazon, CPCs will steadily increase. Increasing competition and costs will make it more challenging for brands to continue to scale at the same returns.
- Amazon video ads are a way for brands so stand out from the competition, while telling the brand story and keeping the messaging consistent. Performance for these ads has been above average given good creative units.
- Amazon is becoming a branding destination. It’s important to invest in building a brand, even on Amazon. Some tools to utilize include Amazon Posts, Sponsored Brand Video Ads & Amazon Influencers, and Amazon Posts.
What are NFTs and Where are the Brand Opportunities?
- NFT stands for “Non-Fungible Tokens.” The NFT market is quickly growing, with monthly sales on OpenSea at over $95 million in February 2021.
- Beeple’s “First 5000 Days,” NFT artwork sold for $69 million through Christie’s Auction House.
- The NBA “Top Shot” NFT trading cards have already seen more than $500 million in sales.
- Exclusive NFT incentives, collectibles, charity-based NFT donations, and repurposing digital assets are just a few of the ways that brands can find opportunity within the NFT market.