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Women-first dating app Bumble to float at $8.2bn – live updates

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Bumble chief Whitney Wolfe Herd
Bumble chief Whitney Wolfe Herd

Credit:
Bloomberg

The founder of the dating app Bumble has become a billionaire after becoming the youngest female chief executive to take a company public in the US.

Shares in the company jumped 77pc as the opened on Wall Street on Thursday, from the $43 IPO price at which they were sold to $76. The leap values Bumble at around $14.5bn and makes chief executive Whitney Wolfe Herd’s stake in the company worth around $1.5bn.

It makes Ms Wolfe Herd one of America’s most successful female entrepreneurs and one of a handful of self-made female billionaires.

Bumble, which is known for requiring women to initiate contact between men and women on the dating app, was formed after Ms Wolfe Herd’s acrimonious departure from rival app Tinder, which she subsequently sued for sexual harassment. 

Bumble is free but lets users pay for extras such as making their profile more prominent or seeing who has liked their profile. It made a loss of $84.1m in the first nine months of 2020 on revenues of $376.6m.

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PayPal boss says digital currencies will ‘drive next wave of financial services’

PayPal chief executive Dan Schulman has become the latest to give his backing to digital currencies at the company’s investor day today. Schulman, whose company started letting people buy cryptocurrency last year, said cryptocurrency and the distributed ledger technology behind it could make payments more efficient.

There’s no question that digital currencies and the underlying technology have the potential to drive the next wave in financial services. Those technologies can help solve some of the fundamental problems of the system. The fact that there’s this huge prevalence and costs of cash that there’s a lack of access for so many parts of the population into the system, that there’s limited liquidity, there’s high friction in commerce and payments. And I think that distributed ledgers can form the new foundation of a new way to manage to move money to create new rails and new ways of thinking about how we manage how we move money to the digital era. And I think our platform is uniquely situated to help enable this vision to provide broad access, increasing utility. And very importantly, to work hand in hand with governments, regulators and central banks.

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Bumble pops in IPO

It’s not just Bitcoin that’s surging. Today, dating app Bumble is going public in New York. The IPO valued it at $8.2bn but look set to pop in early trading.

Shares are indicated to open at $70, up from the $43 a share they priced at last night.

Chief executive Whitney Wolfe Herd is the youngest woman to take a company public.

Today, @Bumble becomes a public company. This is only possible thanks to the more than 1.7 billion first moves made by brave women on our app — and the pioneering women who paved the way for us in the business world. To everyone who made today possible: Thank you. #BumbleIPO 💛🐝 pic.twitter.com/OMLNGNvECB

— Whitney Wolfe Herd (@WhitWolfeHerd) February 11, 2021

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Hackers halt online auction for stolen Cyberpunk 2077 source code 

The cybercriminal group that hacked into the servers of Polish game developer CD Projekt has called off an online auction for stolen video game files.

Hackers claimed to have stolen the valuable source code of games including the recently released Cyberpunk 2077 in a ransomware attack.

CD Projekt has said that no customer data was stolen in the breach and has committed to not negotiating with the criminals.

The hackers had planned to auction the files with a starting price of $1m but today called off the auction and claimed they had received an offer outside of the auction.

“An offer was received outside the forum that satisfied us,” the anonymous criminals wrote online.

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Robinhood boss to testify in US hearing on GameStop frenzy 

The chief executive of stock trading app Robinhood will reportedly testify in a US hearing on the GameStop frenzy which saw the video game retailer’s shares explode in popularity.

Robinhood boss Vlad Tenev will testify before the House Financial Services Committee hearing due to be held on Feb 18, Fox Business Network reported.

Other executives who may be called to testify include Reddit chief executive Steve Huffman, an unnamed Reddit user from the WallStreetBets forum which caused GameStop’s share price to rocket, and Melvin Capital founder Gabe Plotkin whose fund suffered steep losses.

(2/2) CEO Steve Huffman; @citsecurities chief Ken Griffen; and one of the popular #wallstreetsbets bloggers. Staff indicated hearing will focus on payment for order flow, short selling, $GME squeeze. But given the cast of characters, this could also be a free for all. developing

— Charles Gasparino (@CGasparino) February 11, 2021

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Reuters reports that an executive from Citadel Securities may also be called to give evidence.

Bitcoin hits record high of $48,364

The price of Bitcoin rose as much as 7.4pc on Thursday to hit an all-time high of $48,364 following statements by Mastercard and Uber executives in which they confirmed plans to explore accepting cryptocurrency payments.

“The crypto-asset world is bursting into the realms of traditional finance at a staggering pace,” said Simon Peters, an analyst at investment platform eToro.

Wall Street Bets, the popular Reddit forum at the center of the retail investor frenzy, is talking about cryptocurrencies as well. The unverified Twitter account “Wallstreetbets mod” posted a call to buy Bitcoin and marijuana stocks.

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Digital coin proponents believe that the mainstream adoption of cryptocurrency is imminent. Mike Novogratz, of cryptocurrency investment firm Galaxy Digital, called the Mastercard news “huge”. “Crypto adoption is here,” he said.

Mati Greenspan, founder of analyst firm Quantum Economics, said: “Mainstream adoption is already upon us.”

Interest in cryptocurrencies has soared after Musk as a central figure for the crypto faithful, supporting arguments among proponents that Wall Street and the mainstream are becoming more receptive to the asset class. 

Detractors maintain speculators are behind Bitcoin’s rise and the bubble will once again burst.

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India criticises Twitter for failing to remove accounts 

The Indian government has criticised Twitter for failing to comply with its requests to remove some user accounts following large protests by farmers in the country.

Twitter “must respect” Indian laws “irrespective of Twitter’s own rules and guidelines,” the Indian government has said.

“We value freedom and we value criticism because it is part of our democracy. But freedom of expression is not absolute and it is subject to reasonable restrictions” as mentioned in the constitution, India’s Ministry of Electronics and Information Technology said in a statement late Wednesday.

Not to put too fine a point on it, but I think that Twitter publicly defying India’s govt by refusing to block journalist, activist, news media, and politician accounts in the face of legal consequences is the bigger story today than Twitter re-blocking some accounts in India.

— ¯_(ツ)_/¯ (@PranavDixit) February 10, 2021

The Indian government has asked Twitter to block hundreds of accounts in the country after accusing them of inciting violence by posting hashtags about the farmer protests.

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Twitter temporarily blocked some accounts of activists and news organisations in the country but has stopped short of suspending accounts completely, as the government has requested.

Prasad: Double standards by some microblogging forums on events at Capitol Hill and at Red Fort. During Capitol Hill, you stand with the police action and in violence at Red Fort, you take a different stand

— Bharti Jain (@bhartijainTOI) February 11, 2021

The ministry in its statement said it was disappointed after Twitter “unwillingly, grudgingly and with great delay” complied with only parts of the government’s orders.

Uber to explore accepting cryptocurrency payments 

The chief executive of taxi service Uber said the company will explore accepting cryptocurrency payments in the coming months.

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Dara Khosrowshahi told CNBC on Thursday that “just like we accept all kinds of local currency, we are going to look at cryptocurrency and or Bitcoin in terms of currency to transact.”

“That’s good for business, that’s good for our riders and eaters. So that, we’ll certainly look at and if there’s a benefit there, if there’s a need there, we’ll do it. We’re just not going to do it as part of a promotion,” he continued.

“Just like we accept all kinds of local currency we are going to look at cryptocurrency and or #bitcoin in terms of currency to transact. That’s good for business, that’s good for our riders and our eaters,” says @dkhos. “We are just not going to do it as part of a promotion.” pic.twitter.com/2OSamy3yBV

— Squawk Box (@SquawkCNBC) February 11, 2021

Uber’s exploration of cryptocurrency payments follows a Mastercard announcement yesterday of its plans to add a group of cryptocurrencies to its cards and a plan announced by Tesla last week to begin accepting Bitcoin payments for its electric vehicles.

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Internet service providers meet MPs over broadband social tariffs 

Internet service providers met with MPs yesterday over calls to introduce a social tariff that would make broadband more affordable.

“We need to make it easier for companies to validate if a customer is in receipt of universal credit, so they can be eligible for a social tariff on broadband,” Labour MP Darren Jones wrote on Twitter.

Useful @datapovertyappg meeting with internet service providers yesterday. We need to make it easier for companies to validate if a customer is in receipt of universal credit, so they can be eligible for a social tariff on broadband. Next stop…the @DWP! https://t.co/3AyaYgRmWl

— Darren Jones MP (@darrenpjones) February 11, 2021

Ofcom published research last year into the affordability of broadband. It found that 19pc of UK homes struggle to afford telecommunications services including the internet.

BT has said it will extend its social tariff to people on Universal Credit this year.

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Mastercard plans to launch cryptocurrency payments this year 

Mastercard will allow its customers to make payments using cryptocurrencies later this year, the company has announced.

It will offer “select” cryptocurrencies as payment options to its cardholders by the end of 2021.

Mastercard is also “actively engaging” with central banks on their own plans for digital currencies, the company announced.

Mastercard has already partnered with some of the biggest cryptocurrency firms, including Wirex and BitPay, but the company has historically required digital currencies to be converted into fiat currencies before processing payments for transactions on its network.

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“This is a big change that will require a lot of work. We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protections and compliance,” Raj Dhamodharan, the company’s blockchain head wrote.

“Our change to supporting digital assets directly will allow many more merchants to accept crypto — an ability that’s currently limited by proprietary methods unique to each digital asset,” he continued. “This change will also cut out inefficiencies, letting both consumers and merchants avoid having to convert back and forth between crypto and traditional to make purchases.”

Rival Visa has said if a digital currency becomes a recognised means of exchange, there would be no reason why the firm wouldn’t add it to its network, which already supports 160 currencies.

Mastercard’s announcement comes after Tesla announced that it would begin accepting Bitcoin as a payment option for its electric cars. It has also purchased $1.5bn of the digital currency, it said in a filing with the US government.

Online job listings also show that Amazon is working on its own digital currency project. It’s hiring employees for a new service that will allow customers to “convert their cash into digital currency”.

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Adyen, the Dutch payments provider, has ruled out following the cryptocurrency payments trend. 

“Bitcoin is more of an investment asset than a payment method,” chief executive Pieter van der Does told CNBC. “We are interested in payment methods which are being used. I am wondering if the huge movement in the value of bitcoin is helping it as a payment method.”

Adyen has no plans for Bitcoin payments 

The chief executive of Dutch payment company Adyen has said he has no plans to introduce Bitcoin as a payment option.

Pieter van der Does told CNBC that merchants aren’t asking Adyen for the option to add Bitcoin payments. 

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“Bitcoin is more of an investment asset than a payment method,” he said. “We are interested in payment methods which are being used. I am wondering if the huge movement in the value of bitcoin is helping it as a payment method.”

Adyen might not be considering Bitcoin payments, but other companies are.

Mastercard announced yesterday that it will begin supporting cryptocurrency payments this year. And Tesla will also accept Bitcoin payments after the company spent $1.5bn on the digital currency.

Amazon-backed electric van maker hunts for UK factory location 

An Amazon-backed maker of electric vehicles is on the hunt for locations in the UK to build a new factory, Michael Cogley reports.

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Rivian, which produces electric pick-up trucks and SUVs, is also looking at locations in Germany and Hungry, Bloomberg said on Thursday, citing unnamed sources.

The chosen site will first manufacture a delivery van for Amazon before moving on to producing Rivian models for consumers. The US firm is also looking at sites for the factory beyond Europe.

Rivian has hired commercial real estate company JLL to lead the search with the carmaker hoping to begin production as soon as next year.

TikTok strikes deal to sponsor Euro 2020 football tournament 

Viral video app TikTok has struck a deal to sponsor the Euro 2020 football tournament.

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The deal will see the tournament, which is due to take place later this year, start its own TikTok profile to share clips from matches.

Sponsoring the tournament will help TikTok to gain an audience among football fans, especially if exclusive behind the scenes clips are posted on the app.

“Football content has had a meteoric rise on TikTok, with over 70bn views on the #football hashtag,” TikTok said in a blog post announcing the deal that was published this morning.

Monzo gets a new US chief executive 

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Monzo chief executive TS Anil

Credit:
Monzo

Monzo has hired a new chief executive to run its operations in the US as the challenger bank hopes to pick up millions more customers.

Carol Nelson has filled the role vacated by TS Anil who became Monzo’s global chief executive last year following founder Tom Blomfield’s move to president, TechCrunch reports.

Mr Blomfield has since left the business entirely and Mr Anil is presiding over a new round of funding for the start-up.

Ms Nelson has already been a strategic advisor to Monzo and was previously the head of Cascade Bank and a senior vice president at Bank of America.

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Bumble’s British origins 

Bumble founder Andrey Andreev

Credit:
Geoff Pugh

Ahead of its float in New York later today which will value it at $8.2bn (£5.9bn), it’s a good time to explore the British origins of dating app empire Bumble.

It started life in London as Badoo, a dating app founded by Russian entrepreneur Andrey Andreev.

Andreev worked with current Bumble chief executive Whitney Wolfe to build Bumble before handing over control to Ms Wolfe after he sold the business to Blackstone for $3bn in 2020.

Hours before the deal closed, the Telegraph sat down with Mr Andreev to talk through Badoo’s work culture and his decision to sell up.

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Facebook building product to compete with Clubhouse

Facebook is in the early stages of building an audio chat service to compete with the latest social media sensation, Clubhouse

Executives at the social media giant have ordered staff to create a similar product, according to a report by the New York Times. 

Clubhouse, which only launched in March 2020, is an invite-only audio social network. The app was rocketed into the mainstream this week by the “Elon effect”, when Tesla CEO Elon Musk hosted a chat on the app with Robinhood boss Vlad Tenev. 

The report cements Facebook’s reputation as a company willing to clone the competition. 

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In 2016, Facebook-owned Instagram copied rival Snapchat’s “stories” function and last year, Instagram also introduced a feature similar to TikTok called Reels. As Zoom took off in popularity, Facebook introduced Messenger Rooms in April and the company is reportedly working on a newsletter tool, similar to Substack. 

A Facebook spokesperson said: “We’ve been connecting people through audio and video technologies for many years and are always exploring new ways to improve that experience for people.” 

I am now getting my current events from @joinClubhouse 😂

In a room with Amazon leadership about Jeff Bezos stepping down.

Like what is this app. 🤯

— Sarah Hoger (@sarahjdarling) February 2, 2021

Even in its early days, Clubhouse was a magnet for celebrities and Silicon Valley’s elite. Users included musician Will I Am, actor Ashton Kutcher and pop music mogul Scooter Braun.

It also became an unlikely home for users from China who wanted to discuss the politics, without the oversight of state censors. 

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Before China banned the app earlier this week, thousands men and women from the country’s persecuted Uighur minority group, as well as ethnic Han people inside China and overseas used the app to talk about surveillance and leaving government camps.

Clubhouse is the invention of founders Rohan Seth and Paul Davison, who described the app as their “last try” after a series of failed social network start-ups. 

“Unlike our other attempts, Clubhouse seemed to strike a real chord with people, and it has accelerated quickly over the past ten months—from a small handful of beta testers into a diverse and growing network of communities,” the pair wrote in a blog post last month. 

According to the company, two million people used the app during one week in January.

I just popped into a women in business @joinClubhouse room on “presenting for impact” where women receive feedback on elevator pitches from a presentation coach and a sports reporter. I’ve learned so much and I’ve only been listening for five minutes. This platform is terrific

— Tracie Sponenberg (@traciespon) January 12, 2021

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MasterCard to support cryptocurrencies

Credit card giant Mastercard said yesterday it was planning to support some cryptocurrencies on its network later this year. 

The announcement arrives in the midst of a good week for cryptocurrencies. On Monday Tesla disclosed a $1.5bn investment in Bitcoin with Twitter suggesting it might follow the electric car company’s lead.

Payment companies Paypal and Square have already backed cryptocurrencies. 

Already this week in institutional crypto adoption:

– Tesla buys $1.5 billion of Bitcoin and will accept Bitcoin payments

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– Mastercard to allow merchants to accept cryptocurrency payments

– Amazon to create digital currency for Prime members in Mexico

It’s only Wednesday. 📈

— Ryan Watkins (@RyanWatkins_) February 11, 2021

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GameStop Reddit trader summoned by US regulator 

Regulators in Massachusetts have supoenaed the star investor from the GameStop drama, Keith Gill, better known as YouTuber Roaring Kitty or by his Reddit name DeepF*ckingValue. 

Gill posted about GameStop online for over a year before an army of Reddit traders launched the stock to $483 a share. 

The 34-year-old, who is a registered broker, used to work for insurance company MassMutual but gave his noticed on January 21. 

MassMutual told security regulators the company was unaware of Gill’s online activities otherwise they would have asked him to stop or potentially fired him. 

Gill will testify before the Massachusetts Securities division on February 26, according to the subpoena. 

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Microsoft approached Pinterest about potential deal

Pinterest co-founder & CEO Ben Silbermann, left, and fellow co-founder and chief product officer Evan Sharp outside the New York Stock Exchange in April 2019, before the company’s IPO

Credit:
Richard Drew/AP

Microsoft recently approached social media network Pinterest about a possible deal.

Pinterest is worth $51bn and the deal would have been Microsoft’s biggest ever, however talks are no longer active, according to a Financial Times report. 

If the deal had gone ahead, Pinterest would have been Microsoft’s second social media purchase in recent years. In 2016, the company bought professional networking site LinkedIn for $26bn.

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Bumble valued at $8.2bn

A journalist holds his phone showing the dating Application Bumble in 2020 

Credit:
ERIC BARADAT/AFP

The online dating company Bumble is expected to be valued at $8.2 billion when it floats on the Nasdaq later today. 

On Wednesday, the company exceeded expectations, selling 50 million shares for $43 each. It had planned to sell 45 million shares for $37-$39 each. 

The Bumble app was founded by 31-year-old CEO Whitney Wolfe Herd, who also co-founded Tinder. She will become the youngest female CEO to take a large US company public.

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The company sells itself on female empowerment and the dating app works by only letting women make the first move.

Bumble also owns the dating app Badoo, which is popular among Europeans.   

Five things to start your day  

1) How virtual reality is transforming what it means to work from home Town halls, weekly meetings, and international conferences are increasingly being pushed into virtual worlds

2) Businessman plagued by adverts declaring his death takes Facebook to court Irish business personality Gavin Duffy says he has been subject to a years-long campaign by criminals using his image for cryptocurrency fraud

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3) Opinion: Kneejerk rules risk burning UK’s start-up ambitions Miles of red tape will fail to attract the likes of Silicon Valley firms seeking an innovative new home, says Robin Pagnamenta

4) Wave of Silicon Valley money could flow into Bitcoin as Twitter mulls investment Finance chief Ned Segal said the firm is watching Tesla’s $1.5bn Bitcoin investment closely and has long considered buying in

5) Opinion: Facebook must stand shoulder to shoulder with us when tackling child abuse The platform’s new business model could seriously impact action against child sex offenders, writes National Crime Agency director-general Dame Lynne Owens

Read More

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Social Media Marketing Trends To Watch In 2022

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social-media-marketing-trends-to-watch-in-2022-–-alist-daily

Marketers aren’t clairvoyant but they can keep a finger on the pulse of trends. To help brands stay ahead of the competition, HubSpot Blog surveyed more than 1,000 global marketers from B2B and B2C brands and a handful of industry experts to create a 2022 marketing trends guide, covering privacy and AI to social media and SEO. Ahead we break down HubSpot’s findings on social media marketing trends.

As HubSpot notes, 79 percent of Americans have some type of social media account while there are 3.7 billion social media users worldwide, making it a regular part of people’s lives and a critical tool in enhancing any marketing strategy.

Live Content Will Be A Leading Social Media Format

Among the social media marketers HubSpot polled, 68 percent reported that audio chat rooms such as Clubhouse are the most effective social media content while 59 percent report the same for live video.

Ninety-six percent of those investing in live audio content intend on spending the same amount or more on it through 2022. Live video, on the other hand, is reported by 9 percent of respondents as driving the largest return on investment (ROI) of all social media formats. These formats enable brands to connect directly with audiences in a meet-them-where-they-are context while discussions range from current issues and events to the brand’s stance on those issues to the products and services themselves. 

The authenticity and dynamic nature of this format can’t be matched as heart-to-heart conversations may be interspersed with expert opinions, Q&A-style discussions, how-tos and entertainment.

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TikTok Will Continue To Gain Brand Interest

TikTok began to go viral roughly three years ago, sparking a new medium through which brands can connect with audiences without sounding sales-y. The social media app now boasts 1 billion global users and caters to a vast array of audiences. Having recently launched a number of advertising and marketing features for businesses and creators, TikTok has positioned itself front-and-center in the race to secure the highest quality content, the highest number of users and creators and brands that will continue engaging with it for marketing purposes.

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Sixty-seven percent of marketers intend on increasing their TikTok investment in 2022 and 10 percent of marketers who employ some sort of social media into their overall marketing strategy intend on investing the most in TikTok throughout 2022.

Most Marketers Will Concentrate On Three To Five Social Media Platforms

Of those social media marketers polled, 64 percent use three to five platforms, 11 percent use one or two, and 7 percent use seven or more. Managing three to five platforms allows brands to expand their reach to a variety of audiences while allowing for their marketers to engage with each one without exhausting their bandwidth or producing low-quality content.

In order for a brand to determine how many platforms to be on, i.e., how able a social media marketing team will be at building an effective and engaging strategy, HubSpot suggests answering the following:

  • How many social media marketers are on your team?
  • Which social media platforms have audiences that best align with your brand’s targets?
  • How much time will it take to master a strategy on each of the platforms?
  • Which platforms, if any, will not benefit the overall marketing strategy right now?
  • Which platform’s content, if any, can be easily repurposed? (such as TikTok and YouTube Shorts)

Influencer Marketing Will Evolve From Trend To Common Marketing Tactic

When HubSpot asked global marketing professionals which trends they planned to invest in for 2022, 34 percent said influencer marketing, ranking it first and above other trends like mobile web design and short-form video marketing.

While 57 percent of respondents that currently leverage influencer marketing say influencer marketing is effective, 46 percent of them plan to increase their investments in 2022. Additionally, 11 percent say influencer marketing is the top ROI-generating trend they’ve tested.

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More than 56 percent of marketers who invest in influencer marketing work with micro-influencers, according to HubSpot.

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Video Marketers Will Keep Content Short

HubSpot found that short-form content is the second most effective trend marketers are currently utilizing. Short-form content requires less bandwidth and aligns well with the fast-paced attention spans of online audiences in a variety of demographics

More than 31 percent of global marketers currently invest in short-form video content, 46 percent of them consider the strategy effective when it comes to performance and engagement. In addition, next year 89 percent of global marketers plan to continue investing in it or increase their investment.

Permanent Social Media Posts Could Overtake Ephemeral Content

Brands have observed that permanent social media content—namely standard posts, videos and live events that live on a platform’s feed and can be viewed again days later—might be more effective than ephemeral content such as Instagram Stories and Snapchat.

HubSpot’s survey results show that 44 percent of global marketers plan to increase their investment in permanent social media content, while 8 percent say it generates the most ROI compared to other marketing strategies they leverage. Meanwhile, 25 percent of respondents cited ephemeral content as the “least effective” trend they invested in.

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Lastly, 37 percent of marketers said they plan to decrease their investment in ephemeral content.

However, HubSpot cautions against writing off ephemeral content completely as it can still provide other brand awareness benefits and unique content experiences.

According to Kelly Hendrickson, a social media marketing manager at HubSpot, Instagram Stories’ fleeting design and fun editing options give brands a new strategy for producing content that varies from their other social media content.

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“Instagram can organically serve up a wall post across a wide span of time, so there’s less of an opportunity for brands to be timely (who wants to see New Year’s post when they’ve already given up on their resolutions?!). Since Instagram users are more active on weekdays, during the standard workday, it seems users are looking for a break,” Hendrickson said.

Hendrickson urges marketers to remember that the combination of a running clock and a lively audience presents a big opportunity for brands to lean into quick, in-the-moment content that showcases the light-hearted side of their brand, adding that succinctness and clarity are key in content.

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Getting the Most Out of Shopify

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Getting the Most Out of Shopify

The growth of your online business in Shopify significantly depends on how well you use the e-commerce platform. Unfortunately, it’s not as easy as it sounds. There’s a lot of competition in the e-commerce industry itself, and it requires patience, intentionality and transformational skills to move to the top right in the categories where you compete. Many marketers who use Shopify for eCommerce encounter strategic and tactical issues using the platform. At TopRight, we’ve studied the most common issues facing marketing executives and we provide tips and techniques to help you get the most out of Shopify. Here are a few of the most common marketing challenges you could encounter while using Shopify:

  • Mediocre sales conversion
  • Insufficient traffic to your site
  • Difficulty interpreting Shopify analytics
  • Unrealistic predictions of sales and traffic
  • Misalignment of inventory management
  • Failure to target and identify customers

Importance of a Clear Marketing Strategy

Your marketing strategy acts as a playbook for your business and how you make investments in you Shopify store. It helps keep your business pointed in the right direction and allows you to make informed decisions. Without a strategic marketing playbook, it’s easy to get lost and encounter obstructions. A stragegic playbook can help guide you to responding to challenges and navigating barriers you may encounter with your Shopify store. Specifically, it can help you:

  • Estimate sales potential
  • Promote your goods and services better
  • Attract new customers
  • Maintain good connection with existing customers

Tips on How to Get the Most Out of Shopify

Of course, understanding the analytics on your store isn’t sufficient to assure success. You need to turn data into insight and devise strategies to drive traffic and conversions. Here are a few tips to guide you through the development of a winning marketing strategy to get the most out of Shopify.

1. Invest in Your Own Shopify App

Most successful Shopify merchants have optimized their app to tell their brand story. A Shopify app is a powerful way to give customers a reason to care about your store and the products you offer. Your brand story also helps you build connections and engage with other prospects on other ecommerce platforms and social media sites. Making this simple investment enables you to connect, reach and engage more potential customers.

If building your own app is an obstacle, you can use tools like Pocketfied – an easy app builder that lets you conveniently manage your store. You can have your own published app within a day, even if you don’t have any design and coding skills.

2. Use Shopify Resources

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Shopify offers resources to help you become a more effective marketer and entrepreneur. It provides guides, podcasts, and even an eCommerce University to learn new skills. Use these resources to learn more about the Shopify platform and get ideas on how to work on the platform more effectively and efficiently.

3. Promote Your Store on Social Media

Social media networks like Facebook, Pinterest and Twitter represent significant opportunities for you to boost brand awareness and drive traffic to your store. However, social media marketing is highly saturated – it take a lot to stand out from the crowd. Many Shopify merchants use social media to showcase their goods and services. You need to develop a good and structured approach to get an edge and drive results.

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  • Make a business page or account on all relevant social platforms.
  • Follow accounts and market to users within your target audience.
  • Integrate your shop in your accounts so shoppers can easily buy without leaving the social platform
  • Post meaningful content regularly including: videos that showcase your products; special pricing promotions; new product launches; and private/ exclusive store events

4. Leverage Email Marketing

Email remains one of the best ways to connect and engage with customers. When properly used (not abused), emails can serve as the backbone of your customer conversion strategy customer conversion strategy. Here are a few tips on how to use it appropriately:

  • Be creative with your emails so you can easily attract interest and give people a reason to care
  • Send out cart abandonment details to remind customers about incomplete or unfinished transactions.
  • Be professional and respectful – don’t send too many promotional emails. Thoughtless interruptions drive customers away.

5. Create a Website and Start Blogging

Write compelling content that will attract and encourage readers to go to your store and check out your products. Don’t just focus on your products and services. Make content about related topics and issues where you can smartly and smoothly promote your products. Think about topics that would be of interest and value to your audience. Content can be a gift if it is positioned properly with your customers.

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Research what your customers care about, what they want or what unmet needs they may have. Again, don’t overload your blog with sales messages and stories about your business. Instead, focus on the relevance of your products to your customers’ lifestyles. What can you do to make them the hero of your brand story?

6. Invest in Paid Advertisements and Affiliations

Depending on your budget, be sure to set aside some money for paid advertisements. Online advertisements, clickable or not, will drive traffic to your store and boost your store’s visibility. These are usually posted on online platforms like social media sites like Facebook, Instagram, Pinterest, etc. Additionally, you can use Google Ads to get your store to appear on the top page of search results.

You can also develop affiliations with other Shopify stores and businesses so they’ll help promote your store and products. For a small percentage of a transaction, an affiliate marketer with help will drive traffic and potential customers to your store. However, remember that you’ll be sharing your revenues or paying them for their cooperation!

The Takeaway

Story, Strategy and Systems alignment can be a heavy lift when you launch a Shopify store. There are many pitfalls and issues you may encounter. But if you focus on telling a simple story, formulating a clear strategy, and leveraging Shopify best practices, you can navigate these challenges and successfully give your customers a reason to care, listen, engage and buy from your store.

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The growth of your online business in Shopify significantly depends on how well you use the e-commerce platform. Unfortunately, it’s not as easy as it sounds. There’s a lot of competition in the e-commerce industry itself, and it requires patience, intentionality and transformational skills to move to the top right in the categories where you compete. Many marketers who use Shopify for eCommerce encounter strategic and tactical issues using the platform. At TopRight, we’ve studied the most common issues facing marketing executives and we provide tips and techniques to help you get the most out of Shopify. Here are a few of the most common marketing challenges you could encounter while using Shopify:

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  • Mediocre sales conversion
  • Insufficient traffic to your site
  • Difficulty interpreting Shopify analytics
  • Unrealistic predictions of sales and traffic
  • Misalignment of inventory management
  • Failure to target and identify customers

Importance of a Clear Marketing Strategy

Your marketing strategy acts as a playbook for your business and how you make investments in you Shopify store. It helps keep your business pointed in the right direction and allows you to make informed decisions. Without a strategic marketing playbook, it’s easy to get lost and encounter obstructions. A stragegic playbook can help guide you to responding to challenges and navigating barriers you may encounter with your Shopify store. Specifically, it can help you:

  • Estimate sales potential
  • Promote your goods and services better
  • Attract new customers
  • Maintain good connection with existing customers

Tips on How to Get the Most Out of Shopify

Of course, understanding the analytics on your store isn’t sufficient to assure success. You need to turn data into insight and devise strategies to drive traffic and conversions. Here are a few tips to guide you through the development of a winning marketing strategy to get the most out of Shopify.

1. Invest in Your Own Shopify App

Most successful Shopify merchants have optimized their app to tell their brand story. A Shopify app is a powerful way to give customers a reason to care about your store and the products you offer. Your brand story also helps you build connections and engage with other prospects on other ecommerce platforms and social media sites. Making this simple investment enables you to connect, reach and engage more potential customers.

If building your own app is an obstacle, you can use tools like Pocketfied – an easy app builder that lets you conveniently manage your store. You can have your own published app within a day, even if you don’t have any design and coding skills.

2. Use Shopify Resources

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Shopify offers resources to help you become a more effective marketer and entrepreneur. It provides guides, podcasts, and even an eCommerce University to learn new skills. Use these resources to learn more about the Shopify platform and get ideas on how to work on the platform more effectively and efficiently.

3. Promote Your Store on Social Media

Social media networks like Facebook, Pinterest and Twitter represent significant opportunities for you to boost brand awareness and drive traffic to your store. However, social media marketing is highly saturated – it take a lot to stand out from the crowd. Many Shopify merchants use social media to showcase their goods and services. You need to develop a good and structured approach to get an edge and drive results.

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  • Make a business page or account on all relevant social platforms.
  • Follow accounts and market to users within your target audience.
  • Integrate your shop in your accounts so shoppers can easily buy without leaving the social platform
  • Post meaningful content regularly including: videos that showcase your products; special pricing promotions; new product launches; and private/ exclusive store events

4. Leverage Email Marketing

Email remains one of the best ways to connect and engage with customers. When properly used (not abused), emails can serve as the backbone of your customer conversion strategy customer conversion strategy. Here are a few tips on how to use it appropriately:

  • Be creative with your emails so you can easily attract interest and give people a reason to care
  • Send out cart abandonment details to remind customers about incomplete or unfinished transactions.
  • Be professional and respectful – don’t send too many promotional emails. Thoughtless interruptions drive customers away.

5. Create a Website and Start Blogging

Write compelling content that will attract and encourage readers to go to your store and check out your products. Don’t just focus on your products and services. Make content about related topics and issues where you can smartly and smoothly promote your products. Think about topics that would be of interest and value to your audience. Content can be a gift if it is positioned properly with your customers.

Advertisement
free widgets for website

Research what your customers care about, what they want or what unmet needs they may have. Again, don’t overload your blog with sales messages and stories about your business. Instead, focus on the relevance of your products to your customers’ lifestyles. What can you do to make them the hero of your brand story?

6. Invest in Paid Advertisements and Affiliations

Depending on your budget, be sure to set aside some money for paid advertisements. Online advertisements, clickable or not, will drive traffic to your store and boost your store’s visibility. These are usually posted on online platforms like social media sites like Facebook, Instagram, Pinterest, etc. Additionally, you can use Google Ads to get your store to appear on the top page of search results.

You can also develop affiliations with other Shopify stores and businesses so they’ll help promote your store and products. For a small percentage of a transaction, an affiliate marketer with help will drive traffic and potential customers to your store. However, remember that you’ll be sharing your revenues or paying them for their cooperation!

The Takeaway

Story, Strategy and Systems alignment can be a heavy lift when you launch a Shopify store. There are many pitfalls and issues you may encounter. But if you focus on telling a simple story, formulating a clear strategy, and leveraging Shopify best practices, you can navigate these challenges and successfully give your customers a reason to care, listen, engage and buy from your store.

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Ifeoma Ozoma: US tech whistleblower helping others speak out

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Being a whistleblower comes down to careful preparation but also an eye trained for dirty tricks, said Ifeoma Ozoma, an ex-employee of several Silicon Valley giants turned revealer of tech world wrongdoing.

“I planned it like a program or product launch. Obviously the experience is something very personal, but I approached it like work,” she told AFP.

While Facebook whistleblower Frances Haugen has become a figurehead for the fight against social media’s faults, there are others in the tech world, like Ozoma, who have also taken big risks to stand up.

An African-American, former policymaker relations specialist for Google, Pinterest and Facebook, she continues to work for ethics in tech, but from the outside, via her consulting firm Earthseed.

She has marked a first big success via the recent adoption in California of a law she co-sponsored, called “Silenced No More.”

Starting in January, this law will prohibit employers from using confidentiality clauses to prevent victims of harassment or discrimination in the workplace from speaking out.

In mid-October, she posted online a guide for whistleblowers.

“The difference with tech companies and other industries is on the power that they wield, but also they pretend they’re better for workers, consumers, society than more traditional industries,” she told AFP. “That’s just not borne out in reality.”

– Keep the emails –

A Yale University graduate in political science, the 29-year-old was born in Alaska to Nigerian immigrants.

She left Pinterest at the end of May 2020, with six months of salary, after months of making complaints internally and also to the state of California, accusing the social network of discrimination and racist retaliation.

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She said the company paid her less than if she had been a man, but she also complained about their lack of action after a colleague posted her personal details online to expose her to anonymous harassment.

In mid-June 2020, as the Black Lives Matter anti-racism movements were in full swing in the United States, her damning account on Twitter of her experience sparked a scandal for the company that had largely avoided controversy.

“Pinterest, told a number of reporters that the CEO had no knowledge of me being doxxed… and I was essentially making up a story about him being aware,” Ozoma said.

“I knew that it was something that would probably come up later. And so I had the emails,” she added.

The accused firms try to discredit whistleblowers by many means, said Libby Liu, the director of Whistleblower Aid which is working with Haugen.

“They will throw up against the wall every discrediting thing they can think of, through like every media organization on the face of the Earth,” she added.

– Losing their health insurance –

The whistleblowers that come forward often have a lot to lose.

“Just one example here in the United States — because our health care is tied to our employment — when you decide to whistle blow, you’re also making a decision for yourself and for your family to lose access to your health insurance,” Ozoma said.

“That is not a small thing to ask of people,” she added.

Whistleblower leaks and damning media reports have tarnished Big Tech’s image, but they have had limited tangible consequences for Silicon Valley.

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In fact, Haugen’s oft-repeated accusation that Facebook puts profits over safety is not entirely new.

“There are countless nonprofit organizations and reporters, who reported on the exact same thing for years,” said Ozoma. “It remains to be seen whether anything fruitful will come of it.”

But from anti-sexism protests at Google in 2018 to warnings from former top Facebook officials, the pressure for change is steady.

After Ozoma spoke out at Pinterest, other female workers did too.

The company paid $22 million in December 2020 to Francoise Brougher, its white, former COO to settle a gender discrimination lawsuit.

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