Social Media Revolution with Best Selling Author and Marketer- Mitch Joel

Summary

In this engaging conversation, Mitchell discusses the evolution of digital marketing, emphasizing the importance of owning relationships with customers rather than relying solely on social media platforms. He critiques the use of blind retargeting, advocating for more engaging, content-driven advertising. Mitchell highlights the resurgence of email marketing as a powerful tool for personalized communication and stresses the value of platforms like YouTube for storytelling. The discussion touches on the changing landscape of brand-building and the need for marketers to adapt to the dynamic digital world, ultimately focusing on creating meaningful connections with audiences.

Takeaways

• 😀 The traditional model of digital marketing is shifting, especially in social media, where brands need to be more agile and move between platforms like TikTok, Instagram, and YouTube.
• 😀 Retargeting in digital marketing is often done blindly, leading to wasted impressions and frustration for users who are already customers or have no interest in the product.
• 😀 The effectiveness of retargeting can be greatly improved by offering valuable content, as seen with Scott Devine's approach to teaching bass lessons through engaging content rather than just sales-driven ads.
• 😀 People don't dislike ads themselves, they dislike irrelevant and poorly executed ads. Well-targeted, engaging ads can actually be welcomed by the audience.
• 😀 Many of the biggest YouTubers and streamers are diversifying their content to build a more direct and reliable connection with their audience, reducing reliance on platforms that might change or de-platform them.
• 😀 Email marketing, often considered dead, is making a strong comeback as brands realize the power of intimate, personalized communication with subscribers through newsletters.
• 😀 YouTube continues to be a powerful platform for storytelling, allowing creators to develop hyper-niche content that deeply resonates with their audience.
• 😀 The technology for digital marketing has evolved rapidly, enabling creators to produce higher-quality content that can captivate audiences on platforms like YouTube and Instagram.
• 😀 Building a direct, owned community is essential for long-term brand success, rather than relying solely on rented spaces like social media platforms, which are subject to change at any time.
• 😀 Successful marketing today is about cultivating relationships with an audience over time, focusing on engagement and value rather than immediate sales or superficial interactions.

Q & A

What is the main critique of the 'Trump model' in real estate as discussed in the script?

The main critique of the 'Trump model' is that it is based on renting properties instead of owning them. The speaker contrasts this with the idea that in the digital world, owning assets—such as a strong, direct relationship with your audience—is more valuable than renting platforms like social media.

How do social media platforms like TikTok and Instagram influence brand strategies?

Brands today may rely on platforms like TikTok and Instagram for marketing, but the speaker highlights the potential risk of being too dependent on them. The ability to switch platforms if one doesn't work well is part of the challenge in building long-term brand equity.

Why is it important for brands to focus on owning their audience and not just relying on rented platforms?

Owning the audience is crucial for long-term success because platforms can change their algorithms, policies, or even shut down. Building a direct relationship with the audience allows for better communication and transaction opportunities in the long run.

What is 'retargeting' in digital marketing, and what problem does it pose?

Retargeting is a marketing technique where ads are shown to users based on their previous interactions with a website or product. The problem discussed in the script is that blindly retargeting users with ads for products they’ve already purchased or showed interest in can create frustration and wasted advertising spend.

How does Scott Devine use retargeting differently than others?

Scott Devine uses retargeting in a unique way by providing valuable content rather than ads. His approach involves offering engaging and relevant videos, like bass lessons or musician interviews, rather than pushing sales, which helps build stronger, more meaningful connections with his audience.

What is the impact of poorly executed retargeting on the consumer experience?

Poorly executed retargeting, where ads are irrelevant or repetitive, can degrade the user experience by creating annoyance and making the consumer feel that the brand does not understand their needs. This can lead to negative perceptions of the brand.

Why do people generally dislike advertising, according to the script?

People don't inherently dislike advertising; rather, they dislike poor advertising. When ads are irrelevant or poorly executed, they irritate the consumer. However, when ads are well-targeted and offer something of value, they are more likely to be appreciated.

What does the speaker suggest is a positive trend in digital marketing?

The speaker suggests that a positive trend is the return to more intimate marketing, such as personalized email newsletters. These allow for deeper, more meaningful communication with audiences, offering exclusive content that builds a stronger relationship with the brand.

How has the perception of email as a marketing tool changed in recent years?

Contrary to the previous belief that email was dead, the speaker notes that email marketing has seen a resurgence. Brands and individuals are recognizing the power of email for intimate, personalized communication with subscribers.

What role does YouTube play in digital content consumption, according to the script?

YouTube is seen as a powerful platform for consuming highly niche content, where users can engage deeply with topics they are passionate about. It provides creators with a way to tell compelling stories and offer personalized content that resonates with a dedicated audience.