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Meta’s Crytpo Project Loses Top Executive, the Latest Blow for the Company’s Digital Payments Push

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Meta’s troubled cryptocurrency project has been dealt yet another blow, with top executive David Marcus, formerly of PayPal, announcing that he will be leaving the company at the end of the year.

As reported by Bloomberg, Marcus is leaving Meta to pursue entrepreneurial opportunities, and explore other passions outside the organization:

As per Marcus:

While there’s still so much to do right on the heels of launching Novi – and I remain as passionate as ever about the need for change in our payments and financial systems – my entrepreneurial DNA has been nudging me for too many mornings in a row to continue ignoring it.

Marcus will be succeeded by former UpWork CEO Stephane Kasriel as the head of the Novi project, which, as noted, is still far from gaining significant traction as a payment option, despite being launched with much fanfare almost two and a half years ago.

Initially announced as ’Libra’, Meta had hoped that it could introduce a native digital payment system within Facebook which would eventually power eCommerce, and broader transactions, to help make it a more critical utility for more users around the world.

The big focus in this sense seemed to be India, where Meta has been working to build its presence, and tap into the emerging digital eco-system of the world’s second-most populous nation. Now Facebook’s biggest user market, further establishing its presence within the Indian tech shift could make Meta a critical provider, facilitating a wide range of functionalities in the region, including, importantly, remittance transfers, with India seeing more remittance transactions than any other nation.

Those transactions cost money, with financial providers charging for each transfer, and Meta saw this as a way to maximize take-up of its free crypto-based transactions, which would then see Indian users moving more money through its systems, which would in turn make it easier to encourage them to undertake more payments and purchases in its apps. If you already trust Meta with remittance, it becomes less of a leap to evolve into more transaction types, which was the key promise of the Novi project, and the biggest impetus behind the company’s push.

But then, shortly after the Libra project was announced, Indian officials ruled out any hope of a Facebook currency operating within its borders. That was a first key blow for the project, which then lost the support of various payment providers and officials, and seemed destined for failure, due to both resistance to digital payments, and to Meta more broadly.

Meta has since tried to re-shape the project several times, which included renaming it to ‘Novi’ in May last year, while just last month, finally, Meta moved to a live pilot test of its Novi digital wallet in the US and Guatemala, enabling users to send and receive money between the two regions.

Novi wallet example

That’s the latest big leap that Marcus refers to in his announcement. And while it is seemingly positive to see the project move to this next stage, broader concerns around cryptocurrency, and its security, especially within Meta’s tools, look set to remain an impediment for some time yet.

Indeed, various nations have moved to ban the use of cryptocurrency entirely, including China and India, while Swedish officials have called on the EU to ban crypto projects due to climate impacts around crypto mining. Research also suggests that UK citizens would also support a ban on cryptocurrencies, and while momentum grows for crypto-aligned projects like NFTs online, there is seemingly an underlying concern of a coming market crash, which will cut a hole in the current crypto bubble and erase the perceived value of these rising digital products.

In many ways, the nature of crypto communities, built largely on goodwill, has established a more inviting, and attractive avenue for crypto investment, but at a larger scale, there still seems to be significant risk in these payment systems, with limited opportunities for recourse with respect to scams and theft. As such, the view that crypto projects will benefit some of the most vulnerable communities may also be flawed, as it could equally open those same people up to broader exploitation, and while global banking systems do need to evolve, the promise of financial sovereignty remains fraught, even in a best-case application.

And this is before you consider the wider backlash against Meta, and its anti-competitive practices which it’s used to dominate the social media and digital ads markets. Few governments want to see Zuck and Co gain even more power, and as such, resistance to its digital payments project looks set to remain firm for some time yet, which could still kill off the Novi project.

Losing Marcus, and his considerable expertise and industry heft, is a significant blow in this respect, and while Meta will push on, it’ll be interesting to see if and how Novi develops throughout 2022.   

Socialmediatoday.com

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Reports Show that Facebook Usage is Up, as Meta Continues to Develop its AI Targeting Models

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Reports Show that Facebook Usage is Up, as Meta Continues to Develop its AI Targeting Models

While Facebook is no longer the cool app, especially among younger audiences, it remains a key platform for many users, and its capacity to keep people updated on important updates from friends and family is likely to ensure that many continue to return to the app every day for some time yet.

But more than that, Facebook usage is actually increasing, according to internal insights viewed by The Wall Street Journal, which also include some interesting notes on overall Facebook and Instagram usage trends.

As per WSJ:

Data gathered in the middle of the fourth quarter showed that time spent on [Facebook] was up worldwide, including in developed markets, over the course of a year.”

Which seems unusual, given the subsequent rise of TikTok, and short form video more generally. But actually, Facebook has been able to successfully use the short-form video trend to drive more usage – despite much criticism of the platform’s copycat Reels feature.

Indeed, Reels consumption is up 20%, and has become a key element in Meta’s resurgence.  

How is it finding success? Increased investment in AI, which has driven big improvements in the relevance models that fuel both Reels and its ads, which are also now driving better response.

On Reels, Meta’s systems are getting much better at showing users the Reels content that they’re most likely to be interested in. You’ve likely noticed this yourself – what was initially a mess of random clips inserted into your Facebook feed has now become more focused, and you’re probably finding yourself expanding a Reels clip every now and then, just to see what it’s about.

Reels has actually been too successful:

“Because ads in Reels videos don’t currently sell for as much as those sold against regular posts and stories, Reels’ growing share of content consumption was denting ad revenue. To protect the company’s earnings, the company cut back on promoting Reels, which lowered watch time by 12%.

So again, while Meta has been criticized for stealing TikTok’s format, it’s once again shown, just as it did with Stories, that this is a viable and beneficial pathway to keeping users engaged in its apps.

You might not like it, but replication works in this respect.

But for marketers, it’s likely the development of Meta’s AI targeting tools for ads that’s of most interest.

Over time, many performance advertisers have been increasingly recommending that marketers trust Meta’s AI targeting, with newer offerings like Advantage+ driving strong results, with far less manual targeting effort.

Advantage+ puts almost total trust in Meta’s AI targeting systems. You can choose a couple of targeting options for your campaigns, but for the most part, the process is designed to limit manual impact, in order to let Meta’s systems determine the right audience for your ads.

Which may feel like you’re ceding too much control, but according to Meta, its continued AI investment is now driving better results.

Heavy investment in artificial intelligence tools has enabled the company to improve ad-targeting systems to make better predictions based on less data, according to the interviews and documents […] That, along with shifting to forms of advertising less dependent on harvesting user data from off its platforms, are key to the company’s plans to overcome an Apple privacy change that restricted Meta’s capacity to gather information about what its users do outside its platforms’ walls, the documents show.”

That’s likely worth considering in your process, putting more trust in Meta’s targeting systems to drive better results. At the least, it may be worth experimenting with Meta’s evolving AI for ad targeting. 

It’s not all good news. Meta also notes that while time spent in its apps is on the rise, creation and engagement is declining, with fewer people posting to both Facebook and Instagram than they have in the past.

That’s particularly true among younger audiences, while notably, usage of Instagram Stories is also in decline, down 10% on previous levels.

So while Meta is driving more engagement from Reels, which draws on content from across the app, as opposed to the people and Pages you follow, that’s also led to a decline in user posting.

Is that a bad thing? I mean, logically, engagement is important in keeping people interested in the app, and Meta also relies on those signals to help refine its ad targeting. So it does need users to be sharing their own content too, but if it can get more people spending more time in its apps, that will help it maintain advertiser interest.

In essence, despite all of the reports of Facebook’s demise, it remains a key connective platform, in various ways, while Meta’s improving ad targeting systems are also helping to drive better results, which will keep it as a staple for brands moving forward.

If you were thinking of diversifying your social media marketing spend this year, maybe don’t reduce Facebook investment just yet.

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Effective Ways To Personalize Your Customer Touch Points Even More In 2023

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Effective Ways To Personalize Your Customer Touch Points Even More In 2023

Will 2023 be the year of personalization? Consumers hope so. For the past two years, shoppers have been craving the personal touch: In 2021, McKinsey & Company noted that 71% of customers expected companies to deliver personalization. In 2022, a Salesforce survey found that 73% of people expected brands to understand their needs and expectations. So, this year is looking like one where personalization can no longer be seen as a “nice to have.”

The problem, of course, is how to get more personalized. Many companies have already started to dabble in this. They greet shoppers by name on landing pages. They rely on CRMs and other tools to use historical information to send shoppers customized recommendations. They offer personalized, real-time discounts to help buyers convert their abandoned shopping cart items to actual purchases.

These are all great ideas. The only problem is that they’ve become widespread. They don’t move the needle on the customer experience anymore. Instead, they’re standard, expected, and kind of forgettable. That doesn’t mean you can afford to stop doing them. It just means you must devise other ways to pepper personalization throughout your consumer interactions.

If you are scratching your head on how to outdo 2022’s personalization in 2023, try implementing the following strategies:

1. Go for full-blown engagement on social media.

One easy way to give the personal touch is through your social media business pages. Social media use just keeps growing. In 2022, there were about 266 million monthly active users (or MUAs) on Facebook, one billion on Instagram, and 755 million on TikTok. Not all these active users will fall into your target audiences, but plenty of them will.

Make engaging with your social followers one of this year’s goals. People spend a lot of time on social media. It’s where many of them “live,” so it only makes sense that it should be a place to drive personalization.

One quick way to ratchet up your company’s personal touch on social media is to personalize all your retargeted ads. Quizzes can also offer a chance for personalization. Simply set up an engaging quiz and allow people to share their results. It’s a fun way to build brand recognition and bond with consumers. Of course, there’s nothing wrong with going very personal and answering all comments. Depending on your team’s size and the number of comments you receive, this might be a viable option.

2. Leverage AI to go beyond basic demographics.

Most companies rely on customer demographic information to bolster personalization efforts. The only trouble with this tactic is that demographics can’t tell the whole story. It’s impossible to get a lot of context about individual users (such as their lifestyles, personal preferences, and motivators) just from knowing their age, gender, or location. Though demographic data is beneficial, it can cause some significant misses.

Michael Scharff, CEO and cofounder of Evolv AI, explains the workaround for this problem: “The most natural, and therefore productive, personalization efforts use demographics as a foundation and then layer in user likes, dislikes, behaviors, and values.”

You can leverage AI’s predictive and insightful capabilities to uncover real-time user insights. Scharff recommends this technique because it allows you to stay in sync with the fast-moving pace of consumer behavior changes. He adds that AI can be particularly beneficial with the coming limits to third-party cookie access because it can be a first-party data source, allowing you to maintain customer knowledge and connection.

To flesh out your organization’s strategy, look to other companies that have gone beyond demographics. Take Netflix, for example, which constantly tweaks its AI algorithm to help improve personalized content recommendations. Bottom line? Going deeper than surface information makes all the sense in the world if you want to show customers you know them well.

3. Keep your data spotless.

The better your data, the better your personalization efforts. Period. Unfortunately, you are probably sitting on a lot of unstructured or otherwise tricky-to-use (or impossible-to-use) data. One recent Great Expectations survey revealed that 77% of data practitioners have data quality problems, and 91% say that this is wreaking havoc on their companies’ performance.

You can’t personalize anything with corrupt or questionable data. So, do your best to find ways to clean your data promptly and routinely. For example, you might want to invest in a more centralized data system, particularly if the personalization data you rely on is scattered in various places. Having one repository of data truth makes it easier to know if the information on hand is ready to use.

Another way to tame your data is to automate as many data processes as possible. Reducing manual manipulation of data lessens the chance of human error. And you’ll feel more confident with all your personalization efforts if you can trust the reliability and health of your data.

4. Go for nontechnical personalization.

It’s the digital age, but that doesn’t mean every touchpoint has to be digitized. Consumers often react with delight and positivity when they receive personalization in decidedly nontech forms. (Yes, you can use tech to keep track of everything. Just don’t make it part of the actual personalized exchange!)

Consider writing handwritten thank-you notes to customers after they’ve called in for support or emailed your team, for instance. Or send an extra personalized gift to buyers who make a specific number of purchases. These interactions aren’t technical but can differentiate your customer experience from your competitors’ experiences.

A groundbreaking Deloitte snapshot taken right before the pandemic showed that people were hungry for connection. By folding nondigital experiences into your personalization with customers, you’re showing them that you see them first as valued humans. That’s compelling and appealing, making them more apt to give you their loyalty in return.

Putting a personal spin on all your consumer interactions takes a little time. It’s worth your energy, though. You’ll wind up with stronger brand-buyer connections, helping you edge ahead of your competitors even more.

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Planning for 2023: What Social Media Marketers Need to Win in 2023

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Planning for 2023: What Social Media Marketers Need to Win in 2023

January is, for many, a month of reflection, goal-setting, strategizing and planning for the year ahead. 

In line with this, we’ve kicked off the new year with a series of articles covering the latest stats, tips and strategies to help social media marketers build an effective game plan for 2023.

Below, you’ll find links to our 2023 social media planning series, which includes:

  • Content strategy guidelines to help you define your brand’s content mission and set SMART goals
  • Organic posting tips for Facebook, Instagram, TikTok, Twitter, LinkedIn, Snapchat and Pinterest 
  • Explainers on how to research key topics of interest in your niche, understand the competitive landscape, and help you find your audience and connect with them where they’re active
  • A holiday calendar and notes on the best days and times to post to each of the major platforms

 

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