Over the weekend I reviewed in depth McKinsey & Company’s global consumer survey in the midst of COVID-19. The results regarding economic recovery varied greatly. Then I thought about my home city, luxurious Cannes and the potential unprecedented cancellation of the 73rd annual Cannes Film Festival.
Before analyzing the economic impact on the film industry, detailed below is a list I drafted of businesses and individuals (a.k.a. festival ecosystem) that would suffer a staggering financial hit:
- Transportation to and from the festival – airlines, taxis, limo services, Uber, etc.
- Lodging – premium hotels, luxurious villa rentals equipped with staff and swimming pools, Airbnb and budget hotels.
- Furloughed hotel staff (e.g., front desk guest assistants, bellman, room service, etc.) and housekeeping, as well as all the supporting sustainable housekeeping businesses – cleaning equipment/materials like laundry detergents, toiletries, etc.
- Restaurants and bars in Cannes plus surrounding areas; La Napoule, Mougins and Juan les Pins.
- Local transportation to and from events – taxis, Uber, limousines, luxury car rentals, mopeds, bicycle rentals, etc.
- Maintenance staff, carpenters and electricians at Palais des Festivals et des Congrès where the films are screened.
- Tourism related jobs – hostesses at Office of Tourism, tour guides, etc.
- Yacht rentals.
- The event companies responsible for setting up film billboards and banners along the Boulevard Croisette.
- Beach businesses – chair rentals, towels, etc.
- Independent beach vendors selling sunglasses, hats, visors, candied nuts, etc.
- Sun tan lotion.
- Hairdressers, makeup artists and all the businesses that supply them with products.
- Luxury retail shops.
- City of Cannes and film festival souvenirs/mementos.
- Landscaping/gardening services that prune the palm trees and plant flower beds along the Boulevard Croisette.
- Illegal substances, sex workers.
- Service gratuities!
I hope I witness first-hand the 73rd annual Cannes Film Festival.
Last week, I posted about premium mangoes. Today I want to post another fruit story. The Migaki Ichigo premium strawberry brand. Individually wrapped, they can be purchased at select Japanese department stores and online for approximately $10 per berry. The brand is the master mind of tech savvy Hiroki Iwasa.
Hiroki Iwasa’s guiding principle? “Action Creates Value!” If you have a strong idea, take action immediately. People will begin to show interest in your intentions and support you. By doing something without delay, you inevitably will make mistakes, but learn how to take corrective action until you get it right.
Hiroki Iwasa’s story dates back to March 2011 when he returned to his hometown Yamamto as a volunteer to clean up the rubble from the earthquake and tsunami. The town’s people challenged him to start a business and create jobs. After learning the area was best known for its cultivation of strawberries, later that year, he worked with one of the local farmers to acquire the knowledge of what it takes to be a successful strawberry farmer – tabulating all the quantitative information about ideal growing conditions. That is when he decided to leverage his technology experience and founded the agriculture company GRA Inc. He wanted to perfect strawberry farming by creating farming jobs to strengthen the regional economy and utilize greenhouse sensors to monitor crops 24/7. The end result was the Migaki Ichigo brand where one out of 100 strawberries grown are graded platinum for their color, sweetness, tartness and aroma yielding a price of 1,000 yen (approximately $10). However, after several successful harvests, rather than expand his own company, Hiroki set up a school on his farm to share his knowledge. GRA’s vision: Create employment for 10,000 people, for 100 companies and for 10 years.
Two premium fruit stories. One about the patience and fortitude of mango farmers over three plus decades of hard work. The second about a tech savvy entrepreneur utilizing Artificial Intelligence (AI) to enhance his strawberry production within three years. Both have a common connection. Agriculture is a collective, collaborative process that grows regional economies.
Are you ready to take action and create value?
Have you ever been gifted a piece of fruit? In Japan it is common practice, especially as a token of gratitude. One popular fruit for gifting is Taiyo no Tamago (Egg of Sun), a premium variety of mango, a great story about the virtue of patience and fortitud
Back in 1985, a group of farmers (8) in the Miyazaki prefecture located in southeastern Japan were seeking another crop to supplement their cucumber and green pepper harvests. They decided to give mangoes a try given the warm, sunny climate of their area. After six years of trial and error, experiencing numerous diseases, they finally produced a successful harvest. However, they had to go to local farmers market to sample their product and build awareness. Mangoes did not become a popular fruit in Japan until ten years ago.
Why am posting about mangoes as a great story about the virtue of patience and fortitude? Every April a mango auction is conducted at the Miyazaki City Central Wholesale Market. Mangoes are judged/graded by size, shape, color and their brix level of candy-like sweetness. You can now find the Miyazaki premium mangoes specially packaged at select retail stores for $100 to $200 for one. Last year at the auction a pair sold for $5,000. Imagine, mangoes, priced comparably to a big bottle of red wine from a select French vineyard. Their hefty price tags reflect years of experimentation, the labor of love dating back to the time Miyazaki farmers started cultivating mangoes in the 1980s. Patience and fortitude! Therefore, the next time you are thinking of getting someone close to you a unique gift, think about gifting them a Taiyo no Tamago (Egg of Sun) mango. Better yet, buy them a vacation package tour so they can explore the mango farms of Miyazaki.
Key learning: Successful long-term business initiatives are the byproduct of patience and fortitude.
Marketing continues to morph. In my last post I addressed the importance for smart marketers to utilize a combination of tools (a.k.a. omnichannel marketing) including influence marketing to reach their target audience. Thanks to existing consumer data, get ready for an innovative wave of personalization marketing.
I first addressed the expansion of data captured at numerous consumer technology touch points in a 2018 post titled Psychographic Profiling as a means to enhance identifying/targeting consumers. Fast forward to 2020. A new survey (source: Merkle) revealed a large majority (88%) of data driven smart marketers are planning to implement omnichannel strategies, including the expansion of personalization, to make their customers’ digital journey seamless. However, only one-quarter of the survey’s respondents currently focus on real-time digital tactics. Moving forward, the key for brands will be to invest in marketing technology and measurement analytics.
The upsurge in digital channels over the past few years has enabled marketers to collect mountains of data they can personalize. One simple tool is an app. A great example is how Starbucks engages each of its guests based on their in-store purchases and location. Some marketers like Spotify utilize algorithms to crunch data to predict user behavior. With the advent of AI-powered tools, personalization will become even more sophisticated and deliver marketing communications in real-time (seconds) across multiple channels. However, the utilization of personal data will always be a pending issue with consumers. Nevertheless, research indicates as long as consumers believe they are receiving value in return for personal data, personalization is key to winning their loyalty/business.
2020 Personalization Marketer of the Year – Big Brother!
Last year I contributed a guest post to the SMRA (Social Media Research Association) titled Influence Marketing – 2019 Awards. I awarded Sephora Influence Marketer of the Year. Consequently, I further decided to conduct an experiment and follow two fashionista/beauty influencers.
The two influencers are female, appear to be in their twenties, one macro from Phoenix, AZ and one micro from Nice, France. Key learning:
- Both are Instagram Masters, posting on a regular basis complete with an overabundance of hashtags, plus broadcasting their new posts on stories. Consequently, they have respectable vanity metrics – likes and engagement if you count emojis as engagement.
- Not sure how they are compensated, but they both endorse a strong portfolio of products. Travel must be part of their deal given all the different places they visit.
- Outside of the occasional car ad, my Instagram feed of sponsored advertising for skin creams, the latest shoe fashions, distressed jeans, sunglasses, etc., is significantly off the charts. No surprise given Sephora spokespeople indicated their influence marketing movement led to a gold mine of consumer data. Remember, I am conducting an experiment with Instagram owned by Facebook, data to generate marketing revenue is the engine that drives their platform.
Now for the spine of my post. Is influence marketing a sound brand strategy long-term? Recently, I read a great point, counter point article in Ad Age between two marketing C-suite executives detailing the pros and cons of influence marketing. Both articulated their thoughts clearly. What resonated for me? The quote below by the individual who believes influence marketing is dishonest and wasteful:
“I think the art and science of marketing has been lost in recent years. I worry that there is a new generation of marketers who think that running a Facebook campaign or partnering with a lifestyle influencer makes them a marketing pro.”
I apologize for being candid – old school thinking. The art and science of marketing has not been lost; it has been morphing. Regardless of their level of experience, marketing professionals continue to realize they have to utilize a combination of tools to reach their target audience. Younger generations feel comfortable receiving their information via social media. Therefore, it is important for smart marketers to familiarize themselves with platforms like Instagram, TikTok, etc.
In closing, I will continue analyzing the benefits of influence marketing, thus continue my first 2020 marketing experiment. However, since I believe it is important to utilize a combination of tools (a.k.a. omnichannel marketing), in my subsequent post I will be addressing what I envision the next big movement in marketing, Personalization.
Remember in science class testing the solubility of sugar in water until reaching the limit when grains appeared at the bottom of the glass? In today’s digital world, I have learned that I reach a saturation point where I am no longer retaining information because I am experiencing AIS.
I typically allocate 90 minutes to two hours for my daily online digital run knowing I will reach a saturation point I interpret as AIS (Aggregating Information Syndrome), the point I am no longer retaining information. No mas, no mas! Time to get off line. This past Friday, I experienced AIS in less than one hour. A new record!
I started with my daily Twitter review. All the people I am following are organized into lists by topics of interest. I decided to check out the most recent tweets on seaweed, a future food category I am bullish about. Found some interesting seaweed content posted by Doctor Seaweed, leader of a company out of Scotland I just started following this year. Great articles on the health benefits of kelp, specifically iodine. Liked and retweeted (a.k.a. Twitter engagement) both articles to seaweed connections. Next, thanks to a non-profit out of Maine funding startups, I learned Sweetgreens collaborated with celebrity chef David Chang and launched a new kelp salad LTO Thursday the 13th. Gold! Just what I have been advocating – innovative product application executed by a national chain will raise the awareness of sea vegetables in the U.S. Shared the news with members of my Tribe and then checked out Sweetgreens. Extensive time consumption! Exited Twitter to check my inbox and review the latest information feeds (e.g., culinary, technology, retail, etc.). I will not bore you with details, but before I made significant progress, in less than one hour, my brain communicated with me that I had the beginnings of AIS.
Are you experiencing AIS?
Twitter’s competition awarding the brands that get people tweeting and driving conversation/engagement on game day is back for the third year – #BrandBowl54.
Last year’s big winners: Planters was the MVP, Game of Thrones co-branded spot with Bud Light garnered the highest Twitter velocity and Marvel Studio’s “Avengers: Endgame” movie trailer was the Retweet champion.
A Twitter advocate, I have been following Brand Bowl from the outset. Who will be the big winners this year? Not sure, but my vote goes to the NFL. The league has been active on Twitter for 11 years. Super Bowl Sunday is one of the most-tweeted days of the year. This year they are collaborating with Twitter to print people’s messages on the confetti that drops on the field in Miami during the victory celebration. Smart marketing! Great memorabilia opportunity for Super Bowl fans who loyally stick around for the post-game celebration.
#BrandBowl54 Will Twitter surpass all existing records on Sunday?
Bad news: The Australian brush fires rage on, while the country’s east coast has been ravaged by thunderstorms, flash flooding and hail. Good news: Week two of the AO; Roger Federer is in the hunt for another Grand Slam title. Regardless of what he does, this much I do know.
Brand Federer, a topic I have previously addressed, keeps rolling on – ka ching, ka-ching, ka-ching!
- On – Roger’s latest brand endeavor. A Zurich, Switzerland based performance shoe company with a cult like following. Quietly, their shoe CloudTec is the second most-sold sneaker in Germany after Nike’s Air Max 270. America, thanks to celebrities, is their largest market. In addition to being a representative for the brand, Roger has invested in the company and is an advisory product designer.
- Credit Suisee – The Swiss bank came under attack that they were financing investments in coal-fired power plants. Consequently, climate activists questioned Roger for being a long-time brand advocate. Their Twitter movement #RogerWakeUpNow precipitated Roger to release before the Australian Open a well-crafted, politically correct response. Key learning for the “Maestro” and his team, brand transparency is top of mind now for global consumerism. They need to select their brand endorsements carefully.
Noteworthy, life after tennis, Roger Federer will unquestionably be the highest paid brand manager in the world.
Everyday I am online aggregating information. I am continually amazed how many people (a.k.a. storytellers) throw out numbers/marketing data without a point of reference. Makes me think about the relevance of what I am reading. Relevance, a concept I learned from the Heath Brothers.
Relevance (noun) – the quality or state of being closely connected or appropriate.
The Heath Brothers enlighten me regarding the concept of relevancy in their book titled: “Made to Stick.” The story I remember was the truth about movie popcorn. Art Silverman who worked for CSPI (Center for Science in the Public Interest) analyzed the nutritional value of movie popcorn. CSPI learned that the typical medium size bag contained 37 grams of saturated fat. He then realized few people really knew what that nutritional data point meant. Was 37 grams good or bad? To communicate Mr. Silverman’s findings and make them relevant, the CSPI created a visual: they laid out on a table demonstrating how one bag of popcorn was equivalent to the saturated fat from a bacon-and-eggs breakfast, a Big Mac and fries for lunch, a steak dinner with all the trimmings — combined! Relevance!
In 2019 I aggregated information about influence marketing that lead to some interesting engagement with members of my Tribe. One individual referenced an article touting the future growth of influence marketing, therefore projecting $8 billion was going to be spent on Instagram influence marketing in 2020. My Query: What percentage of total marketing dollars worldwide is $8 billion? Answer: 1.4 % of the $563 billion. Earlier this week an article I read indicated that by 2023 brands will be spending 20% of their marketing budgets on influence marketing. What is the relevancy of that number in comparison to the $8 billion dollars I read about in 2019? In addition, 20% is a quantum budgeting leap from 1.4%!
Maybe it is time to question the true relevancy of content published online.
A multiplex is a movie theater with multiple screens within one venue. To me, too many movie choices. Consequently, I use multiplex fatigue as a phrase whenever I witness too many choices we are confronted with in our society.
- Streaming services.
- Cable channels, especially TV sports.
- Political debates and debaters.
- Beverage choices.
- Cars, thus carbon dioxide emissions.
- Social media platforms.
- Digital content, especially blogs.
Time to minimize multiplex fatigue.