Stay in the know! Steel recaps March’s top marketing news in under five minutes.
As a service to our clients and partners, Steel summarizes the top stories in marketing and advertising each month. Please reach out to Kirsten Cutshall for more discussion on this month’s marketing news or with anything that is on your mind. We would love to hear from you!
Video Transcript:
I’m Kirsten Cutshall with Steel Advertising. It is April 2, and here’s the top marketing news that we’re thinking about right now.
TikTok is again facing threats of a nationwide ban in the U.S. — what does that mean for marketers?
The most recent anti-TikTok bill, already passed by the House and is now in the hands of the Senate. President Biden has voiced his support. If enacted, TikTok would have 165 days to sell or face a nationwide ban. The bill highlights national security concerns stemming from its Chinese ownership and handling of U.S. data. While there have been previous attempts to ban TikTok in the US, recent years have seen a rise in concerns around social media’s impact on mental health, misinformation and children’s safety. Plus consumer privacy concerns and antitrust legislation are hot topics. If the ban happens, this could go a few ways for marketers: A major media player could buy the US presence. Maybe someone like Microsoft, Oracle or Walmart who have expressed interest in the past. We could lose one of our major advertising platforms – requiring adjustments to digital strategies and changes in content distribution and influencer partnerships.
No ban occurs, but TikTok continues to be a source of controversy during this election year. If this happens, how long will it take your team to replicate their successes on TikTok elsewhere? Whatever the outcome, it is a great reminder to make sure that your marketing success is not overly dependent on a single media vendor.
This is a big year for changes in Advertising Law
In the last few years of change in public priorities and incredible changes in technology, there have been changes in some laws and crackdowns in others. Perkins Coie recently published a list of the Top Advertising Law Trends for 2024. Here are the highlights: There are greater concerns over child and teen advertising: There is increasing public interest in seeing existing laws enforced, and there are proposed changes to COPPA and state legislation that underscore the evolving landscape of children’s privacy laws. Also, there is a greater expectation to be more forthcoming on disclosure of fees: FTC’s proposed rule on recurring subscriptions or membership demands clear disclosure of terms and cancellation procedures. Other regulatory efforts to eliminate hidden charges require transparent pricing disclosures from brands.We can also expect increased naming and shaming of brands for dark patterns: Federal and State agencies are increasingly targeting companies using deceptive design practices that manipulate users or encourage them to act against their best interests. We marketers need to abide by stronger rules for influencers and review writers: FTC’s revised Endorsement Guides and proposed rules on consumer reviews call for enhanced disclosure and monitoring.
Finally, as we all know, generative AI tools face multiple lawsuits and regulatory scrutiny from bodies like the FTC and Congress. Brands must develop or revise AI acceptable use policies to align with current goals and train teams accordingly. This list, combined with the increasing number of accessibility related lawsuits, means this year is a time to stay abreast of legal changes, update policies with your team, and perhaps even harder – stay out of the court of public opinion.
Finally, according to MediaOcean’s 2024 comprehensive market outlook report, investment in brand advertising is accelerating.
The report is based on surveys of 1,000 industry professionals. When asked “Given the current macroeconomic condition, which advertising capabilities and media investments are most critical” 47% named brand advertising (up from 36% two years prior). After years of strategies hyper-focused on conversion, executive level marketers are now emphasizing long-term brand building. But this is not just a feel good move for executives. This shift occurs at a time with growing recognition of the importance of customer loyalty and lifetime value in driving sustainable business growth. Additionally, in the highly competitive current market, will it be upfront transactions or long term retention that can move the needle the most for your team right now?
That’s it for today. Feel free to reach out if you want to talk about these topics or anything marketing. Have a great week!
By: Emily Heller
