Bias

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FACEBOOK

We have more details on the new Facebook Ads ATT update

It’s a little technical and will probably stretch your brain a bit, but it’s worth reading. We promise.

The context: Last week, Facebook sent an update to advertisers outlining how it will change tracking events and conversions as a result of Apple’s ATT update.

We now have the document that Facebook representatives sent (thank you, Kurt). Here’s the gist of it:

  • Improved campaign update: If you change your event configuration, Facebook will no longer force you to pause all ads using that event.
  • The 7-day attribution window will include conversion modeling: Previously, it was only available for the 1-day period. As a result, you should get more accurate estimates of your ad results.
  • Android = more flexibility: If you primarily targeted Android users, you could only run Link Click and Landing Page Views campaigns. Thanks to this change, you’ll now be able to run more lower-funnel campaigns, such as Purchases.

The Crew’s take: Facebook appears to be addressing common complaints with this update. Anything that helps marketers improve campaign ROI gets a big thumbs up from us.


TIKTOK

“TikTok made me buy it”

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Did you know: TikTok drove a recent purchase decision for 39% of female Gen-Zs.

Meet the influencers: Vox recently published an article about the people who influence these decisions. Meet Mikayla, a TikTok user who joined in March 2020. She just finished filing her taxes, and “it’s upwards of a million.”

What they promote: According to Mikayla, “a lot of the viral products we see are drugstore products.” Examples: foundations, self-tanners, and other affordable products.

The lifecycle of a viral product: Mikayla and other TikTok influencers create entertaining review videos. These videos can go viral in a matter of hours, then fade away. Here are some Google Trends stats on popular viral products.

How to get started: With smaller influencers, it’s about giving them something for free. A Maybelline publicist approached Mikayla and asked if they could send her their new mascara line. In exchange, she would have to create a video about her experience and thoughts on the mascara.

The video went viral. Later, Maybelline paid Mikayla a five-figure sum for the rights to use her video in their marketing materials for the next 6 months.

The hard part, of course, is identifying influencers like Mikayla that have potential. But once you strike gold, all hard work and analysis will be well worth it.


SPONSORED BY UPFLUENCE

How to run wildly profitable influencer campaigns just like Asus, Asics, and Zappos

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Upfluence has helped over 1600 companies hire influencers and make more sales, including Asus, Asics, and Zappos. They know influencer marketing inside-out.

Upfluence has put together this free guide to help you cut through the noise. It’s full of tips and recommendations that show you how to leverage influencer marketing and organic ambassadors as part of a successful e-commerce strategy.

Here’s a glimpse of what’s inside:

  • Tried and tested activation levers that turn your customers into top-performing brand ambassadors.
  • The essential ROI boosting tips every e-commerce brand should know!
  • The right tools your brand needs to grow online reach through referral codes, affiliate links, and incentives.
  • Plus additional guides to help established Shopify stores and brand new online shops drive awareness, sales, and traffic!

Grab the free guide if you want to learn more.

Get a demo of Upfluence and run influencer campaigns the right (profitable) way.


BUSINESS

Why didn’t we start earlier?

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Precedent bias!

Precedent bias has to do with Airbnb, COVID-19, and California’s wildfires. And, also, with wealth creation and the inevitable collapse of humanity.

It’s a topic discussed by Julian Shapiro in this thread.

It might help you come up with a business idea. And it will definitely help you understand a lot about society and people.

Let’s start with Airbnb: Today we all know that starting Airbnb was a great idea. Yet, the ingredients needed for it to exist had been around for years before it was created: Internet access, regulatory ability, and a desire for cheap travel.

Why didn’t anyone pull the trigger before? Precedent bias. Essentially, humans are hardwired to dismiss ideas that miss a precedent.

What about COVID-19? In the early days, nobody would expect the virus would break into a pandemic, despite the virality data suggesting it.

But we missed a precedent. And when something lacks precedent, we think it’s not the case to prepare for. Preparing feels like overreacting. It’s embarrassing and hard to justify.

But the countries that had recently fought a similar situation, like South Korea and Singapore with MERS and SARS viruses, reacted quicker.

How does this apply to business? We’ve seen the Airbnb example. But let’s see it on a smaller scale.

One example is Stacked Marketer.

Before it was started in 2018, the ingredients were all there years before: Two successful newsletters in different niches already existed: MorningBrew and The Hustle. And marketers looking for news and case studies were there already.

But there wasn’t a great, actionable newsletter for in-the-trenches marketers…

After Stacked Marketer was launched, a lot of similar marketing news newsletters were created… Hey guys ;).

The idea: Once a precedent is created, accepting the idea gets easier.

If we take every industry, you’ll almost always find examples of companies that apparently did something innovative. Yet, what they did could have been done years before.

Bottom line? Being aware of the precedent bias helps you identify huge trends that society hasn’t yet accepted, like the internet, cryptocurrencies, a pandemic, or living on Mars.

Note: At the moment of sending the newsletter, we realized Julian removed the tweet. We have no idea why, but this post is still interesting, so… there you are!


ROUNDING UP THE STACK

MICROSOFT: Running Bing Ads? Microsoft has a slew of updates for you.

NATIVE: Outbrain raises $200 million in funding. Native ads are still alive and kicking.

GOOGLE: Winners and losers. That’s the name of the game for each major Google update. Here are some notable sites that won and lost traffic during the recent July update.

MARKETING: Attribution. Something you should be doing, but you probably aren’t (or doing it wrong). Avinash Kaushik goes into more detail on why you’re doing things incorrectly with attribution.

TIKTOK: Games are coming to TikTok. Matt Navarra has spotted a screen indicating that TikTok is adding a Gaming Hub.

YOUTUBE: Which are the top 50 most viewed YouTube channels worldwide? Here’s the most recent list.

TWITTER: India keeps hammering big tech. Twitter is about to lose liability protection, meaning they’ll be responsible for users’ posts.


BRAIN TEASER

What country fits in a tortilla?

You can find the solution here.


POOLSIDE CHAT

Cool tech, (funny) business, lifestyle and all the other things marketers like to chat about while sipping cocktails by the pool.

Working remotely? These towns will pay you $20k to relocate (and stay) there

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With more and more people working remotely, is rural the new urban?

Towns from Michigan to Maine think so. And they’re putting their money where their mouth is, offering perks and up to $20k cash if you relocate and stay for at least a year.

Slower pace, lower housing costs, nature, less traffic and close-knit communities are some of the benefits smaller cities hope will attract remote workers.

And yes, even a new romantic relationship. Stephanie Robesky moved from California to Tulsa and one of the things she found there was a new boyfriend. She also bought a house and is fostering animals.

The pandemic suddenly freed a lot of people from their current location and gave them a choice; it’s not surprising that some of these cities are coming and saying “let us make the choice easier.”

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