When generative AI first exploded onto the public scene in 2023, it was in the form of language models like ChatGPT, Gemini, and Perplexity. At the time, creatives scoffed at the idea of computer programs creating images, 3D models, and animations from mere prompts. Art, it seemed, would be the last bastion of human ingenuity, untouched by ones and zeroes. Yet in a few short years, AI has evolved into image and video generators in the form of Midjourney, DALL-E, and Sora, essentially reshaping brand’s creative communications. But, fear not! The emergence of Artificial Intelligence is more boon than bane. Below, we will explore the benefits and concerns these programmes bring to creative design in the wonder-filled world of branding.

 P.S. – For the purpose of this article, all images were generated with AI tools (Gemini, ChatGPT, Midjournery) and shaped through human prompts and curation.

Positive Impacts

Image generated by ChatGPT

The world is evolving rapidly and we must keep up or fall into obscurity. For brands, this means redefining their marketing & communications roadmap with AI-driven software to stay ahead of market trends and consumer behaviours. For creatives in branding, this means up-skilling and integrating their processes with technology. By balancing the power of AI with natural creativity, creators can enhance their workflows, push the boundaries of innovative design, and drive success for brands.  

1. Enhance Your Workflow

Image generated by Midjourney

From image resizing and alignment, to asset selection and colour correction, AI automation has the potential to save designers and branding agencies countless hours on repetitive tasks. Adobe Sensei, now embedded into Adobe’s creative suite, helps designers automate tasks like image/video editing, text kerning, asset alignment, and content personalisation. By streamlining the workflow, companies can cut costs on production and brand designers are free to focus on developing more innovative creative strategies.

2. Pushing the Boundaries of Creativity

Image generated by Midjourney

Beyond automation, AI can also be a source of inspiration. Today, creatives can feed mood boards or drafts into Midjourney, Sora, or ChatGPT and instantly receive curated colour palettes and layouts. They can bounce ideas off generative neural networks that spit out fully rendered logos and illustrations based on current market trends and preferences. This means brands can explore multiple creative directions without sacrificing time or effort, resulting in the most effective designs for each project. 

3. Personalisation and Data-Driven Designs

Image generated by Gemini

AI is also reinventing the way we approach design. By analysing user data, it can understand individual preferences to develop more effective, more targeted communications. But, what does this mean for branding? Simply put, it means companies and creatives can significantly increase digital customer engagement with their brands. More than ever, consumers expect brands to speak directly to their tastes and preferences, rather than issue blanket messages directed at large demographic groups. To this end, brands can utilise AI’s analytical capabilities to measure which features and design elements are most effective in generating engagement from specific customer profiles, and use this data to optimise their creative applications.

Designers can also leverage AI to conduct A/B testing of visual concepts and identify which assets will be most effective with their target markets before launching a campaign.

Explore how AI is transforming visual communications here.

4. Accessibility

Image generated by Gemini

Finally, creatives can employ AI to increase accessibility to their brand. Text generators can provide captions for video or audio content, while voice-based tools can describe visuals for users with visual impairments. By integrating technology with their design processes, brands can extend their reach and tap into previously hard-to-reach markets.

Challenges & Opportunities

Image generated by ChatGPT

As with all great technologies, AI has its limits. From job displacement to over-reliance and accountability, brands and designers must understand how to leverage AI without falling victim to its over-promises.

1. Job Loss

Image generated by Gemini

AI’s impact on the job market is becoming more disruptive. As its capabilities continue to grow, the threat on traditional employment is growing far more significant. This is especially true for junior creatives and designers, whose work is traditionally relegated to more repetitive tasks.

But AI is not just replacing jobs, it’s also creating new ones. Artists and designers who learn to integrate AI into their design process can position themselves at the front of the proverbial pack. For instance, AI prompt engineering and AI-assisted creative roles in UX design and 3D modelling are becoming highly sought after skills. Designers who can up-skill and take advantage of AI’s abilities will thrive in the new digital landscape. Similarly, brands that push their creatives to embrace the new technology, nurturing their skills to integrate AI into their workflows, will stay ahead of the curve and outshine their competition.  

Read more about AI’s impact on graphic design roles here.

2. Over-Reliance

Image generated by Gemini

On the other end of the spectrum, agencies that rely too heavily on AI will notice a decline in genuine creativity and effectiveness. In its current state, AI is unable to interpret nuance, understand human culture, and develop original ideas. Depending too much on AI will result in creative stagnation and erosion of brand authenticity. Remember: human creators possess the keenest eye and the deepest understanding of human emotion and context. 

And, therein lies the opportunity. We’ve just started tapping into the potential of marrying human ingenuity with silicon intelligence. Embrace every chance to automate repetitive tasks, so designers are free to focus on what really matters: developing innovative creative strategies that solve problems. 

In the end, AI should amplify creative vision, not replace it. When technology becomes the driver, authenticity and nuance fall by the wayside. With the right balance of AI and human perspective, brands will form deeper, more meaningful connections with their audience.

See how Canva is leveraging AI to enhance workflows here. 

3. Ethical Considerations

Image generated by ChatGPT

Determining the ownership of AI work can be complicated. Brands must take extra care when using generative AI software. Uncredited training on copyrighted work can risk infringement, while fully AI-generated assets may not be eligible for copyright protection. 

That being said, the number of tools in the toolbox has grown exponentially. AI can scour the internet for alternative styles and test potential solutions, enabling brands to explore multiple creative directions simultaneously. By establishing robust guidelines on appropriate AI usage, brands and creators can push the boundaries of innovative design, while staying on the right side of intellectual property laws.  

So What Should Brands Do?

Image generated by Gemini

For all its promises, AI is only as effective as the humans and the strategy behind it. So, to harness its potential and apply it to their brand communications, businesses need to use it with intention.

First, brands should solidify their brand positioning, values, and personality before jumping on the AI bandwagon. Without a strong foundation, AI risks diluting the brand identity.

Second, brands should invest in up-skilling their creative workforce. It is crucial for designers and strategists to be trained in prompting, curating and refining AI outputs. In an interview with Adobe, Piyush Kumar, Global Head Strategy, Strategic Partnerships & Solutions (Digital Experience) at Wipro, put it best when he said the role of a designer “will shift from being a creator to a curator.” 

Image generated by Gemini

Third, brands must establish an AI framework to set clear ethical guidelines around how AI is used. Staff must be trained to understand the complexities of AI usage rights, content approval, and legal boundaries.

Lastly, the most effective brands won’t be the ones using AI most. Instead, successful brands will be the ones who use it the most strategically. Brands that see AI as an enabler, rather than a crutch or a replacement, will be the ones that stay relevant in the years to come.

The Future

Image generated by Gemini

In the words of science fiction author William Gibson, “the future is already here.” As AI evolves, it will become an irreplaceable tool to enhance workflows. But, we must also be cautious. We must not fall into the convenient trap of relying too much on digital algorithms. Brands and designers must learn to embrace, to adapt to, and to grow with AI tools to remain competitive and drive innovation.

The post Issue 52: Q2 2025 appeared first on Tangible.

Effective internal branding should take into consideration how each generation thrives best in the workplace. We should caveat all this by saying that workplace culture is often shaped by its industry. We are acutely aware that the Shipping industry has a very different working environment compared to the Fashion industry. Some industries require periods of reflection or craftsmanship (where working from home is perfect) while other sectors require employees to have on-site, hands-on skills. When creating internal branding strategies, it’s worthwhile considering the demographic of your workforce, and typically how that demographic prefers to interact.

Looking at the difference in Generations:

Exploring generational perspectives reveal a fascinating interplay of values and expectations among different generations in the workplace. Let’s delve into how each generation is defined and explore their distinct perspectives From Baby Boomers, the eldest generation, to the newest entrants, Gen Z, understanding these definitions provides valuable insights into the dynamics of the workplace.

Baby Boomers (Born mid-1940s to early 1960s):

Born in the post-World War II era, Baby Boomers were named after the significant increase in birth rates during this period. They grew up during a time of economic prosperity and witnessed major cultural and social shifts, including the civil rights movement and the sexual revolution. Baby Boomers prefer to communicate in person or through traditional channels such as phone calls and printed letters. They want Work Life Consistency where they value loyalty and reliability in both their life and the companies they work for. They see hard work and dedication as the way to gain respect & recognition and the drive to continue their legacy.

Gen X (Born early 1960s to early 1980s):

Generation X, which emerged during a period of social change and technological advancements, is often referred as the ‘independent generation’ because many grew up with both parents working, fostering a strong sense of independence. Having experienced the traditional workday they prefer to communicate in person using email and phone calls. They are drawn to companies that value stability and personal development. Generation X wants work-life integration, actively seeking ways to harmonise their professional and personal lives. They want to work for companies that are committed to creating an action-driven workplace.

Millennials (Born early 1980s to mid-1990s):

Millennials, also known as Gen Y, came of age during the rapid rise of the internet, which shaped their tech-savvy, collaborative nature. They prefer to communicate via email, video conferencing, instant messaging, and collaborative apps. Millennials prioritise work-life balance and personal development in multiple areas of life. They want to work for ethical companies that provide opportunities for personal development. They seek belonging & support through collaboration with others in the workplace.

Gen Z (Born mid-1990s to early 2010s):

This is the first generation to grow up entirely in the digital age. They witnessed the rise of social media and are characterised by their strong sense of social responsibility. They are also a very socially conscious generation, appreciating communication channels that allow them to connect with others and share their ideas globally. Gen Z seeks work-life harmony, integrating personal life purpose into their careers. They value open and honest communication and align with company values that emphasise authenticity and social responsibility in their actions and values.

In navigating generational dynamics within the workplace, it is worth considering how each generation is defined and recognise the distinct well-being needs and preferences of different generations. For a quick overview, we present a summarised table for swift comprehension of the differences among generations:

Understanding the nuances between generations is essential for creating a workplace that meets the diverse needs and expectations of employees. As we explore the different generational attitudes toward workplace culture and branding, it becomes clear that a one-size-fits-all approach is no longer effective. (Read previous Conversations @Tangible Issue 43: Internal Branding – More than just the Office Pantry)

Should we label generations at all?

Going beyond the generational stereotypes:

While Tangible wouldn’t want to endorse perpetuating stereotypes, we have to start somewhere. Tangible’s Market Research uses the lenses of demographics and psychographics to understand perceptions and preference drivers of your brand. Through modeling and testing both visual and verbal stimuli, we identify solutions that are most appealing to the different stakeholder groups.

How Tangible Approach Internal Branding:

At Tangible, we understand that a brand’s impact extends both internally and externally, reaching diverse audiences and demographics.

This is why we adopt a comprehensive cross-company approach, ensuring effective communication and engagement on all fronts. We have developed  frameworks and a structured process for contextualising and curating questionnaires within our research methodology.

We have a Digital Strategy that helps you define your objectives and roadmaps to reach your target audience with tailored messaging.

Based on your communication objectives and key messages for each target audience, Tangible will develop a plethora of activation ideas for pre-launch, launch, and post-launch activities to bring to our Communication Ideation Workshop to help you effectively navigate generational dynamics in the workplace.

Let’s Talk Internal Branding

Citations:

1. Black, E. (2023). Retrieved from https://www.afr.com/work-and-careers/workplace/gen-z-aren-t-lazy-they-just-don-t-want-to-live-to-work-20230829-p5e09m

2. Ernst & Young Singapore. Retrieved from https://www.ey.com/en_us/consulting/is-gen-z-the-spark-we-need-to-see-the-light-report/gen-z-finding-meaning
3. Helyer, R., & Lee, D. (2012). The twenty‐first-century multiple-generation workforce. Education + Training, 54(7), 565–578. doi:10.1108/00400911211265611
4. Jorgensen, B. (2003). Baby Boomers, Generation X and Generation Y: Policy Implications for Defence Forces in the Modern Era. Foresight, 5(4), 41-49.
5. Lancaster LC, Stillman D. When Generations Collide. New York: HarperCollins; 2002.
6. O’Bannon G. (2001). Managing our future: the generation X factor. Public Personnel Management, 30, 95–109.
7. Reilly, P. (2012). Understanding and teaching Generation Y. English Teaching Forum, 1, 2–10.
8. Shoichet, C. E. (2023). Busting this big myth about baby boomers reveals something about gen Z, too. Retrieved from https://edition.cnn.com/2023/07/08/us/baby-boomers-gen-z-cec/index.html
9. Sirias, D., Karp, H., & Brotherton, T. (2007). Comparing the Levels of Individualism/Collectivism between Baby Boomers and Generation X: Implications for Teamwork. Management Research News, 30(10), 749-761.
10. Erin, E. (2023). Retrieved from https://www.betterup.com/blog/generations-in-the-workplace

The post Issue 45: Q3 2023 appeared first on Tangible.

With the series of redundancies by digital platforms (such as Meta’s Facebook, Snap’s Snapchat and most notably, Twitter) resulting from the decline in their digital advertising revenue, brands should be questioning if there is still any credit left in spending large sums of money on paid ads.

The truth is, the decline in digital advertising revenue is indicative of the increasing ineffectiveness of paid ads in recent years. In other words, brands who are still allocating high budgets for paid advertisements might be wasting money. Fortunately, there are better, more efficient methods in digital marketing which brands can, and should, look into to further their brands’ growth organically; the prime of which is to develop their in-house content marketing capability.

Understanding the decline of digital advertising industry 

So far, more than 20,000 employees were laid off in the slew of retrenchments by Silicon Valley in 2022. Among which, Facebook’s Meta had axed around 13% (11,000 staff) of its workforce, while Snapchat’s Snap dismissed 20%. Further job cuts, hiring freezes and other contingency plans were also executed widely across the Valley.

Meta and Snap are examples of some Big Tech companies in Silicon Valley, whose main source of revenue is generated from ad placements on their platforms. So the decrease in their revenue means brands are spending lesser for ads to be placed on Big Tech’s platforms. The seemingly obvious reason behind this is the threat of an imminent economic crisis; when companies tighten their belts in preparation for upcoming crises, advertising budgets are usually the first to be cut. But assigning blame only to the economic downturn seems too easy a way out. As with all things, there is more than what meets the eye. 

The fact is, the digital advertising industry already hasn’t been performing well since years before the looming economic crisis. Albeit yearly projected increases in revenue, a closer look at the number reveals that the industry’s growth rate is actually on a declining trajectory.

As 19th century businessman, John Wanamaker famously said: “Half the money I spend on advertising is wasted: the trouble is, I don’t know which half.”, a statement that is especially relevant in the age of digital ads. 

During the nascent stages of the digital advertising industry, companies jumped at the opportunities and potential it seemed to offer. But because the industry’s operation has always been opaque with its obscured metrics, the effectiveness of paid ads remains questionable. Therefore, it is difficult for brands to track the return on investment of their digital ad spend. To that end, brands are starting to realise the money pit they’ve been in, and have increasingly stopped betting on paid ads.

The situation for the digital advertising industry has been made worse due to the rise of privacy concerns in recent years. Paid ads can be accurately targeted the way they do because of data collection by Big Tech. Fearing that their privacy will be compromised, consumers have grown to be less receptive towards paid ads. Hence, when Apple introduced its App Tracking Transparency (ATT) feature– which gives Apple users the choice to stop apps from tracking their online activities– it was praised by users for taking a step in the right direction towards privacy protection.

Undoubtedly, the limitations placed on data collection have had a huge impact on the digital advertising industry, since advertisers would not be able to track critical data that make ad placements more accurate. With lesser accuracy, the industry loses its appeal and is unable to continue charming brands to spend on paid ads. Apple’s ATT has been estimated to result in a loss of USD 10 billion in Meta’s revenue, and USD 546 million for Snap. 

What’s next? Build an in-house content marketing team. 

In facing the decline of the digital advertising industry, it is crucial that brands venture into other aspects of digital marketing to ensure further growth for their brands. So, what should brands start doing? Instead of spending large amounts of money in paid ads with lost credibility, brands should start investing in building in-house content marketing through hiring and capacity-building. 

What is content marketing, exactly? Content marketing is the development and distribution of valuable and useful content and information that are relevant to target audiences through various means. These include emails, blogs, videos, podcasts, etc. Simply put, it is the creation of strong content that evokes the emotions of target audiences. 

The current shift of focus to content marketing is also timely, as the social media landscape simultaneously moves into a content-driven economy. The proliferation of social media and technology in the last few decades has placed consumers in the driver’s seat to decide for themselves the kind of content they wish to see. With the abundance of information users come across daily, they’ve developed mental shortcuts to sieve out only meaningful and impactful content deemed worthy of their time. Hence, information put out by brands must be meaningful and impactful– they need to tell stories that consumers can resonate with to boost brand loyalty and conversions.

Having an in-house content marketing team has several advantages that can greatly benefit brands (this article does a great job explaining them). But to summarise, an in-house marketing team does a better job at ensuring sustainable business growth, especially for brands with a strong customer base. Of course, building a strong in-house team takes time, effort and capital. But the investment in building in-house content marketing teams can certainly yield better results than paid ads.

What is also crucial is that, with an in-house content marketing team, the marketing process is made dynamic, and brands are able to better adapt to changes as the business needs evolve. 

Unlike paid ads hiding behind obscured metrics, in-house teams are able to embark on a process that lets them continuously see what are the strategies that work, adjusting them accordingly in the right direction to ensure brand growth. In other words, having in-house teams means brands are able to put out more dynamic content that can definitely connect with their ever-evolving target audience in a more effective way.

(Check out this article to find out the roles in an in-house team, areas of focus, and how to ensure efficiency of the team.)

Conclusion

Safe to say, the digital advertising industry has lost its grip on brands. While paid ads may have been effective for brands in the 2010s, the decline in its growth rate in recent years clearly indicates that it’s time for brands to stop relying heavily on paid ads. Instead, the future of brand growth calls for brands to start developing and strengthening their internal capabilities, and going beyond basic advertising to adopting a holistic approach for more sustainable and meaningful brand growth.

Tangible is a brand strategy and business consulting firm, synergising our consulting and creative offers to give clients comprehensive solutions. We believe brands are strategic management tools that should go beyond simply delighting customers. For more information on how Tangible can assist you with your branding, or other related digital services, please contact us here.

Issue 39: Q1 2022

Issue 32: Q2 2020

The post Issue 42: Q4 2022 appeared first on Tangible.

But first, let’s take it from the beginning. While it has been coming up as a buzzword for the past few years, the term ‘metaverse’ was actually first coined by Neal Stephenson in his sci-fi novel, Snow Crash, in 1992. His construction of the metaverse was an all-encompassing digital world in parallel to the real world. This parallel world is certainly the big-picture aim of big tech companies today, and they are making it known that they are betting big on it. Most notably, the Facebook company rebranded itself as Meta, communicating founder Mark Zuckerberg’s vision to build the future of social connection through the Metaverse. After the rebranding, the term ‘metaverse’ found itself becoming a hotter buzzword across the globe.

What is the Metaverse?

Just like the term ‘cyberspace’, the term ‘metaverse’ has a relatively fluid definition with dozens of different ideas of what it could mean. Broadly speaking, the metaverse is essentially a shared virtual space that is immersive, interactive and hyper-realistic. People are digitally represented by customisable avatars, through which they interact with one another in a variety of settings. The metaverse can be accessed using virtual reality (VR) headsets, smartphone apps, augmented reality (AR) glasses, or other devices. You’ll also be able to own digital assets such as NFTs, and navigate around the virtual space just like how you would physically navigate around the real world. According to technologists, users will be able to do everything from attending live concerts to even buying a piece of virtual land.

Singer Justin Bieber’s Metaverse Live Concert in March 2022

Sounds grand, doesn’t it? While this virtual universe boasts of the potential to be a boundless reality that allows humankind to transcend many physical limitations (think: you can be anyone and do anything) – it also poses its own set of challenges. Issues such as heightened internet harassment, addiction, and even more invasive data breaches are just a few of the issues that could potentially arise. Particularly, the rise of the metaverse has also brought about a startling concern – will society undergo dehumanisation?

We’ve seen the negative social effects video gaming and the internet have had on people who spend too much time being immersed in the virtual/cyber world. But with this new level of virtual immersion that the metaverse offers, follows the concern that people will over-immerse themselves in this pseudo-reality to escape from the harshness of the real world. All that’s left would then be a society filled with dehumanised interpersonal relationships, leaving shells of humans who would forget how to interact with one another normally. While this paints a scarily cold picture of our potential future, the rise of the metaverse does not necessarily have to lead to a society of soulless humans. Rather, used well and wisely, it can even fulfill the vision of Microsoft’s CEO – to create more presence and human connection in the metaverse. 

Some brands are already hopping on the metaverse train, and innovating new ways to enhance the customer experience. An example of such a brand – to no one’s surprise – is Nike. Nike has leveraged the Roblox platform to create Nikeland, which is the name of its metaverse space. It allows users to socialise, chat, and interact with one another, and has even had celebrity appearances from sports stars like LeBron James. 

What can brands learn from current examples? 

A particularly interesting example is Nike’s combination of a virtual and physical experience. In their Space Drip project, launched in March 2021, customers could purchase Non-Fungible Tokens or NFTs (Also check out: A beginners guide to NFTs: The New and Exciting Investment Asset Class) that were designed by 19 digital artists using their Air Force Ones as a base. The NFT could then be redeemed for real-life shoes that would be in the same designs as the NFT purchased. With fans of Nike being drawn by the novelty of the hybrid experience and the exclusivity of the famed shoe designs, the Space Drip project was undoubtedly a huge success.

Nike Space Drip Project Sneakers. Photo: RTFKT

Learning point #1: Nike

Instead of only facilitating a solely-virtual experience for people, Nike created a smooth and exciting hybrid experience that married virtuality with our physical reality. By owning a pair of exclusively-designed NFT sneakers in the virtual space, customers were also able to enjoy their purchase through owning a physical pair of sneakers in the same design. Furthermore, as their physical shoes would have been obtained through such a novel route and customer experience, it would certainly also be a talking point for them. Brands can learn from this example and create novel hybrid experiences for their customers, facilitating points of conversation in social interactions. In addition, creating a way for customers to be able to enjoy an asset both virtually and physically means double the satisfaction gained.

In Nikeland, people can interact with one another as avatars and even check out one another’s digital Nike assets.

Learning Point #2: Gucci

Gucci has also ventured into the Metaverse in Roblox. With a plot of digital land named Gucci Town, the luxury brand set up this dynamic destination “to express one’s own individuality and connect with like-minded individuals from all over the world”. 

Gucci Town on Roblox. Photo: Gucci

Gucci Town is home to vaults and boutiques showcasing latest product drops, a creative corner where visitors can create art pieces, and even a portal that transports them to an arena of Gucci-inspired competitions. 

Following this vein of leveraging the metaverse space as an interaction enhancer, brands could look into creating virtual spaces to facilitate social connection that would have otherwise been unattainable. Imagine shopping in the metaverse, and instead of asking your friends for their opinions on the apparels you tried on, you would be able to ask other shoppers from all over the globe for their opinions. This way, your brand could be doing the opposite of facilitating a dehumanised world, and instead, fostering human connections at an even greater degree.

Learning Point #3: Monkey Shoulder

In 2021, Monkey Shoulder organised a Metaverse Festival after party on Decentraland. 

Metaverse Festival on Decentraland. Photo: Monkey Shoulder

A DJ Set with DJ A.Skillz & DJ Kraftykuts was created for the after party, as part of the brand promotion. Attendees were able to attend the festival after party from anywhere they wanted, and dance along to the DJ set that was brought to them by Monkey Shoulder. Through creating this fresh virtual experience, Monkey Shoulder effectively positioned themselves as an innovative, fresh and fun brand that is forward-thinking.

What brands can learn from this example is to create fun, fresh and inclusive experiences. As one of the early ‘metaverse’ pioneers, Second Life found its value in creating a virtual haven for all to experience and be whatever they wanted to be. This concept particularly appealed to people with certain mental and physical disabilities, as the platform provided a way for them to connect, socialise and forge meaningful relationships with others. In other words, what the physical reality inhibited – the virtual reality enabled. Through the metaverse festival after party, Monkey Shoulder not only created successful brand equity, but also an inclusive experience that transcends physical limitations. Attendees who might not be to attend a physical festival can now experience a live virtual festival from the comforts of their own home.

There’s no escaping the growing trend, that is the metaverse, as technology and platforms continue to advance in this digital age. Brands will either be able to make their move to get in and win successfully, or get left behind as the world evolves. But while the metaverse cautions us about potential threats of a dehumanised society, brands actually have the power to leverage the platform to enhance human connection instead. Or in Canadian philosopher Marshall Mcluhan’s words, “We become what we behold. We shape our tools, and thereafter our tools shape us”.

Tangible is a brand strategy and business consulting firm, synergising our consulting and creative offers to give clients comprehensive solutions. We believe brands are strategic management tools that should go beyond simply delighting customers. For more information on how Tangible can assist you with your branding, or other related digital services, please contact us here.

The post Issue 41: Q3 2022 appeared first on Tangible.

Bored Ape Yacht Club (BAYC) | Yuga Labs

Preface

In our culture today, where tech meets real life, we can make our random doodles in our notebook for 1 ETH ($1691 as of 28 June 2022) today. As we sit in the web3 culture today, the blockchain space is a burgeoning industry where even tech founders admit to being in the midst of a learning curve. Cryptocurrencies, utility tokens, security tokens, digital assets, new exciting investment asset classes and their sub-classifications are multiplying and evolving alongside cryptographic and blockchain technology. One booming market now is the non-fungible token space.

BEEPLE: Everydays, the 5000 images | Christie’s Auction House

Introduction

How much can a cluster of pixels be possibly worth? In today’s world, where anyone can just save an image from anywhere on the internet within seconds – a collection of pixels is probably worth nothing. However, in March 2021, a digital print called Everydays: The First 5000 Days sold for $69 million at Christie’s Auction House. It is not extraordinary to see an eight-figure art sale at Christie’s, but selling the work of art as a non-fungible token (NFT) is a first of its kind. To put it into perspective: Someone paid $69 million for a collage of 5000 digital images. How crazy is that?

Top: Crypto Punks, Wavelength by Kaleb Johnston, Famous Fox Federation, And Solana Monkey Business.

Bottom: Bored Ape Yacht Club, Getijde by Bart Simons, Doodles,
and The Currency by Damian Hirst | Medium.com, A Primer to NFTS

So, what is an NFT? 

Non-Fungible Tokens or NFTs are digital assets with a unique identity kept and verified on a blockchain, a digital ledger that is encrypted and safe. Each NFT has a signature that allows anyone online to verify its authenticity, transaction details, time, and cost. Each NFT is non-fungible, meaning the NFT cannot be exchanged for another asset of similar value. For clarification, NFTs are neither a platform, a currency, or a marketplace. Common NFT assets can be images, videos, music, a soundtrack, collectibles or even shoes; anything that can be made digital can be an NFT. 

Understanding the difference between non-fungible and fungible assets will help you know NFTs better. Stocks, money, oil, gold, and cryptocurrency are fungible; they can be easily traded or exchanged for an equalised value – $1 for $1. Non-fungible assets are different; they have a unique code attached to them, and their properties are not transposable and cannot be replaced with a similar item.

This Changed Everything: Source Code for WWW x Tim Berners- Lee | Sotheby’s

How does NFT work?

Think of NFTs as a collector’s item but in a digital format. An artist or creator can create an NFT by converting images, music, art, and videos into crypto collections or digital assets and storing them onto the blockchain – and this process is minting. By minting an NFT, you convert tangible digital files into encrypted, unique non-fungible tokens for buyers to take an interest in. NFTs exist on blockchain technology, the recorded provenance of the digital asset makes it unique and safe to invest in, and you will never lose it with the technology attached. NFTs hold value because there is only one unique version of the asset that is made and cannot replicate, a 1:1 in layman’s terms.

With NFTs, everything is made digital. When you buy an NFT, you will not get the physical asset; you will get a digital file and exclusive ownership rights tagged to the investment.

Dictador x Richard Orlinski NFT, about $45,000 | Financial Times

What can be converted into an NFT?

Anything digitalised can be turned into an NFT, even a tweet! Twitter’s former co-founder Jack Dorsey sold his first tweet as an NFT for more than US$2.9 million. Anything can be converted to an NFT, from artwork, music and media, to trading cards, event tickets, in-game items on gaming platforms, memes, and even real-world items like collectible Nike shoes and rare spirits. 

Illustration by Mengxi Li  | The Verge

How to make NFTs? 

Before making NFTs, some NFT jargon might help you ease your way into the NFT space. Some important ones are:

1. 1:1 Art: A unique NFT art piece that only exists in one edition
2. Altcoin: An Altcoin is an alternative digital currency to Bitcoin. The word Altcoin is a portmanteau of “alternative” and “coin” to form “altcoin”. It refers to a group of cryptocurrencies, ultimately all the cryptocurrencies other than Bitcoin.
3. Airdrop: New NFTs or cryptocurrencies are automatically sent to your wallet for free.
4. Bearish: This term is used when traders, investors and community members expect a token or asset’s value to decline soon.
5. Bullish: The opposite of bearish. 
6. Discord: A social media platform akin to slack, built initially for gamers but has since evolved into a platform for all kinds of communities, especially for NFT projects.
7. Gas: Gas is the amount (in native cryptocurrency) required by the platform or marketplace for a user to perform transactions on the blockchain. For example, you must pay BTC gas fees when interacting with the Bitcoin network. 
8. Minting: The creation process of an NFT. 
9. Moon: A typical financial market term referring to the exponential growth of an asset value. E.g. BAYC is going to the moon, or ‘mooning’. 
10. Reveal: When minting a new generative project, your artwork will be created by the platform after the minting process. This means you’re purchasing a ‘blind box’ and won’t know what you will get until it’s time to reveal it. Depending on the creator’s choice, the NFT may be informed immediately or after a 24-48 hours delay when the collection sells out. 
11. Secondary (transaction): A secondary NFT transaction is when a collection of NFTs is already sold through its project website and is further traded among buyers.

You can find the more expansive glossary list here.

Step 1: Decide what it is you are minting.
While some of the most popular projects like Bored Ape Yacht Club (BAYC) feature cartoon avatars and profile picture projects, remember that the platform can help you turn any digital files you own into an NFT. Many musicians like Kings of Leon and 3LAU have launched NFT projects for their singles, music videos and even album art. The fine line is to make sure that the NFT is your creation or something you rightfully own.

Step 2: Decide on a marketplace.
Many marketplaces allow you to discover, buy and sell NFTs, but depending on your identity as an individual creator and artist or a regular trader who sees this as an asset class; some are better suited for respective identities. 

• OpenSea

Based on the Ethereum blockchain, OpenSea is the top choice of NFT creators and buyers. Signing up on OpenSea is free. Compared to other marketplaces, it boasts the most variety of digital assets available for browsing, buying and selling. It supports artists and creators with the easy minting process on OpenSea. Lastly, the marketplace supports more than 150 payment tokens.

What you’ll need to get started:
An ETH wallet (e.g. MetaMask, Coinbase or dozens of others)

Creator fees:
2.5% of your sale

Learn more:
Visit the OpenSea resource page.

—

• Rarible

Similar to OpenSea, Rarible utilises the Ethereum blockchain. Rarible is another large marketplace that can buy, sell and create all types of art, from videos to collectables and music on the platform. However, on Rarible, you have to use their own marketplace’s mainstay token Rarible (CRYPTO: RARI) to buy and sell on the market. The incredible feature for users on Rarible is that they can steal a “sneak peek” of your creation from everyone who comes to Rarible, limiting the complete project to purchasers only.

What you’ll need to get started:
An ETH wallet (e.g. MetaMask, Coinbase or dozens of others)

Creator fees:
Vary depending on the blockchain you use, but the option for free minting exists.

Learn more:
Read the Rarible FAQs

—

• Mintable

Mintable, the famous NFT marketplace backed by the shark billionaire Mark Cuban, is also a fabulous marketplace to start selling NFTs. Mintable allows creators to skip upfront fees when minting NFTs and rewards creators royalties whenever a collector resells their product on the secondary market. Compared to OpenSea, which has a flat rate of 2.5%, Mintable has creator fees ranging from 2.5% to 10%, depending on the type of transaction.

What you’ll need to get started:
An ETH wallet (e.g. MetaMask, Coinbase or dozens of others)

Creator fees:
2.5%, 5% or 10% depending on transaction type

Learn more:
To view the Mintable Resource page, you need to be a user of Mintable.

For further clarification, creator fees are not gas fees. Buyers pay gas fees (the transaction amount required to write data on a blockchain network) after the first sale of a specific NFT collection. Also, other fees may apply. 

Other platforms like Foundation and SuperRare are by invite only; only by invitation are you allowed to create NFTs on their platform.

—

Step 3: Set up a Crypto Wallet to get Cryptocurrency
It might seem like a misordered step, but it isn’t. 

Setting up a crypto wallet only after you have chosen your marketplace and blockchain is a better investment move as it is advisable to stick with one marketplace that allows you to have different altcoins to invest in. Altcoins are “alternative coins” for short, which are alternative coins other than Bitcoin, like Ethereum and Solana. Further, blockchains have additional gas fees, so it is advisable to research the market and cryptocurrency before setting up your crypto wallets.

Step 4: Join communities on Discord and Twitter
Do you still remember your Twitter password? To start making NFTs, you must recover your Twitter account and create an account on Discord. Discord works like Slack, an organisational channel that organises conversations into dedicated spaces called channels. Channels bring order and clarity, making them for a project, team or topic, and in these channels, you can share images and ideas and move work forward. Discord is a platform for gamers and crypto lovers, and Twitter allows you to chat with like-minded NFT collectors or even collectors interested in the same projects as you. You can enter various channels, though some tracks are by invite only. Most information regarding NFT news is communicated through Discord by the project’s founders. When you’re ready to sell your NFTs, you can expect your community to be your marketing resource and “hype central”. 

You don’t need to spend much money on sophisticated tactics to create successful NFT projects. Just trust your community. 

Step 5: Create your art, upload and mint
Creating art is easy and challenging at the same time. Before proceeding, you must decide if you’d like to do a 1:1 Art or a collection of NFTs. Remember, no prudent NFT creator would create a group without first knowing the longevity of the project and its goals. Doing copyright research is also essential, be diligent in pointing out key features of other top projects and then avoiding them. You are good to go as long as it is your creation and there’s nothing similar in the market. 

In marketplaces such as OpenSea and Rarible and minting website Polygon, the minting process is so easy:

• Open the collection you just created
• Click on Add Item
• Upload your NFT and name it.
• Fill in the properties, levels and other descriptors for the NFT.
• Click Create when finished.

Once you mint your NFT, it will appear on your profile. Blockchain data is public and accessible by anyone. Your NFT’s buying and selling history will be available to the public forever on this digital ledger, helping you and prospective buyers track its price. You might not want people to know how many transactions you make or how much money you have traded. Therefore, many users go by different monikers to hide their identities.

Step 6: Selling your NFTs
After minting, it is time to price your NFT. For starters, you might want to try 1 ETH ($1691 as of 28 June 2022) to keep it simple. The 1 ETH price will remain on your marketplace profile until a specific date or until someone takes it off the market.

Mach37, combining Web2 and Web3 | Medium.com

Why are NFTs so significant in the web3 era? 

Although the NFT space seems to be levelling in the bearish market in 2022, the growth of NFTs has changed the work of artists, content creators, graphic designers, illustrators, and authors. This revolutionary technology broke the internet, turning the art and fashion world upside down. At the end of 2021, the burgeoning market had a trading volume of approximately $23 billion. Cryptocurrency and NFTs are a mainstay in our web3 culture.

• NFTs open a gateway to creating more hybrid industries

Ten years ago, it would have been difficult to find a hybrid designer that could travel between art and science. But today, a designer can not only design graphics, and they can code the graphics, create 3D models using code and even code robots’ movements. A hybrid designer today believes in “innovation through synergy between creativity, science and technology to create value for society”.

Coding is no longer the sole proprietary of the engineering, technology, and financial technology sector; everyone has a chance to utilise coding. Today’s creatives can code their artworks to mint without any platforms and marketplaces and even create intelligent contracts through the Ethereum Blockchain without third-party platforms. This sight is one incredible example of how the art, design, and science industry coalesce, creating more hybrid initiatives that will stay in the future.

Read more here:  https://www.rca.ac.uk/research-innovation/research-centres/computer-science-research-centre/

https://www.rca.ac.uk/study/programme-finder/information-experience-design-ma/

• NFTs foster marketplace efficiency

NFTs enable markets to be more streamlined. Transforming a physical asset into a digital one and embedding it into the blockchain technology streamline complex processes, eliminate intermediaries, enhance supply chains and bolsters security. NFTs are a starting point, and it shows that there are applications beyond marketplaces. Take physical paper contracts between businesses. By converting them into distinct NFTs, we can significantly curb bottlenecks at physical places and streamline the process of checking and authenticating them. This change can save us so many person-hours when time is a form of money today.

Read more here: https://www.cnbc.com/2022/02/02/here-are-the-pros-and-cons-when-it-comes-to-non-fungible-tokens.html

• The bolstering security of Blockchain Technology backing NFTs

Within the NFT space, we can see what blockchain technology can do in minting, buying, and selling in a virtual area. As mentioned, blockchain is essential because businesses run on information; the more accurately received, the better. Blockchain is ideal for delivering that information because it provides immediacy and transparency for the data stored on that immutable ledger which only permissible network members can access.

With the application on NFTs, we can track its entire history of orders, payments, differing accounts and production. We can use the single view of transparency, which gives its customers greater confidence to use Blockchain-applied applications in the future.

Bryce Durbin, TechCrunch | TechCrunch

Seems like a dream to earn big bucks?
Beware of the pitfalls. 

With every new and exciting investment asset class, there are immense risks too. We see many success stories of earning the big dollars with cryptocurrency; people often forget the flip side of the coin that some people faced when Bitcoin crashed.

• NFTs are illiquid and speculative investments.

Since it is a new asset and marketplace, there is not a lot of historical data. In May 2022, Altcoin Solana crashed 85% in value due to a power outage and NFT spillover, which wiped out a lot of investors’ bank accounts. Can you afford the loss?

• NFTs are a volatile investment that sits in a decentralised space.

NFTs are termed “volatile” as with most art, digital or physical, their value is relative and based on someone else’s sentiment and the hype around it. Similar to the sneaker collectors world, there is a “cop or drop” hype, 1:1 and secondary market pricing. People flip in the secondary market at their sentimental price, unconcerned with any market research or statistical data as it swings with sentiments and is unpegged to any centralised currency.

That’s the unique nature of an NFT, which can be viewed as both a pro and a con. Further, altcoins sit in a decentralised space, where there are no government rules to how it is traded or how the market moves – everyone has a dip in the soup. 

Unless you are using altcoins pegged to the U.S dollar, it is a considerable risk to dabble in cryptocurrency. Unless you can afford the loss, it is not recommended to invest in cryptocurrency or NFTs.

• There is a high potential for fraud and scammers within the space.

Despite blockchain technology, it is possible for NFTs to be hacked and stolen, adding another significant risk to consider. NFTs thefts are increasingly common as the number of bad-faith actors shows up in hopes of a breadcrumb of this multi-million-dollar pie. OpenSea has seen more than $10 million in losses from NFT hacks and thefts, with BAYC apes worth millions getting stolen.

Also, anybody can compromise the security of social networking sites like Discord and Twitter with phishing attacks, with hackers posing as NFT project founders posting fake links concerning ongoing NFT projects. 

Plagiarism is also common in the digital space. DeviantArt has also seen artists’ collective being ripped off directly from their portfolios and onto OpenSea’s marketplace.

Read more here: https://mashable.com/article/bored-ape-yacht-club-hacked-again.

Big Brands getting into NFTs | Medium.com

Conclusion

Although big brands are jumping on the bandwagon to create NFTs and push the boundaries of their uses, NFTs remain in a highly speculative market that fluctuates wildly daily. With such a decentralised space, there is almost no kind of accountability. It will remain an unregulated unique digital asset with various technological applications in digital art, games, music, films and Internet memes. There is only moderate control and visibility in the space that remains in the private room. Unless it has merged fully with the Decentralised Finance space, If NFTs remain ungoverned, they will always hold it in a speculative market. 

Boom or bust? It is up to you to decide!

Ps: Happy investing! Tangible is not liable for any investment losses or speculative investment solutions.

The post Issue 40: Q2 2022 appeared first on Tangible.

Insight 1: New consumer behaviours are reshaping the retail industry

Digital shopping is here to stay

According to a PWC report, there has been a significant shift to online shopping as people have been confined by lockdown and predominantly work from home. The pandemic has changed people’s lifestyles, values, and purchasing habits, and according to Global WebIndex research, most people are focusing more on wellness and self-care. The results are consumers all over the world are purchasing items that were rarely purchased online prior to the pandemic, such as groceries, over-the-counter (OTC) medicine, household supplies, personal care products, virtual health care, fitness products, and home improvement products.

The main drivers for online purchases are home delivery, cheaper prices and the convenience of shopping anytime, anywhere.

Source: Statisca

You can see that consumers desire for convenience, immediacy, and simplicity has increased. According to a Shopify study, the shift to online shopping will likely continue even after the pandemic. However, behaviour changes are not linear, and their stickiness will be determined by how satisfied they are with their online experiences.

Pivoting to digital channels and devices

Source: Statisca

As more people buy products online, there is an increase in demand for contactless payment. According to eMarketer, the number of people who used proximity mobile payments in 2020 increased by 22.2% year on year. In Singapore, it was reported that the number of UOB customers using PayNow for the first time increased by 64% year on year in the first three quarters of 2020.

According to a Euromonitor study, consumers are increasingly turning to their mobile devices to complete purchases, demonstrating how mobile has become the center of the consumer’s world and commerce activities. More than half of all digital commerce spent globally was done using a mobile device for the first time in 2020.

As consumer behaviour changes, so does their relationship with the digital channels they use to research and purchase products. Consumers are increasingly connecting with brands virtually, making purchases via livestreaming, and demanding new technology and delivery methods to support the e-commerce boom.

Opportunity: Establish digital operations & create innovative digital shopping experiences

The shift in consumer behaviour and digitalisation are causing unprecedented change in the business world, disrupting operations, business processes, and customer experiences. Businesses must innovate in three areas in order to establish a digital operations and presence for their customers:

1. Business models
2. Product and services
3. Business processes

Digital Business Model

Businesses that want to grow and stay ahead of their competitors must embrace digital transformation. It is time to explore a new digital business model that places the customers at the centre of digital strategy.

The following are 8 kinds of digital business models:

Source: FourWeekMBA

Visit here to learn more about each model and choose the right model for your business.

Developing a successful digital business model 

 To achieve organisational innovation, every aspect of a business must work together in the same direction. A Business Model Canvas (BMC) is an excellent tool for assisting businesses in visualising and positioning business models for growth and innovation.

Source: Strategyzer

The Business Model Canvas is a standardised language for describing, visualising, evaluating, and changing business models. It describes the logic behind how a company creates, delivers, and captures value. Using a BMC will provide you with insights into your consumers, which value propositions are offered through whatever channels, and will help you communicate your goals to the team.

The BMC breaks your business model down into easily-understood segments:

1. Customer segments
2. Value proposition
3. Revenue streams
4. Channels
5. Customer relationships
6. Key activities
7. Key resources
8. Key partners
9. Cost structure

By delving into these aspects of your business, you can identify and address areas for improvement. It also reveals clear paths for you to follow when developing your organisational innovation strategy.

To learn how to use a business model canvas, check out this site for a step-by-step guide.

Product & Services

As consumers desire for convenience, immediacy, and simplicity grows, businesses must focus on developing innovative digital experiences that make consumers lives easier. Begin by connecting the online and offline worlds so that customers can do business with you whenever they want.

Prioritising mobile shopping experiences

Consumers want everything in the palm of their hands, which is why many of them use their mobile to research product information, compare prices, and read consumer reviews before purchasing the product. Businesses must improve their online capabilities in order to compete with competitors who are only a click away.

It is critical that your mobile site or app delivers what customers want while also providing a good mobile user experience that keeps them coming back for more.

​​To provide a good user experience, the mobile site or app should:

• Be functional and simple to use
  Include features that allow users to complete tasks and achieve their goals on the mobile site or app 
• Clutter-free
  Make sure that pages are not cluttered with information and that navigation steps are kept to a minimum. Arrange the functionality and content in a logical order to assist users in finding information and completing tasks
• Have an excellent user interface design
  The interface design is the first thing that users see, and it influences their perception of the mobile site or app. It is critical to enhance your brand’s visual elements within the interface and use visual aids to guide the user through the interface. Perform a heuristic evaluation to improve the usability of your digital product

Live-streaming

With an unprecedented health crisis keeping people indoors and limiting in-person engagement, consumers are turning to live streams to discover, research, and purchase products (part of customer decision journeys).

Consumers can watch models or influencers showcase and demonstrate a product by modelling the clothes for them, as well as ask questions via the chat function and make purchases during live stream sessions. Aside from interaction, live stream gamification enables customers to participate in quizzes and contests to bid on products or win discounts. These addictive elements in live stream shopping simply keep customers returning for more sessions.

Platform to consider for live-streaming:

• Instagram Live
• Facebook Live
• Tiktok live
• Twitch
• Linkedin Live
• Youtube Live

Augmented Reality (AR)

The incorporation of augmented reality (AR) aids in simulating in-person shopping experiences, enriching the relationship between consumer and brand at any time and from any location. When customers shop, customers can use AR to visualise and customise products in a 360-degree realistic experience. According to Treekit, 61% of consumers prefer stores that offer augmented reality experiences, and 40% would pay more for a product that could be customised in augmented reality.

The benefits of using AR can:

• Increases conversion rates and decreases returns for clothing stores
• Combines traditional retail and digital experience
• Improves brand recognition; strengthens advertising campaigns
• Displays additional information about the products displayed, enhancing the shopping experience

Source: Retaildive

Making delivery quick and simple

Today’s consumers expect everything to be delivered quickly, including options for home delivery or self-pickup in your online checkout process is the way moving forward. According to Shopify data, self-pickup customers are 13% more likely to complete their online purchase and spend 23% more than regular shipping customers. Self-pickup options are faster and less expensive than shipping, and they provide another opportunity for customers to return to your store and interact with your brand in person.

Business process

Consumers today expect businesses to deliver products and services quickly and with a seamless user experience. They are demanding a complete overhaul of business processes from companies across many industries – such as intuitive user interfaces, 24-hour availability, real-time fulfilment, personalised treatment, global consistency, and zero errors.

Companies must speed up the digitization of their business processes by minimising the number of steps required, reducing the number of documents required, developing automated decision making, and dealing with regulatory and fraud issues.

These transformations will improve collaboration and communication among teams, customers, and the achievement of customer-facing and internal goals.

Insight 2: Understanding consumer shopping journey 

Before, during, and after an online transaction, consumers usually follow a logical sequence of procedures. Understanding how consumers behave during the journey of shopping for certain products or services can help brands and businesses to acquire new customers, while also engaging and retaining existing ones.

The consumer journey is made up of all the stages taken by a user to achieve their goal. 

Source: Insightsinmarketing

1. Discover
Find out more about the items and services to buy

2. Consideration
Reading online reviews and conducting research both online and in-store before making a purchase

3. Conversion
Decide when and where to purchase a product or abandon the cart

4. Purchase
Making a first-time purchase of products or service in a store or online

5. Evaluate
Rate and review the product and experience using a mobile device or computer

6. Re-purchase
Choose whether to buy products again online or in stores, or to abandon a brand

7. Brand Advocate
Use word of mouth, social media posts, and online reviews to inspire other consumers to discover, consider, and purchase products and services

According to Think with Google 2021 report, hundreds of millions of people use Google every day to find, discover, and shop for the things they care about. There are numerous touch points along the consumer shopping journey where brands or businesses can reach out to them while they browse, engage with them while they research, and eventually convert them from browsing to purchase. By implementing SEO strategy, brands will be able to easily reach out to consumers while they browse on Google.

Opportunity: Align your SEO strategy with your consumer’s journey

In order to align with consumers during the discovering / consideration or deciding stage of the journey, it is important that the topics or keywords are optimised to what the consumers are looking for. That is where SEO (search engine optimization) comes into play. In layman’s terms, it refers to the process of improving your website to appear more prominently when people search for products or services related to your company on Google and other search engines.

Rule of thumb: Be the answer when they search.

Put yourself in the shoes of the customer and consider their goals, pain points, and objectives when looking for a product or service. You should be able to identify keywords, problems, goals, and terminology used by your consumer once you have a clear understanding of them. Then you can begin implementing them on your website, such as H1 tags or headlines, page titles, page copy, and image alt text.

The next step is to understand the different traffic channels and how it helps drive traffic to your website.

There are 5 core traffic channels:

1. Organic traffic
Visitors did not find your website through a paid campaign or any other means. They were brought to your site based on the keyword that they entered in the search engines

2.Direct traffic
Visitors landed on your site by typing your website address directly into the browser

3. Referral traffic
Visitors came to your site via direct links on other websites (exclude search engines). This helps to increase your overall web authority. The more authoritative the website that links back to you, the higher your “page rank” in Google’s eyes

4. Paid traffic
Visitors landed on your site through paid banner ads. Paid social ads are advertised directly to your targeted consumers

5. Social traffic
Visitors visited your website through social media channels – Facebook, Instagram, Linkedin, Twitter and others 

Once you have a better understanding of the various traffic channels, you can begin implementing various methods to increase the traffic to your website. The more visitors your website receives, the more potential customers you will have.

Insight 3: Lower brand loyalty

With the shift in consumer shopping behaviour during the pandemic, businesses must digitise their offers, such as online shopping and live streaming. Simultaneously the pandemic has accelerated the deterioration of brand loyalty as:

• Search engines provide more choice
• Consumers are exposed to different brands as a result of more reviews
• Online shopping incorporates price and/or delivery into the decision-making process

Source: eMarketer

As a result, consumers are shopping out of necessity, and brand loyalty is lower than it has ever been. According to Mckinsey research, more than 75% of US consumers intend to continue with their new shopping behaviour after the pandemic. Brands must capture consumers attention and strengthen their engagement with customers

Opportunity: Build trusted customer relationships

To build brand loyalty, businesses must first understand customers priorities and purchasing habits, and then align what they stand for with what their customers care about. This will make a good first impression and improve the customer experience.

Questions to ask to elicit insights that will strengthen people’s perceptions of your brand:

• Brand Positioning:
  How do you differentiate your brand from competitors, but what is your brand doing to address issues that really matter to your customers?
• Brand Perception:
  Does your brand make an immediate and favourable first impression?
• Brand Awareness:
  Does your company solicit customer reviews and respond to it?

To deliver your brand’s purpose consistently across all touch points, you should use a brand strategy framework that provides you with a long-term plan to achieve goals that will result in customer identification and brand loyalty.

For more information on how Tangible can assist you with your branding, or services such as designing a user-friendly mobile optimized site or app and improving your site SEOs, please contact us over here.

The Tangible team wishes you a hopeful, successful and fulfilling new year as we enter 2022. And, of course, thank you for stopping by. See you next year.

The post Issue 38: Q4 2021 appeared first on Tangible.

Let’s talk about what makes them who they are (unique characteristics typically observed), what drives their preferences, and zooming into two brands which have captured the hearts of the millennials.

What the millennials are about

Source: Istock Images

They are firstly described as digital natives

We have to bear in mind that they were born into a technological world and, naturally, growing up in such a defining period makes them stand out for their tech-savviness. Millennials are more likely to depend on technology in making informed decisions compared to Boomers or Gen X-ers – both generations we consider digital immigrants.

Source: Getty Images

Millennials place a huge importance in the meaning of their work

A research by Gallup tells us that they don’t work solely for a pay check, but instead focus on purpose-driven work and relationships. They also believe that the main purpose of a business should be to improve and better the society rather than the single-minded pursuit of profits.

Not surprisingly, millennials want their lives to make a positive impact, whether it be through the businesses they support, or issues that they believe in. I should also add here that no other adult generation has education qualifications as high as the millennials. They have a desire to change the world and are not shy to show their support for a cause through voluntary work, activism or by engaging on behalf of people who might not be able to stand up for themselves or speak for themselves (due to constraints such as language, backgrounds or education levels).

Influenced by their peers

Millennials are also largely influenced by their peers when making a decision. Online reviews and recommendations matter in their purchasing decisions.

Millennials’s preferences

Millennials are very happy to pay for experiences. A study by Expedia and the Center for Generational Kinetics revealed that millennials lead the charge in placing a newfound value on experiences over things – where the memory of an experience is becoming the product itself.

What is it about experiences, you ask? Well, it makes them happy. Research supports this fact that sharing experiences and making that social connection is a source of happiness that amplifies emotions.

This also ties in closely with the experience economy, with companies like Airbnb, SoulCycle and Apple doing exceptionally well in delivering unique brand experiences. They have found a way to either engage and create customer participation, or build a connection with their customers.

Watch:

It is especially important to this group that brands pay attention to being ethical and kind. Businesses that resonate with millennials should be committed to making societies better and recognise the holistic way of doing business by placing importance on the 3 Ps of people, planet and profit. Millennials ask: What is your purpose? What is your mission? What are you trying to build for the community or society?

Brands that continually refresh, innovate and improve their product offerings to make millennials’ lives better and more convenient are appreciated by this cohort. Millennials enjoy novelty and are highly experimental, this translates into their willingness to try new and original products and services.

The post Issue 34 : Q4 2020 appeared first on Tangible.

We know it’s naive to think that Governments and big businesses don’t spread ‘biased’ information to shape the outcomes of everything from election results to mergers and acquisitions but ultimately, don‘t we all want to believe in institutions who want to leave the world in a better place? Yeah, I know it’s naive!

What follows are some facts about ‘Fake News’ from 2018 that might make for a very interesting 2019.

Unfortunately, fake news is shared more

An 11-year study by MIT reveals that ‘Fake News’ was 70% more likely to be retweeted than true stories. It also takes six times longer for true stories to reach 1,500 people than ‘Fake News’. True stories are usually shared by less than 1,000 people but fake news items could reach up to 100,000 shares.

Major institutions are trusted less today than 20yrs ago

For almost two decades trust has been declining across all major institutions according to the Edelman Trust Barometer. Trust in social media platforms has also been suffering recently, with 40% of respondents saying they have deleted at least one social media platform in the last year.

A whopping 60% of people don’t trust social media platforms to behave responsibly with their data.

Apparently, in the US less than a third of people trust social media (30%), whilst almost two-thirds trust traditional media (58%).

Social media sites need to take responsibility?

In June this year, Facebook announced it will update its fact-checking programme, including removing fake accounts and partnering with fact-checkers. This includes fact-checking photos and videos; which are the most difficult to identify as being fake. Imagine checking the 350 million images that are uploaded every day by Facebook’s two billion monthly users. One piece of good news is that Facebook’s user interactions (with known fake news sites) have declined by 50 per cent since the 2016 election (according to a study by Stanford and New York University).

Big brands need to be part of the solution?

Big brands want the user data that social media platforms provide but don’t want to be associated with fake news (not great for business). So if the big advertisers review their social media strategies then the platforms may find it more attractive to self-regulate. In February, Unilever CMO Keith Weed urged the digital media industry to clean up its act, saying that Unilever won’t invest in social media platforms that create division in society.

So what can be done?

Governments and big brands can shape the behaviour they want to see. If social media companies won’t regulate then governments need to. Big brands could simply cut spending! Then you’ll see change. If all else fails, it’s down to us… our advice is don’t feed the animals.

Read More:

• I fell for Facebook fake news. Here’s why millions of you did, too.
• Facebook steps up efforts to root out fake photos and videos

The post Issue 26: Q4 2018 appeared first on Tangible.