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This episode of “What’s Up This Week” host Jay Schwedelson provides updates on the latest trends and developments in influencer marketing, Reddit’s plans to go public, and LinkedIn’s push into consumer marketing targeting high-value customers.

Key Discussion Points:

– Influencer marketing spend is predicted to reach $24B by 2024, up 50% in 2 years. However, some practices like Nike’s deal with a 13-year old raise ethical questions.

– Weight Watchers’ GLP-1 House campaign with influencers backfired when it was revealed the influencers never actually used the product. Shows the need for authenticity.

– Reddit plans to go public and is launching new ad creative certifications to grow advertising revenue. Opportunity to become an expert in Reddit ads early.

– LinkedIn is aggressively positioning itself for consumer marketing targeting high-income households, citing stats like 19% higher average household income than other platforms.

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Transcript
Jay Schwedelson:

Foreign welcome back to what's up this Week? Super short episode to share any of the new stuff that's happening this week.

And don't forget we have our Ask Us Anything a little later this week and at the end of the week, our 10 minute episode of new tips and tactics and stuff. So what is up this week? A lot of new information coming out about the world of information. Influencer marketing.

Influencer marketing is just exploding.

nd it said that by the end of:

We're seeing huge value out of it, but there's parts of it that are just wild. So another thing that happened this week in that world is that the youngest ever person got an nil deal. Nil is name, image and likeness.

And that is the new way in the last few years that brands can sponsor athletes that are not professional athletes. So you can now pay athletes to promote brands and they could be in high school, they could be in college, they can be in whatever.

And this past week, Nike did an nil deal with a 13 year old female soccer player. And this is the youngest person ever to get an nil deal. And Nike's going deeper on this.

They really want to grow their relationship with the youngest influencers out there. And I think at some point the nil stuff is going to have to get reined in because 13 is, in my opinion, a little bananas.

The other interesting one that happened which did not go well is what went on with Weight Watchers this week. So some of you may be aware that Weight Watchers did this big campaign for what they called the GLP One House.

And that was their marketing campaign that was all about pushing their new medication very that's similar to Ozempic, the weight loss medication.

And they had brought on all these influencers to try to get the market excited about this GLP1 house and how these influencers were using the medication. And it was great. Here's the problem.

The influencers had never actually used the medication and it really sent things into a tailspin and gave Weight Watchers a lot of negative press and a lot of negative vibes.

So when you're engaging with influencers, it's really important for the for there to be that authentic connection, because if not, it can have a negative impact on your brand and which is why it's really hurting Weight Watchers brand in the last few weeks. So what else is going on this week? Reddit is getting ready for their ipo. They're going to be going public. Now, maybe you use Reddit every day.

I don't, I'm using a little bit more now. But a lot of people do use it. Over 70 million daily active users and over 500 million monthly active users.

And all this data is coming out because Reddit is trying to get themselves ready for their ipo.

And the reason I think this is super important for marketers is that one of the primary ways that Reddit is going to grow their revenue is through advertising. That is what they're going to be doing. And you take a look at certain platforms, you're like, oh, how do people become specialists in that?

How do they get to be known for that? This is that moment of how you can get involved with a platform before it just explodes.

So Reddit, as part of this whole going public thing, they launched a new certification for ad creatives, which means that marketers can go and get certified to be able to run ads on Reddit for clients or within their own brands. And why does that matter?

If you can become the go to person for Reddit marketing, you're going to be part of a very small population of marketers on this planet.

And you fast forward 12 months from now, it's going to be another platform that, that a lot of brands are going to want to have exposure in and you right now, today can become that person. So they rolled out this new certification which is part of their ads Formula marketing hub.

So if you Google Reddit Ads Formula Marketing Hub, you can get in on this super, super early. And then the last thing that I saw going on this week was from LinkedIn themselves. This is not some third party study or anything like that.

LinkedIn themselves came out with a big push for consumer marketing on LinkedIn. They're going to be doing a big new webinar series about this, which is called Reaching High value consumers on LinkedIn.

And they are making an aggressive push to put a stake in the ground and say, hey, we're not just B2B.

And the thing that they're doing in the world of consumer marketing, which I think is super interesting, is they're not just saying, hey, we have a billion people and you can reach consumers here too.

What they are going out to market with is saying this exact phrase why your high value consumer audience is on LinkedIn and they're releasing stat after stat, trying to position themselves that way.

So for example, they're saying the average household income on LinkedIn for people that are on LinkedIn as compared to every other platform is 19% higher on LinkedIn.

And they're also saying, I think the stat's interesting that they came out with, because we're trying to spin it right, that 61% of their members say they like to own the very best version or model of something that's available. Now, I have no idea what that stat is on other platforms, but the positioning is, hey, we're not for every consumer marketing effort.

But if you're trying to reach high value, consumers are spending a lot of their discretionary income. Come here.

So again, it's another area that if you're a marketer out there and you want to position yourself and your brand a little differently, I would be thinking about LinkedIn. I think they're right. I think that there's a billion people there and there's a lot of the right people there and you can stand out.

So that's a lot of excitement that's going on this week and I hope you check out Ask us anything, which is a little later this week. And the end of the week we got our 10 minute episode, which is our big tips, tactics, whatever, and that's awesome.

Thanks for being here and I'll see you soon. You did it. You made it to the end. Nice. But the party's not over.

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