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Wisdom Wednesday #17

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It's the final edition before GDPR regulations come into full effect. Consider this your last warning to get yourself ship shape!

1. Stats Corner

  • 46% of consumers have said they are willing to spend more money with organisations they trust to look after their data.
  • When consumers have a very good CX, they are 3.5x more likely to make additional purchases than if they have a very poor CX.
  • Just 44% of UK charities were aware of GDPR six months ago.
  • Stats show that mental ill-health cost UK businesses £35 billion last year.

 

2. News

PayPal Flex their Wallets  

PayPal are a global company with a net worth of over £50 billion that also just happen to be based on our doorstep in Richmond. Due to this, the recent news that PayPal have acquired Swedish payments firm iZettle for a fee of $2.2bn (£1.6bn) has got everyone in the area talking about what their intentions could be.

 

iZettle are a Swedish start-up company that sell financial technology for small and medium sized businesses, with their trademark product that PayPal are so interested in, being their mobile credit card readers. iZettle currently wholesales to countries primarily in Europe and South America providing PayPal with plenty of new countries to distribute their platform too including France, Germany, Brazil and Mexico.

 

PayPal president Dan Schulman quoted: "This combination brings together iZettle's in-store expertise, recognised brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation.

 

This looks to be a win-win situation for everyone involved as it boosts the reach of PayPal’s services whilst offering the chance for iZettle to expand their horizons to encompass larger businesses.

 

Once again this further pushes the narrative that the future is cashless.

 

Fortnite Proving that E-Sports aren’t just a Gimmick

Video games have never really been taken seriously before with many people scoffing at the idea that you can genuinely make a living from them. So imagine their faces when the news came out that Epic Games, the company responsible for the viral phenomenon Fortnite, are offering a prize pool of $100,000,000 to fund future competitions. Yes, that really is 8 digits! The reality is that their popularity is growing and the public can’t get enough of it. To put this into perspective, the prize pool for golf’s Masters is $11.8 million with Wimbledon handing out just over $40 million to participating players.

 

So what can marketers learn from Fortnite to propel their results?

 

One factor most critics often overlook is that video games offer individuals the opportunity to extend their social network in a novel way. This sense of community is vital to players who are just being introduced to the game. There are forums, tutorials and live streams available to help newbies navigate their new surroundings. This can be translated into the marketing world too. By putting in the necessary time to create a strong community, your business is likely to generate an audience that truly cares about your service or product.

 

Applying gamification to marketing methods provides potential customers greater opportunities to interact and engage with your company. It combines fun and an element of competition to your strategy which could improve the emotional connection between the consumer and your business.

 

Finally customer experience can have a huge impact for your sales and online image. Fortnite offers compatibility on a large range consoles often not seen in Esports. The game is available on mobile too offering full coverage on the go. The message here is to ensure that your website is functioning to the best of its abilities on all devices with an amazing user interface.  

 

3. Ad of the Week


People switching up their lifestyle to attempt to eat vegetarian meals is becoming more and more popular. Tibits, a stylish, self-service diner and takeaway restaurant, took full advantage of this fact with their advertisement below. The subtlety forces you to double-take the ad as you walk past, allowing you to appreciate the lack of in-your-face marketing which can often turn people off a brand.

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