![]() ![]() ![]() They're worried about their ads showing next to objectionable content, and they're worried about the safety of their brands, and that drove an exodus of advertisers off of the platform.Īnd so, you know, a car manufacturer like Toyota or Ford probably worries more about their brand reputation than having their ad, you know, run alongside of a Tesla ad. A lot of large brands have moved their advertising off of Twitter not because they're worried about their ads showing next to Tesla. MATT VODA: Well, I think that- and we've seen a lot of news on this front. How do you think advertisers are really going to view sort of how they feel about having their ads placed on Twitter, say, next to a Tesla ad when obviously there's a very different interest when it comes to the actual CEO of a company now also being able to push his own ads for his own products? RACHELLE AKUFFO: Well, you have an interesting situation with Musk owning Twitter and, of course, they're able to advertise on Twitter as well. RACHELLE AKUFFO: I think that it's obviously. ![]() And so brands are adjusting and adapting the channels that they're using to reach consumers because the consumers have shifted themselves, but it's a challenge. And so a lot of brands are maybe moving away from more traditional forms of advertising to more modern areas where consumers are using their mobile devices to consume content, maybe using streaming devices to consume, you know, traditional TV. You know, consumers' buying preferences and behaviors have shifted pretty significantly over the last 24 months, and so brands have had to become more creative, maybe more persistent in terms of how they reach brands- sorry, consumers where they're making their purchase decisions. And so that's the first objective, and I think that successful brands are able to resist that pressure because they have the intelligence to prove the value of the advertising.įrom there, it gets a little more complicated. ![]() This is what it drives in terms of revenue for the business. And it requires great analytics to stand up to the finance team to say, this is the return that we're getting from these investments. MATT VODA: You know, I think successful brands are resisting the pressure to reduce their advertising budgets because they know that that creates difficulty down the road. In terms of what they're trying to do to get more ROI with their marketing and their ad budgets, how strategic are they being? Where are they putting their money to work? I know JCPenney is on that list, among others. For the clients that you advise- I mean, you advise some big clients here. RACHELLE AKUFFO: And obviously this is the time when a lot of companies are pulling back on their ad spend or being more strategic, at least. And as I said, that's an enormous challenge, but Tesla has to have its own brand value in the hearts and minds of consumers that is clearly separate from Elon Musk. How do you separate Tesla's brand from Musk personally? And so Tesla needs to build a brand that can stand on its own, that has its own value and place in the minds of consumers, and where consumers don't automatically think of Elon Musk. MATT VODA: Yeah, and I think that's Tesla's main challenge, and it's extremely difficult to solve. RACHELLE AKUFFO: So then in terms of the elements that, really, if you were advising Musk as to how he should approach sort of Tesla advertising, given that he is very outspoken, he's very visible on Twitter, as well, and it is hard to separate the man from the brand. And I think that they realize that they have a branding issue in the market, and they face some pretty significant competition coming quickly. Most of the major manufacturers have a whole slate of EVs coming into the market over the next 12 months. But I think from a timing perspective, despite the news that you just had just before this about Tesla Model Y leading car sales and that success, they face a lot of pressure in the market. MATT VODA: You know, you have to tip your hat to Tesla for getting this far without investing anything in advertising, so that's pretty remarkable in and of itself. Want to talk about this foray of Tesla now into the traditional advertising space and really the timing around it. RACHELLE AKUFFO: -this foray of Tesla- of course. MATT VODA: Thank for having me, Rachelle. Well, joining us now is OptiMine CEO Matt Voda to discuss more about where Tesla's advertising could go. Now, this marks a shift in the company's branding as Elon Musk has tweeted in the past that he, quote, "hates advertising." ![]()
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