Episode 8: BANKNOTES News (September 16, 2022)

Furniture retailers see decline in sales, layoffs since height of COVID boom

What do you do when you’re forced to stay home for days, weeks, months at a time?

You make improvements to your home, of course.

With that, in the early days of COVID, furniture sales saw tremendous growth.

In February of 2020, Americans spent $11.3 billion on furniture and home furnishings, and monthly sales grew by 181% over an 11-month period from April 2019 to March 2020, according to Commerce Department data.

However, a cushy new sofa or mattress isn’t always enough to pad the discomfort of inflation and a down economy, and furniture sales are now slowing.

Layoffs have come from the likes of Wayfair, Article and more.

Should brands hire creators over agencies to produce high-fidelity content?

Stats show brands that understand the power of creator influence are winning.

Influencer marketing is booming, driving stellar results, and has an average ROI of $5.78 for every dollar spent. This is one reason why only 39% of marketers planned to grow influencer marketing efforts in 2018, but a whopping 72.5% are increasing their budgets today.

This begs the following questions. If creator content is so effective across social media, should brands be turning to creators for all kinds of high-fidelity content as well? And, is there a benefit to hiring creators directly instead of going the traditional route and hiring an agency?

Well the answer is yes and no. It depends on what you’re looking for.

The pros dive into the topic over at banknotes.co

What’s your sign? How brands are using astrology to start a conversation

If you feel like you’re seeing a lot of marketing campaigns focussed on astrology and the zodiak lately, you’re not alone.

This resurgence in focus on astrology has a lot to do with the movement toward wellness and self-care, and the declining interest in organized religion. As more turn away from traditional religion and delve deeper into spirituality (while still wanting to find a sense of guidance or understanding), the alternative for many is to dive into the varying layers of astrology.

As more become interested in star signs and birth charts, brands are catching on and looking for ways to market products based on zodiac signs.

There’s another motive for brands to do this, too.

Consumers love it when brands ‘get’ them on a personal level. And what’s more personal than offering products or recommendations based on zodiac signs?

Learn more over at banknotes.co

Market research still matters in the world of COVID and eCommerce

In a lot of ways market research is a legacy tactic, but that doesn’t mean it should be ignored by brands big and small.

In fact, market research as come a long way from the focus groups of the past.

While formal studies and surveys are still on the table, the host of potential market research channels now open to marketers has grown exponentially.

Those conversations can be happening on traditional social media channels like Facebook and Instagram, or occurring on a Discord channel or on Twitch. Then there are of course sales and customer service calls that can be audited for research, along with one-on-one Zoom sessions.

Head over to banknotes.link/marketresearch to learn more about how market research is evolving.