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Monthly Archives: October 2017

The advent of technology has redesigned the marketing industry. “Digital marketing” has opened multiple avenues for companies to showcase their products, ranging from having their own website to pages on social media platforms such as Facebook and Instagram. Marketing professionals are constantly exploring this new world of Digital media and are set out to discover ways to promote their products.

In early 2017, the luxury giant Gucci Inc. made a bold move by using memes to advertise their latest watch collection (McCarthy, 2017).  A meme is a catchphrase or piece of media which spreads often for satirical purposes via the Internet. They have become extremely popular among millennials who use them as a daily source of entertainment. All memes have a particular theme and are based on all sorts of real-world issues.

This advertising campaign called #tfwgucci based on a meme theme known as “that feeling when”, was develop by Gucci’s creative director, Alessandro Michele. Here are a few of their best-rated posts.  

 

 

Gucci tried it’s best to remain true to their vintage brand essence while still trying to adapt to this new platform and it seems like they were pretty successful since a lot of people were impressed by Gucci’s creativity and reacted positively.

However, it is fair to say that the majority weren’t very happy. Most people thought that the posts were cringe-worthy and lame. After analysing this situation myself by reading several retweets on these memes (some of which are shown below) I think people reacted like this probably because they think of memes as a fun space to socialize and watching Gucci capitalize it and turning into a form of advertisements was what annoyed most people. Furthermore, as Chelsea Leong, a fellow Comm 101 student mentioned on her blog, that since memes are a highly informal, easy to create and easily accessible, this meme campaign may be seen with negative connotation by some of Gucci’s elite and more elderly customers, and may possibly have devalued the brand’s status for them.

Diving into the details it was seen that Gucci’s Instagram had a reach of 120,089,317  people and the meme posts received an average of 1,986,005 likes, giving them an engagement rate of 0.5%. Although this seems extremely low, it’s significantly higher than the usual average engagement rate of 0.4% (Hudson, 2017).

In my personal opinion, although the campaign received excessive criticism, it still ended up grabbing people’s attention. Chelsea described this campaign as “Buzz Worthy” as stated that “it created viral interest and word of mouth to promote their new watches”.  I do admit that they could’ve done a better job with the content, especially a better focus on the humor, however in the end it did the job it was meant to, and I guess that’s all that matters.

Words: 447

Works Cited:

             Hudson, D. (2017, March 23). Gucci Gone Meme: The Luxury House Throws us a Curveball. Retrieved October 26, 2017, from https://medium.com/@DashHudson/gucci-gone-meme-the-luxury-house-throws-us-a-curveball-2126354a1a3
              Gucci takes a dip into the ever-dangerous world of memes to promote its watches. (n.d.). Retrieved October 26, 2017, from http://www.thedrum.com/news/2017/03/22/gucci-takes-dip-the-ever-dangerous-world-memes-promote-its-watches
              Leong, C. (2017, October 13). Meme Marketing – Gucci’s Approach to a New Kind of Advertising – Chelsea Leong’s Blog. Retrieved October 26, 2017, from https://blogs.ubc.ca/chelsealeong/2017/10/13/meme-marketing-guccis-approach-to-a-new-kind-of-advertising/

Let’s start with the basics. Developed in 2009 by an anonymous group known as Satoshi Nakamoto, a blockchain is a highly encrypted and shared database which facilitates transactions in the form of digital cryptocurrencies such as Bitcoin. This technology aims to provide a secure and faster way to digitally and anonymously send payments between two parties without needing a third party to verify the transaction.  It also provides a tamper-proof alternative to tedious banking processes that are “typically bureaucratic, time-consuming, paper-heavy, and expensive.” (Meola, A., 2017).

Since its birth in 2009, the number bitcoin transactions have skyrocketed, as seen in Figure 1. In addition, the value of each bitcoin has risen from US$1 to roughly $1,100 today (E., 2014).

 

Figure 1. Source: Business Insider

 

The credit for this rapid success goes to the numerous benefits provided by bitcoin. Firstly, it eliminates the need for a third party, which reduces transaction costs to a bare minimum of 1% or even free through some bitcoin gateways, compared to an average of 3-4% on credit card purchases. In addition, businesses receive money in hand the day after the transaction instead of usually having to wait 3-5 business days, hence greatly improving their cash flow (E., 2014).

Bitcoins are now being used to buy food, ebooks, music etc.  Secondly, the blockchain server on which bitcoins operate provides complete transparency to users who can log in and browse through every single bitcoin transaction ever made (E., 2014).

In his famous blog titled “Both sides”, the American entrepreneur Mark Suster provides valuable insights into the world of blockchains, stretching even further than cryptocurrency. He mentioned that the strongly encrypted algorithms used in a blockchain can, in fact, be used to transfer confidential paperwork between large businesses as well as governments, ensuring that data isn’t tampered in any form.

He has also shown concerns about the reliability of bitcoins stating that, it’s increased valuation is all because of high speculation and a drive for quick profit which is highly unstable and may not be sustainable in the long run.

Additional concerns with bitcoin include it’s safety. In 2014, 800,000 bitcoins valued at $450 million were lost at a Japanese bitcoin exchange called ‘Mt.Gox’. Furthermore, the federal government is concerned that it might soon be used for terrorism purposes (E., 2014).

In conclusion, I personally think that bitcoins are not a reliable option to replace currency because of the aforementioned reasons as well as the fact that its origin is anonymous even today and there is no central body to govern it and responsible for anything that might go wrong with it.

However, I do believe that the blockchain technology could be applied in other fields like secure document sharing which could be greatly beneficial to governments and businesses across the globe. 

Works Cited:

E. (2014, May 29). Retrieved October 15, 2017, from https://www.youtube.com/watch?v=SmExLsqQYEw&t=325s

Meola, A. (2017, August 25). Understanding blockchain technology, bitcoins and the rise of cryptocurrency. Retrieved October 15, 2017, from http://www.businessinsider.com/blockchain-technology-cryptocurrency-explained-2017-8

Suster, M. (2017, September 18). Want to Really Understand What all the Hype of Cryptocurrency is About? Retrieved October 15, 2017, from https://bothsidesofthetable.com/the-case-for-against-cryptocurrencies-101-c8d71c444fe0

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