The world has been going through a tumultuous era. Not only is it ravaged by the Coronavirus, the subsequent financial and social implications have driven people crazy and longing for a change. Various simmering issues have come to a steady boil in what doesn’t seem like ready to subside anytime soon — racial inequality, financial inequity, a reckoning with the colonial past in western democracies, to name a few.
Big changes are underfoot.
As companies face slowing market conditions, compounded by the social upheaval, they’re also having to face pressure from their customers on standing up to divisive voices in the society. Companies are investigating their ad-spend on platforms that provide micro-targeting, but that in these times also tend to place this advertising side-by-side with content that aims to break the social order.
By last count, a lot of big name companies have already pulled their ad-spending from various platforms owned by Facebook and Google. That said, there are very few, if any, other places for them to reach their customers. So much so that Facebook’s CEO even boasted that these advertisers would be back ‘soon enough’ with their money as they realize that there is no other way.
Buried in these news, I found myself fascinated by the revelation that about 70% of Facebook’s ad revenue comes not by way of these Cokes and Unilevers, but from the multitudes of local and small businesses spread throughout the globe. It makes perfect sense in hindsight — if you’re big, you could possible afford spending on TV ads or billboards, but if you have that tiny neighborhood café that derives a lot of seasonal tourist-dependent revenue, your best bet is a Facebook (Instagram) ad campaign.
Perhaps then, the next ad-tech business the world needs is something that helps these small businesses reach their target demographic in a more ESG-friendly manner. A platform that doesn’t mine all the data there is, but provides genuine value. This platform would be made for small business by small business with only one goal — make the world a nicer place.
Now the question — who’s up for this?