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James. So this week when we’re recording, we’re in the end of July 2020. We’re in the middle. Well, we assume we’re in the middle of the covered pandemic. And there’s been some really interesting movements in the sort of digital marketing world, the e-commerce world, as a result of the pandemic. And also very recently, there’s been also some antimonopoly hearings in the US Congress around like the big tech firms. So Facebook, Google, Apple, Amazon, etc..
And so there’s been a lot of talk on social media around how these different things are coming together to impact this sort of e-commerce and the digital marketing, the entrepreneurial space. And I saw a tweet from a guy that we’ve talked about before called Jafa Ali is quite deeply involved in the sort of e-commerce world in the US. And I thought that this was quite an interesting sort of tweet thread because of all the stuff that’s going on in the background. And he says no one advice right now for entrepreneurs with an online business. Use the free and crushing media rights to build your own media, ASEP, especially build your email database, which is made, of course, converting other media to owned and operated media would yield huge returns over time. The reason I say this is as soon as possible is because it’s only a matter of time that Twitter follows Facebook and limits your promotions for your business or goods. And you need to take advantage of the declining meteorites whenever you can. Once you own the media.
This is an asset you can try to sell goods, sell ads, etc.. So what you talk about here is that. A lot of large organisations as a result of the economic downturn due to COGAT and things like that, one of the first things that they cut back on was like marketing and media spending, particularly advertising spend. And so when you’re talking about Facebook marketing, you know, Instagram marketing, Google ads, all of those sort of online paper click forms of advertising, all of the rates across the board are much lower than they normally are because the competition is lower. And so he’s essentially saying that this is like a unique time. You want to take advantage of that and the whites take advantage of that to invest for the long term. If you’re some sort of e-commerce or for selling something online is to try and buy up this these ads and visits an audience on these platforms while the rates are cheap and try and convert them into your own, what he calls media. But essentially what he’s talking about here is things like. Get them on your e-mail list and get them interested and subscribe to your blog, get them interested and subscribed into your podcast, because once you’ve got them within you already. Casey Ystem, you’ve then got a cheaper audience that you can then market to sell to, et cetera, down the line. And the trend on the other platforms, so Facebook and Twitter and things like that is it’s only gets more expensive over time to talk to the same audience you want to talk about. Right. Because the the arbitrage opportunity that there is is that Twitter and Facebook and Google and all these people, those platforms want to capture as much of the value in those markets as possible. So the rates are only going to go up over time. So there’s kind of a unique opportunity here to take advantage of this confluence of events. What’s your thoughts on this myself?
I agree 100 percent. And also, we have talked about building an audience to improve both broadcast and especially on the distribution versus broked how distribution is key, actually, or is maybe the most important part of your business. And also, we talked up as well before about the order of priorities and to tap into opportunity. So if you want to sell anything, you first need to have interested customers or find them like cold selling. AIDS is more expensive. So certainly if you build a brand, that’s the lowest risk and also the better long term investment. So if now you have a cheaper way of doing that, it’s great. And also not only to build the brand or your audience, but to just deliver your messages, get seen by them before it was harder. So, yeah, just get out there. Yeah. Build your ramp up your audience, cheque out the different also industries where you take the most advantage from probably consumer goods because just people are spending less. That could be like natural gas sector where you want to look at. But it could be as well. Other countries, some countries are more affected than others. So. So, yeah, you may want to look into that as well.