An Unlikely Duo

Crockpot - yes, that Crockpot - is getting into the NFT game. As they approach 50 years in business, the company is looking to diversify their consumer base by entering the oh-so-young-and-cool arena of NFT's. The open auction style release will feature designs that honor their past and future and be sold on OpenSea with profits going to charity. 

As the NFT/crypto world evolves, it's so interesting to see how major corporations react to the hottest thing in technology since the iPhone. Crockpot is probably one of the most unlikely players you'd see getting in the game but, surprisingly, it's also one of the first. By using this channel to build brand awareness, Crockpot is also, somehow, showing that the company is innovative and is willing to take risks to engage and broaden their target customer. This more than likely piggy backs off of the massive amounts of cooking younger demographic groups did at home during the pandemic. It's a strong, smart play and it'll be interesting to see how much success it brings. 

Source: https://www.prnewswire.com/news-releases/the-crockpot-brand-auctioning-first-ever-nft-to-celebrate-its-50th-anniversary-301399827.html

Median Age of Social Media Users is Getting Higher

According to a recent research from GfK MRI, although millennials are still the dominant players in the social media world, we are actually having a more maturing group of social media users. 

" US — The median age of Facebook users is 40 – up from 29 years in 2009 – with other social media networks showing similarly mature users with Instagram the youngest at 30 "

"The median ages of other social site users are 44 for LinkedIn, 42 for Google+, 38 for Pinterest, 38 for YouTube and 32 for Twitter".

I think there are several important implications from this demographic changing trend. 

First of all,diversity, along with market size, of social media is expanding. It is great as companies can approach a wider demographic and of course, more customers, in this virtual world.  Secondly, companies should adjust their digital marketing strategy accordingly. As mentioned by Florian Kahlert, managing director of GFK MRI: "...just adding social media sites to a plan without other sophisticated targeting no longer automatically increases your younger or savvy target groups..." And it may be worth devoting more marketing effort to the maturing customers. Although the dominant role in the social media world is still the young, the spending power of the maturing group is probably stronger.  For example, LinkedIn, with the highest median ages of 44 among major social media sites, also had the highest median household income (approximately $112,500).  I think that's probably one reason that luxury brands are spending more time and effort on social media platform. Last but not least, the content of marketing materials should be adjusted accordingly as more maturing people are usually less emotional than the young. They are more rational and put more emphasis on the actual quality and value. In other words, maybe not very appropriate, the maturing group are less likely to be intrigued by the seemingly fantastic ads. 

Reference: 
http://www.research-live.com/4013959.article?utm_source=google&utm_medium=email&utm_campaign=research-live.com