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Weekly Marketing and Advertising News, July 16, 2021: Facebook Invests $1B To Reward Creators

July 16, 2021

Weekly Marketing and Advertising News, July 16, 2021: Facebook Invests $1B To Reward Creators
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Welcome to this week's episode of The Radcast! In this week's news episode, host Ryan Alford and co-host Josh Hill discuss Shark Week, British Open/NBA Finals - Bucks/Suns, HypeBeast top brands, The Best of Tik Tok, and more...


Welcome to this week's episode of The Radcast! In this week's news episode, host Ryan Alford and co-host Josh Hill discuss Shark Week, British Open/NBA Finals - Bucks/Suns, HypeBeast top brands, The Best of Tik Tok, and more... 

These are the following topics we hit in today's episode:

  1. Facebook Commits $1 Billion To Pay Creators - Per HypeBeast
  2. Jeff Bezos Cleared To Fly Aboard Blue Origin’s First-Ever Commercial Spaceflight
  3. Marketing budgets slip in relation to revenue, shrinking to 6.4%, Gartner finds

If you enjoyed this episode of The Radcast, leave us a review on Apple Podcasts. Subscribe and share the word if you love our podcast, so we can keep giving you the strategies to achieve radical marketing results! You can follow us on Instagram @the.rad.cast | @radical_results | @ryanalford |

Transcript

“It has to start somewhere. It has to start sometime. What better place than here? What better time than now?” 

“You’re listening to The Radcast. If it’s Radical, we cover it. Here’s your host, Ryan Alford.” 

Ryan Alford [00:00:58] Hey, guys, what's up?  Welcome to the latest edition of the Radcast.  It's Friday, July 16th.  It's our marketing and advertising news and everything cool that's happening in the world.  I'm Ryan Alford and we're happy to be here with you. If you are here physically, if you're watching our video and that feels physical.,if you're listening wherever you are, whenever you are in twenty twenty-one, we wish you a happy whatever day it is. You never know what day it is.

Josh Hill [00:01:28] And I am Josh Hill. 

Ryan Alford [00:01:28]  That always blows my mind when I start talking about it and I know I might be the only one that thinks about how far in the future someone could be, listening to this. Klayton, if you're listening to this and you are now in Harvard or wherever you're going to go to school; I told you so. 

Josh Hill [00:01:46] I want to say happy Wednesday to everyone listening to this, I want to give a specific shout-out to those people. 

Ryan Alford [00:01:52]  Happy Wednesday to you.Josh, what's happening here in the middle of July? Where is the world gone and the month of July? I don't know, man. You had a good week? 

Josh Hill [00:02:07] Yeah, it's been great. It's been a fantastic Shark Week and yes, Shark Week, swimming away from any shark I can see. 

Ryan Alford [00:02:14] Oh, my God. It is Shark Week again. We don't know where you are, but it is Shark Week for us. They have put it on the Discovery Channel. I think it originated in Sharknado, the cheesiest movie of all time. It has been back and forth on the  National Geographic channels. Two channels are all sharks all the time, and it scared the shit out of me. There was an eight-foot great white wide, twenty feet long and they're just; "hey, we're here, we have a great Viking, I believe he's about eight feet wide and twenty feet long and. I'm like, that's a fucking bust. 

Josh Hill [00:02:56] Then no thanks. 

Ryan Alford [00:02:57] He could eat both of us and not even realize he did it, right.  We are just an appetizer. Sardines, human sardines, 

Josh Hill [00:03:06] Maybe some fish food, 

Ryan Alford[00:03:08]going to Mexico in a week. Yes. Hallelujah. Hallelujah. (CLAPS) Hey man, thank you for that.  I don't know if we get in the ocean. I think the sharks are calm. Shark Week fears; it must be lurking below. I'm in two feet of water on that eight-foot white. I'm doing the math, is there any way he can beach it right here and eat my leg. 

Josh Hill [00:03:36] Your Google history searches are can sharks fly? 

Ryan Alford [00:03:39]Can they fly? On one channel, the great whites are seen feasting on Sea lions.  "I skip right to a channel and see the Great Whites feasting on Sea Lions and they are just flying out the water. They are Flying Great Whites" 

Josh Hill [00:03:53] Then  we need to move a bit further inland 

Ryan Alford [00:03:56] They crawled out. Can they watch? Are they truly land sharks now? They look seventy years old. Did you know that they live that long? Too long. Seventy years. They live as long as we do, they got scars and all the stuff. I'm like oh no. 

Josh Hill [00:04:12] They send their kids off to college,  empty nesters. 

Ryan Alford [00:04:16] I'm researching which sharks like to bite? I know great whites will crush you, mackerel sharks they're a little ugly and it is said they shouldn't mess with you, but they have attacked several people. Shark Week is on at the opera. 

Josh Hill [00:04:37] Land sharks, get your land sharks, out of the Narragansett featured in Jaws. That's the best shark week. Way to go. 

Ryan Alford [00:04:44]  I am going to venture a bit into one thing. We don't do ads on the podcast. We could sell ads but we don't. But I'm going to give props to the female energy drink of the year that I like, Aulani Nu, which is Aulani nutrition. I'm drinking a breeze right now. So this is a free promotion for you, Alani. Maybe you need a male influencer because it's all women on your profile. I looked across the screen and saw all the women there, smiling. happy, attractive influencer women I dare say. It's quite tasty Josh, you can try it. 

Josh Hill [00:05:15] The marketing side of  me, if I start drinking that I can pose on a beach and smile happily 

Ryan Alford [00:05:21] They are sweeter and it's a feminine product because monster or bang, you know the masculine topics. But it's very sweet, some people might find it too sweet, but it strikes me as potentially good with vodka. Now that's what I like to hear and  That's where my brain went. I'm like,  you give me energy in the morning and pleasure at night. More buzz Alani Nu, call us here at the Radcast. 

Josh Hill [00:05:55] It's like a day Mollet; We're in business at the morning party at night. 

Ryan Alford [00:05:58] I think they take over the watch in the video version, you'll see the can is shaped like Red Bull original, the original energy drink, and it gives you wings and it tastes good. Is it still on? So anyway, if you're out there Alana Nu people, we're going to tag you in this highlight clip here. "Aulani new. It's the energy drink for me" Maybe I'm just tired of everything else and it's a little sweeter anyway. A lot of sports this week are hitting Google Trends, we're going to get to a couple of those topics, the British Open is going on, Jordan Spieth had a great first round when we're recording this. We haven't kicked off the second round just yet. Louis Taison, who almost won the U.S. Open, is first on the leaderboard there. So we have lots going on there? Beautiful, I was watching some of the highlights. On the big sports week, you have the British Open going on, or excuse me, the Open, they don't call it the British Open anymore. Since the Open Championship, they start changing things. I don't know if that was politically driven or, it's just a British thing. 

Josh Hill [00:07:11] One of those things like do the Canadians call bacon the Canadian bacon? 

Speaker 1 [00:07:14] Yeah, exactly. Just bacon here.   That's the Open championship.  In the NBA finals; The Bucks and the Suns are tied at two games apiece. I must admit, I'm not watching much of it, I do enjoy the highlights and  I may watch game six or seven. I grew up playing basketball, but I don’t watch much NBA anymore, and The Bucks and The Suns aren't exactly mainstream teams for me. I hate to say it, but if it was L.A. in New York, I might watch it more. I hate to be that guy but no LeBron and, I’m not even a little bit of a fan, but to make it more interesting they got a lot of good players, but two games to two look like it's a good series. I'll probably start watching games five, six, and seven. Looks like now it's time to watch this. The seven-game series is kind of like, OK, I'll catch up like game five when all the marbles start coming together. So lots in sports that are hitting all the Google Trends I was looking at this morning, Josh showed it was like seven of the ten topics were something related to the open championship or the NBA finals. But one thing in particular that I think is relevant to us is free  Brittany. 

Josh Hill [00:08:32] Yeah. 

Ryan Alford [00:08:33] Britney Spears is fighting her conservatorship. I can't say that word. I think that's what it is like. Is that the right terminology?

Her father's had control of her finances all her life, she might be a little crazy or a lot crazy, but is she that much crazier than a lot of fucking crazy people that she can't control her own money and life? A lot of people every day, win the lottery and they fucking blow it in a week. 

Josh Hill [00:09:02] Do you think her current situation is helping? 

Ryan Alford [00:09:05] Yeah, exactly. So she can't even hire her own lawyer? Is this really happening? Think about how many quasi,  insane that is. Do all celebrities have it all together? 

Josh Hill [00:09:25] I don't know,  but her entire career everyone's treated her terribly. 

Ryan Alford [00:09:32] She was the first true and I don't know if I can call it social media, but it was when Facebook was first starting in two thousand two, three, four, the start of the viral illness, her music videos and things coincided with that. 

Josh Hill [00:09:53] With the emergence of… I know she was huge on YouTube, MySpace, and Facebook when it was first getting big and that's like a huge pop star mixed with the Internet star. 

Ryan Alford [00:10:07] I don't know where the hate came from and now it seems to have gone full circle because now everybody's rooting for her. 

Josh Hill[00:10:14] Everyone figured out they were being terrible. 

Ryan Alford [00:10:17] They're for her. They're saying free her from ridicule and her father's thiefdom. We did this. 

Josh Hill [00:10:24] We're sorry. 

Ryan Alford [00:10:25] So we'll see where that goes; free Brittany, because why the hell is she trapped anyway? I don't know. I don't get it. I think she had a meltdown, a couple of meltdowns. But who doesn't have a good meltdown? 

Josh Hill [00:10:36] Sometimes it happens when the entire world is watching you 24/7, I would have one way sooner than she did. 

Ryan Alford [00:10:43] True.  Another new thing and  I thought this was interesting, about some good articles this week on HypeBeast. They got a huge following on Instagram. I do follow them. They talk about trending fashion and I think it started with tennis shoes. They did have an interesting brand ranking metric, related to Marketing and Advertising brands. Yeah, we like our brands. We like rankings. So I'm going to go through this. Josh, let's get some reactions here, your thoughts. I am going to call out the top ten, via the brand ranking and I'll start at number ten. The Supreme is number ten. We all know Supreme; a  cool niche, and  I'm not sure what other adjectives I would use, they are skateboarding, right? 

Josh Hill [00:11:39]They'll partner with anyone. 

Ryan Alford [00:11:43]  Which is cool. They partner with a brand that makes handbags. Number nine: Patek Phillipe. Have no idea if I said that right, I'm a watch guy but I won't pretend to know much about them. I don't have a Patek Phillipe, not my style but it is No.9. Does that mean anything to you? 

Josh Hill [00:12:06] It does, I do like some of their old watches. 

Ryan Alford [00:12:09] I'm into the old stuff. These are cool (referring to the Alina Nu). They are very expensive and  I don't have them. This was the surprise of the whole list for me. Josh, number eight: It's moved up four spots here in the ranking; Gap 

Josh Hill [00:12:26] We spoke about Gap previously, on the show and at the time we talked about their marketing strategy. They have gotten more strategic with their partnerships and they have increased their advertising budget. They also had a collaboration with Kanye, which, of course, because this is Kanye he gave Midas touch to everything. Ding (rings bell). You can see they are spending more on advertising and forming the right partnerships work(CLAPPING) 

Ryan Alford [00:12:57]  It works when we spend more money on the right channels and choose the right partners. Holy cow. The marketing strategy question. What's the strategy? We have one, though. Yeah, that was a surprise, but not a surprise. Number seven: This might be my favorite name on the list, Sakai.  Am I saying that right Josh? Because that was the one I didn't know, I'm going to admit. And if you didn't know and I didn't know it, we kind of cover two genres here. Like we have some overlap, but if we don't know it, then maybe we need to go get it 

Josh Hill [00:13:35] I used to be a long-term subscriber to GQ but I still don't know that name. 

Ryan Alford [00:13:40] It made me think of Cobra Kai.  Is Sakai a cool karate brand or is it something way juicier than that and we're butchering it and people listening are saying: “they don't know what that is. Oh my God. I never listened to Radcast again”.  In at number six; Would you like to pronounce this one for us? Number six, 

Josh Hill [00:14:00] I think it's a new brand called Louis Vuitton 

Ryan Alford [00:14:04] Some people pronounce it Louis Vitton. 

Josh Hill [00:14:09] Is that a new brand?. 

Ryan Alford [00:14:10] Louis Vuitton is coming in at number six, not a surprise, they have been steady. Their brand is still like the caché, Old  Louis. 

Josh Hill [00:14:22] They've finally gotten past just being bags,  they have gotten into streetwear style. 

Ryan Alford [00:14:28]  Number five; This brand I know and I like their EZs. Does Adidas make Ezs? Do they own it now? I will ask Dana, our Producer, to check that.  I think I  should know but I'm not sure that I do. Did they start it, was it a sub brand or did they buy it? 

Josh Hill I think it was Nike at first. 

Ryan Alford  How can they start selling our $40.00 shoes for $400.00? ( Laughs maniacally. Rub hands) Haha haha, the exact same materials, just a little bit more fashionable in our own minds. 

Josh Hill  [00:15:13]  They want to make more money 

Ryan Alford [00:15:14]"  We'll make a scarcity, we are going to make fewer of them, haha haha, Oh we'll make fewer. We'll sell more. We'll make more money". It's called capitalism. Off-White is number four.  What is Off-White known for? 

Josh Hill [00:15:32] They are known for signature stamps. Their biggest thing was their Nike Collab, you can recognize them usually how they do their stamps, big, all caps letters, and they label things. They are used by Nike, they literally had upper and then stamped laces and then lower.  They're labeling the parts of your clothes 

Ryan Alford [00:15:57] Nice. 

Josh Hill [00:15:58] They had a belt that was very popular for a couple of years, but it looked ridiculous. 

Ryan Alford [00:16:02] Number three; and I still have a pair of these little walkarounds or walkers or whatever they're called Thornes vans. I remember when I was growing up I was a skateboard guy for a little while when I was 10 and 11 to 15, 14 years old but I was no good at it. Then later I started playing basketball. Tony Hawk and Mike, I think he might have been an original Vann's guy. Do you like Vanns? 

Josh Hill [00:16:31]  I remember them from when I was in High School and any time we watched a concert or went to a show,  nine out of ten of the players on the stage were wearing Vanns.  

Ryan Alford [00:16:44] They were, at least in my memory, one of the early, not just influencers but also street marketers and all that big ball of wax of pre-game. Vanns is the original marketing savant, they just do their thing very well. 

Josh Hill [00:17:11] They stay on their land, they work with people who they think are cool, like musicians, skaters, and cyclists, to name a few. They are just cool 

Ryan Alford [00:17:23] They're just cool, and it all seems to radiate around that brand, which is very smart. Number two; Adidas, also known as Adidas, 

Josh Hill [00:17:33] They're crushing it. They've over the last few years. 

Ryan Alford [00:17:36] I love Adidas soccer shoes. I  have two or three pairs of their shoes, they are comfortable. I don't have them today but  I will wear them soon 

Josh Hill [00:17:46] Great closet staple. 

Ryan Hill [00:17:47] Their golf stuff's good, their streetwear is good, their shorts and their everyday wear is good,  the whole brand is good. They're

making EZs for $400 which is very smart because they are both in the top ten, with their collective ranking EZs and Adidas should be number one. And number one; It's no surprise in our top ten hype beast brands, Nike. 

Josh Hill [00:18:18] I've got my Nike on today. 

Ryan Alford [00:18:20] You have your Nikes on, as do Phil who is also an Oregan duck. The Nike brand is still kicking it at number one. It does seem to have that longevity between… For me, it started with Air Jordan growing up and owning it and I know Jordan built his subsegment. Then you have Tiger Woods. I think it is a behemoth with so many layers and  I  think it is more in my periphery of what I choose, but there's no denying the power of Nike. They're too big to fail and they're smart too. They have so many offshoots of the brands we can do a news segment on just their marketing tactics every week.  I'm going through some of my journalistic sources  and every other time there's something about Nike and some activations 

Josh Hill [00:19:21] They are so ingrained in history. Culture. 

Ryan Alford [00:19:24]  I don't know what's happened with some of their tech stuff. I did have the running band at one time. They were also in that fitness tracker stuff, which, I'm sure they still are, but it's fallen off the radar a little bit. The technology looked cool and the running band was cool, but  I don't know if they've rebounded.  If they did rebound they are going to send us a message back saying ( speaking in advertisers voice) "You have our new…..", but we haven't and it sucked when I tried it. For me, they have not gotten back into the realm. That was your high beast top ten brand. We're going to do that periodically. I think that was kind of fun. We'll see how much they change. Looks like there was some movement with Gap coming in; which is not a surprise. New topic and this is interesting. It was going to be one of the news topics, but I thought it was funny; Apple, If you use the weather app, it’s a balmy seventy degrees and it might be fluctuating a degree or two to a number that everyone laughs about, that has Dual meaning and quadruple meaning and it happens to be my step dad's favorite number, which is kind of weird and nice, but yes, Sixty-nine will not display in the Apple weather app for some reason, which is funny considering how surprisingly liberal Apple is. What are your reactions? 

Josh Hill [00:20:49] I guess we'll experience some nice weather, but not weather that nice. 

Ryan Alford [00:20:51] They're missing the number sixty-nine in the weather app, so give that a try if you're listening. I thought that was interesting.  We're in South Carolina so we're not sure if we are going to hit Sixty-nine. We may experience sixty-nine when we are in  October. 

Josh Hill [00:21:14] Maybe I can hack it and make my app only say Sixty-nine. 

Ryan Alford [00:21:17] It's on some radar somewhere. Find a way to see if it will say sixty-nine or if it skips over to sixty-eight.  Anyone out there that has it will report back if that is actually true. But supposedly it's true. We wouldn't know because we get tested here in South Carolina in the middle of July. Anything with Tik Tok on your radar this week, Josh? 

Josh Hill [00:21:45] Biggest one I've seen, and there are plenty of them, but in this one, the 'me' explaining sound, where it's ‘Me’ explaining a topic and the person just not understanding, people are talking to their cats and the voice is gibberish. explaining that earbuds are not toys. I saw somewhere advertising ‘me’ explaining to a client that, you can't do this sort of tracking or you can't make fifty thousand billboards with two dollars, and the other person is not listening but agreeing. I'm also seeing plenty of terrible ads. 

Ryan Alford[00:22:32] Honestly, the ads have been hitting my radar. 

Josh Hill [00:22:35] There's been some adage articles on it and the entry of the Tik Tok from marketers is extremely awkward. You'll notice a lot of people are turning their comments off because they're just not prepared to deal with the pandemonium happening, but I think people need to realize that Tik Tok is not an organized place, You have to go in with a little chaos, get a bit loose with it and have some fun. EvenDisney is putting stuff out there where it's just a picture and it's just so lazy. I've seen Top Gear do a great entry announcing their newest special. This has been super well-received because they already had a presence of people posting clips from their show.  Tik Tok has a massive car enthusiast audience. I applaud them because they did their research. They know who's on their app and they went on saying  I don't even know what Tik Tok is, but they told us to do this. So hey, guys, we're announcing our show on Tik Tok and that was very funny and they are always funny. 

Ryan Alford [00:23:46]  There is one that hit my radar, it's not new, it's probably a month old, and maybe it's just because I listen to country music, but the Fancy dance.  It's a month old so I know it's not new and we're doing trending topics here, but; Walker Hayes the country artist, did any of those hit your radar? I got a few of them, Applebee's and all that stuff, which I'm sure Applebee's got a free brand kick from. ' Better like a day at Applebees'; and that's from the song. I am looking at the videos and everyone is doing the dance that Walker Hayes and his daughter did to the song, the song is catchy. They're playing a lot of them on Sirius XM, my highway,  the channel that I was thinking of on Tik Tok and it has been hitting my radar a month later on. Maybe my feed is a month behind the trends.  We move right to the news topics, Radcast news. Facebook is committing one billion, that's a billion with a B to pay creators. It's about time. There is going to be so much competition.  And look, it makes sense, right? The creators and their content are like stations on a TV program, right? You come to see the content, the entertaining content. You care about what aunt Susie's doing,  but how many times can you see her bake an apple pie or tell Uncle Howard;  “hey, you need to be doing this”, That is only so interesting. We need the content from the creators, right? 

Josh Hill [00:25:32] I think, they've always been trying to compete with YouTube and have always been behind because YouTube has been monetizing videos for a long time, you can make a lot of money getting some views and even Tik Tok has a creators fund. It is not as robust, they have a lot of kinks there. I think Facebook is making the right move, but I think they should have done it about five years ago or ten years ago..

Ryan Alford [00:25:59]. They might be a little late.  When they say Facebook, I'm sure that overlaps with Instagram and that's a more likely avenue for them to get some traction with this. It is also going to be interesting how the payment works out. Is it going to be the monetization route of YouTube based on the number of views and which makes sense or is it going to be a more sponsored type thing? I don't know. 

Josh Hill [00:26:29] It's tough to know. Are you thinking about posting on Facebook and Instagram? Maybe you should start doing that. 

Ryan Alford [00:26:34] They did say, you know, Zuckerberg came out and said,  he is trying to help their creators have a living wage from just content on the platform. Hey, so content all day. I have a living wage. I mean,12 dollars an hour or whatever. I don't think 

Josh Hill [00:26:51] Mark is helping fill his pockets, might as well. 

Ryan Alford [00:26:55] One billion dollars. What a generous guy. 

Josh Hill [00:26:57]  To work at Facebook.com. 

Ryan Alford [00:26:59]. One percent of their annual revenue. That's just a snack for him. I'm sure he spent that on his yacht last week. I don't even know if he asked you out. I'm sure he does. But number two, on our list, this was all over the place. And we do have a client that actually was involved with this because their fabric was used in Branson, the billionaire race to space. I'm just going to call it that. You had Branson with Virgin, the Virgin launch that happened, did you catch any of that? 

Josh Hill[00:27:32] Yeah, I watched his little speech and his little float around. 

Ryan Alford [00:27:36] Yeah. It was a good-looking plane too. None of this is approachable to me yet. Two hundred thousand dollars per person whether you had the money or not, I would not be interested in going to space. How Niche, is this? These guys are all worried about getting there first. Jeff Bezos is going next week and we are calling his shuttle,  Amazon space. 

Josh Hill [00:28:07]  The name of his ship is Sheppard… 

Ryan Alford[00:28:12] It's called Prime One. 

Josh Hill [00:28:15] Did you see the news clip with the broadcaster who was seeing his shuttle for the first time and because of its unique shape he couldn’t stop laughing. 

Ryan Alford [00:28:29] Who has the biggest rocket ship? Read my lips. 

Josh Hill [00:28:33] No, God. Interesting to note,  that Jeff is saying that Richard did not actually go to space yet because he did not go far enough. So now they are arguing about where space is. 

Ryan Alford [00:28:45] Your ship is not as big as mine, your ship has not gone as deep into space as mine. Oh, my gosh, this is awful. It's just entertaining that these guys are jabbing each other. He goes to space. Yeah, I'm sure there are a lot of space freaks out there that are eager to go. If it became commercialized and safe, Would I do it for a few thousand dollars? But am I really that interested in it? 

Josh Hill [00:29:24] There are so many other things that I'd rather do that even if it only cost a couple of grand I would rather have a better drum set. 

Ryan Alford [00:29:39] ( Applauding). The billionaires' race to space to be continued.  They can go.  It just came to my mind and I am going to say it, with all that is going on I feel one of these is not going to end well. I'm seeing a challenger like 1984. I'm seven years old and I remember being in elementary school when the  Challenger crashed. You know, this is when space was cool and astronauts and all that stuff. And I say this not jokingly, but I just feel one of these guys is going to blow themselves up, and again I  don't say that jokingly.  Does it feel a little bit like that to you? 

Josh Hill [00:30:21] They have all had so many rocket failures and so many crashes and because they are racing to get to space they are rushing everyone and rushed work is almost always never good. 

Ryan Alford [00:30:36] I think you're going to thank me and  I really hope I'm wrong on this. Maybe they'll figure it out and it's taken so long. But I feel like this is going to come to some kind of screeching halt with some kind of accident. But we'll see. The billionaires' race to space will be continued next week. We'll let you know how Bezos is doing. Lastly for today and this relates to what we talked about last week or the week before when I was giving a bit of guidance and this hit my radar. It was no surprise because  I  felt it was coming. Marketing budget budgets are slipping. They've shrunk to six point four percent, an average of total revenue marketing budgets across all brands nationwide. It is the lowest percentage average on record in the history of Gartner recording such data. I anticipated this and I think there are two reasons for it; some brands are trying to make up for the losses they had in the last few years, so I am not surprised.  But I also think there is a little bit of; Oh Things are good right and so we can spend less. That is a  mistake people don't take. This is when you need to double down. And I'm not saying spend more, but definitely don't spend less. This is your chance to really go after brand metrics and things like that. But this definitely hit my radar. Josh? 

Josh Hill [00:31:59]  When you are starting to get some traction, it's time to go for it. There are  plenty of other factors, persons are saying  we can target better so let us spend less and still grow our audience, Big eye roll there, 

Ryan Alford [00:32:20]  Awareness still matters. And there there's

 Josh Hill [00:32:22]  And there are plenty of major tech companies that are starting to pull back on their stuff because they're reaching their top user ship numbers, like Spotify, Uber, and  Lyft. But they're all the big tech companies that have never been profitable. Spotify has never made a profit in its 12 years. 

Ryan Alford [00:32:44] I will say this. And this surprised people, one of the most frequent questions I get from clients who are looking to hire us, they are asking us, what should their marketing budget be? And, you know, six-point four percent of revenue compared to what most people come into us, which is the average. Now, most people that come to us, the medium-sized brands and companies we work with are not even spending close to six point four percent. They're spending more like three or four percent.  And that's the biggest question. And I tell people all time, it really depends on the industry and that is true. But it's also like, well, do you want to shrink?  Do you want to stay the same or do you want to grow?  It's not always easy, but yeah, it's been three to four percent and let's see what happens over five years. If it is in the average range you'll stay the same. And if you want to grow, you've got to spend more. And so it's investment people and that's a really key distinction.  Certain industries don't fall in this category, but you've got to spend seven to 10 percent of revenue if you want to grow. 

Josh Hill [00:34:01] It's hard because it's going to be a competitive industry. 

Ryan Alford [00:34:04]  What would you offer Uber but before there was Lyft. 

Josh Hill [00:34:09] But it's hard to because it's like such a delayed response to, you investing in new equipment, you hiring additional staff, you start making more stuff right away. But marketing takes time and frequency, and if you want to be a long-term company, long term brand, you have to do it. 

Ryan Alford [00:34:30] Short-termism is the path to doomism, and it's what we live in, everybody wants it now. 

Josh Hill [00:34:40] Short-term leads the short terms.  

Ryan Alford [00:34:42] Hey, there you go. There you have a little on that one. I mean, that's profound, I guess. I think that's it, Josh, extended news version, we had a lot of talk about. 

Josh Hill [00:34:56] Oh yeah, like a lot of fun stuff. 

Ryan Alford [00:34:59] Alani Nu call me. Appreciate it, Josh. Do you know where to find us? We're at Radcast.com. All our content is searchable. All the highlight clips, all the videos, all the audio right there at the Radcast.com. I'm at Ryan Alford on all the channels. Josh Hill on Instagram find us there. We'll see you next time. 

 All the requests to listen to full episodes or to contact us, visit us on the web at the Radcast.com. Follow our hosts at Ryan Alford on Instagram. Thanks for tuning in.