The Wax: February 2022 Drop

February '22 Drop

Our TL;DR monthly trendspotting and reporting on the sticky stuff for your biz, your brand, and your cultural fluency. Check back monthly for the next 5 best things.

Is this a Dorito or a TV?

Snapchat’s newest augmented reality lens highlights new opportunities for streaming

  • In partnership with Frito Lays, Snapchat debuted a new augmented reality lens during the Super Bowl which involved using AI features to stream videos directly on Doritos and Cheetos.
  • Snapchat’s advertising business has grown 50% year over year, due in large part to the company’s sponsored augmented reality “lens” filters.
  • Snapchatters use AR lenses 6 billion times a day.
  • We can expect Snap to continue investing in brand partnerships like this one as a way to generate revenue and help train the public on a new behavior: scanning the Snap camera over anything and everything to see what digital magic might happen next.
  • Promotion highlights opportunities for brands to deliver AR experiences that add value and entertainment to a more digitally savvy consumer.

Brand Opp:

Find ways to cut through the noise by leveraging your brand across different mediums. There is an opportunity to rethink the way we approach activations/promotions. Instead of highlighting a product with an ad so that you then buy it, follow the lead of Frito Lays by thinking about a campaign that urges cross-platform participation and consumers to acquire the product in order to experience the ad.

The Wax: February 2022 Drop

Social Media and ECommerce Converge

Shoppable links are the new growth engine for consumer brands.

  • A new report from Accenture predicts social commerce will grow 3X as fast as traditional ecommerce
  • In 2022, US social commerce sales are expected to grow by 25% and reach $46B, with more than half of the country’s adults making a purchase on social media.
  • Brand best practices to compete in social commerce market include utilization of influencers, consumer calls to action, user generated content.
  • Instagram added shoppable links in 2019, Snapchat gave top-tier influencers a ‘shop’ button, and TikTok has tapped the social commerce market by announcing its partnership with Shopify in November 2020.

Brand Opp:

Phrases such as ‘Swipe up to purchase’ or ‘Store link in Bio’ are extremely important to incorporate as much as possible. Find ways to push social media users to purchase the items or services they see advertised on their newsfeeds to cut down on the time and friction between exposure and purchase.

The Wax: February 2022 Drop

A vibe shift is upon us

Trends are changing post-quarantine

  • We’re leaving the era of sneaker collecting, political rollercoasters, virtue signaling, and protests over brunch (c.a. 2016-20) for what seems to be an era of nihilism
  • The pandemic and climate change have inspired a new cultural phenomenon where aesthetics and behaviors are framed by a sense of doom
  • Smoking is trending again and a common theme of “I want to have fun” are percolating as people cope with their pent up quarantine frustration
  • With that, culture is becoming more fragmented and moving towards micro-mediums like blogs and podcasts

Brand Opp:

Don’t sleep on the vibe shift taking place. Are you continuing to connect with your customers in the mediums that they are adopting? Is your brand mindful of cultural changes taking place as a result of the pandemic and climate change?

The Wax: February 2022 Drop

Marketing lessons from a musician

Kanye launches Stem Player

  • Spotify and Apple have been called out lately for the micro royalties they pay out to artists
  • To combat this, Kanye launched his own $200 iPod of sorts called the Stem Player
  • Beyond playing music, it also functions as a device to self-mix music, creating a more intimate unique experience for the listener overall
  • His newest album Donda 2 is available exclusively through the Stem Player
  • Despite the cost and clunkiness of the experience, his fans are eating it up, generating a lot of earned media for the album

Brand Opp:

If you’re looking to increase earned media, consider an exclusive way to drop your product – something that can be easily shared and talked about via social media. If there are any bullies in your industry making it harder to best provide for your consumers, talk about it. Lots can happen when you unite consumers over such a goal!

The Wax: February 2022 Drop

Resellers say ‘what’

Brands are tapping into the resale wave

  • The resale market is projected to double in the next 5 years, reaching $77 billion
  • With brands like TheRealReal, Depop, and ThreadUp gaining mainstream attention, more and more companies are launching their own resell programs
  • These programs allow customers to send back their used goods in exchange for store credit
  • Companies then repair items and resell them in select stores or through select programs
  • Newly launched programs include:
    • Ikea’s Buy Back & Resell
    • Allbirds’ ReRun
    • Lululemon’s Like New

Brand Opp:

Offering reselling programs are a great way to promote greener consumption while also encouraging consumers to further engage in your brand. Resell credits open more opportunities for returning consumers to use their discount on new products. The prices of resold products offer a lower barrier to entry for new customers.

The Wax: February 2022 Drop
The Wax: February 2022 Drop

The Wax reported by:
Yasmeena Faycurry & Kate Sanner
2022 Platform Listeners

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