Clubhouse is a new type of social networking platform which is an audio only platform.  This means every conversation takes place through audio where users speak to let their thoughts known.  Users can create and host rooms where speakers will talk about a particular topic.  Originating in the Silicon Valley, Clubhouse attracted some major names onto its platform like Elon Musk, Evan Williams, Reddit co founder Alexis Ohanian, former Y Combinator President Sam Altman, AngelList co founder Naval Ravikant, Ashton Kuthcer, Oprah Winfrey, Drake, Kevin Hart and many others are some of the influential personalities who are on Clubhouse.  There is however a catch as Clubhouse is currently limited to iOS.

Leher is an Indian made alternative to Clubhouse and is a similar audio sharing and listening startup.  Leher also has video support unlike Clubhouse and is also available for both Android and iOS.  However, Leher does not have the biggest names in the world on its platform but it does have significant micro influencers and is growing at a rapid pace.  Within 180 days of its beta version launch, the company claimed to have its users spend about 44 minutes every day and 250,000 minutes per month for live video sessions.

We at Startup Stories are curious to see which among Leher or Clubhouse would our readers choose to take part in a virtual discussion.  Please let us know your answer in the poll below.

If you are a regular user of social media platforms and also a fan of consuming content on the digital medium, then there is a very high likelihood that you have seen ads on pages you are reading or watching something.  There would be times when you have been targeted by an ad which feels like it was wrongly targeted at you.  Imagine if you are a vegetarian by choice and while browsing online, if you are targeted by a food delivery app which shows ads about chicken dishes.  The ad would only serve to spoil the mood of the online user instead of serving its actual purpose which is to push the user to buy a chicken dish.

These wrongly targeted ads might be the side effects of performance marketing or a weak brand marketing.  Performance marketing means advertising programs where advertisers pay only when a specific action occurs. These actions can include a generated lead, a sale, a click, and more.  Inshort, performance marketing is used to create highly targeted ads for a very specific target audience at a low cost.  Performance marketing usually means high volume for a very specific cost.  

Brand marketers on the other hand believe in narrowly defining target audiences but end up spending a lot of money on ad placements.  Gautam Mehra, CEO, Dentsu Programmatic India & CDO, Dentsu International Asia Pacific said, “You’ve defined a persona, you know the emotions you want to elicit, but then you buy a YouTube masthead and CricInfo sponsorships because IPL is up.  If brand advertisers look at audience-based buys more deeply than just placements, you will see more relevant ads (sic.)”  

ALSO READ: How Digital Marketing Is Impacted Due To The COVID-19 Pandemic

Performance marketing is more of a sales function rather than a marketing function and is about meeting the cost of acquisition.  This is a reason why budgets are usually high for performance marketing.  Mehra goes on to add, “the fact is that an engineer can out-beat FMCGs on performance marketing.  Advertisers who have cracked this are spending 10x and are on an ‘always on’ mode (unlike time-bound brand campaigns.)”

There is always the case of supply and demand, with the supply usually exceeding the demand on digital platforms.  Ultimately, it boils down to the choice between no ad versus low relevance ad and it is quite easy to guess that having a low relevance ad is better.  

Arvind R. P., Director – Marketing and Communications at McDonald’s India (West and South,) said “McDonalds’ for instance, has seen its share of spends on digital grow from 20% levels a couple of years back to over 40% at present.  Outcomes of this journey have been encouraging, proven by our media-mix-modelling and other key metrics.  We have seen best results from an optimal mix of Television plus digital (sic.)”  Moreover, Arvind also believes performance marketing only approach could turn out to be more suited to short term, versus a more consistent full funnel effort.  The latter ensures adequate emphasis on building consideration, as well as growing transactions.  Arvind feels digital is a complex medium which needs investment in the right talent who could use the right tools.  Brands which underestimate the need for the investment are often disappointed from the return on investment from the digital medium.

With the constantly changing consumer dynamics marketers are now shifting to unscripted marketing which frankly needs more insights into the consumer mindset.  The lack of marketers to do the proper research is why digital medium is plagued with irrelevant ads.

Since the last one year, Bitcoin, a crypto currency has constantly been in the news for its unprecedented bull run.  A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography.  This is done in order to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.  Cryptocurrency does not exist in paper or physical form and is not issued by a central authority like banks, which is why it is fast gaining popularity among the masses.  

Bitcoin was in a bull run when news about Elon Musk owned Tesla invested $ 1.5 billion in Bitcoin and also said it would begin accepting payments for its vehicles in Bitcoin.  Tesla’s latest investment saw Bitcoin surging ahead to an all time high value of $ 47,000 per coin on the very day of the investment.  Since the day of Tesla’s investment, Bitcoin crossed the $ 50,000 mark.  

However, just two weeks since the Tesla investment, Elon Musk tweeted about how the prices of Bitcoin and another crypto currency Ethereum seemed high.  Since then Bitcoin prices have begun to fall and Tesla Inc. shares slid 8.6 % on February 23rd, wiping $ 15.2 billion from Elon Musk’s net worth.  Following the reduction is his net worth, Elon Musk dropped to second place on the Bloomberg Billionaires Index of the world’s 500 richest people with a net worth $ 183.4 billion.  Amazon founder Jeff Bezos overtook Musk to take the title of the world’s richest man.

That said, BTC & ETH do seem high lol

— Elon Musk (@elonmusk) February 20, 2021

Bitcoin is the first cryptocurrency to be created and is the oldest among the tens of other currencies which exist currently.  Bitcoin is also the preferred choice of cryptocurrency for retail investors and its popularity is drawing multiple venture capitalists and entrepreneurs to invest in the cryptocurrency.  However, crypto currency enthusiasts are hopeful the bearish outlook is only temporary and Bitcoin would bounce back.