- The world’s leading companies rely on Insider Intelligence’s vetted data and actionable takeaways to make informed business decisions in a rapidly expanding digital ecosystem.
- The Wall Street Journal, Reuters, and MarketWatch are just a few examples of the companies that featured Insider Intelligence research this past week.
The Wall Street Journal: Bed Bath & Beyond to Close 150 Stores, Cut Staff, Sell Shares to Raise Cash
“Bed Bath & Beyond has a temporary reprieve from questions about its financial viability. But now the question becomes whether it can find ways to lure shoppers back,” said Zak Stambor, an analyst at Insider Intelligence.
Chief Business Officer Jeremi Gorman, a long-time advertising executive who previously worked at Amazon, was instrumental in building Snap’s ad business, said Jasmine Enberg, principal analyst at Insider Intelligence.
The departures of Gorman and Vice President of ad sales Peter Naylor come after Snap reported a disappointing second quarter and is facing more competition from TikTok, she said. “Snap is clearly going through a tough time,” Enberg said.
MarketWatch: Apple already decimated Meta’s adtech empire. Now, it’s honing in on Facebook’s advertisers, too.
“I guess what goes around comes around,” said Zach Goldner, a forecasting analyst at Insider Intelligence who specializes in digital ads. “I mean, it’s not like Facebook hasn’t copied other platforms before.”
Aside from its myriad privacy scandals, the other core concept that the Meta brand is synonymous with is copying its competitors. As Goldner put it, “it was only a matter of time before someone tried dethroning the company that’s spent more than a decade making its brand synonymous with small businesses.”
As far as power plays go, there’s really no better move than honing in on the small businesses that are already disgruntled with Facebook’s platforms. And as Goldner pointed out, “with the ongoing economic crash that came with the pandemic, more advertisers–big and small–are shirking display-based advertising like Meta’s for more search-based advertising, like Apple’s.”
“As we’re hitting a potential recession, people are moving more towards bottom of the funnel ads to squeeze the margins,” Goldner said. “Whenever a potential economic downturn exists, companies want to focus on maximizing their sales. They care less about goodwill, and more about just keeping their businesses afloat.”