No Laughing Matter — Memes are Serious Business
It was Elon Musk of Tesla fame who once said: Who controls the memes controls the universe.
In hindsight, Elon was bang on, leave alone the fact that he’s still banging away at memes. Elon may not really be a Memelord but more of a Memelifter (for his penchant for sharing other creators’ memes without attribution) but let that not be a distraction.
Memes have become one of the most popular and engaging forms of content. While memes are traditionally thought of as funny images or videos, they have begun to be used as a powerful marketing tool by businesses and brands alike. In the era of short-form content and an attention economy, memes come up perhaps 2nd or 3rd in the list of popular short-content forms after the video.
Why Are Memes Popular?
Why are memes so popular, yet so underrated?
One reason for their increasing popularity is their relatability. Memes often capture common experiences or emotions that many people can relate to. They provide a way for people to connect with each other and share a laugh over something they have in common.
Another reason is their shareability. Memes are easy to share and have the potential of going viral. This means that if you catch a break, a single meme can reach a large audience in a short amount of time.
Memes are often seen as a form of self-expression and can help people feel like they are part of a larger community or conversation. All of these factors contribute to the popularity of memes in the digital age.
Most of all, memes are easy to make compared to other forms of content. With the rise of meme generators and now, AI tools, anyone can create their own meme in just a few minutes. This has led to an explosion of user-generated content and has helped to fuel the popularity of memes.
Here’s one that I made to advertise the services of my own firm New Age Content Services LLP.
Memes Are No Joke
You would be wrong to think that memes are a content joke. I, too, was under that impression for quite a number of years till I did some reading, crunched some numbers, and did some analysis.
Here’s what I found:
· Memes are a major part of young consumers’ visual language. The average millennial looks at about 30 memes a day.
· One study says memes are very popular with younger people: 75% of people 13 to 36 years old share memes.
· Over 60% of people agree they would be more likely to buy from a company that uses memes in their marketing.
· Another study showed 55% of 13–35-year-olds send memes every week and 38% follow meme accounts on social media.
Source:
(1) Meme Marketing: The Next Revolution in Marketing Strategy?. https://keywordtool.io/blog/meme-marketing/.
(2) Top 5 Major Brands that Actively Use Meme Marketing in their Marketing …. https://startuptalky.com/top-brands-meme-marketing-strategy/.
(3) 13 Examples of Meme Marketing + 3 Best Practices to Follow — HubSpot. https://blog.hubspot.com/marketing/meme-examples.
(4) Marketing Memes: How to Use Memes in Marketing to Gain Traction. https://shanebarker.com/blog/marketing-memes/.
(5) 9 Meme Marketing Statistics 2023(Plus Brand Examples) — Gurus Coach. https://guruscoach.com/meme-marketing-statistics/.
(6) TOP MEME STATISTICS IN 2023 | Amra And Elma LLC. https://www.amraandelma.com/meme-statistics/.
(7) 3 Stats That Show What Memes Mean to Gen Z & Millennials. https://www.ypulse.com/article/2019/03/05/3-stats-that-show-what-memes-mean-to-gen-z-millennials/.
Why Do Memes Tug at Heartstrings?
Most memes tap into your emotions and experiences. They often provide a humorous or satirical take on a current event or popular culture, which can be relatable and entertaining for viewers. The use of memes also creates a sense of community and shared experience among those who engage with them.
When a brand uses memes in its marketing efforts, it can create a more personal connection with its audience and build a stronger brand identity. Additionally, the shareability of memes makes them an effective way to reach a larger audience quickly, as people are more likely to share content that they find funny or relatable. All of these factors contribute to the power of memes in engaging and captivating audiences.
When and How Did Memes Become Mainstream?
Memes have been around in the digital age almost from the time of the birth of the World Wide Web. In the initial years, they were meant to be just niche Internet jokes, shared between friends and followers.
Till communities and companies started waking up to their potential as a messaging tool, especially for teenagers. Memes were soon part of the mainstream cultural phenomenon. They have been recognized and used by people from all walks of life, and have even been featured in mainstream media like news broadcasts and advertisements.
The Washington Post, The New York Times, and even the venerable BBC have been writing about memes and publishing their own memes, in fact.
Here’s a particularly well-researched, well-written article on memes by the BBC.
Because of ease-of-use, and their widespread popularity, businesses and brands sat up and took note. They decided to start using memes as a tool for marketing and advertising. So there it is — a leap from the personal to the professional. Today, many companies resort to publishing memes as they have become a staple of modern communication and culture.
What is Meme Marketing?
Meme marketing is the practice of using memes to promote a brand, product, or service. Memes can be used in a variety of ways, from creating brand awareness to driving engagement and sales. In essence, meme marketing involves the use of humor and relatable content to connect with audiences on social media platforms like Twitter, Instagram, and Facebook.
By tapping into popular culture and current events, brands are able to create content that resonates with their target audience and drives engagement. However, it’s important to note that not all memes are appropriate for all brands, and careful consideration should be given to the tone and messaging of each meme used in marketing efforts.
In fact, well-known brands like Netflix and Domino’s usually publish 2–3 memes every week to ensure traction with their audience.
Benefits of Meme Marketing
Meme marketing offers several benefits to businesses:
Memes have a high potential to go viral and reach a large audience quickly, which can help businesses gain widespread recognition and exposure. For smaller or newer businesses that may not have a large marketing budget or established brand identity, this can be of great advantage.
Memes can create a more personal connection with the audience by tapping into their emotions and experiences, which can help to build brand loyalty and trust.
They are often associated with humor and entertainment, which can make marketing efforts more engaging and memorable for the audience.
Meme marketing can be cost-effective, as creating and sharing memes is often much cheaper than traditional forms of advertising.
Should You Use Memes in Your Marketing?
Without a doubt. But if you are considering using memes in your marketing strategy, there are a few factors to keep in mind.
§ To start, know your audience and understand what types of memes they are likely to respond to. Different memes will resonate with different groups of people.
§ Additionally, it’s important to strike the right balance between humor and professionalism. While memes are often associated with humor and entertainment, it’s crucial to ensure that your brand image and messaging remain consistent and professional.
§ Finally, it’s important to be aware of any potential cultural or social issues that may arise from using certain memes. Memes can be seen as controversial or offensive, and it’s essential to avoid any content that could be perceived as insensitive or inappropriate.
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Content Creators: Here’s How You Can Earn Making Memes
Making memes can be fun, a form of a side gig for you, but also can be the source of some serious income if you are good at it.
Here’s how you can make money off them:
Meme Freelance Gigs: There is a high demand for meme creation services in the market, with businesses, event organizers, and individuals looking to invest in this unique form of content. Platforms such as Fiverr and other freelancing websites have thousands of meme-related gigs available for interested creators. In order to attract clients, it is important to build a solid portfolio and establish good ratings in the community. With the right skills and a strong reputation, there are many opportunities to monetize the creation of memes.
Sell Your Original Memes as NFTs: NFTs, or Non-Fungible Tokens, refer to unique and irreplaceable digital assets. Memes can be turned into NFTs and have been sold for substantial amounts in auctions. However, to make the most of this option, you need to create original memes with significant commercial value.
Create Meme Compilation Videos: Want to monetize your love for memes? Consider creating compilation videos and uploading them on YouTube. These videos are highly popular and searchable. Once you’ve built up a good subscriber base, you can benefit from YouTube’s monetization program.
However, it’s important to note that making money through memes requires more than just creating funny images. To be successful, you need to have a good understanding of your audience and what they find appealing, as well as the ability to stay up-to-date with the latest trends and cultural references.
Generating Revenue from Meme Marketing
Businesses and individuals can both benefit from utilizing memes in their marketing strategies. Memes are a great way to engage with customers and create a sense of relatability. By using relevant and humorous memes, businesses can connect with their audience and increase their social media following.
Furthermore, memes can also be used to promote products or services in a subtle and non-intrusive way. By incorporating product placement into a meme, businesses can generate interest and increase sales without coming across as overly promotional.
Did You Know About Meme Coins?
Yup, there are actually cryptocurrencies named after memes. Meme coins are cryptocurrencies featuring popular images or animations, supported by traders and followers. They are often entertaining, but many experts say they are high-risk investments that may lack any intrinsic value. (Don’t ask me, I am no expert.)
Examples of meme coins include Dogecoin and Shiba Inu, which prioritize entertainment over functionality. Like any other form of investment, you must evaluate the risks in case you want to buy or trade in meme coins.
CoinMarketCap’s Meme Coin section features over 300 cryptocurrencies, but most are inactive and hold little value. Only Dogecoin, Shiba Inu, Dogelon Mars, and Baby Dogecoin have a daily trading volume of over $1 million, making them the top meme currencies. However, these currencies are still viewed as high-risk and unstable investment options.
In early May 2023, in spite of a major downturn in the cryptocurrency market, AiDoge, a meme coin, saw an impressive jump of US $1 million in barely a day during its presale. The surge only highlights the unpredictable nature of the crypto ecosystem, and raises questions on what really drives success.
On May 8, AiDoge achieved a new presale funding milestone, amassing more than US $3.8 million. The coin’s reduced price is attracting thousands of investors, and its reputation is boosted by the flourishing meme community, inspired by the triumph of the PEPE coin.
Source:
Chief Meme Officer Job
Before I wind up, let me leave you with this information: A company in India, Stock simulation app StockGro, based in Bengaluru, is offering a unique job opportunity for a Chief Meme Officer. The monthly salary is about US $1,300 or Rs 1 lakh. The position is open to candidates from anywhere in the world, as the work is fully remote and will involve creating memes that resonate with GenZ and millennial audiences.
Source: BusinessToday
The above is part of my rather erratic newsletter, All About Content on Substack.
