How Could Deepfakes Change Marketing?

Deepfakes are receiving a lot of bad press.

U.S. Sen. Marco Rubio (R-Fla.) called the technology a propaganda weapon

Facebook’s COO Sheryl Sandberg said deepfakes raise the issue of not believing what you see.

Investigative journalist Rana Ayyub was targeted with a deepfake pornography video to discredit and silence her.

With so much negativity around the tech, is there any chance of it bringing good into the world?

Yes! The possibilities when you combine AI technology with marketing are exciting and can change how we speak with our customers forever.

When used with positive intent, they are a potent marketing tool. 

Below, I’m breaking down exactly what these videos are, the drawbacks of using them, and the different ways marketers are currently using deepfakes to create stronger campaigns.

What Are Deepfakes?

deepfake of barack obama

Have you seen a YouTube video of Barack Obama calling Donald Trump a “complete dipshit?” What about Jon Snow apologizing for the disastrous season finale of Game of Thrones?

If you answered yes, you’ve seen a deepfake video.

The term “deepfake” was coined in 2017 and is a combination of “deep learning” and “fakes.” It uses deep learning technology (a branch of machine learning) to create the dupe. 

Artificial Intelligence (AI) learns what the source face looks like at different angles and then superimposes it onto an actor’s face, essentially creating a mask.

For example, let’s say you have a database of audio clips or video files of a person. You could create a hyper-realistic fake video of celebrities discussing the future of cinema or revenge porn.

Hollywood has already taken advantage of deepfakes by transposing real faces onto other actors. The most notable example is bringing Carrie Fisher back to life for a short scene in Rogue One: A Star Wars Story.

While many fear the technology being used for nefarious ends (more on this below), deepfakes offer a range of intriguing possibilities. You can create apps to try a new hairstyle or use it to help doctors with medical diagnosis.

The Drawbacks of Using Deepfake Technology

With the rise of deepfake technology, it’s not hard to understand why some people are skeptical and even terrified of it becoming widely adopted.

After all, the advances in this technology make it harder to distinguish what is real and fake.

It can lead to serious dangers like fake news, putting words in politicians’ or celebrities’ mouths, and ruining someone’s life with fake pornography.

Lack of Trust

Deepfakes can breed a culture of mistrust and not knowing what to trust. If the president holds a press conference inciting violence, but it’s a deepfake, how do you know what to believe?

For example, a deepfake of Mark Zuckerberg made the rounds on the internet. The video shows Facebook’s CEO giving a speech about how the platform “owns” its users and crediting an organization called Spectre for Facebook’s success.

Increase in Scams

Another con is the opportunity it provides for scammers. Audio deepfakes have already been used to defraud people out of money. 

For example, a German energy firm’s U.K. subsidiary paid nearly $243,000 into a Hungarian bank account after a scammer mimicked the German CEO’s voice.

The core message for both examples is not knowing what is real. 

Consumers are already doubting what they are reading online with social media sites like Facebook, Twitter, and Instagram, adding fact-checking processes to content. Deepfakes can create more distrust of everyone around us and make us question everything we are seeing and hearing.

7 Ways Marketers Can Use Deepfakes

With all the backlash and potential pitfalls of deepfake technology, can marketers use it for good?

The answer is yes!

Some of the world’s biggest brands are already experimenting with deepfakes and using them to create unique and engaging content. 

As long as you’re transparent about using the technology, you can create a more dynamic consumer journey.

1. Dynamic Campaigns With Influencers to Increase Reach

deepfake of david beckham

Imagine having an influencer agree to an ad campaign and only provide you with 20 minutes of audio content and a few video shots. 

No lengthy photo shoot or filming days required.

Not only does it help you save time, but it opens the door to creating dynamic campaigns, a.k.a. microtargeted ads at scale.

Case in point: David Beckham’s 2019 malaria awareness ad. The deepfake had the soccer star speaking in nine languages and is an excellent example of how this technology can increase a campaign’s reach. 

Translating an ad into multiple languages also allows brands to enter new markets seamlessly and speak to consumers in their native tongue while still benefiting from the influencer or celebrity’s likeness.

2. Hyper-Personalized Campaigns for Your Audience

While some people want to ban deepfakes because of how they can be used to deceive people, it’s a creative and groundbreaking technology for marketers when used for good.

If you’re in the fashion industry, you could easily show models with different skin tones, heights, and weights.  

With the average person seeing thousands of ads per day, using this tech to create psychological ownership and see the product as an extension of themselves is vital to cut through the noise.

It also helps marketers create hyper-personalized ads. The benefits of creating a shopping experience catered to multiple segments mean you can reap the rewards of personalized marketing.

3. Product Ownership to Increase Sales

Another way to create ownership with deepfakes is using the technology to create personalized videos of your clients using or wearing your products.

For example, Reface AI lets users virtually try on the new Gucci Ace sneaker as part of a virtual try-on haul. Users can browse through the footwear options and view it on foot by pointing the phone at their feet.

Savvy marketers know the likelihood of a sale increases if people feel like they own the product. It doubles down on the sensory experience where the longer someone spends looking and holding a product, the more likely they will buy it. 

Deep learning can help stimulate the same experience with a deepfake of the customer behind the wheel of the latest BMW or a makeup look with the newest MAC eyeshadow palette.

4. Host Exhibitions and Events Anywhere in the World

deepfake of dali

For the events and art industries, deepfakes open up a world of exciting possibilities. The technology can help you recreate objects or people anywhere in the world at the same time.

An example is the Dalí Museum in St. Petersburg, Fla., which uses a deepfake of Salvador Dalí  to greet guests. It creates a more engaging experience for visitors and brings the surrealism master back to life.

Dalí’s video was created by using over 6,000 frames of video footage from past interviews and 1,000 hours of machine learning to overlay it onto an actor’s face. What makes the deepfake even more impressive is that Dalí is interactive. The video has more than 190,000 possible combinations depending on a person’s answers.

While we already have holographic concerts for iconic musicians like Michael Jackson, deepfakes would create a more hyper-real experience for attendees. Art exhibitions can use the technology to display artworks around the world simultaneously. 

Marketers can take it one step further and create deepfakes of products prelaunch (like the new iPhone) to generate buzz and create an interactive Steve Jobs to answer questions about the latest device.

5. Use Deepfakes to Entertain Your Audience

deepfake of kenny mayne

Marketers can use deep learning to create ad campaigns we would have never been able to do 20 years ago.

State Farm is leading the pack with its ad for The Last Dance, an ESPN documentary on Michael Jordan and the Chicago Bulls.

Using deepfake technology, State Farm superimposed 1998 SportsCenter footage to make it look like Kenny Mayne predicted the documentary.

The ad’s success led to a follow-up ad with Keith Olbermann and Linda Cohn “predicting” Phil Jackson’s success when he left Chicago to lead the Lakers.

These deepfakes serve to purely delight audiences and create a viral piece of content for the brand.

6. Market Segmentation and Personalization

One of the most successful deepfake examples using market segmentation is the 2018 Zalando campaign with Cara Delevingne.

The campaign’s concept was to create awareness around Zalando now delivering Top Shop fashion to people in the most remote parts of Europe.

With a single video shoot, they created 60,000 bespoke video messages for every tiny town and village in Europe using deepfake technology to produce alternative shots and voice fonts. Then using Facebook’s ad targeting, they showed users the specific video which mentioned their hometown.

The campaign received more than 180 million impressions, and Top Shop sales increased by 54 percent.

This can help marketers eliminate further customer generalizations or affinity grouping and create content that speaks to people on a more individual level.

7. Educating Consumers With Deepfakes

Do you have a product with a learning curve? You can use deepfake technology to educate your customers on how to use it and improve their skills.

For example, if you’re a camera brand like Canon, you can use an AI instructor to help novice photographers learn faster. The technology can point out compositional mistakes, advise on camera settings, and help them slowly master their device.

At trade shows, you could have potential customers practice taking photos, learning from the AI, or testing their skills against the deepfake. It can help create an interactive experience, put the product in the person’s hands, and start building brand loyalty.

Conclusion

Of course, there’s always going to be a few bad apples. While some people are causing mayhem with deepfakes, there are plenty of golden opportunities for marketers.

This technology allows you to create hyper-personalization, duplicate your marketing efforts instantly, increase brand loyalty, and use product ownership to increase sales.

What are your thoughts on using deepfakes in marketing? Do you think its potential to do good outweighs the bad?

Why It’s Risky to Change Your Business Name

Are you feeling inspired  to change the name of your business?  It’s understandable.  Sometimes something just strikes you as perfect and you feel you need to take action right away.  However, you might want to hold off on that for a minute.  Don’t change your business name until you understand how risky it is. 

STOP! Don’t Change Your Business Name Until You Read This

Even if the name of your business is super boring right now and you have an idea for the catchiest name ever, it is a big risk to change your business name.  The name of your business is incredibly far reaching.  It is on all insurances, licenses, bank accounts, credit accounts, and it is tied to your EIN if you have one.  

Imagine, every legal document and identification number that relates to  your business has your business name on it.  Furthermore, if you have a web presence, your social media accounts and website connect to that name.  If your URL has your business name in it, that complicates things even further.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Why You Can’t Just Change It Everywherechange your biz name credit suite

Of course, you’re thinking you’ll just change it in all the places and you’ll be good.  That’s great, but what if you forget something random from a long time ago?  What if your business name is on a document you forgot even exists?  You may not think it matters much, but it does. Your business name can affect almost every aspect of fundability. Do you know why it’s risky to change your business name? Understanding exactly what fundability is and what affects it can go a long way toward helping you understand.  

What is Fundability

Fundability is the ability of your business to get funding. When lenders look at funding your business, they consider if it is a good idea to make the loan.  What do they look at to make that determination? It’s a lot more than you may think, and I guarantee that it reaches further than you realize. 

The first aspects of fundability have to do with how your business is set up. 

Consistent, Separate Contact Information

This is your business phone number and address that is separate from your personal phone number and address.   That may not mean you have a separate phone line, or even a separate location however.  

Honestly, you can get a business phone number and fax number pretty easily that will work over the internet instead of phone lines.  Then, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline.  Whenever someone calls your business number it will ring straight to you. 

You can use a virtual office for a separate business address. This isn’t what you may think.  A virtual office is a business that offers a physical address for a fee, and sometimes they even offer mail service and live receptionist services.  In addition, there are some that offer meeting spaces for those times you may need to meet a client or customer in person. 

But imagine if your phone number and address are listed under one name, and then you change the business name.  It is complex and time consuming to change your information everywhere.  Something is almost certain to get missed, and customers are going to be confused. 

EIN

This is an identifying number for your business that works in a way similar to how your SSN works for you personally.  You can get one for free from the IRS.  However, if you change your business name, you’ll have to make sure you have an EIN that is attached to the new name.  Furthermore, you’ll have to ensure all the accounts that you have using that EIN are changed to reflect your new name. 

Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability.  It lends credence to your business as one that is legitimate. It also offers some protection from liability. 

Which option you choose does not matter as much for fundability as it does for your budget and needs for liability protection.  It’s best to talk to your attorney or a tax professional about that issue.  However, when you incorporate you are going  to lose the time in business that you already have.  You essentially become a new entity.  Basically, you have to start over.  You’ll even lose any positive payment history you may have accumulated. 

This is why it is important to incorporate as soon as possible.  Is necessary for fundability and for building business credit, but so is time in business.  The longer you have been in business the more fundable you appear to be in the eyes of lenders.  That starts on the date of incorporation, regardless of when you actually started doing business. 

If you want to change your business name and you are not yet incorporated, then when you do incorporate is the best time to make it happen.  Do it sooner rather than later. 

Business Bank Account

You should already have a separate bank account for your business transactions. If you don’t, you need to make that happen now.  There are a few reasons for this.  First, it will help you keep track of business finances.  It will also help you keep them separate from personal finances for tax purposes. 

There’s more to it however.  There are several types of funding you cannot get without a business bank account.  Many lenders and credit cards want to see one with a minimum average balance.  In addition, you cannot get a merchant account without a business account at a bank. That means, you cannot take credit card payments.  Studies show consumers tend to spend more when they can pay by credit card. 

Now, here is how your business name, and the risk when you change your business name, comes into play.  This account has to be in your business name.  If you change that name, you’ll have to go through the hassle of changing the name on that account. Not only that, but if you have any drafts coming out, you will have to make sure information is updated with those accounts.  Otherwise, you could end up with unpaid bills.

Licenses

For a business to be legitimate it has to have all of the necessary licenses it needs to run.  If it doesn’t, warning signals are going blare.  Do you know what else will set off some major red flags?  If your business name and the name on your license do not match.    

Business Website

I am sure you are wondering how a business website can affect your ability to get funding.  Think about it.  These days, if you don’t have a website you may as well not even exist.  Yet, having a poorly put together website can be even worse.  It is the first impression you make on many, and if it appears to be unprofessional or confusing it will not bode well for you with consumers or potential lenders. 

Spending the time and money necessary to ensure your website is professionally designed and works well is vital.  Paying for hosting is important too. Don’t use a free hosting service.  Also, your business needs a dedicated business email address. It should have the  same URL as your Website.  

Now, imagine your URL and email are tied to your business name.  If you change that, you have to redesign  your whole site to reflect the new name.  Changing those things takes time and money. That’s not even to mention how confused people will be when they do an  internet search for your business using a different name, or when they get to your website and see a name they aren’t expecting.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Business Credit Reports

These are reports, like your personal credit reports, that detail  the credit history of your business.  It is a tool to help lenders determine how credit worthy your business is.  

Where do business credit reports come from?  There are a lot of different places, but the main ones are Dun & Bradstreet, Experian, Equifax, and FICO SBSS.  

Lenders see this report.  They rely on it heavily when it comes to making lending decisions.  Even if your business credit is stellar, seeing your business listed under a bunch of different names can cause a problem.  They start worrying about things like fraud, and that can cause an automatic denial.  

Even worse, if things aren’t taken care of properly, you could end up with accounts reporting to two different credit reports, wrong accounts on wrong reports, or some other confusing credit report fiasco simply from choosing to change your business name.   

Other Business Data Agencies 

In addition to the business credit reporting agencies that directly calculate and issue credit reports, there are other business data agencies that affect those reports indirectly.  Two examples of this are LexisNexis and The Small Business Finance Exchange. These two agencies gather data from a variety of sources, including public records.  This means they could even have access to information relating to automobile accidents and liens. While you may not be able to access or change the data the agencies have on your business, you can ensure that any new information they receive is positive.  Enough positive information can help counteract any negative information from the past. 

The same issues apply.  If your business name doesn’t match across the board, lenders could get uncomfortable.

Identification Numbers 

In addition to the EIN, there are identifying numbers that go along with your business credit reports.  Some of them are simply assigned by the agency, like the Experian BIN.  Some, like a D-U-N-S number, you have to apply for, of course using your business name.  

Here’s another place where you have to follow through if you change your business name.  You have to make sure your new name isconnected to your old D&B number, or get a new number.  It can become very complicated. 

Then other numbers, like your BIN from Experian, will need to be updated as well. 

Business Credit History

Your credit history has everything to do with everything related to your credit score, which is a huge factor in the fundability of your business.  

Your credit history consists of a number of things including: 

  • How many accounts are reporting payments?
  • How long have you had each account? 
  • What type of accounts are they?
  • How much credit are you using on each account versus how much is available?
  • Are you making your payments on these accounts consistently on-time?

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

The more accounts you have reporting on-time payments, the stronger your credit score will be.  I’ve already touched on this above. When you change your business name, this information can become very confusing unless you handle things very carefully.  The less confusing things are for lenders, the better.

Is it Really that Risky to Change Your Business Name? Yes!

When you change your business name, you start a sort of domino effect.  The problem is, the dominos weave in and out of a spider web formation that reaches further than you can probably imagine.  If just one is out of place the whole thing can fall.  Lenders hone in on discrepancies, and sometimes the result is simply denial.  No questions asked, they just deny the loan based on too many inconsistencies.  

The only really good time to change your business name is when you incorporate.  Still, even then it is best not to.  Consistency is key, and trying to backtrack and make changes everywhere they need to be made costs time and money. Trying to explain gaps and changes on a report and how everything ties together is even riskier.  The more complicated things are, and the harder a lender has to work to see that you are fundable, the less likely approval becomes.  

To make a long story short, you need to carefully weigh any benefit you think you may gain from changing your business name against all the costs.  While there could be a few very specific situations where this isn’t the case, as a general rule the benefit doesn’t outweigh the cost.

The post Why It’s Risky to Change Your Business Name appeared first on Credit Suite.

Global investing under water? – Climate change could leave equities exposed

As impending global changes brought about by climate change loom, one issue in particular threatens to cause massive losses to institutional investors – rising sea levels. David Lunsford and Boris Prahl, of MSCI, explore where, despite the efforts of initiatives such as the Paris Agreement on climate change, institutional investors must protect their portfolios from physical climate risk, and why, when it comes to facing up to climate risk, inaction could prove catastrophic

The post Global investing under water? – Climate change could leave equities exposed appeared first on Buy It At A Bargain – Deals And Reviews.