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In this issue: performance continues to drop. The canaries in the coal mine are tugging at their metaphorical collars, but commerce continues. 🤕

This week in data

Performance is getting more brutal. While there's lots of big headlines floating around, from OpenAI getting into the ad game, and the Trade Desk/Publicis drama, I think these performance problems are economy-related.

This isn't speculation damaging ad performance. This is oil prices seeping into every aspect of American life. Seeing CPMs increase at the same time ROAS is decreasing is a bad sign. It's more expensive to advertise and people are buying less. 

I can't recall the last time I saw greater than 5% ROAS week over week drops on Meta. CTRs have gone bonkers as well, especially on YouTube and the smaller platforms. 

We're working on a quarterly report that will explain year to date in detail. Stay tuned on this newsletter for more detail at the end of the month. Until then, some links:

📊 REPORT: Enterprise advertisers are outperforming everybody else. But they're paying a lot more CAC year over year. 

👎 Publicis will not longer recommend The Trade Desk. The battle over ad spend margins continue, and advertisers aren't winning. 

🍞 VIDEO: Why authentic content wins every time. Hot takes with Austin and Cody Plofker. 

🤔 The truth about Anthropic's "one growth marketer." Control your own hype about AI and maybe you can actually get something done. 

🐛 Meta ads bugging out? Here's what to do, from Barry Hott, friend of the newsletter and overall cool dude. 

🚨 JOB: Senior Designer, Marketing Brand and Creative / Northbeam / remote: join me in making amazing content for social and this newsletter!

🚨 JOB: Partnership Marketing Specialist / Qualia / remote: a travel-focused affiliate role that seems exciting. 

🚨 JOB: Senior Amazon Growth Manager / Qualia / remote: Amazon-focused role at this excellent supplement business. 

🚨 JOB: Head of Growth / Javvy Coffee / Remote: join the best marketers in the game, $5m budget, and freedom to make infinite scale happen. This is one of the most exciting roles we've seen in a while. 

🚨 JOBS: Comfrt is hiring a ton of marketing specialists. Great opportunities at a rapidly scaling business we love. 

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