Colorado Media Newsroom
September 10th, 2024, 06:20 PM
From Radio Insight:
https://i0.wp.com/radioinsight.com/wp-content/uploads/2023/02/iheartmedia.jpg?resize=200%2C200&ssl=1iHeartMedia, the No. 1 audio company in the United States with 9 out of 10 Americans listening to iHeart broadcast radio every month, in partnership with bestselling author and podcaster Malcolm Gladwell?s Pushkin Industries, today released the findings from its second annual study, ?The New American Consumer 2.0.? The study, which found that nearly half of Americans (44 percent) feel ignored by*advertisers,*highlights the stark differences between a large group of Americans and the personal beliefs and values of the marketers that are trying to reach them with products and services*? and provides insights to help marketers avoid the pitfalls of their own biases to understand and better serve these key audience segments.
According to the Fortune Global 500, (https://fortune.com/ranking/global500/)*the world’s 500 largest companies posted near flat aggregated revenues in 2024. The research, conducted by Morning Consult, Advertiser Perceptions and Critical Mass Media, highlights how*a*disconnect between the average marketer?s life and*that of*the average consumer*can*sometimes impact marketers?*efforts to*effectively connect to and*reach all important consumer segments*in ways that help all consumers feel seen and heard. For example,*in one finding,*the research showed that consumers are much more likely to enjoy hunting, fishing and buying lottery tickets, while in contrast, pickleball and tennis top the list of activities marketers find cool.
?We marketers have more data at our fingertips than ever before, yet almost half of American consumers are feeling ignored,? said Gayle Troberman, CMO, iHeartMedia. ?As marketers, we have to be careful not to let our personal perception guide our marketing decisions. This study lays out where our perception matches the marketplace and where there are major differences — so we can use that information to make new and better decisions about maximizing the appeal of our products to all consumers, not just those who align with our own perceptions and values.?
The study found 72 percent of consumers don?t want to buy products from brands that are ignoring them, and 75 percent would even be willing to pay a little more to support a brand that shares their values. ?As marketers, we need to be reminded that*we are not the target for most of our marketing campaigns,? added Troberman. ?There?s a big opportunity to improve marketing results with a more conscious focus on the real-life influences that the majority of consumers rely on — and*by more accurately reflecting our*customers?*real values, passions and priorities.?
In another key finding, the study revealed*that consumers are increasingly feeling ?creeped out? by marketers? reliance on hyper-targeting, data and AI*—*with 67 percent saying they hate being ?targeted? by ads. Moreover, the study reveals that this level of ad targeting may not be working as intended: 7 out of 10 consumers claim*digital ads are irrelevant despite* (https://bango.com/excessive-random-intrusive-two-thirds-of-consumers-still-dismiss-ads-as-irrelevant/)targeting (https://bango.com/excessive-random-intrusive-two-thirds-of-consumers-still-dismiss-ads-as-irrelevant/)*— even as, according to Statista (https://www.statista.com/topics/4481/personalized-marketing/),*marketers plan to spend*9.5 billion*on personalization and hypertargeting campaigns in*2024.
?Today?s consumers are acutely aware of their social and economic environment and hold higher expectations for the brands that target them, sometimes relentlessly, based on the very traits that define their individuality,? said Gladwell. ?This study is crucial in revealing the underlying biases that often inadvertently shape marketing strategies.?
Key findings from the report include:*
44 Percent of Americans Feel Ignored by Media and Most Advertisers; Consumers will Pay More for Brands that Support Their Values:*It?s not one demographic of consumers who feel this way: they span geographies (urban, suburban and rural), races and ethnicities.* Additionally, 72 percent of consumers state that they don?t want to buy products from advertisers that are ignoring them, and 75 percent are willing to pay more for brands that share their values.
American Vs. Marketers Purchasing Thresholds are Starkly Different, with Americans Consulting Family and Friends and Saving Up for Purchases of $100.*The path to purchase is much longer for consumers vs. marketers. Consumers make purchase decisions after seeking approval, researching and saving, over weeks or even months, for purchases of $100. Marketers can make purchases – even those exceeding $1,000 – without permission from others, in a matter of hours or days.
Marketers Love Personalization, but Consumers are Creeped Out:*67 percent of consumers hate being trailed by targeted ads.*Moreover, this hyper-targeting may not be working as intended: 7 out of 10 of these consumers say that these digital ads are irrelevant to them despite marketers? targeting efforts. Instead, 82 percent of consumers say they are influenced by their communities, friends, family and religious leaders ? notably not by professional influencers ? potentially revealing a new way to target audiences by messaging those around them who play important roles in their lives.
Cool for One, Cringe for Another: The Polarizing Preferences: While consumers love to try their luck at*lotto, purchasing lottery tickets is something*marketers find cringe-worthy.*Conversely, while marketers enjoy many health and diet trends, consumers find cold plunges and vegan/vegetarian diets cringeworthy.
Consumers Double Down on Religion and Law and Order, Marketers Focus Elsewhere:*Consumers place twice the emphasis marketers do on religion and law and order, despite both groups agreeing on the primary values of family, health and safety.
Marketers’ Luxuries vs. Consumers’ Realities: The Great Divide: While marketers define luxury items as designer labels and accessories, consumers are more focused on luxury as practical indulgences like buying brand name paper towels and premium-grade meat.
?The key here is for us as marketers to check our own biases at the door. We see this all the time – for example, when marketers who live in big cities and don?t commute as often as the average American don?t necessarily understand the huge role that broadcast radio and podcasts play in people?s lives, particularly in the car,? said Conal Byrne, CEO of the iHeart Digital Audio Group. ?Consumers spend about one-third of their media time with audio, but marketers lag in matching that time with media spend — and often underestimate the real usage of broadcast radio, which makes up over two-thirds of all audio listening.?
The findings were presented by Conal Byrne, CEO of iHeartMedia?s Digital Audio Group, and Malcom Gladwell at iHeartMedia?s AudioCon 2024 today, September 10 at 4 p.m.*ET in New York City at iHeartMedia?s HQ.
Consumer Methodology:
This poll was conducted between May 3 and May 5, 2024 among a national sample of 2,202 U.S. adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on gender, educational attainment, age, race, and region. Results from the full survey have a margin of error of +/-2 percentage points.
Marketer Methodology:
This poll was conducted between May 7 to May 13, 2024 among a national sample of 237 Marketer and Agency contacts from The Advertiser Perceptions Ad Pros Community and trusted third-party partners as needed. Our Ad Pros Community represents the brands and agencies that are spending the most on advertising and marketing in the U.S. We continuously update, supplement, and refine the community based on movement in the market. With qualifications of, employed in the U.S., involved in media brand selection decisions, $1 million minimum ad spend next 12 months.
Ignored Consumer Methodology:
This poll was conducted May 30 to June 2, 2024, among a national sample of 1,651 U.S. adults between the ages of 18-64.* The interviews were conducted online and data was weighted to a target sample reflective of the gender, age, race and regional make-up of the U.S. according to the last Census.
more (https://radioinsight.com/headlines/281148/iheartmedia-pushkin-industries-release-study-on-the-new-american-consumer-2-0/)
https://i0.wp.com/radioinsight.com/wp-content/uploads/2023/02/iheartmedia.jpg?resize=200%2C200&ssl=1iHeartMedia, the No. 1 audio company in the United States with 9 out of 10 Americans listening to iHeart broadcast radio every month, in partnership with bestselling author and podcaster Malcolm Gladwell?s Pushkin Industries, today released the findings from its second annual study, ?The New American Consumer 2.0.? The study, which found that nearly half of Americans (44 percent) feel ignored by*advertisers,*highlights the stark differences between a large group of Americans and the personal beliefs and values of the marketers that are trying to reach them with products and services*? and provides insights to help marketers avoid the pitfalls of their own biases to understand and better serve these key audience segments.
According to the Fortune Global 500, (https://fortune.com/ranking/global500/)*the world’s 500 largest companies posted near flat aggregated revenues in 2024. The research, conducted by Morning Consult, Advertiser Perceptions and Critical Mass Media, highlights how*a*disconnect between the average marketer?s life and*that of*the average consumer*can*sometimes impact marketers?*efforts to*effectively connect to and*reach all important consumer segments*in ways that help all consumers feel seen and heard. For example,*in one finding,*the research showed that consumers are much more likely to enjoy hunting, fishing and buying lottery tickets, while in contrast, pickleball and tennis top the list of activities marketers find cool.
?We marketers have more data at our fingertips than ever before, yet almost half of American consumers are feeling ignored,? said Gayle Troberman, CMO, iHeartMedia. ?As marketers, we have to be careful not to let our personal perception guide our marketing decisions. This study lays out where our perception matches the marketplace and where there are major differences — so we can use that information to make new and better decisions about maximizing the appeal of our products to all consumers, not just those who align with our own perceptions and values.?
The study found 72 percent of consumers don?t want to buy products from brands that are ignoring them, and 75 percent would even be willing to pay a little more to support a brand that shares their values. ?As marketers, we need to be reminded that*we are not the target for most of our marketing campaigns,? added Troberman. ?There?s a big opportunity to improve marketing results with a more conscious focus on the real-life influences that the majority of consumers rely on — and*by more accurately reflecting our*customers?*real values, passions and priorities.?
In another key finding, the study revealed*that consumers are increasingly feeling ?creeped out? by marketers? reliance on hyper-targeting, data and AI*—*with 67 percent saying they hate being ?targeted? by ads. Moreover, the study reveals that this level of ad targeting may not be working as intended: 7 out of 10 consumers claim*digital ads are irrelevant despite* (https://bango.com/excessive-random-intrusive-two-thirds-of-consumers-still-dismiss-ads-as-irrelevant/)targeting (https://bango.com/excessive-random-intrusive-two-thirds-of-consumers-still-dismiss-ads-as-irrelevant/)*— even as, according to Statista (https://www.statista.com/topics/4481/personalized-marketing/),*marketers plan to spend*9.5 billion*on personalization and hypertargeting campaigns in*2024.
?Today?s consumers are acutely aware of their social and economic environment and hold higher expectations for the brands that target them, sometimes relentlessly, based on the very traits that define their individuality,? said Gladwell. ?This study is crucial in revealing the underlying biases that often inadvertently shape marketing strategies.?
Key findings from the report include:*
44 Percent of Americans Feel Ignored by Media and Most Advertisers; Consumers will Pay More for Brands that Support Their Values:*It?s not one demographic of consumers who feel this way: they span geographies (urban, suburban and rural), races and ethnicities.* Additionally, 72 percent of consumers state that they don?t want to buy products from advertisers that are ignoring them, and 75 percent are willing to pay more for brands that share their values.
American Vs. Marketers Purchasing Thresholds are Starkly Different, with Americans Consulting Family and Friends and Saving Up for Purchases of $100.*The path to purchase is much longer for consumers vs. marketers. Consumers make purchase decisions after seeking approval, researching and saving, over weeks or even months, for purchases of $100. Marketers can make purchases – even those exceeding $1,000 – without permission from others, in a matter of hours or days.
Marketers Love Personalization, but Consumers are Creeped Out:*67 percent of consumers hate being trailed by targeted ads.*Moreover, this hyper-targeting may not be working as intended: 7 out of 10 of these consumers say that these digital ads are irrelevant to them despite marketers? targeting efforts. Instead, 82 percent of consumers say they are influenced by their communities, friends, family and religious leaders ? notably not by professional influencers ? potentially revealing a new way to target audiences by messaging those around them who play important roles in their lives.
Cool for One, Cringe for Another: The Polarizing Preferences: While consumers love to try their luck at*lotto, purchasing lottery tickets is something*marketers find cringe-worthy.*Conversely, while marketers enjoy many health and diet trends, consumers find cold plunges and vegan/vegetarian diets cringeworthy.
Consumers Double Down on Religion and Law and Order, Marketers Focus Elsewhere:*Consumers place twice the emphasis marketers do on religion and law and order, despite both groups agreeing on the primary values of family, health and safety.
Marketers’ Luxuries vs. Consumers’ Realities: The Great Divide: While marketers define luxury items as designer labels and accessories, consumers are more focused on luxury as practical indulgences like buying brand name paper towels and premium-grade meat.
?The key here is for us as marketers to check our own biases at the door. We see this all the time – for example, when marketers who live in big cities and don?t commute as often as the average American don?t necessarily understand the huge role that broadcast radio and podcasts play in people?s lives, particularly in the car,? said Conal Byrne, CEO of the iHeart Digital Audio Group. ?Consumers spend about one-third of their media time with audio, but marketers lag in matching that time with media spend — and often underestimate the real usage of broadcast radio, which makes up over two-thirds of all audio listening.?
The findings were presented by Conal Byrne, CEO of iHeartMedia?s Digital Audio Group, and Malcom Gladwell at iHeartMedia?s AudioCon 2024 today, September 10 at 4 p.m.*ET in New York City at iHeartMedia?s HQ.
Consumer Methodology:
This poll was conducted between May 3 and May 5, 2024 among a national sample of 2,202 U.S. adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on gender, educational attainment, age, race, and region. Results from the full survey have a margin of error of +/-2 percentage points.
Marketer Methodology:
This poll was conducted between May 7 to May 13, 2024 among a national sample of 237 Marketer and Agency contacts from The Advertiser Perceptions Ad Pros Community and trusted third-party partners as needed. Our Ad Pros Community represents the brands and agencies that are spending the most on advertising and marketing in the U.S. We continuously update, supplement, and refine the community based on movement in the market. With qualifications of, employed in the U.S., involved in media brand selection decisions, $1 million minimum ad spend next 12 months.
Ignored Consumer Methodology:
This poll was conducted May 30 to June 2, 2024, among a national sample of 1,651 U.S. adults between the ages of 18-64.* The interviews were conducted online and data was weighted to a target sample reflective of the gender, age, race and regional make-up of the U.S. according to the last Census.
more (https://radioinsight.com/headlines/281148/iheartmedia-pushkin-industries-release-study-on-the-new-american-consumer-2-0/)