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Filed Under: Hot Topics
We all remember them from grade school. The kid who sat in the first row of the class and had all of the answers. Back then, these high achievers were often outcasts and their vast knowledge was looked down upon.
But what can we learn from this group?
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My last blog focused on the difference between 25-54 and 35-64 year-old consumers and ways 35-64 can compete in a 25-54 world. As a refresher, both of those groups share the 35-54 year-old segments, which left the difference of the 25-34 and 55-64 age cells.
But, what if you are 18-49 in a 25-54 world? How do you compete there?
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The history of the internet has been brief, not gaining power in its marketing initiatives until the mid-1990s. Today websites are becoming extensions of traditional media outlets, such as Radio, Television and Print. For an advertiser, it is crucial to create opportunities that increase revenue by tailoring marketing campaigns that speak directly to various consumer and demographic groups. For example, African Americans in particular, make up roughly 27 million of the online consumer base, who spend nearly one-third of their time on the internet, with a buying power that is expected to exceed $1 trillion in 2012.
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Thanksgiving has come/gone and now, as we are hearing on a number of stations, it’s Christmas time. For some stations, switching to an “All Christmas” format could possibly mean “Yes.” Those gifts will come in the form of larger cumes and increased listening, which results in larger average quarter hour (AQH). Because of the increase, you will be able to charge higher rates. “All Christmas” format stations that are successful are similar to the Super Bowl for TV commercial spots.
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We’ve come a long way from the days when Arthur Carlson on “WKRP in Cincinnati” sat with a brown envelope in his trembling hands before he opened it up to learn his station’s latest Arbitron ratings. Back in the ‘70s, Arbitron’s clients didn’t know when the books would arrive. They waited for the phone to ring to get a few numbers read to them as “Advanced Ratings.” In the early ‘80s, Arbitron began publishing a schedule, so at least you knew when Arbitrends data would be released and when the box of books would be delivered. In 2006 Arbitron switched to the eBook format, and we no longer needed shelves to hold the infamous red-, silver-, blue-, and brown-striped reports.
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If you’re reading this blog, chances are that you’re well aware that radio stations strive to effectively advertise for their clients. While this is important, there is a prerequisite that leads to successfully advertising on behalf of others. You must first be able to successfully advertise the station itself. In this article, I will cover two basic marketing theories and how they relate to a single word: Consistency.
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According to an article released a couple weeks ago by the Radio Advertising Bureau, Nielsen is expecting an increase in sales across five key departments this holiday season (food, beverages, alcohol, health/beauty, and homecare). Spending for November and December 2012 is predicted to reach $98.3 billion, which is a 2.3% increase from last year. This increase in 2012 holiday spending could be a result of higher consumer confidence levels and increased impulse buying and consumer intent.
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Each year, effective with the October PPM and Fall diary books, updated population numbers are incorporated into Arbitron’s radio audience estimates. Changes within a station’s key demographic can significantly impact its ratings, even if panelists’ listening hasn’t changed at all.
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We get it. It’s obvious that we have to compete with many other Radio stations in our perspective market. But, what happens when you’re told, “I’ve been advertising on television or with newspaper and it works for me.” “It’s Radio or television, prove why Radio.” “I’ve decided to cut my budget on Radio in half, and put more on television/newspaper.” I’m sure you have heard this often. And, of course we can provide them with the fact that Radio reaches more people in your market than other mediums and that it’s more cost effective. But, why not take it a step further by showing the loyalty of Radio listeners when it comes to an advertiser’s products or services. Expressing the power of Radio with the use of quintiles might be one of the most underutilized ways of expressing the overall strength and loyalty of Radio’s listeners.
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Start by asking, “What’s the real difference between 25-54 and 35-64 year-old consumers?”
Answer: Both groups share the 35-54 year-old segments, which leaves the difference of the 25-34 and 55-64 age cells.
