chasing the elusive consumer
DESCRIPTION
Today's consumer is more mobile, busier, and less connected to traditional media than ever. Learn how the big marketers are reaching them in this fragmenting landscape. We'll include the major role that the Super Bowl, American Idol and similar events still play as one of the few integrating, bonding media experiences remaining in American life. Presented by Bill Troy of UNH-Manchester at the 2014 Business to Business Expo presented by the MWV Chamber of CommerceTRANSCRIPT
Chasing the Elusive Consumer
By Bill Troy, Business Program Coordinator and Lecturer, the University
of New Hampshire at Manchester
• Who are we?– One of the colleges of UNH, providing a high quality education
primarily to Merrimack Valley commuter students.– Approximately 800 Bachelor’s students– Focus on Liberal Arts and Professional education for careers in:
• Business• Biology• Computer Systems• Psychology • Communication Arts• Teaching (M.A.T. program)
– Internships required in many majors, great opportunities.– Small classes (less than 20)
My Brief Biography• B.A. in Economics from the University of Massachusetts in
Amherst– Magna Cum Laude and Commonwealth Scholar– Phi Beta Kappa
• M.B.A. from Johnson School of Cornell University• Economist for U.S. Labor Department, B.L.S.• Varying roles at DIGITAL Equipment, including consulting and
Director of brand advertising• Ericsson – Director of Marketing for the Broadband division• Currently:
– U.N.H. –Business Program director, and Marketing lecturer, at the Manchester Campus
– WPI – Adjunct Management Instructor in International Business
Chasing the Elusive, Evolving Consumer
• Today's consumer is more mobile, busier, and less connected to traditional media than ever.
• We will provide a fast evolving, data driven, context for how vast the media changes within U.S. consumers have arisen, and methods that marketers are using in reaching consumers in this fragmenting landscape.
My basic viewpoint
• Marketing is changing SO rapidly that is hard to know “What” to DO , complicating ‘How’ and ‘Why’
• My goal is to inform you as to trends.• My mid-p.m. presentation will be more
specific to Mt. Washington Valley.
Quiz
• What are some of the major changes occurring in marketing today?- Demographics- Pyschographics- B2C purchasing- Media Consumption
Where are We Today? • Income gradients• Bifurcating consumer markets
• “Where is the Muddle Class”?
HH Formation Trends
Changing Race/Ethnic Makeup
Median Value of ALL assets, including Housing
• AGE OF HOUSEHOLDER – Less than 35 years $6,676 – 35 to 44 years 35,000 – 45 to 54 years 84,542 – 55 to 64 years 143,964 – 65 years and over 170,516 65 to 69 years 194,226 – 70 to 74 years 181,078 – 75 and over 155,714
Assets by Educational Attainment
• No High School Diploma $9,800 • High School Graduate Only $43,945 • Some College, No Degree $49,082 • Associate's Degree $56,512 • Bachelor's Degree $147,148 • Graduate or Professional Degree $240,750
Businesses need to be Upscale or DownScale
• http://www.nytimes.com/2014/02/03/business/the-middle-class-is-steadily-eroding-just-ask-the-business-world.html
• The top 5 percent of earners accounted for almost 40% of personal consumption expenditures in 2012, up from 27 % in 1992.
• Largely driven by this increase, consumption among the top 20 percent grew to more than 60 % over the same period.
• Bottom percent? Went from 47 to 39%.
Businesses ‘Lost in the Middle’Upscale Middle Downscale
Capital Grille
Macy’s
GE $2000 appliances
Red Lobster
Olive Garden
Sears/Kmart
Walmart/Target
J.C. Penney
“Casual Dining” - Fridays ****- Chilli’s- Applebees
Varying Dollar Stores
GE $800 appliances
News
Which are the Wealthiest States?
News
News
• Soda sales collapse:
Which are the Wealthiest States?
Top 10 Metro Areas for Wealthy Millenials
The Millenial Online World.
Mobile Devices Become Primary Entertainment Source
Internet Adoption Rates
What influences people to buy?
News
Advertising from the restaurants, clothing stores and consumer electronics categories are the most trusted with diet products, financial services, pharmaceutical and cars the least trusted.
Source: http://research.yougov.com/
Least Trusted ads by business type….
More on ads….
Many Countries seeing online Purchase growing.
Marketers lose faith in “Mad Men” type promotion
“Bad Brands”
Who do you trust? – “Almost no one…”
Suspicion is growing….
There are only a few social media that matter overall…
Who Uses Which Social Networking Platform?
How long do people stay after clicking?
Who are the Primary Sources?
Why is the Super Bowl Still so BIG?
Do celebrities matter? No so much..
Younger and Whiter means More Mobile Banking
Aging and Marketing Challenges
Walmart and Target, others….
Email is not dead, at all….
Email varies in time of day effectiveness
Compare vs. Web time of Day
Ramifications if you stink on email?
Other concerns? Privacy
Younger Share More than ‘Elders’
• BACK UP Slides
‘Show rooming’ – in decline?
Who is actively engaged in social media with TV?