How to Reach the Wealthiest Demographic: Television

Silent Generation

We see it and hear it every day, how do we reach Millennials? They consume media differently than other generations. But as you research how to target this generation, you may be missing out on what the Federal Reserve’s Survey of Consumer Finance states is wealthiest demographic with 23x the net worth of Millennials and 1.3x as Boomers. This wealthy group are the 75+ age bracket largely made up of the Silent Generation.

And this demographic is spending their money. A recent TD Ameritrade survey reported that grandparents spend an average of $2383 annually on their grandchildren and according to the Kenan Institute, Americans age 65+ are now more than twice as likely to be caring for a non-elderly family member.

So how do you reach the wealthiest demographic spending money? Linear Television. Adults 65+ continue to spend more time on linear platforms than digital. According to Nielsen’s 1st Q 2018 Audience report, 7:24 hours is spent per day watching Live-Time Shifted TV compared to only 2:28 hours on digital platforms (this includes TV-Connected devices such as DVD, Internet Connected Device and Game Consoles).

If you still are thinking you don’t need to target the wealthiest demographic, there are recent key findings on why television is vital for all demographics:

  • People are 44% more receptive to television advertising compared to 27% – 24% on digital advertising (online display, online search and video) according to Kantar Millward Brown August – November 2017 survey
  • Television is more effective than online banner ads in driving consumers to search, 57% versus 36%, according to a 2018 Nielsen report
  • 37% of the 11:06 hours of the daily average time spent per adult 18+ to connected media is being consumed on Live TV based on 1st quarter 2018 Nielsen data

Television continues to be a vital part of building brands, just ask the online retailers Purple Mattress, Adore Me, Uber and Stitch Fix who are now household names.

Want to learn more? Email us at LetsTalk@modusdirect.com and let’s connect!

 

Photo by Marisa Howenstine

Are you missing out on the Hispanic Market?

With the fast growth of the Hispanic market in the United States,  it has become more important for brands to market to that demographic. With overall population growth, higher HHI and a strong purchasing power, brands can no longer ignore that market if they want to grow their ROI.

However, it is not as simple as using traditional “techniques” used to market to the Anglo market. Latinx consumers behave different and it is the responsibility of the marketer (and their agency) to understand the Hispanic audiences first.

Hispanic Advertising

A little bit about this demographic: 

Hispanics are the second-fastest growing demographic group in the United States * and it’s a young population as for over 50% of them are age 30 years old and younger *. This specific fact should be accounted for in how brands talk and reach out to this massive younger generation of Hispanics, since the majority of this audience, although being of Hispanic background, is born in the US and exhibits bi-cultural behaviors.  With that being said, the greatest opportunity lies on a wider spectrum for creativity.  Since this demo tends to be bilingual, Creative Directors get the chance to develop messaging in “three languages”, English, Spanish and “Spanglish”. In addition to the message, it is important to tailor messages specific to the platforms where Hispanics consume media. Brands have the chance to engage them where they are “hanging out”. For instance 74.5% of the Hispanic population consume media through TV Cable and/or ADS and Hispanics are the most avid radio listeners *.

Brands are always looking for loyalty and repurchasing tendencies in their consumers and according to the Experian Simmons National Hispanic Consumer Study, about 56% of Spanish-dominant Hispanics agree that, “When I hear a company advertise in Spanish, it makes me feel like they respect my heritage and want my business.”

So, let me assure you that for the next two decades, brands that ignore the Hispanic Market won’t survive. They have to understand that this market has great growth potential; nevertheless, it remains an underserved demographic, and there’s where the GREATEST opportunity lands. It’s always a good idea to be the FIRST in doing anything. So, don’t wait and contact us; Modus Direct can become your partner in helping your business grow as never before, with our many years of experience and understanding of this Demographic Group, we will take your brand/product/service to the next level.

Sandra Valencia – Managing Director

sandra@modusdirect.com

 

*http://www.pewresearch.org/fact-tank/2017/09/18/how-the-u-s-hispanic-population-is-changing/

http://www.pewhispanic.org/2016/04/20/the-nations-latino-population-is-defined-by-its-youth/

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Photo by Omar Lopez on Unsplash

Why Ask Why?

Do not stop to think about the reasons for what you are doing, about why you are questioning.  The important thing is not to stop questioning.  Curiosity has its own reason for existence. One cannot help but be in awe when he contemplates the mysteries of eternity, of life, of the marvelous structure of reality.  It is enough if one tries merely to comprehend a little of this mystery each day. Never lose a holy curiosity. Try not to become a man of success but rather try to become a man of value. He is considered successful in our day who gets more out of life than he puts in. But a man of value will give more than he receives.”  ~Albert Einstein

Why ask why?

Had Albert Einstein and many others not asked all the question he did, where would we be today? We are not rocket scientists or philosophers in advertising, but it is equally important for us to ask questions to truly be the best partners that we can be.  Agencies need to be asking clients questions, clients need to be asking agencies questions and agencies need to be asking their vendors questions.  One of my mentors instilled in me to always ask at least one question in every meeting you’re a participant in.

Clients to Agencies

Clients should be encouraged to ask questions!  Here at Modus we love an open dialog and enjoy educating our clients because as both client and agency become more educated results get better.  Clients ask how media works if you don’t know!  We love to help our client feel more comfortable and confident with how your marketing budgets get spent. Asking questions strengthen the relationship and eliminates any confusion between client and agency.  If you don’t know how that Local Break works, ask! We will gladly impress our knowledge on to you.  Ask your agency if who will be working on your account and what their credentials are.  Ask about the strategy behind the creative execution?  It is going to be effective or will it just earn that agency another creative award. Ask what type of reporting you will receive and on what frequency.  You should ask what types of clients the agency likes to work with, what makes a good client?  What is the agency’s culture, and would that mesh with yours so the relationship can be effective and enjoyable?

Agencies to Clients

Agencies should be asking clients TONS of questions especially in the beginning of the relations, but if the questions don’t continue the progress and growth will stall.  Asking questions keeps the line of communication open and you know that the agency is engaged in your business.  Agencies ask for as much data as we can possibly can.  This isn’t because we are nosey, it is because the more information we have you’re your business the better decisions we can make.  We will ask you for ALL of your marketing spending even on tactics that we don’t control, the reason why is that we can create predictive models, so we are able to see how our efforts effect the overall business because in today’s marketing world it is more difficult to convince someone to pick up the phone. Here at modus we will ask if your call center can handle Spanish speaking calls, we will ask about particular markets and how each of them are individually performing.   We will ask what your goals are, what data you already have on your consumer base, what have you tried before, what your successes and failures have been?   And yes, I said failures, because without some failure there is no growth.  If you have any type of testing strategy, then you would have experienced success and failure.

I could continue to list questions that should be asked, but then you will be sitting there asking yourself why am I spending this much time reading this blog!  There is always something that can be done better, collectively agencies with clients grow business in an active partnership. If you have questions, call us, (941) 552 6770!  We will gladly answer your questions.

4 Reasons Why Your Company Should Do a Media Audit

You may be thinking, I don’t have time to read this blog let alone request an independent media audit, I know my media is airing exactly what I approved. Or you may be thinking, I know my media isn’t perfect but is anything perfect? I will tell you in four words why you need an independent media audit– Trust, Financial, Goals and Competition.

1. Trust –
Trust isn’t just in the people who are buying your media whether internal or with an agency, but also with the numbers they are providing to you and ultimately you are providing to your C-Suite.
Ask yourself these questions:
• Are you confident these numbers are accurate?
• How transparent is the media you are purchasing?
You may receive affidavits, but do you have the time and resources to review each one individually to confirm your media was correct and aired correctly? Was a national break reported when instead it was a national break covered up by 80% of the country?
Trust is also about trusting your media buyers to keep current with your competition. Allowing you to cut through the clutter and gain market share on the competition. You may find your competition isn’t even airing on your most successful network and now is the time to dominate the network, before they do.

 

2. Financial –
Media expenditures are expensive! How can you justify this type of expenditure without an audit? Think of your media audit as important as your company’s financial audit. An audit puts doubt to rest, doubt for you, doubt for your superiors and doubt for the C-Suite. The audit may find some waste but also opportunities to reallocate the waste. Ultimately this will make you look like the hero for finding areas to better use your media dollars

3. Goals –
We understand goals can vary by subsidiary but also by different products or divisions. And with all these variables is your media reaching the correct target(s)? Have you thought about if your media is diverse enough to reach all the demographics needed to achieve not only your media goals but your corporate goals? Do you need to reach not only Millennials but multicultural Millennials? Are you airing on the optimal networks, dayparts and days of the week? After reviewing a media audit, you may find niche demographics you are not yet reaching, and those demographics could exceed your company’s financial goals.

4. Competition –
Your competition is also reading this blog. Don’t you want to schedule your media audit before they do and take away market share from you?

The Modus Direct Free Competitive Television Media Audit includes a 2-year review of your top two competitors. Modus Direct needs your email address, your phone number, your company’s name and your top two competitors and within 5-10 business days we will review our findings with you on a pre-scheduled call. For more information or to sign up for your free report please visit: https://modusdirect.com/competitive-review or contact Jean Rebel at jean@modusdirect.com or 941-552-6770 x104 for more information.

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