The ‘Ignored Consumer’ Audience Spans
Generations, Regions and Cultures, and is More Likely to Prioritize
Religion, Law and Order and Family Values
Report released to marketers at iHeartMedia’s
AudioCon 2024 in NYC
iHeartMedia, 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, 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 targeting --
even as, according to Statista, 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.
About iHeartMedia
iHeartMedia, Inc. [Nasdaq: IHRT] is the leading audio media
company in America, reaching over 90% of Americans every month.
iHeart’s broadcast radio assets alone have more consumer reach in
the U.S. than any other media outlet; twice the reach of the next
largest broadcast radio company; and over four times the ad-enabled
reach of the largest digital only audio service. iHeart is the
largest podcast publisher according to Podtrac, with more downloads
than the next two podcast publishers combined and has the number
one social footprint among audio players, with seven times more
followers than the next audio media brand, and the only fully
integrated audio ad tech solution across broadcast, streaming and
podcasts. The company continues to leverage its strong audience
connection and unparalleled consumer reach to build new platforms,
products and services. Visit iHeartMedia.com for more company
information.
About Pushkin Industries
Pushkin Industries is dedicated to producing audio in any format
that challenges listeners, encourages their curiosity, and inspires
joy. Or, in other words: Good, Smart, Fun. Founded in 2018, Pushkin
is home to chart-topping podcasts such: Malcolm Gladwell’s
Revisionist History; Against the Rules, hosted by bestselling
author and journalist Michael Lewis; Cautionary Tales from
Financial Times columnist Tim Harford; The Happiness Lab with Dr.
Laurie Santos, and McCartney: A Life in Lyrics hosted by Paul
McCartney and Paul Muldoon, which is a co-production with
iHeartMedia and MPL. Pushkin publishes and sells audiobooks
including So Many Steves by Steve Martin and Miracle and Wonder:
Conversations with Paul Simon. Learn more at pushkin.fm or follow
us on X @pushkinpods.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240910355223/en/
For iHeartMedia Angel Aristone angelaristone@iheartmedia.com For
Pushkin Industries Eric Sandler eric.sandler@pushkin.fm
iHeartMedia (NASDAQ:IHRT)
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