Looking to market to affluent empty nesters? You can find them on the road . . . “ANTIQUES ROADSHOW” that is.
I don’t consider it appointment television . . . but sometimes while channel surfing I can get roped into an episode of Antiques Roadshow on PBS. Knowing very little about antiques, I’m always stunned when the vase someone bought from a flea market ends up to be from Austria and worth a few thousand dollars. I’m always saddened when someone brings a piece of furniture that they are convinced is worth millions and it turns out to be a fake. I’m always curious to hear the value of props or costumes from a famous movie set or movie star. But I’m a far cry from the type of person you are most likely to find watching – that would be an affluent empty nester. I’m just starting my nest (I am actually looking for a good deal on some twigs). According to Nielsen Claritas, a leader in market segmentation technology, the segment of the U.S. population named “Big Fish, Small Pond” has the highest likelihood to watch the road show. In fact, they are 136x more apt to sneak in an episode. A bit about this segment - they are upper-class, college-educated professionals and they enjoy the trappings of success, including belonging to country clubs, maintaining large investment portfolios, and spending freely on computer technology. So, I have a ways to go until I’m the core audience. In the meantime, I’ll start to think of some of the quirky things I own, of which there are many, that perhaps are worth something more than the $.10 sticker I’d put on it for a garage sale. Maybe I’ll end up like this guy: http://www.youtube.com/watch?v=wlkYn39i4Fw
We have all witnessed them. Michael for Nike. Jessica for ProActiv. Tiger for Tag Heuer. Bill for Jell-O. Catherine for T-mobile. Ellen for CoverGirl. Yao Ming for Visa Check Card. Penelope for L’Oreal.
They can be pricy. They can be risky. So, one should ask before going down this road, “Should a celebrity endorsing my product or service even be an option?” This can be looked at in many ways but one major consideration should be if this strategy positively impacts your target - or for those savvy marketing folks, PSYCHOGRAPHICS. Certain segments of the population are more likely than others to be influenced by celebrity endorsements. According to the market segmentation system Claritas PRIZM, one particular segment that stands out as a fan of this tactic is Bohemian Mix. A little bit about them – they are college grads, drive Mini Coopers, shop at J-Crew, wear Pumas and use E*Trade. Relatively speaking, they are not heavy users of traditional media so knowing this little tidbit about them is quite valuable. But hold on Tyson Foods, they are also likely to be vegetarians. If you can’t quite get enough of celebrity endorsements yourself, take this quiz and test your knowledge: Celeb Endorsement Quiz
Dear Effete (I pray to God you're a woman):
Men like sports because it's the manly thing to do. War is not all it's cracked up to be and lately it's getting an extremely bad name, so sports does it for us.
We never acknowledge the artificial goals of the game. They don't really matter--it's the head to head competitiveness; it's the show of nerve under stress; it's the no quit/fight till it's over; it's the ferocious warrior that we love. Men like the warrior on their own team and create an antihero on the opposing team.
Being a fan is like being a vicarious warrior. Few men care for tepid athletes, even if they are very good players. Few men will say that they don't really care who wins, that it's the sport itself that they like to watch. Sports is not a movie.
Dr. Manly Man
In the world of advertising, understanding who you are marketing to can be the difference between creating a hit ad for your client, and throwing a pile of cash out the window.
Radio One, one of the largest radio broadcasting companies in the U.S. (it owns and/or operates 53 radio stations located in 16 urban markets), recently hired research company Yankelovich to further understand its large black market. Radio One says they conducted the study "to better understand the rich diversity among Black Americans and to help Radio One better serve this large, diverse, often misunderstood group."
"You can't look at Black Americans as a monolithic group," said Radio One president, Barry Mayo (see video below).
The study broke down black America into 11 segments: Black is Better, Black Onliners, Boomer Blacks, Broadcast Blacks, Connected Black Teens, Digital Networkers, Faith Fulfills, Family Struggles, New Middle Class, Sick and Stressed, and Stretched Black Straddlers.
Along with discovering that the majority (44%) of Black Americans prefer to be called "African Americans," the study also found nearly a third of Black Onliners admit that if they see something they like, they have to have it - even if it costs more than they would like to spend; 8 out of 10 Broadcast Blacks prefer businesses that give back to the community; and that 54% of all blacks are "optimistic about the future of blacks."
Even though Radio One commissioned the research because of its commitment "to demonstrating the power of the black community," the applications are helpful to marketers too.
Brogan & Partners has been using a technology developed by Claritas Research called PRIZM to do the same sort of segmentation used in the Black America Study for almost 15 years. PRIZM, or PRIZM NE as it is now called, breaks the population down into 66 distinct segments, including Black, as well as, Latino and Asian American populations.
The segments, like Young Digerati, Pools & Patios, and Park Bench Seniors, are then used to discover where best to place an ad for our clients, how to market to different segments, and figure out whom our clients should be targeting.
"We go way beyond using PRIZM for market research and for direct mail. We created a process to mine the 30,000+ variables for the various segments in order to do PRIZM-based media planning and buying. We can show the client exactly who their best segments are and exactly which network shows, cable programs, print media, billboards, and interactive vehicles reach them," said Brogan Media Director, Misi McClelland.
"Hopefully, the Radio One study will give us another level of understanding of the African American audiences. I am eager to get my hands on it."
Brogan's media team discovered they could use the technology not only to turn broadcast into narrowcast but also to use the depth of research for public relations, political campaigns, promotional partnerships and more.
For example, Brogan used PRIZM to discover how to best reach segments most likely to on to vacation in Michigan from Chicago, Cleveland, and Indianapolis for its successful Michigan.Org campaign. Brogan's work helped increase traffic to the site dramatically; visits increased to 3.6 million from 2.6 in the previous year.
"I know a lot of other agencies own PRIZM technology, but really understanding how it works is the key to success," said McClelland, whose team has spent significant hours in formal training, retraining, updating, and self-training.
"Let's not even talk about the cost of the licenses we need to maintain," grumbled agency CEO Marcie Brogan. "Although the competitive edge it gives us and the success and cost savings it gives our clients are well worth the time and dollars."
Radio One's full report can be read at http://www.blackamericastudy.com/
Standard demographics have been tossed around marketing discussions with as much care as cucumbers out of a salad shooter. It’s amazing that such a critical aspect of marketing is reserved to a line item in a plan. With changing demographics and a diminishing mass market, thoroughly defining the target audience is becoming increasingly important. Not putting forth the effort in calibrating this dimension can cause leaks in your marketing plan and leaks result in wasted dollars – the days of reaching the homogeneous masses are gone, gone, gone.
Segmentation tools are now essential. They have been under construction for decades, and the dynamics of our world are making these tools more valuable than ever. They consider geographic, behavioral and psychographic aspects that help define the best candidates to target and offer direction on how to do it. Two random women ages 25-54 have can have completely different lifestyles. One can be married, with kids, works full-time as a mother, watches TV only in the morning, listens to R&B music, shops online at Ann Taylor for her clothes, and never has a chance to make it to the movies. Another woman within the same age range can be divorced, a single mom, works full-time in the office, listens to country music, watches TV only at night, shops at Banana Republic, and goes to the movies twice a month. If you tried to catch both at the same time because they fall within the same age range, your chances would be rather slim. If I added that the second woman through a segmentation analysis was 120% more likely than the first woman to buy your product, what would your marketing efforts include? Would you place an ad on the Today Show or Desperate Housewives? Would you do a promotion with Ann Taylor or Banana Republic? If you had an endorsement, would the creative feature Alicia Keys or Faith Hill? Does it sound to good to be true because the answers are included in the description of the target? It’s not. It just takes more thought, more time, and more consideration to uncover who the target is and what they are like. The benefits reaped outweigh the additional effort. You’ve now just managed to hit the bulls-eye versus the wall surrounding the dartboard.