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Millennials Are Not All Alike (And They May Surprise You!)

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New research studying the millennials market has identified five unique subgroups.

A new research study from Zeldis Research Associates reveals surprising findings for marketers which belie the frequent mythology that Millennials are “all the same.”

Unlike many other market studies attempting to better understand Millennials as a single group, Zeldis researchers identified five Millennial segments based on income, attitudes, and other important factors.  This “Seen One Millennial and You Haven’t Seen Them All” study is part of Zeldis’ ongoing investigation into how marketers can better reach and successfully engage this group.

“Despite a lot of the media coverage we hear, Millennials are not one homogenous group, unfortunately and incorrectly characterised by a few negative stereotypes such as lazy or entitled,” said Zeldis Executive Vice President Amy Rey. “Our research shows that there are important differences among Millennials. We wanted to dispel some of the myths and help marketers better understand the nuances that will help make Millennial-targeted outreach, products and messaging more effective.”

Five Identifiable Segments

Based on online interviews with 1000 Millennials aged 21-36, the Zeldis researchers identified five unique segments:  Faithful Optimists (31% of the sample), Struggling Parents (23%), Secular Activists (22%) Tech-Savvy Independents (14%), and Pessimistic Conservatives (10%).  Some of their findings include:

– Faithful Optimists, the largest segment, tend to be joyful, hardworking, dependable, and religious. They are more likely to be non-white and heterosexual.

– Struggling Parents tend to be pessimistic about their lives and about the country. They don’t pay much attention to politics or technology. They are more likely to be white women with children and tend to be less educated and from rural areas.

– Secular Activists are more likely to be politically liberal, and to be pessimistic about the country’s future. They tend to be single, childless, and secular and are more likely to be part of the LGBT community.

-Tech-Savvy Independents are more politically conservative but also environmentally conscious. Optimistic about the economy, this segment has a higher proportion of males and non-whites, and tends to be from urban locations.

– Pessimistic Conservatives, the smallest segment, are likely to be from suburban areas. They tend to be religious and politically conservative. Skewing male and non-white, they have high incomes but are pessimistic about their economic future.

Though holding some attitudes and beliefs in common with other segments, each group showed nuanced differences that the Zeldis researchers believe are important for companies to understand and apply when marketing their products.

The full results are available at ZeldisMillennialsStudy.com.

 

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You Might be Paying too Much for ads on Google and Bing

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Before you dish out money to bid for a top-ranked ad position on a search engine, you may want to pause and make sure it’s actually going to pay off.

By MediaStreet Staff Writers

New research out of Binghamton University, State University of New York suggests that instead of just spending to get that top spot, advertisers should be considering other factors as well to ensure they are getting the best results from their sponsored search advertising campaigns.

Sponsored search advertising involves paying search engines, like Google and Bing, to bid for placements on the search results pages for specific keywords and terms. The ads appear in sponsored sections, separate from the organic search results, on those pages.

“The common belief in sponsored search advertising is that you should buy the top ad position to get more clicks, because that will lead to more sales,” said Binghamton University Assistant Professor of Marketing Chang Hee Park. “But the fee for the top position could be larger than the expected sales you’d get off that top position.”

Park, with the help of Binghamton University Professor of Marketing Manoj Agarwal, analysed data collected from a search engine and created a model that can forecast the number of clicks advertisers could expect in sponsored search markets based on four factors:

  • Rank in the sponsored listings
  • Website quality
  • Brand equity
  • Selling proposition

The model gives advertisers a way to quantify the expected clicks they’d get by adjusting these four factors, while also taking into consideration how their competitors are managing these four factors. This could enable advertisers to find a perfect blend of the four factors to ensure they are getting the most out of what they are paying for their ad positions.

It may also indicate that they should be spending more money to bolster their brand or website rather than amplifying their offers in top ad positions.

“Using this model, you may find that paying less for a lower ad position while investing more in improving your website is more effective than spending all of that money strictly on securing top ad positions,” said Agarwal.

This applies especially if your competitor has a poorer-quality website, but is spending more than you on securing top ad positions.

Their model found that poor-quality advertisers that are ranked higher in ad positions drive consumers back to the search results page, leading consumers to then click on advertisers in lower ad positions to find what they are looking for.

In contrast, they also found that a highly-ranked good-quality advertiser results in significantly less clicks for all the advertisers ranked below them.

“It’s more likely that in the top position, all advertisers being equal, you’ll get more clicks. But depending on these four factors, as well as the quality of your competitors, you may find that you’ll get more clicks in the second or the third position,” said Park.

“Conceptually, this is not a new idea, but now the model can help determine this by accounting for multiple factors at play at the same time.”

Advertisers aren’t the only ones who can benefit from this research.

Park and Agarwal’s model found that simply reordering the listed advertisers could result in significant changes in overall click volume (the total number of clicks across all advertisers) for search engines.

“Because they often charge on a pay-per-click model, search engines can now simulate which ordering of advertisers in a sponsored search market results in the most overall clicks and, therefore, most revenue” said Park. “Search engines may want to consider charging advertisers in a way that gives the search engine more flexibility in determining the order in which the ads in sponsored sections are displayed.”

 

 

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Understanding Facebook Emoticons Can Impact How You Advertise on Social Media

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Not all “likes” are equal.

By MediaStreet Staff Writers

While the trusty “like” button is still the most popular way to signal approval for Facebook posts, a computer model may help users and businesses navigate the increasingly complicated way people are expressing how they feel on social media.

In a study, researchers developed a social emotion mining computer model that one day could be used to better predict people’s emotional reactions to Facebook posts, said Jason Zhang, a research assistant in Penn State’s College of Information Sciences and Technology. While Facebook once featured only one official emoticon reaction – the like button – the social media site added five more buttons – love, haha, wow, sad and angry – in early 2016.

“We want to understand the user’s reactions behind these clicks on the emoticons by modelling the problem as the ranking problem – given a Facebook post, can an algorithm predict the right ordering among six emoticons in terms of votes?” said Zhang. “But, what we found out was that existing solutions predict the user’s emotions and their rankings poorly in some times.”

Zhang added that merely counting clicks fails to acknowledge that some emoticons are less likely to be clicked than others, which is called the imbalance issue. For example, users tend to click the like button the most because it signals a positive interaction and it is also the default emoticon on Facebook.

“When we post something on Facebook, our friends tend to click the positive reactions, usually love, haha, or, simply, like, but they’ll seldom click angry,” said Zhang. “And this causes the severe imbalance issue.”

For social media managers and advertisers, who spend billions buying Facebook advertisements each year, this imbalance may skew their analysis on how their content is actually performing on Facebook, said Dongwon Lee, associate professor of information sciences and technology. The new model – which they call robust label ranking, or ROAR – could lead to better analytic packages for social media analysts and researchers.

“A lot of the commercial advertisements on Facebook are driven by likes,” said Lee. “Eventually, if we can predict these emoticons more accurately using six emoticons, we can build a better model that can discern more precise distribution of emotions in the social platforms with only one emoticon – like – such as on Facebook before 2016. This is a step in the direction of creating a model that could tell, for instance, that a Facebook posting made in 2015 with a million likes in fact consists only 80 percent likes and 20 percent angry. If such a precise understanding on social emotions is possible, that may impact how you advertise.”

The researchers used an AI technique called “supervised machine learning” to evaluate their newly-developed solution. In this study, the researchers trained the model using four Facebook post data sets including public posts from ordinary users, the New York Times, the Wall Street Journal and the Washington Post, and showed that their solution significantly outperformed existing solutions. All four sets of data were analysed after Facebook introduced the six emoticons in 2016.

The researchers suggest future research may explore the multiple meanings for liking a post.

“Coming up with right taxonomy for the meanings of like is another step in the research,” said Lee. “When you click on the like button, you could really be signalling several emotions – maybe you agree with it, or you’re adding your support, or you just like it.”

And we as marketers know, the more you understand how your market feels, the better you can tailor your advertising to them.

 

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Buyer Behaviour: Love Trumps Budget When Your Customer is Buying Sentimental Items

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People will always pay more when being led by the heart and not the head.

By MediaStreet Staff Writers

Brides and the bereaved beware: You, like many shoppers, may have a tendency to reject thriftiness when your purchase is a matter of the heart, according to a new study led by the University of Colorado Boulder.

People are reluctant to seek cost-saving options when buying what they consider sacred – such as engagement rings, cremation urns, or even desserts for a birthday party – for or to commemorate loved ones. The paper, published in Judgment and Decision Making, is the first to examine the implications of this phenomenon.

Even when they identify a less expensive alternative to be equally desirable, people choose the more expensive of two items. They also avoid searching for lower prices and negotiating better prices when the goods they’re buying are symbolic of love.

“People’s buying behaviour changes when they’re making purchases out of love because it feels wrong to engage in cost-saving measures,” said Peter McGraw, associate professor of marketing and psychology at CU. “People abandon cost-saving measures when it comes to sentimental buys because they want to avoid having to decide what is the right amount of money to spend on a loving relationship.”

The findings highlight how wedding, funeral and other industries can exploit consumers, said McGraw.

In one part of the study, which involved nearly 245 participants, the researchers asked attendees at a Boulder wedding show about their preference between two engagement rings. The attendees nearly always chose the more expensive ring when deciding between a more expensive ring with a bigger carat and a less expensive ring with a smaller carat.

“It’s important to be aware of this tendency not to seek cost savings because, over a lifetime, consumers make many purchases that are symbolic of love — whether for weddings, funerals, birthdays, and anniversaries,” said McGraw. “The loss of savings can really add up and put people in compromising financial situations.”

So how can we apply this to a marketing situation? If you are selling goods or services for sentimental events, play up the quality, not the price.

 

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Most Businesses Invest in Social Media Marketing to Support SEO Strategy

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Adapting SEO priorities to the customer journey and balancing organic versus paid search shape SEO strategy in 2018, according to new survey.

By MediaStreet Staff Writers

Social media marketing is the leading SEO service priority among businesses in 2018, according to new research from Clutch and Ignite Visibility. Over 90% of businesses that invest in SEO also invest in social media.

The survey of 303 marketing decision-makers reveals that most tend to shape their SEO strategy based on the SEO services they prioritise and the challenges they face.

Top SEO Priorities 2018

Two factors impact the direction of a business’ SEO strategy: The shifting customer journey and whether the business focuses on paid search or organic SEO services.

Organic SEO services include:

  • On-site optimisation – web design, site infrastructure, blogging
  • Off-site optimisation – content marketing, social media marketing

Over 40% of businesses that invest in SEO focus on organic services, compared to 19% that focus on paid search.

Businesses that focus on organic SEO are more likely to use in-house staff for general marketing, such as content marketing and social media. Over three-fourths (76%) of businesses that focus on organic services use in-house staff.

On the other hand, businesses that focus on paid search are more likely to hire an SEO company. More than two-thirds (68%) of businesses that focus on paid search hire an SEO company, compared to just 37% that rely on in-house staff.

Top SEO Priorities 2018 (PRNewsfoto/Clutch)

“Paid search complements organic SEO by providing feedback on keyword research, audience targeting, and effective ad copy,” said Eythor Westman, head of paid media at Ignite Visibility.

How businesses adapt to shifts in the customer buying journey is another factor that shapes SEO strategy. The rise of mobile search drives changes to the customer buying journey.

SEO experts agree that customers use their mobile devices to learn about a company through social media and site content before converting to make a purchase.

“Now, somebody Googles a keyword. Then they click on a top ranking term like, ‘SEO company.’ They read our blog and click around social media,” said John Lincoln, CEO of Ignite Visibility. “Then, they convert three weeks later after they feel comfortable with you.”

In response, businesses prioritise SEO services that facilitate the customer journey. Along with social media (20%), businesses rate creating content to earn links (15%), and mobile search optimisation (14%) as their top SEO priorities.

Read the full report here.

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Advertising is Getting Good with the Gays

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The advertising industry seems to have the power to shape society’s view of gay people. And it is going hard on proving it. 

By MediaStreet Staff Writers

The past 15 years have seen a dramatic increase in the presence of gays in advertising. Every ad seems to be getting good with the gays.

The media has transformed the stigmatised stereotype of gays into a new, socially desirable image of stylish consumers with high-end taste.

This marketing strategy affects the way gays understand themselves and influences the meaning of gayness for society in general, explains Wan-Hsiu Sunny Tsai, assistant professor of advertising at the University of Miami School of Communication, in a study published by the Journal of Advertising.

“The findings illuminate the influential role of advertising in informing and shaping personal identities and highlights the often ignored socio-political dimension of advertising, Tsai says. “In other words, when marketers argue that no matter who they target, ‘it’s just business,’ their marketing messages actually have broader, cultural impacts on the minority community.”

According to the study, five specific strategies emerged within these minority consumers to interpret the messages catered to them:

  • Gay men accepted the perception of “higher disposable income of gay male households” and transformed material consumption into a definition of self-worth. “I was on many consumer panels because I fit the profile of gay men who have disposable income and travel a lot,” one participant said.
  • Participation in the mass market was equated to membership in mainstream society. “We got money. We contribute to the corporation. We contributed to big business. We got families. We are part of the mainstream now,” a participant said.
  • Targeted advertising was identified as an essential step in achieving social political inclusion. “Consumer rights and citizenship, civil rights are intricately connected. And when we express our identity as a consumer, that reinforces and strengthens our identity as a citizen,” a participant said.
  • Perpetuating problematic depictions of gays as effeminate men or lesbians as “sexualized femme” was tolerated in the interests of social inclusion. “I was ambivalent when watching this commercial. It’s playing up the stereotype. But for me, if you can see gay people on TV, it’s positive,” one participant said.
  • Participants were willing to give up something of their subcultural identity for the sake of total acceptance in society. “When we are truly accepted in the society, we will just blend in… even that might mean sacrificing our uniqueness,” a participant said.

The next logical question is, how do you target your particular message to the gay community, if you want to attract their business? We await the next study…

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How Facebook’s Changing Algorithms are Impacting Publishers

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A study based on 33,000 videos posted by almost 300 publishers shows that for publishers, the struggle is real.

By MediaStreet Staff Writers

Social video creation platform Wochit today reported that Facebook’s de-prioritisation of publisher and brand content is already having a negative impact across video metrics.

The annual report  builds on insights published in the company’s quarterly indexes, informing brands, media companies and publishers of video trends and how to best leverage them to drive success.

So here is what you need to know:

  • Views are declining: Following significant increases in the first half of the year, declines of 8-15 percent in the second half point to the impact of changes in Facebook’s newsfeed.
  • Square is the winning format: As mobile is increasingly becoming audiences’ first screen, this format is proven to have a significant advantage over other aspect ratios, particularly in the increasingly important “comments” metric, which averages 5 times the average received by non-square video.
  • Video’s “1 percent” persists: The 1.2 percent of videos that get more than 1 million views continue to have a disproportionate level of engagement, receiving 38.7 percent of total views and 58.3 percent of total shares across all videos. While a higher number of page followers boosts the chances of virality, the number of smaller publishers achieving this level of success proves it’s not the only factor.
  • Longer videos get better results: Increasing in number but still a minority, videos longer than 90 seconds have considerably higher per-video metrics, receiving 52.1 percent more shares and 48.2 more views on average. This trend bodes well for the monetization opportunities of Facebook mid-roll, only applicable to videos of at least this length.
  • Average engagement per video is highest across all metrics in Latin American countries, with nearly triple (269.6 percent) the shares, 253.3 percent more reactions, 166.8 percent more views and 134.3 percent more comments.
  • All video is not created equally: Some content is simply more viral-ready, more a function of effective production techniques and compelling storylines rather than the result of artistry.
  • “In the Know” titles are popular but don’t perform: While video titles purporting to show something the viewer NEEDS to know are common, these videos receive considerably fewer views (15-70 percent fewer!) than average.

“While we’re only seeing the headlines about Facebook’s latest changes now, our 2017 report shows the impact is already setting in, and this makes it even more important for brands and publishers to know and act on trends,” said Wochit CEO Dror Ginzberg. “And let’s remember that, even with algorithm changes, Facebook is second to none when it comes to opportunity to reach and engage with audiences. The best way to capitalise on that is to focus on delivering great video storytelling that will create meaningful engagement with your audience. This was true before Facebook’s announcement, is relevant across platforms as well as owned and operated sites, and it will remain true after it.”

 

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Could Social Media Be The Ultimate Customer Service Channel?

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Could social media be realising its true calling as the ultimate customer service channel?

By MediaStreet Staff Writers

According to a new study released today, overall satisfaction is highest when customers ask questions or make requests via social media.

The study was conducted by J.D. Power, surveying people who were customers of mobile network operators. Said Peter Cunningham at J.D. Power, “Personalised feedback, rapid-fire response time and interaction with live humans are some of the primary factors driving the highest levels of customer satisfaction with customer service. And, increasingly, customers appear to be finding that formula through alternative channels such as social media. That doesn’t mean call centres and brick-and-mortar stores are no longer relevant; in fact, personalised assistance via phone, app and face-to-face are still critical to customer satisfaction.”

Following are key findings of the 2018 studies:

• Social channels will become front line for customer service

Among customers who ask a question or make a request, overall satisfaction is highest in the social media channel (838 on a 1,000-point scale) and the app channel (835). By contrast, overall satisfaction scores average just 797 among customers who handle these requests on the phone with a representative.

• The human touch still matters

Satisfaction tends to be much higher when customers use a channel that provides personalised feedback. For example, assisted care satisfaction is 26 points higher than unassisted care satisfaction (819 vs. 793, respectively), and satisfaction is 824 among customers who ask their question in the store channel vs. 797 among those who speak with a rep over the phone. Additionally, among customers who ask a question or make a request through their carrier’s app, overall satisfaction is 845 when they think they are interacting with an actual person vs. 800 when they think the system is automated.

• Video plays a key role

The channels with the highest first-contact resolution incidences are online videos (92%) and mobile app to research information (90%). Among customers who view an online video from their service provider, 34% say they “definitely will not” switch to a new carrier in the next 12 months vs. 21% among those who use the phone automated response system.

• Not-so-immediate gratification via email

While social, app-based and face-to-face customer support are prized by consumers for their personalised, rapid response, the average customer service response time via email is 32 hours.

Could Social Media Be The Ultimate Customer Service Channel? Soon, perhaps, it may be the ONLY service channel.

 

 

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Advertising Influences Millennials to Buy More Often Than Baby Boomers

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Millennials are more likely than older generations to try a new brand or product after seeing or hearing an advertisement. And who says advertising doesn’t work! It totally, totally does.

By MediaStreet Staff Writers

Millennials are more likely to make purchases after seeing or hearing advertisements compared to Gen Xers, Baby Boomers, and other older generations, according to a new survey from Clutch, a B2B ratings and reviews firm.

About 81% of millennials surveyed – those ages 18 to 34 – made a purchase after seeing or hearing an advertisement in the last 30 days. Baby Boomers and other generations over age 55, however, were not quite as influenced by advertising: Among those consumers, 57% made a purchase as a result of an advertisement.

These findings illustrate millennials’ higher tendency for “impulse buying” when it comes to new products and brands.

“Baby Boomers have already gotten set in their ways in regards to the brands they prefer, so an ad might not convince them to buy something,” said Rob Albertson, managing director of Bandwidth Marketing. “There’s an aspect of spontaneity in millennials that would cause them to try something.”

Millennials also trust advertising mediums more than older generations; 64% trust TV and print advertising, and 51% trust online and social media advertising. About 54% of Baby Boomers trust TV and print advertising, and just 27% trust online and social media advertising.

Millennials trust advertising more because they have more resources available to help them discover if a brand’s message is misleading.

“Baby Boomers come from a time when there were a lot fewer regulatory bodies in advertising,” said Julie Wierzbicki, account director at advertising agency Giants & Gentlemen. “For example, cigarettes used to be advertised as good for you, and we found out that these brands we thought were great were lying to us. Millennials feel like brands have to be honest because there’s so much more information out there, and if you’re doing things in a fraudulent or misleading way, it’s going to eventually come out.”

Consumer income is also a factor in advertising influence. The study found that 83% of consumers with a household income over $100,000 were more likely to make a purchase as a result of an advertisement, compared to 68% of consumers with household incomes of less than $49,999. This is due to a higher disposable income and more spending power.

Overall, advertisements influence 90% of consumers in their purchasing decisions, and consumers—regardless of generation—are most likely to make a purchase after seeing or hearing an advertisement on TV and in print.

Consumers view traditional advertising mediums – TV, print, and radio – as the most trustworthy, while they view online and social media advertising more skeptically.

The survey shows that advertising continues to influence consumers in their purchasing decisions, and businesses should advertise in order to reach consumers.

 

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