Jacobs Media TechSurvey12 Results Are In

Jacobs Media TechSurvey12 Results Are In

Jacobs Media TechSurvey12 has wrapped up and we wanted to share our top three insights from End listeners.   

  • AM/FM listening is increasing
  • TV viewing has moved on-demand
  • AM/FM leads for new music discovery

When asked how their AM/FM listening compares with last year, 2/3 (66%) said they are listening “About the same – a lot” or “More,” with only 14% sharing they are listening less. Echoing this trend, Nielsen’s report of February 2015 to February 2016 Average Quarter Hour, showed Millennial listening grew 10.4%!

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A Look Into The Seattle Millennial Home Buyer

I recently came across a fun new tool from Ellie Mae called the Ellie Mae Millennial Tracker. Each month, data will be added to give an up to date perspective on the demographic make-up of today’s Millennial home buyer  – the ones expected to dominate home buying in 2016 and beyond. Looking at the Seattle-Tacoma-Bellevue MSA data, here’s what Ellie Mae shares about these young buyers.

  • 67% of primary borrowers are male
  • Average age of borrowers is 30 years old
  • Average loan amount is a little over $282K
  • 4% average note rate
  • 82% were for purchase of a home

What I thought most interesting was that 46% of borrowers are single. Long gone are the traditional life-markers of marriage then house and kids.

Millennial Radio Listening Continues Growth

Millennial Radio Listening Continues Growth

As traditional TV viewership continues its decline with Millennials, radio has surged ahead.

For Millennials, the move to streaming has significantly impacted the time spent viewing. As presented in the Business Insider visual below, Nielsen data shows that TV viewing by 18-24-year-olds was down by about 9.5% year-over-year and has fallen by about 34% between 2011 and 2015. Older Millennials (25-34) saw about a 6.5% decrease year-over-year and about a 22.5% drop from 2011 to 2015.

The opposite is true when looking at radio where AQH persons increased nearly 10.5% from Feb 2015 to Feb 2016. Radio continues to surge ahead as the #1 reach medium across all key demos.

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Seattle Millennials Flush With Cash

Seattle Millennials Flush With Cash

Seattle came in number five in a recent Zillow report on where the wealthy young people are congregating. Those Millennial households making $350K+ household income are about 4% of households. What was crazy here is that it was in-line with the % of Boomer households making the same level of income.

As this Geekwire article shows – some of the highest paying careers are in tech and healthcare. Both of which Seattle has a lot of! Add in our aerospace engineering industry and you have a recipe for young wealth opportunities.

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Yes – Millennials are buying cars

Yes – Millennials are buying cars

Are they getting their license a little later – yes, some are.

 

Are they on-board with ride share services? Yes – they’re cool with things that are largely enabled by mobile.

 

Do they prefer public transportation – yes, but really only if they live in the metro and your city has an extensive system

 

So are they ever going to get in the car game? Yes, right now! And they’re quickly becoming the largest target consumer for auto dealers. A study, shared in this NBC News article and conducted by Princeton Survey Research Associates, found that about 24 percent of Millennials, aged 18 to 29, said they will buy a car sometime during the next 12 months. And that figure slipped to 20 percent of those between 30 and 49, and falls to 10% among those aged 50 to 64.

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It’s not about age, it’s about life stage.

It’s not about age, it’s about life stage.

In the most recent Nielsen Total Audience report; It’s not about age, it’s about life stage was a theme they introduced and carried throughout the Millennial focused report. I like it, and agree 100%.

When you analyze life stages of 18-35 year old Millennials, you see unique pictures:

  • The high-schooler living with the ‘rents
  • The single upstart somewhat new to the workforce
  • The married homeowner with children

All very different. All technically Millennials. 

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Content Marketing On The Rise

Content Marketing On The Rise

A marketing element that has been growing at a rapid rate is Content Marketing. If you’re not familiar with what defines something being content marketing, well, you’re not alone, as it’s really only recently started to pick up pace in ad circles. It also goes by sponsored content and native advertising.

The names and activities used can range from one person to another; from a simple ‘Supported by’ mention of a seemingly non-relevant topic; to contextually relevant pieces of content written around a particular brand, product or service. Even event sponsorships are a form of content marketing.

It’s designed to inform, educate and entertain, as much or more than it’s intended to directly sell to an audience. The accrual of value comes to an advertiser in that their involvement in underwriting the content consumers enjoy, helps that advertiser score points with the audience.

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Agencies allocating 1/3 of budgets for Millennials

Agencies allocating 1/3 of budgets for Millennials

As the size of the Millennial generation grows, both in spending power and size, so does the allocation of budget to reach them.

As this eMarketer article illustrates, spending has grown to over a third even while Millennial spending power lags that figure – hanging around 25% currently. What we are seeing is a mad dash to capture the brand preference as this generation moves into the prime of the ‘age of acquisition.’ This is even more of the case for the 25-35 year old segment of the 18-35 year olds.

With an expected 50% of the workforce in 2020 being Millennial and more than doubling their spending power over the next 5 or so years…. Look Out!

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Does it have bluetooth, gps, backup camera...

Does it have bluetooth, gps, backup camera...

In our most recent Think Forcesurvey, one area of the automotive purchase process we explored was that must have item in their next car. So we asked the open ended question…

What is the one thing your next automobile must have? 

As with any open ended question, you get a variety of answers. Some of the things that came up included air conditioning (in Seattle?), convertible (again, in Seattle?), and heated seats (ok that would be nice in Seattle). But three of the most common responses were; an item related to infotainment/audio/video, fuel efficiency, and all-wheel or four-wheel drive.

Infotainment

Before the self-driving car is a reality, the need for constant connectivity, a nice sound and safety will continue infiltrating our cars and trucks. Infotainment continues to be a key aspect in the decision making process for Millennials. In a 2013 Auto Trader survey, 80% of Millennials deemed infotainment features connected to their smartphone as essential.

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Debt Ridden & Debt Aware

Debt Ridden & Debt Aware

With a total of about 1.4 Trillion dollars in student loan debt hanging over heads young and old – and Millennials holding 50-60% of it – taking on additional debt is a valid concern for both newly minted Millennial grads and grizzled thirty-somethings. That was reflected in an early 2015 survey we did with theMillennial Lab Think Force in which we asked a few questions about Credit Cards ownership and use.

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Fitness Fanatics

Fitness Fanatics

It’s without a doubt that Millennials are fitness fanatics. We see it across a number of segments and in a number of ways.

 They seek out communal fitness programslike Crossfit, Orange Theory, Barre, and Flywheel in droves.
They’ve embedded their health into their tech using health and fitness apps twice as much as others and make up about half of all fitness band users.
They practically live in their Lululemon and Athleta ‘athleisure’ wear. Yoga pants have become a universal work-to-play uniform.
Younger respondents – both Millennials and Generation Z – are indicating a commitment to purchasing healthier foods.
Their interpretation of being healthy is beyond illness. It’s eating right, exercising, a vibrant social life, all things that contribute to feeling better.

It’s without a doubt that Millennials are fitness fanatics. We see it across a number of segments and in a number of ways.

  • They seek out communal fitness programslike Crossfit, Orange Theory, Barre, and Flywheel in droves.
  • They’ve embedded their health into their tech using health and fitness apps twice as much as others and make up about half of all fitness band users.
  • They practically live in their Lululemon and Athleta ‘athleisure’ wear. Yoga pants have become a universal work-to-play uniform.
  • Younger respondents – both Millennials and Generation Z – are indicating a commitment to purchasing healthier foods.
  • Their interpretation of being healthy is beyond illness. It’s eating right, exercising, a vibrant social life, all things that contribute to feeling better.
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Loyalty Demands Adaptability

Loyalty Demands Adaptability

A recent study shared inRetailingToday.com exposed some expectations for your loyalty program.

  • 34% of millennials say the word “fun” is the one that best describes their participation
  • 63% of millennials have joined a new program in the last year
  • 49% of millennials have ended their participation in a loyalty program after receiving irrelevant communication

The above illustrates some common themes in meeting today’s millennial mindset – Personalization, Authenticity, and Uniqueness. If you have a program already, do you abide by some of these tenets? Or if you’re in the midst of creating one, these are some important elements to ruminate on.

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Millennials Partial to Small Business

Millennials Partial to Small Business

The local, community cornerstone ofSmall Business has grown on and with Millennials. After feeling like they were burned by big business during the recession, the Shop Localmovement continues to resonate well with the young consumer. AnEdelman Digital study reported that some 40% of Millennials prefer to buy local even if it costs a little bit more than mass-market alternatives.

 

With the AmEx event - Small Business Saturday - coming up here next month, some ideas of how you can drive more Millennial traffic into your store November 28th and beyond…

  • Make it new and exciting with an in-store event (young adults and youth shop in groups)
  • Bring in a ‘special guest’ for entertainment or education
  • Tap into your live and local media (like radio:) to accentuate your reach
  • Team up with other small businesses around you for a block party or store to store scavenger hunt
  • Utilize your current customer database to help spread the word
  • Tie in a great cause with a portion of proceeds supporting a community non-profit
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Changing of the seasons

Changing of the seasons

As we enter the Holiday season, we wanted to highlight some Millennial trends and information for some upcoming holidays...

Let’s start with Halloween. It’s for the younger kids, right? Little trick-or-treaters in their fun and frightening costumes, going door to door loading up for that week-long sugar-high. Well, yes – but what about those Millennials? They have a love for Halloween that can rival your gradeschooler. In an article from The m/Age 30% of consumers engage in online research for Halloween costume inspiration. And the NRF estimates that 23% of millennials will wear costumes inspired by celebrities, TV shows and movies. They’ll be dropping serious dough for that one-of-a-kind costume and Halloween party.

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Planning for Retirement vs. Maintaining a Diet – What’s Easier?

Planning for Retirement vs. Maintaining a Diet – What’s Easier?

Per a new survey from IRI and CGK, 60% of Millennials believe that it’s more difficult to plan for retirement than to maintain a diet. Makes sense – for staying on diets we have the support of apps, activity trackers, menu’s, blogs, books, nutritionists, support groups, online forums, workout buddy’s, etc. But wait, we have some form of many of those same types of things for saving and retirement plans.

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Automotive F&I Called to Attention

Automotive F&I Called to Attention

In a recent article from Protective Asset Protection, they spoke to 3 Top F&I Trends You Need to Know.

From this whitepaper, there were quite a few items that were important as it relates to Millennials and their car buying and financing. But a few stats/graphics that really draw attention to the need to target Millennials.

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It’s a snack attack!

It’s a snack attack!

I don’t know about you, but I love snacks. And I’m certainly not alone - with the category achieving about $375 Billion worldwide.

A new Nielsen report sheds some light on what the snacking habits and preferences are across the globe and another recent Mintel report summary provides some additional insight.

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Non‐Essential Becomes Essential

Non‐Essential Becomes Essential

I came across this great article on AdAge that brings up some important food-for-thought as you consider the ‘experience’ that you are creating for your Millennial (and non-Millennial) consumers.

Some thoughts and highlights of what’s shared in the article that you can immediately integrate into your current marketing activities. And as referenced above and the article adds – Millennials are proving to be cultural trailblazers for older and newer generations – so this applies to generations above and below Millennials.

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What do Millennial customers want?

What do Millennial customers want?

I saw this article the other day in QSR Magazine – Down to a Science: Wendy’s, Dairy Queen open R&D labs to test new, Millennial-forward ideas – and it was just a nice little reminder of the importance of stopping down every once in a while to listen to your Millennial customers. They are often the driver of innovation in your category and they can keep you ahead of shifting trends and interests. Best of all – they love to share and aren’t afraid of giving you the no-bull feedback you deserve.

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