C-suite Execs Receptive to Media and Advertising
by Jennifer Armor
According to a recent study conducted by Ipsos MediaCT, senior executives, CEOs and C-suite American business executives are extremely receptive to media and advertising. The U.S. Business Elite Study found that the top business leaders were also media-savvy and gathered information from a variety of sources, including magazines, journals, the Internet, and digital and satellite TV.
America's 630,000 senior business executives are responsible for over $1.7 trillion in annual expenditures. They employ/oversee some 144 million people, or approximately two-thirds of the US workforce.
This highly desirable audience still relies on old media despite their increase of Internet use. They turn to national newspapers first for a deeper understanding of the issues, particularly financial and business news (18% of the projected C-suite universe), as they trust newspapers to have the best journalists (28%) and reliable reporting (23%).
For technology, this group prefers business magazines (22%), such as weeklies BusinessWeek (20%), bimonthly publications such as Fortune (18%) and Forbes (17%), and monthly publications like CFO (15%). Business magazines are also this group's primary resource for informative advertising (15%), general business help (32%), and information to manage their career development (29%).
Some other key findings are:
The survey also examined the typical business leader's way of life. On average, the individual annual income for this group was $400,000. On top of obvious business-related spending, the business elite aren't afraid to spend on their personal lives. Almost 43% take $3,000-plus per person vacations, and a quarter own vacation homes and jewelry in excess of $5,000. About 14% have a watch worth more than $3,000.
Hugh White, VP of Ipsos MediaCT said, "They are making decisions for their companies. At home they are buying what we expect: high-end cars, expensive vacations, LCD TVs."
The study found that 55% of top execs are willing to buy a product based on an Internet ad. TV ads are also influential as 43.2% of the 2,390 respondents said they made a purchase based on a TV spot. Magazines (41.7%), newspapers (36.9%), and radio (17.9%) followed. More than half (51.2%) visited a website because of an ad, 47.2% did so because of a magazine ad, and 43.3% because of television.
"They are drawn to high-quality and well-branded products and services, both for business and personal use," said White.
Selling Your Audit to Your Internal Customers
by Jennifer Armor
In addition to using an audit to sell more ads, you can sell your audit from another point of view—selling to your internal customers, your circulation staff, and your sales personnel. Your audit has tremendous value to your whole team. Increasing their awareness of the audit is a great way to increase the overall value of your audit.
When you sell your audit to your staff, you will see results from both your circulation and sales departments. Help your circulation and sales departments understand how the audit works, what it does, and how it helps them. Get their buy-in on its value.
Accuracy and accountability in circulation means no wasted papers. Delivery must be efficient, on time, on target, and at the lowest possible cost in order to give you the best opportunity to connect with readers. The audit helps you deliver your advertisers' target audience cost-effectively.
Sell the audit to your circulation managers by presenting another value benefit, the fact that the audit acts like another manager in your company—another set of eyes so to speak. This allows measurement and evaluation, helping your managers recognize and reward achievement as well as find ways to improve efficiency.
The audit report provides more than just numbers. The front page gives the summary story, how many copies are being printed and distributed, where and how readers receive these copies, how many were printed, and some history of these numbers. The other pages illustrate where your readers live or work and who they are. Often your audit will include research that demonstrates the strength of your relationship with your readers, such as recall, readership, readers per copy, etc.
These stats give
real credibility to other aspects of sales presentations. Match up these statistics
and information with an understanding and comfort level with their audit and your
sales staff will more easily integrate this valuable and persuasive information
in their communications with your advertisers.
Parents, Not Peers, Lead Young People to Newspapers
A new study from the World Newspaper Congress on the media habits of young people in three countries found that television continues to be their most important source of news and information for the young, despite the rise of the Internet.
In the United States, the Netherlands and Finland, 3,500 people between 15 and 29 years old said they get their news and information from a wide variety of sources, but that television continues to be their preferred medium.
Robert Barnard, Partner and Founder of Canada-based DECODE, observes that "Young people do not seem to understand the inherent value and difference in newspaper content versus other news media. TV still dominates even in perceptions of credibility and depth of coverage."
Nevertheless, the study showed that newspaper companies are well placed to attract young readers if newspapers are committed to the task. The study, to help publishers better understand and meet the needs of younger readers, found:
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Spanish-Language Ad Spend Sees Growth In 2007
Advertising revenue for Spanish-language media totaled $5.78 billion last year, representing a 3% increase over 2006, when it reached $5.63 billion, according to Nielsen Monitor Plus. While anemic compared to the 14.4% increase in Spanish-language ad spending from 2005–2006, the 3% figure looks positively healthy compared to the U.S. ad industry overall, where revenues crept up just 0.6% in 2007, also according to Nielsen.
Leading the pack was Spanish-language cable TV, up 76%—but that's due, at least in part, to the fact that Nielsen began measuring Fox Sports en Espanol and Telemundo's mun2 in 2007. Spanish TV networks, like Univision, experienced more modest growth of 2% to just over $3 billion. Also doing well were national Spanish-language magazines, which rose 13% to $163.4 million.
There's an important distinction between Spanish-language advertising and English-language ads that target Hispanics. For the most part, advertisers try to address Hispanic consumers in the language they're most comfortable speaking. However, there is also significant overlap, with a large proportion of Hispanics equally versed in both English and Spanish, meaning they can be reached via either one.
Broadcasting Media Partners, parent company of Univision Communications, was the largest advertiser across all Spanish-language media in 2007.
Some Spanish-language media seemed to parallel the mainstream media in 2007, although they fared somewhat better than their mainstream counterparts. For example, local newspaper ad spending showed no growth, at $110 million—but that looks rosy compared to newspapers at large, which tumbled 9.4% to $42.2 billion.
Spot radio dropped 20% to $609.2 million—but that was due, in part, to a change in Nielsen's coverage, not necessarily a reflection of actual revenue declines.
© 2008 MediaPost Communications
Tips & Techniques: Zoned ZIP Reporting Helps Advertisers
by Jennifer Armor
When it comes to media strategy, one of the most important considerations is geographic range. Media buyers prefer geographic information that can be provided quickly and clearly to help plan buys and confirm ROI. By using zoned reporting, advertisers don't have to add up ZIP/Postal Code totals. Zone reporting makes it easier and more user-friendly for advertisers because the information is presented in a straightforward and usable form.
While zones normally correspond to city, balance of county, and all other distribution areas, publications should customize zones to accommodate advertisers' needs. Zones allow advertisers to see penetration on a city or county level as well as a ZIP/Postal Code level.
ZIP/Postal Codes can be broken into three basic categories for your designated market area:
Along with a circulation area map, zoned reporting helps show how your circulation reaches consumers better than other competing media.
You can learn more about the zone feature on the Wizard in the Information & Resource Guide on Verified's website. For further questions, please contact your account coordinator or call Verified at 415-461-6006.
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