iHeartMedia, Pushkin Pitch for Audio Ad Dollars, By Suggesting Marketers Aren’t Spending in Tune With Consumers
Although Madison Avenue seems focused on the latest technology, iHeartMedia encourages advertisers to return to the basics.
The research carried out by Morning Consult and Advertiser Perceptions on behalf of the audio-media company and the popular audio-media company Pushkin Media found a growing divergence between what marketers believe their top consumer priorities are and the items consumers gravitate to. In contrast, Madison Avenue seems to think people want to consume Charcuterie, and taking in “Succession,” consumers seem more inclined to U.S. travel and go to barbecues. This suggests that advertisers are targeting the niche of people interested in wealth and luxury and wealth while ignoring the wants of a greater portion of their possible customers.
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“We are seeing a lot of human bias creeping into marketing decisions,” says Gayle Troberman, who is chief marketing officer for iHeartMedia when she speaks to. A recent survey, she notes, shows a stark distinction “between what American consumers post-Covid feel, believe, value and joy and what marketers post-Covid think is of value and are enjoying and prioritizing.”
The study suggests, for instance, that marketers are fascinated by NFTs and pickleball as examples of interest to consumers. Still, they also indicate that a large proportion of their potential customer base hasn’t had the opportunity to hear about these types of things.
The executives suggest that advertisers consider the results when calculating their budgets for audio ads and note that a lot of consumers still listen to terrestrial radio and podcasts. “The average brand spends about 9% of their marketing budget on audio,” Troberman says. Troberman, however, the average consumer spends 31 percent of their time listening to it, whether in the car or through listening to mobile-connected audio devices or earbuds.
The responses of the consumers were gathered through a survey conducted by Morning Consult between August 8 and 10, 2023, from 2206 adults. The polls were conducted on the internet, and the results were weighted to approximate the sample size of adults according to gender, age, race, and educational attainment, as well as the region and gender, age by gender, and race based on academic achievement. The results of the entire survey are based on an error margin of minus or plus two percentage points.
The marketer’s responses were gathered through a survey conducted by Advertiser Perceptions between August 14, 21, and 21, 2023. The responses were gathered from 200 marketer or agency representatives from the Advertiser Perceptions Ad Pros Community and trusted third-party partners when required. “The “Ad Pros Community” represents the brands that spend the most on marketing and advertising within the U.S.
Marketing professionals can use audio to enhance campaigns that are already planned for social and video, according to Conal Byrne, the CEO of the company’s digital audio division, during an interview. “You will gain reach in audio, and it will make your other TV and social media campaigns perform better,” Byrne says.
Furthermore, they argue that listeners feel an emotional connection to the media they’ve chosen. “I can listen to them for forty-five minutes uninterrupted. I’m telling them a story, and people aren’t letting go of the shows,” says Malcolm Gladwell, an author and writer who co-founded Pushkin Industries and hosts”Revisionist Histories,” the show’s podcast “Revisionist History.” “I believe this would be a more effective method of reaching people than traditional ways like commercials on TV.”
Also Read – PayTunes’ audio ads for the Delhi Metro Trains have raised the bar on audio advertising.