iHeartMedia, Pushkin Pitch for Audio Ad Dollars, By Suggesting Marketers Aren’t Spending in Tune With Consumers
As Madison Avenue seems focused on flashy new technology, iHeartMedia is encouraging advertisers to return to the basics.
Studies done by Morning Consult and Advertiser Perceptions on behalf of the audio media giant as well as the audio-media company Pushkin Media found a growing gap between what marketers believe their top consumer priorities are as well as the areas that consumers are following. In contrast, Madison Avenue seems to think people want to devour charcuterie or watch “Succession,” consumers are more inclined to U.S. travel and go to barbecues. The difference suggests that advertisers are trying to reach an audience that is interested in wealth and luxury while ignoring the wants of the majority of their potential customers.
“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. Recent studies, she says, show a vast difference “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 shows, for example, that marketers are captivated by NFTs and pickleball as sources of consumer interest; however, the results also suggest that a significant proportion of their likely customer base has yet to have the opportunity to hear about these types of things.
The executives suggest that advertisers apply the research findings to their budgets for audio ads as a large number of people are continuing to tune in to terrestrial radio, as well as podcasts. “The average brand spends about 9% of their marketing budget on audio,” claims Troberman, and he adds that consumers consume 31% of their time listening to audio, whether when driving or by using mobile-connected headphones or speakers.
The responses from the consumer were gathered via a poll through Morning Consult between August 8 to 10, 2023, from 2206 adults. The surveys were conducted online, and the responses were weighted to represent a representative sample of adult respondents according to gender, age and race, education achievement, location gender, age by gender, and race based on educational attainment. The entire survey results are based on an error margin of minus or plus two percentage points.
The responses of the marketer were gathered via a poll conducted by Advertiser Perceptions between August 14 and 21, 2023, among 200 marketers and agency contacts who are part of The Advertiser Perceptions Ad Pros Community and trusted third-party partners when required. “The “Ad Pros Community” represents the brands spending the most on marketing and advertising within the U.S.
Marketing professionals can make use of audio to increase the impact of campaigns already scheduled for social and video, according to Conal Byrne, who is the CEO of the company’s digital audio division, during an interview. “You will gain reach in audio, and it will make your other campaigns in TV and social media perform better,” Byrne says.
Furthermore, they argue that audio listeners have an emotional connection to the media they’ve chosen. “I can use the listeners for forty-five minutes uninterrupted. I’m telling them a story, and people aren’t letting go of the show,” says Malcolm Gladwell, a writer and author who is the co-founder of Pushkin Industries and hosts”Revisionist Histories,” the show’s podcast “Revisionist Historical.” “I believe this would be a more effective way to connect with someone rather than traditional media like commercials on TV.”