Greetings!
Welcome to our October issue of Key Notes - Marketing Keys' monthly newsletter! As we enter the final quarter of 2021, we hope you and your business are healthy. Key Notes is an informative, quick-read newsletter to get you caught up on all things media and marketing. Our goal is for you to be informed and entertained with the latest media and marketing happenings quickly and efficiently.
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Are you locked out of buying a new car? |
With record low numbers of new and used vehicles on the market, car shopping is not easy right now. The combination of low interest rates, stimulus money, and the historic chip shortage has been affecting the car industry for months. Automakers cut back production of vehicles when the pandemic started and chip makers found other outlets for their ward - computers, games and other items that became more popular as people stayed at home.
According to data released by CarGurus.com, the number of new vehicles available in August 2021 dropped 13.4% from July and they’re down 64% from August 2020. Prices are therefore going up. The average new car price in August 2021 is nearly 18% higher than it was in August 2020.
Here’s what car shoppers have to say about this.
1. Truck buyers are the most loyal car shoppers in the industry. Just 24% of truck shoppers in Autolist’s survey said they were looking at a different brand that they would normally consider as a result of the inventory shortages. Just 20% said they would consider a different type of vehicle.
2. One thing shoppers aren’t willing to compromise on was safety. Just 8% of respondents said they were giving up safety features that they would normally look for in their next vehicle as a result of low inventory at the dealership.
3. Consumers are switching brands when they can’t find the vehicle they want. According to Autolist’s survey, 31% of people said they were switching to a different brand instead of looking for a larger or smaller vehicle, something in a different body style, or giving up on certain non-safety-related amenities.
4. Car shoppers on the younger end of Autolist’s survey audience were the most likely to agree that now was still a good time to get a new or used vehicle by a significant margin. 52% of shoppers ages 18-23 felt this way, as did 53% of shoppers ages 24-28.
5. More people are spending more time online to find the exact model they’re looking for before heading to a physical dealership. 51% of respondents in Autolist’s survey said they were doing this.
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Are you channeled into streaming? |
The rise of streaming services is disrupting the $70 billion TV advertising market. Audiences continue to leave linear TV behind and opt for the multitude of streaming services. Navigating this new ad space is a challenge for brands. While some services are ad-supported, many don't run commercials. This forces advertisers to be creative about getting their marketing messaging into that content.
In terms of subscribers, Netflix continues to dominate the field. Netflix surpassed the 200 million subscriber milestone, thanks to a significant boost during the early months of the pandemic. In terms of growth momentum, Disney+ and HBO Max are leading the pack. Disney added 95 million subscribers after one year in the marketplace. In terms of content, Peacock is on top. Its parent company NBCUniversal, holds exclusive rights for upcoming events, including the Beijing Winter Olympics and Super Bowl LVI.
As the ad marketplace evolves, advertisers must keep up with trends, including how brands are making content for streaming platforms and expanding their efforts to better understand audiences.
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Are you noticing a surge in advertising? |
U.S. ad spending will reach $278 billion this year! Growth is expected to continue with a 12% increase in 2022, surpassing $300 billion for the first time. Nearly all major industries are expected to return to pre-COVID levels, according to IPG.
The winter Olympics and midterm elections are doing most of the boost for 2022. The are contributing an expected $700 million and nearly $6 billion in ad spending respectively. While consumer demand remains strong, brands are now struggling with COVID-related supply issues, shipping cost increases and labor shortages. The auto industry has been hit hard by the chip shortage, forcing brands and dealers to re-evaluate ad spending on sales events, including holiday-themed promotions.
Local broadcast and cable TV spending is the only media sector that Magna projects will end 2021 with negative growth. Total video spending, including digital video and OTT, is forecast to grow 11.4% in 2021, due primarily to digital sellers that are expected to surge by 45.8%.
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Que Bueno! Targeting the hispanic market. |
In honor of Hispanic Heritage Month, here are a few things to consider about this changing demographic.
The 2020 Census showed Hispanics are having a baby boom. There were 9.3 million Hispanic babies born in the U.S. from 2010 to 2019. So, if you’re in the business of children’s shoes and clothes, children’s household items, toys, sporting goods, and food, you should be fully invested in this growing segment.
Another key statistic from the census showed that the share of Hispanics with at least some college education has increased from 36% in 2010 to about 42% in 2019. The number of Hispanics with bachelor’s or post-graduate degrees rose as well, from 13% to 18%. College education typically leads to an increase in income. This is important for marketers of banks, loan products, auto purchases, and entertainment/leisure consumption.
The census also revealed an increase in English proficiency among Hispanics. English proficiency among Hispanics over five years old has increased from 59% in 2000 to 72% in 2019, according to the Pew Research Center. Marketers should still be mindful of language preferences in Hispanic households because many still choose to speak Spanish at home
Marketers who can connect culturally with the right media mix can successfully capture the attention of this evolving demographic.
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Will this device replace the bedtime story? |
Earlier this year Amazon introduced its Alexa Custom Assistant technology, which lets companies create their own smart assistants tailored to specific brands and customer needs.
One of the first brands to jump on this new technology is Disney! The assistant will have its own voice, the “Disney Magical Companion,” and its own wake command,“Hey, Disney!” The voice assistant will feature recordings of original Disney character voices, and allow users to initiate more than 1,000 audio interactions, such as having characters take them on “adventures” or tell them stories, or call up content such as jokes, fun facts and Disney trivia. Like other Echo devices, the Disney assistant can also be used for functions like setting timers and alarms, or checking the weather or time of day.
Disney will debut their assistant sometime next year in room devices at Walt Disney World in Orlando, Florida. This version will interface with the Alexa for Hospitality program, enabling guests to use it to ask questions about the resort and request room items like towels or blankets. U.S. customers can purchase their Disney Assistant through the Alexa Skills Store, for use on supported Echo devices.
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Get the latest insight here!
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Get help from 'The Mouse'! |
In my previous life, I worked for many media companies including the one headed by the Mouse. During my 20 year executive run with media companies, I had noticed that if an advertiser wasn't properly represented with a media expert helping them with their media planning and buying, then that company was at a disadvantage. Thus, I created a company to provide a solution to that problem.
Marketing Keys was formed in July, 2007 to more than level the negotiation playing field between advertisers and media companies. We enabled advertisers to have a major leg up in the process.
We targeted Presidents, CEOs, Regional Managers, Marketing Directors, CMOs etc. of small and mid-sized businesses. We then went to market with our 'key' differentiator and mission. During the last decade, the company has grown from 2 clients in 2010 to presently close to 20.
To find out if we can help build on the results that you had started and eliminate the inherent disadvantages of buying media on your own, please reach out to us at roger@marketingkeys.com.
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We would like to welcome Ankin Law to the Marketing Keys family! Ankin Law is Chicago's accident and injury lawyers. They are the largest injury firm in the state of Illinois and represent over 25,000 clients. You may have seen this image on a billboard driving around Chicagoland's expressways! |
Are you ready to dive into the wonderful world of autumn? Time to pick the perfect pumpkin while sipping festive drinks with Lincoln Park Zoo’s annual Fall Fest. This free, family-friendly celebration is full of harvest days fun this October. Fest guests can enjoy a pumpkin walk, live pumpkin carvers, a festive pop-up bar, animal chats, musical entertainment and more! Open Friday to Sunday from October 8–October 31! To learn more about the event of the season, click here!
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Could you see picking your child up from this campus? |
North Shore Country Day is a junior kindergarten through 12th grade, college-preparatory school founded in Winnetka, Illinois in 1919. With rigorous academic pursuit as the cornerstone, North Shore provides many opportunities for all students to excel – in the classroom and the laboratory, on the stage and the playing field, in their communities and beyond. Is NSCD the right fit for your family? Find out at their Open House on Sunday, October 17th. Register here!
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Are you Socially Challenged? |
During my 14 years as a business owner, I have discovered there are many companies out there that are challenged with the task of managing their social media.
It may be that they are confused over the platforms that they should use, the content they should post, how to boost that content and/or the time or lack thereof that goes into managing their social media platforms.
As a Social Media partner of ours, our Social Media expert will manage and strategize daily on your sites. We will also coordinate all communication so there are no surprises while all of your initiatives are scheduled accordingly.
For more information, please contact Marketing Keys at (312) 291-4630 or you can email us HERE!
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Fill up your Lead Generation funnel! |
In the days of Mad Men, creativity was everything. The goal was for a brand to be the most creative creating a tag line to resonate with the audience. Now, creativity takes a back seat to targeting through data and reaching your target synergistically through multiple mediums with an integrated marketing campaign.
Find out how Marketing Keys can help generate (on average) an incremental 30-35% more in leads and/or conversions through our system.
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