It’s true. Within just three years, linear TV has lost nearly half its viewers. What factors are driving the shift, and how can marketers adapt to — and profit from — the changes? Our nationwide survey of consumers’ media consumption habits on platforms such as live TV, streaming services, gaming, and social media produced several useful insights. Viewers are “Streaming” to Quality Content Despite losing subscribers for the first time in eight years — and no doubt aided by the drastic decline of live television — Netflix remains the preferred method (61%) for watching TV programs among U.S. consumers, followed closely by YouTube.
In this new age of social media, traditional market research has taken a beating. Influencers like serial entrepreneur Gary Vaynerchuk (Gary Vee) extol the importance of getting out and talking to their customers personally while countless memes of Steve Jobs’ quip against market research “customers don’t know what they want until we’ve shown them,” are shared endlessly online. To some extent, they have a point. Gary Vee’s “back to basics” approach of getting out in the real world and speaking to consumers makes sense. Technology has made it so easy to hide behind our screens that, just like the Wizard of Oz, we tell our customers what we want without giving them a chance to get to know the person behind the curtain. Nor can we get to know them.
Increasing competition in the U.S. has some brands seeking new markets, including those south of the border. More widespread internet access in Latin America has opened a gateway to growth for companies looking to do business in LATAM. But some brands are stumbling through the learning curve of understanding the region’s consumers. One of the biggest challenges has been dealing with pre-conceived notions about Race and Socio- Economic status in LATAM, which differs from classifications done in the U.S.
Hispanic food is having a moment. From pupusas to gansitos, foods that have been traditionally geared towards Latino consumers have gained acceptance across a broader audience. Chief among them are tacos, of course, which have enjoyed a long tenure on the menu of American cuisine, inspiring Taco Tuesdays and a Netflix documentary series, “Taco Chronicles,” to say the least. But it’s not just the savory flavors of spicy beans, roasted chilies, and crunchy tortillas appealing to the appetites of U.S. consumers.
Steve Jobs was a genius. He could envision and bring to market revolutionary products that set the standards in their industries. He was also known for relying on his intuition over market research. Due to the success of Apple, many people subscribe to this logic and opt-out of conducting market research. But there was only one Steve Jobs. The marketplace is littered with failed products and services that seemed like a good idea to their creators and were rushed to market only to find that no one asked for or needed them. Complicating matters further is an unprecedented demographic shift towards multiculturalism that is changing the composition of the U.S. consumer market. In business, intuition can be useful, but it needs to be optimized by market research, especially when attempting to tap into diverse markets. If you’re not advising your clients to conduct market research, you are doing them a disservice as they don’t have the facts to make informed decisions about their marketing strategy.
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Despite losing subscribers for the first time in the past eight years, Netflix is still the preferred method used for watching TV programs among U.S. consumers, followed closely by YouTube. Preferred by 61% of consumers for the past two years, the streaming giant’s dominance hasn’t been marked so much by growth as it has been by the drastic decline of Live TV across 2017, 2018, and 2019. In a matter of 3 years, linear television went from 68% in viewership down to 36%.
In the past, the source of panelists for sample was highly scrutinized. We’d get questions like, “Are they recruited from social media?” If there were, many would reject the sample in favor of other sources they deemed more credible. So stringent where sample procurement departments at that time that they even questioned incentives. For example, I remember working with a retailer who did not want to work with our panel because we offered incentives from a competitive retailer. They thought it would skew the results.
Last month, Illinois became the 11th state to allow the adult use of recreational marijuana and the first state legislature to legalize selling it. The legal distribution of marijuana at the state level has prompted many blue-chip companies to explore cannabis-based products. So, who are the early players?
Last month, Illinois became the 11th state to allow the adult use of recreational marijuana. Its state legislature is the first to legalize selling the drug. Marijuana remains illegal at the federal level, for now. But that hasn’t stopped blue chip companies from exploring cannabis-based products as many believe that federal legalization in the U.S. is only a few votes away.
We are excited to launch our Hispanic Sample Evangelists series where we feature dynamic brands who have entrusted ThinkNow with their Hispanic sample needs. In this first installment, we interviewed April Lainez, Brand Manager for the health and beauty brand, DLC Laboratories.