Transcript File - North Country Chamber of Commerce

Chasing the Elusive Consumer
By Bill Troy, Business Program
Coordinator and Lecturer, the University
of New Hampshire at Manchester
• Who are we?
– One of the colleges of UNH, providing a high quality education
primarily to Merrimack Valley commuter students.
– Approximately 800 Bachelor’s students
– Focus on Liberal Arts and Professional education for careers in:
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Business
Biology
Computer Systems
Psychology
Communication Arts
Teaching (M.A.T. program)
– Internships required in many majors, great opportunities.
– Small classes (less than 20)
My Brief Biography
• B.A. in Economics from the University of Massachusetts in
Amherst
– Magna Cum Laude and Commonwealth Scholar
– Phi Beta Kappa
• M.B.A. from Johnson School of Cornell University
• Economist for U.S. Labor Department, B.L.S.
• Varying roles at DIGITAL Equipment, including consulting and
Director of brand advertising
• Ericsson – Director of Marketing for the Broadband division
• Currently:
– U.N.H. –Business Program director, and Marketing lecturer, at the
Manchester Campus
– WPI – Adjunct Management Instructor in International Business
Chasing the Elusive, Evolving
Consumer
• Today's consumer is more mobile, busier, and
less connected to traditional media than ever.
• We will provide a fast evolving, data driven,
context for how vast the media changes within
U.S. consumers have arisen, and methods
that marketers are using in reaching
consumers in this fragmenting landscape.
My basic viewpoint
• Marketing is changing SO rapidly that is hard
to know “What” to DO , complicating ‘How’
and ‘Why’
• My goal is to inform you as to trends.
• My mid-p.m. presentation will be more
specific to Mt. Washington Valley.
Quiz
• What are some of the major changes
occurring in marketing today?
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Demographics
Psychographics
B2C purchasing
Media Consumption
Where are We Today?
• Income gradients
• Bifurcating consumer markets
• “Where is the Middle Class”?
– In a “Muddle”
• Diminishing incomes
• Low savings
HH Formation Trends
Changing Race/Ethnic Makeup
Oldest States in the Country (nh.gov)
http://www.nhes.nh.gov/elmi/products/documents/ec-0514.pdf
Median Value of ALL assets, including
Housing
• AGE OF HOUSEHOLDER
– Less than 35 years $6,676
– 35 to 44 years 35,000
– 45 to 54 years 84,542
– 55 to 64 years 143,964
– 65 years and over 170,516 65 to 69 years 194,226
– 70 to 74 years 181,078
– 75 and over 155,714
Assets by Educational Attainment
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No High School Diploma $9,800
High School Graduate Only $43,945
Some College, No Degree $49,082
Associate's Degree $56,512
Bachelor's Degree $147,148
Graduate or Professional Degree $240,750
Businesses need to be Upscale or
DownScale
• http://www.nytimes.com/2014/02/03/business/t
he-middle-class-is-steadily-eroding-just-ask-thebusiness-world.html
• The top 5 percent of earners accounted for
almost 40% of personal consumption
expenditures in 2012, up from 27 % in 1992.
• Largely driven by this increase, consumption
among the top 20 percent grew to more than 60
% over the same period.
• Bottom percent? Went from 47 to 39%.
Upscale
Middle
Downscale
Olive Garden
Varying Dollar Stores
Sears/Kmart
GE $800 appliances
Businesses
‘Lost in the Middle’
Red Lobster
Capital Grille
Macy’s
GE $2000 appliances
Walmart/Target
J.C. Penney
“Casual Dining”
- Fridays ****
- Chilli’s
- Applebees
News
Which are the Wealthiest States?
Do celebrities matter? No so much..
Top 10 Metro Areas for Wealthy Millenials
The Millenial Online World.
Mobile Devices Become Primary
Entertainment Source
Internet Adoption Rates
What influences people to buy?
News
Advertising from the restaurants, clothing stores and consumer electronics
categories are the most trusted with diet products, financial services,
pharmaceutical and cars the least trusted.
Source: http://research.yougov.com/
Least Trusted ads by business type….
News
• Soda sales collapse:
More on ads….
Many Countries seeing online Purchase growing.
“Bad Brands”
Who do you trust? – “Almost no one…”
Suspicion is growing….
There are only a few social media that matter overall…
Who Uses Which Social Networking Platform?
How long do people stay after clicking?
Why is the Super Bowl Still so BIG?
Younger and Whiter means More Mobile Banking
Aging and Marketing Challenges
Email is not dead, at all….
Compare vs. Web time of Day
Other concerns? Privacy
Younger Share More than ‘Elders’
Thanks for Listening
Copy of Slides?
Send Email to: [email protected]
Phone: 603-641-4345 (office)
• BACK UP Slides
‘Show rooming’ – in decline?
Who is actively engaged in social media with TV?