Elite Executives Voracious Consumers
The recent US Business Elite study by a prominent media research group revealed the following exciting insights about A-list executives and how voraciously they buy products and consume information and news. I knew you would be interested in my implications for these insights.
Insights
- What ads influence them – 55% of top execs will buy a product based on an Internet ad. TV ads (43.2%); newspapers (36.9%) and radio (17.9%) ads followed.
- Old media still read – 88% read most recent issue of print pubs, 0% viewed network and 59% cable TV.
- New media gaining ground –
70% received daily e-mail alert/newsletter, 49% watched broadband video, 31% read blogs and 23% downloaded a podcast. - On-line needs traffic drivers – more than half (51.2%) visited a website site because of an ad; 47.2% did so because of a magazine ad, followed by 43.3% of other media led by TV.
- Business elite are spenders – about 43% take $3,000-plus per person vacations, 25% own vacation homes and jewelry in excess of $5,000. Nearly 14% own a watch worth more than $3,000.
- Premium product purchases – they buy high-end cars, expensive vacations and plasma TVs, etc. and they are drawn to high-quality and well-branded products and services, both for business and personal use.
- Who are the "business elite" – executives with 250-plus employees; the average respondent is 52, makes $400,000 with $1.7 million net worth.
Implications
- Strategic media mix – to reach these powerful spenders, your brand message must be communicated through a strategic media mix as these elite use many news sources; PR effectively extends reach across all media.
- Print still relevant –
whether in magazines or newspapers, print is still a recognized as very relevant, and its news stories deliver third-party endorsement and credibility. - TV power – it reaches the most people (witness the proliferation of news programs), making TV still the powerful for creating broadscale awareness.
- Web presence essential – even the boss is surfing, so your on-line investment, especially integrated, is emerging as imperative to communications efforts.
- Radio dazed – the “earwaves” are surprisingly low, considering satellite radio growth and commuting; I think radio can be a very productive communications target.
I know these insights will help you develop productive communications strategies for your organization and brand. Good luck and let’s enterprise soon about your next strategic communications opportunities and challenges.
— Kevin Donnellon
kevin@macalicomm.com
