Friday, December 4, 2015

Millennials Ditch Big Banks and Go Local With Their Money

Millennials are increasingly shunning big banks and going local with their money.

Community banks won with younger customers last year, netting a 5 percent increase in account holders ages 18 to 34, while credit unions recorded a 3 percent gain, according to data compiled by Accenture Plc. By comparison, large national and regional banks struggled to retain millennial clients -- losing 16 percent of them over the same period.

One reason: Bigger banks tend to charge more for retail services. There’s been an increase in fees for account maintenance, overdrafts, ATM withdrawals and other services at major financial institutions.

For Tommy Oakes, it comes down to price. The 24-year-old, who works on the sales team at Pay Simple, a Denver-based e-commerce company, began bank-shopping after graduating from college and picked USAA Federal Savings Bank. “They have no monthly fees,” he said. “They reimburse your ATM fees, and I can also bundle insurance and investments with them.”

Read the entire article and MoneyRates.com's semi annual survey here courtesy of Bloomberg.com. 

Thursday, December 3, 2015

Mobile App Users Reluctant to Share Location

Privacy and security are critical to mobile users, most of whom have some understanding of how revealing their mobile data—including location—can be to advertisers, publishers, governments and other internet users. And for many, that means not using location services at all, potentially diminishing their mobile experiences.

According to research from mobile location services provider Skyhook Wireless, US mobile app users are more likely to turn on location services for weather apps than for any other category—but even then, when the utility of location-sharing is obvious, 35% of app users refuse to do so.

Read the entire article here courtesy of emarketer.com.

Wednesday, December 2, 2015

Marketers missing out on big opportunity by ignoring this group

Single adults, a lucrative demographic that now comprises half the U.S. population, continues to be overlooked or misrepresented by U.S. marketers and retailers, according to a report by retail marketing agency TPN and market insights firm C+R Research.

The study, "Millions of Singles, Billions at Stake: The Rise of the New Independents," busts myths and stereotypes to help brands and retailers understand, engage and celebrate singles.

Why does it matter? The retail spending power in just one subset, 35 to 54 year old singles, equals $567 billion.

"Single adults are a chronic blind spot to many marketers," said Sharon Love, CEO. "They may be missing the mark by not reflecting or respecting half the population.”

In 2014, the Bureau of Labor Statistics reported that for the first time, there are more single adults in the U.S. than married ones — 124.6 million adults or 50.2%, a number that has been on the rise since 1960.

Inspired by this demographic and cultural shift, TPN and C+R studied 2,000 U.S. adults, 30-50 years old with $50,000+ income, and compared singles to the general population.

"The study's findings challenge conventional thinking about singles — revealing how they see themselves, observing their shopping behavior, and measuring their spending power in order to redefine their role in an evolving marketplace," said Dave Mastrofski, VP, C+R Research.

What are the key takeaways from the study?  Read the entire article here courtesy of chainstoreage.com 

Tuesday, December 1, 2015

Gen Z Basics

For all the obsessing marketers do about Baby Boomers (now knocking on the door of 70); Gen Xers (thinking about early retirement) and Millennials (in the market for Rogaine) Gen Z gets far less attention. But Samara Anderson, retail strategist for Redpepper, an ad agency based in Nashville, Tenn., says it’s time for brands to pay more attention to the power of Gen Z, those born between 1995 and 2010. She tells Marketing Daily why these kids have so much clout.

Read the interview brush up on Gen Z basic her courtesy of mediapost.com.

Monday, November 30, 2015

Radio: A friend indeed

For the 244 million Americans who tune in each week, there’s no question that Radio Matters in their lives. It matters because of the unique and emotional bond that listeners share with their stations – on-air, online, via Facebook, etc. Once again, we see this personal connection confirmed in a recent survey conducted by Mark Kassof & Co.

The strategic research organization polled just over 1,000 P1 radio listeners, asking them to describe the relationship they have with the station they listen to most often. The study asked the respondents to imagine their favorite station as a person, such as a close friend, casual friend, acquaintance, extended family – even a spouse/significant other.

The survey revealed that 63% of P1 listeners consider the station they listen to the most as a friend, and for most of them, a close friend.

Close friend 37%
Casual friend 26%
Acquaintance 9%
Extended family 7%
Neighbor 6%
Spouse/significant other 4%
Co-worker 3%
Stranger 3%
Teacher 2%
Parent 1%
Boss 1%
Child 0%

The study also showed that Rock P1's "friend" their station the most, at 80%. 
A/C P1's are next at 77%, followed by Gold/Classic P1's, at 72%.

"The fact that most P1's think of the station they listen to most as a friend (when asked to personify it) tells us something important," the study noted. "It says that radio is more than a mere 'appliance,' delivering music and talk. It truly is an integral part of their lives."