This MSI working paper offers insights into advertising’s role as a strategic tool in financial services. Researchers examined nine years’ worth of auto insurance industry data to uncover the effects of advertising, in terms of awareness and purchase consideration at each purchase stage along the customer journey.Member Only Access
Addressable advertising on television enables better targeting and measurement of TV ad campaigns, but gaining access to consumer data is essential for its effectiveness and development. So, what can advertisers do to make people more willing to share their data? New research offers insights into developing personalization initiatives aimed at alleviating privacy concerns.Member Only Access
Many companies and brands increasingly incorporate racially diverse actors, often mixing Blacks and Caucasians in their advertising, yet not much is known about its effectiveness. New research explores how actor race and social tie strength—essentially the potency of the bond between the two actors—translate into consumer responses, with indirect effects on purchase intention.Member Only Access
A recent survey by Gallup found that inflation has become the top financial concern for Americans, surpassing issues like low wages and housing costs. Source: Lu, Marcus (2022, June 7). Poll: Inflation is the Top Financial Concern for Americans. Visual Capitalist.Member Only Access
A (virtual) event presented by the ARF’s LA Media Research Council took place on June 15. Titled ”New Research Insights on Viewer’s Behaviors and Attitudes” it featured four presentations focused on issues that the Council had identified as priorities: better data on viewers’ use of media and platforms, the growth of streaming and content discovery and promotion.Member Only Access
The ARF’s focus on research quality is echoed by Andrew Tenzer, Director of Market Insight and Brand Strategy at Reach. Tenzer writes: I’m on a mission to rid our industry of bad research. I’m fed up with it. It leads to poor decision making and increases the disconnect between marketers and consumers. In short, it is damaging to brands and the industry we represent. Over the past five to 10 years, conducting research has never been so affordable and accessible. On the surface, you might consider this a good thing. The increased number of insights and easy access to the consumer should be a marketer’s dream. After all, we like to position ourselves as the experts in the understanding of people. Also, let’s not forget that we’re all under enormous pressure to use data and insight to underpin strategic decision making – having ready-made insights at our fingertips is incredibly useful. Increased accessibility means we’ve also reached a point where almost anyone can run research. The problem is that quantity is not a sign of quality. Almost all industry research comes from businesses pushing an agenda. It’s not all doom and gloom though. If we acknowledge that utilizing good research leads to better outcomes, it’s in our interest to make sure we can identify the good from the bad.
An analysis in The New York Times reminds us that surveys and polls often do not predict behavior. A report by the ARF examines the reasons why and pollsters are reevaluating their methods. The New York Times analysis (June 4, 2022) is illustrated by the table below. An ARF report, available as a “Knowledge at Hand,” stressed the importance of good sampling and of using well-designed questions – rather than just one item – to assess complex attitudes and opinions. Politico reports that pollsters are reevaluating their approaches and planning changes in their methods for research connected to the 2024 election. Please also note the item Tips to Spot Bad Research in this issue of NYCU. Sources: Cohn, N. (2022, June 3). Voters Say They Want Gun Control. Their Votes Say Something Different. - The New York Times (available for NYT subscribers) The ARF. (2021, March 10). Best Practices in Media and Market Research Studies. The ARF. Shepard, S. (2022, May 15). Pollsters prepare for major changes after presidential election misses. Politico.Member Only Access
While a recent ARF survey documents the rising interest in attention metrics among marketers, a new report reminds us that “attention” comes in different shapes – which have different outcome implications. As we reported (May 6), the ARF contributed to the current discussion about “attention” with a new survey that represented both the buy-side (advertisers and agencies) and market researchers.