Nielsen’s Scott Brown says advertisers are evolving to meet new consumer attitudes, including finding the right product at the right price in the right place. Looking forward, the mobile market is poised to grow exponentially and advertisers are watching closely.
With both media and consumer spending dramatically down, advertisers are responding to new consumer demands — value, necessity and efficiency among them — in both their marketing strategy and product development.
That, at least, is what Scott L. Brown, Nielsen’s SVP of strategy and digital platforms, said today at the Television Bureau of Advertising’s annual forecast conference in New York.
“A new norm is evolving and the days of overleveraged households are gone,” Brown said, adding that today’s economic woes will have lingering effects on consumer spending habits long after the current recession is over.
“People don’t forget these very desperation situations like we’re in,” he said.
With consumer spending increasingly focused on basic principals — like finding the right product at the right price in the right place — advertisers are responding by promoting those tenets in their marketing, he said.
Ads now more often emphasize storewide or product value, promoting a “green or social cause and pushing store brand or pared-down products, like Procter & Gamble’s new Tide Basic laundry detergent.
Both the change in consumer spending habits, and advertisers’ sensitivity to those changes, is essential for the individuals on both sides of the equation to weather the ramifications of the tough economy, he said.
“It’s not only the strong that will survive,” Brown said. “It’s the adaptive that will survive.”
At the same time, advertisers also are keeping tabs on how consumers use new media, particularly mobile platforms — a factor Brown said he expects to be another major influence in advertising and marketing in the near future, explaining that he expects mobile to grow exponentially the way the Internet did.
“TV is still a major in-home experience with tremendous growth,” he said, adding, though, that television will continue to be challenged by other platforms. “The shift to mobile audiences is pronounced and it’s coming.”