Radio Sales Master Summit Keynote | Weathering the Storm: Navigating Economic Shifts and the Future of Advertising
The world is changing at a rapid pace, and it can be challenging to keep up. In a recent keynote from Matt Britton at the Radio Sales Masters Summit., he shared valuable insights on the differences between millennials and Gen Z, the impact of the internet on consumer power, and how the world is changing again due to the current economic climate.
The State of the Economy
Matt discusses the Fed Reserve's recent announcement to raise inflation to 4.5% and what it means for consumers. He examines the labor market, the effect of the fiscal stimulus on the consumer price index, and how consumers are getting more and more in debt. He also ponders the future and what we can expect in 2023.
Gen Z and Consumer Change
Gen Z is the youngest and most voluminous generation of consumers in the United States, with only 52% of them being non-Hispanic white. The COVID pandemic has had a huge impact on their work-life balance, financial sustainability, and education opportunities. Additionally, there is a new term called 'quiet quitting' where individuals don't formally quit their job but simply do the bare minimum. Consumer purchases have also decreased as the 'millennial lifestyle' comes to an end.
Changing Landscape of Remote Work
Matt delves into the implications of remote work for consumer habits, commuting habits, and content consumption habits. He explores the importance of developing specialized skillsets to stay ahead in a world where job roles are quickly becoming automated, and how higher education needs to evolve in order to keep up with the new economy.
The Future of Content and Advertising
Matt also explores how radio salespeople can use their platform to engage with potential customers and create content to share with them. He emphasizes the importance of building relationships with people rather than brands, and how people-based content is the future. He uses Bill Simmons' success as an example of how to build an audience in a competitive market. He also considers the importance of discovery and programmatic solutions in media buying, and how local content is a secret weapon for radio.
Digitizing Service Companies
How can service companies keep up with the demand for quick and easy customer service? How can radio salespeople use their platform to engage potential customers and create content to share? Matt shares his insights on the importance of digitization and how airlines are starting to move in that direction. He also emphasizes the impact of the shift to remote work on consumer habits.
As the world continues to evolve, it's essential for businesses and individuals to stay informed and prepared for the challenges and opportunities that lie ahead. By understanding the needs and preferences of the new generation of consumers, businesses can position themselves for success in the ever-changing world of advertising and content creation.