Source: radioink.com, December 2023
As radio approaches 2024, new research is shedding light on four major behavioral changes the industry can expect from consumers in the new year. Each shift touches on a different aspect of stability, each presenting unique challenges and opportunities for brands. The study, conducted by Canvas8, obtained feedback from nearly fifty behavioral change experts from more than 15 sectors.
Firstly, financial control is becoming increasingly challenging for consumers. The lingering effects of economic stress and recession fears are leading to a critical evaluation of spending. Traditional markers of stability, such as luxury goods or other expensive items, are now seen as burdens rather than security. This shift towards a more liquid sense of financial security opens avenues for brands to explore alternative value propositions, like rental services or flexible ownership models.
Secondly, there’s a growing sense of detachment and burnout among consumers, affecting their commitment to products and workplaces. This detachment is reflected in a decline in brand loyalty, as consumers prioritize affordability and convenience. Canvas8 found marketers should focus on creating content and advertising that emphasizes the unique value and relevance of their offerings. Building a sense of community and belonging can also help counteract feelings of alienation, a strategy that can be effectively implemented through the inherent engagement with and strong attachment to radio personalities.
Thirdly, advancements in AI technology are causing concerns about human devaluation and job security. While AI offers efficiency, it also raises fears about its implications on employment and the value of human work. Again, emphasizing the human elements in radio, such as the connection between hosts and listeners, can be a powerful way to reinforce the value of human interaction.
Finally, the proliferation of AI and deepfake technology is exacerbating cognitive stress and challenging perceptions of truth, particularly in news consumption. As mentioned by NAB CEO Curtis LeGeyt on Capitol Hill this week, radio needs to be mindful of the growing skepticism towards media and focus on building trust with their audience. Transparency, fact-checking, and clear communication are key to maintaining credibility. Highlighting real, positive, and tangible narratives can help anchor audiences in reality, providing a much-needed respite from the overwhelming influx of information.
Further data can be found via Canvas8.
