June 6, 2024
Eyes4Research
Traditional media has undergone a transformative shift over the past decade, with streaming services emerging as the new dominant force. Traditional media– comprising linear television, radio, and print– is struggling to maintain its relevance in a world where digital consumption patterns have become the norm.
Let’s break down the intricacies of this transition, exploring how streaming is not merely a trend but a fundamental change reshaping the media industry.
How We Got Here: The Rise of Streaming Services
Streaming services have harnessed the power of high-speed internet and the ubiquity of smart devices to revolutionize content delivery. The shift from scheduled programming to on-demand viewing has been a game changer.
Netflix
Netflix’s journey from a DVD rental service to a streaming giant illustrates the power of adaptability and innovation, By 2007, recognizing the potential of online streaming, Netflix launched its streaming service fundamentally altering its business model. This pivot was well-timed, aligning with the increased availability of broadband internet and the growing trend of digital media consumption.
Netflix’s aggressive investment in original content has been a cornerstone of its strategy. Shows like “House of Cards” and “Orange is the New Black” were among its first original hits, demonstrating the platform’s ability to produce high-quality content. As of 2022, Netflix’s content budget was over $17B, a testament to its commitment to dominating the streaming market. This investment has paid off, with series like “Stranger Things” becoming global phenomena and movies like “The Irishman” receiving critical acclaim and multiple award nominations.
Netflix’s user interface and recommendation algorithm are also critical to its success. By analyzing viewing habits, Netflix can suggest content tailored to individual preferences, enhancing user engagement and satisfaction.
The Impact of Streaming on Linear Television
Linear television has seen a steady decline as viewers migrate to streaming platforms so they can watch exactly what they want to watch, exactly when they want to watch it. The shift has had profound implications for the industry, particularly in terms of viewership and advertising revenue.
The Decline in TV Viewership
The cord-cutting trend has accelerated over the past decade. According to a report by eMarketer, U.S. cable TV households dropped from approximately 100 million in 2014 to around 65 million in 2023. This decline reflects a broader global trend, with traditional TV viewership decreasing as streaming services offer more compelling alternatives.
TV vs Streaming Advertising Revenue
The impact of advertising revenue has been significant. Television advertising, once the dominant form of media advertising, has been overtaken by digital advertising. Digital platforms, including streaming services, offer precise targeting capabilities and detailed analytics, allowing advertisers to reach specific demographics more effectively. In 2017, digital ad revenue surpassed TV ad revenue for the first time, and the gap has only widened since then.
Live Sports and Events Are Under the Gun, Too
Live sports and events were considered the last stand when it comes to linear TV, but streaming services are rapidly encroaching on its territory. Amazon’s acquisition of the rights to Thursday Night Football and ESPN’s launch of ESPN+ are notable examples.
These platforms provide not only live sports but also a range of supplementary content, from documentaries to behind-the-scenes footage, creating a comprehensive viewing experience that traditional TV struggles to match.
The Continued Decline of Print Media
Print media has faced some of the harshest challenges in the digital age. Newspapers and magazines, once primary sources of news and information, are now struggling to maintain their readership and revenue streams.
Print Circulation and Advertising Revenue
The decline in print circulation has been dramatic. The rise of digital news platforms and social media has made printed newspapers and magazines less relevant. The New York Times, for example, has seen its print circulation decrease significantly over the last decade. To counter this, it has adopted a digital-first strategy, focusing on growing its online subscriber base. By the end of 2022, digital subscribers outnumbered print subscribers by more than three to one.
Advertising revenue for print media has also plummeted. Print ads, which once generated substantial revenue, have been largely replaced by digital ads. However, digital ad revenue has yet to fully compensate for the loss, partly due to lower rates and the dominance of tech giants like Facebook and Google in the digital ad market.
Revenue Models and Sustainability
In response to these challenges, many print media outlets have implemented paywalls and subscription models for their digital content. The New York Times and The Washington Post have been relatively successful in leveraging high-quality journalism to attract paying subscribers. However, smaller publications often struggle to compete, as they lack the resources to produce the type of content that can drive significant subscription growth.
Radio’s Struggle in the Digital Age
Radio, once the place to go for music and talk shows, is also feeling the pressure from streaming. Services like Spotify, Apple Music, and the podcast ecosystem offer personalized, on-demand audio experiences that traditional radio cannot match.
Spotify exemplifies the shift from traditional to digital audio consumption. Launched in 2008, Spotify has grown to 422 million active users and 182 million premium subscribers by 2022. Sotify’s success lies in its extensive music library, personalized playlists, and exclusive content, including podcasts. The platform uses sophisticated algorithms to recommend music, creating a highly personalized user experience.
One of the most significant advantages of streaming services over traditional radio is the ability to offer personalized content. Algorithms analyze user behavior to suggest songs, podcasts, and playlists tailored to individual tastes. This level of personalization is something traditional radio stations, with their broad programming, cannot compete with.
What Does the Future of Media Consumption Hold?
The future of media consumption is increasingly digital, with streaming services set to continue their dominance. Traditional media will have to innovate and adapt to survive.
Streaming services are expected to continue growing, driven by technological advancements and changing consumer habits. The competition among platforms will likely lead to more investments in original content and innovation. Experts foresee Mergers and acquisitions, such as Disney’s acquisition of Hulu and AT&T’s acquisition of HBO, will continue to share the industry landscape.
Hybrid Models Take Shape
Some traditional media companies are adopting hybrid models to bridge the gap between traditional and digital offerings. NBCUniversal’s Peacock and CBS All Access (now Paramount+) combine live TV and on-demand streaming. These platforms aim to leverage existing content libraries and live programming to attract subscribers.
A Growing Focus on Niche Content
Niche content is becoming increasingly important in the streaming era. Services like Crunchyroll, which specializes in anime, and Shudder, which focuses on horror, cater to specific audiences. This trend allows platforms to build dedicated user bases by offering content that appeals to particular interests.
Enhanced User Experiences Are On the Horizon
Future advancements in artificial intelligence and machine learning will further enhance the user experience on streaming platforms. Improved content recommendations, interactive features, and virtual reality integration are on the horizon, making streaming even more engaging.
Streaming services have disrupted traditional media and redefined how we consume content. The convenience, personalization, and vast content libraries offered by streaming platforms have shifted consumer preferences irrevocably. While traditional media still holds some ground, particularly in live sports and news, it must innovate and adapt to remain relevant.
The future of media consumption is digital, and the ongoing evolution of streaming services will continue to shape the industry for years to come.
May 29, 2024
Eyes4Research
The retail industry is in the midst of a significant and transformative change driven by technological advancements. Among these innovations, Augmented Reality (AR) and Virtual Reality (VR) are at the forefront, offering immersive experiences that revolutionize how consumers interact with brands and products.
Let’s explore the current trends in AR and VR within retail and how research helps brands gain deeper insights and drive these technologies even further.
The Emergence of AR and VR in Retail
AR overlays digital information onto the physical world, enhancing the real-world environment with interactive elements. VR, on the other hand, creates a completely immersive digital environment that users can explore. Retailers are leveraging both technologies to create engaging and interactive shopping experiences.
Key Trends in AR and VR for Retail
The Role of Custom Online Panels in AR and VR Retail Research
As AR and VR technologies continue to evolve, understanding consumer preferences and behaviors is crucial for retailers looking to leverage these innovations effectively. Custom online panels, such as the ones developed and managed by Eyes4Research, provide a valuable tool for gaining these insights. Online panels provide retailers with targeted feedback, in-depth insights, continuous engagement with consumers, and data-driven decisions that can inform product development.
AR and VR are transforming the retail landscape by offering innovative ways for consumers to interact with products and brands. As these technologies become more prevalent, retailers must invest in understanding how to implement them best to meet customer expectations. Custom online panels provide an invaluable resource for gaining the insights needed to drive successful AR and VR initiatives.
When retailers invest in custom online panels, they can not only optimize their current AR and VR strategies but can also ensure they are well-positioned to adapt to future technological advancements as they come along. The result is a more engaging, personalized, and ultimately more successful retail experience that meets the evolving demands of today’s consumers.
Read more about the retail industry and technology on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights from consumers. Our custom online panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.
May 12, 2024
Eyes4Research
Artificial intelligence (AI) is rapidly changing the way we work, play, and even view our world. As generative AI progresses and becomes more refined and precise, it will become a bigger part of more spaces, including the art world. AI will affect how artists do their work, brands present their images and connect to their consumers, and consumers choose what brands to support. The AI art revolution is already taking place, with AI even winning art contests, and is poised to do much more. Brands and artists that understand the role AI art will play and how that role can be leveraged to connect with their consumers will be well-positioned for success in this new consumer landscape.
You probably know a few things about AI and how it can be used for writing, editing, and programming among other things, but you may be wondering what is “AI art”? AI art is simply any type of art, usually visual, that has been created by an AI program through machine learning algorithms and neural networks. AI art is currently getting significant attention from the interesting pictures that people are creating with it, but it will likely have long-lasting repercussions on a number of different industries in the future. The AI art revolution will affect not only artists and the art industry, but also the marketing industry and brands that are looking for new, novel ways to connect with their customers. So let’s take a look at the current state of AI art, some of the benefits and challenges it poses for those who use it, and some future trends we can expect.
AI Art Today
AI’s origins are generally traced back to the 1950s, but its march to its current state was relatively slow until recently. The release of GPT-1 in 2018 marked the introduction of generative AI, which would quickly change many aspects of our lives. The 2022 release of ChatGPT made AI widely available, bringing us to where we are today. As soon as generative AI became widely available to the public, artists, brands, and anyone with some good ideas have used it to create some interesting and captivating art.
There are three types of AI art: generative art, style transfer, and deep dream art. In deep dream art the AI takes an existing image or work of art and enhances it to give it a surreal and often psychedelic look. Style transfer is when AI manipulates an existing piece of art to fit another type of style. Each of these two types offer a range of possibilities, but perhaps the most popular form of AI art currently is generative art. Generative AI works on a set of rules that are programmed into it. The user then enters a set of keywords or prompts and the AI then creates a unique piece of art.
A Range of New Possibilities
The emergence of AI art has been greeted with skepticism and even scorn by many artists, yet some have come to embrace the possibilities it may bring to theirs and other fields. For example, photography was once thought to be the end of painting but instead it became a new art medium and some have credited it with being the impetus of the Impressionist movement in the late nineteenth century. Like photography more than 150 years ago, AI has the potential to become a new artistic medium and create a plethora of business and consumer possibilities in the process.
AI presents quite lucrative possibilities for artists, art dealers, and museums, as the contemporary art world is a $65 million market that has plenty of room for AI art. And if the Modern Museum of Art’s 2022 installation of AI art is any indication, it appears the art world is ready to accept AI. Yet, many artists remain reticent to accept AI, although experts believe it offers them possibilities as well.
If used properly, AI can help artists in their process by helping them get over “blocks” and perhaps give them a new perspective. Some experts also believe that AI art will ultimately enhance how people view human art, giving them a greater appreciation in the process. But the benefits and possibilities of AI art go far beyond the traditional art world and extend into the marketing and consumer spaces.
AI Art and Marketing
The possible benefits that brands can derive from using AI art are nearly limitless but will ultimately come down to how consumers accept the new technology. If consumers accept AI, then brands will have an array of new ways to engage their customers with little cost to them. Brands can use AI art to create unique images and content on social media that creates “buzz” in an interactive way.
An example of how companies could do this is by running an AI art contest on social media to come up with a new logo, phrase, or mascot for a particular brand. The campaign would utilize omnichannel marketing and the new technology of AI art while giving its loyal consumers a fun way to interact the company, thereby building more brand loyalty. As beneficial as AI art may possibly be for the art and marketing spaces, it will bring some pitfalls for certain sections. With that said, if companies and individuals realize some of those drawbacks now they will be better positioned to face them in the future.
Potential Pitfalls of AI Art
The most immediate and apparent drawback of AI art will be the human jobs it claims. It’s currently unknown which jobs specifically within the art and marketing worlds will be affected, but DreamWorks SKG cofounder, Jeffery Katzenberg, believes animation artists will be particularly hit hard. Katzenberg has said that 90% of all artist jobs on animated films will be lost to AI, adding:
“If you look at how media has been impacted in the last 10 years by the introduction of digital technology, what will happen in the next 10 years will be 10x as great – literally,” he said at the Bloomberg New Economy Forum. “And I think AI as a creative tool – think of that as a new paintbrush or a new camera – has so much opportunity around it.”
It is important to note that although Katzenberg believes AI will replace most animation artists, he also thinks that it will provide a valuable tool for those artists who remain in the industry. On a similar note, some experts think that AI art could adversely affect the contemporary art space by lowering the value of human-made pieces and dragging down the value of the overall market. These potential pitfalls of AI remain to be seen, but the very real legal obstacles of using AI is being played out in real time.
Because copyright and trademark laws were not written with AI in mind, there are a number of legal problems surrounding the technology. For example, it’s logical to think that the person who created a particular AI art piece owns it, but what level of rights do the people who wrote the specific AI program used have? This question has led to even more legal issues, including how AI learns.
AI learns by studying and copying existing art to some degree, which some have argued may be a violation of intellectual property rights. Recently, a number of artists filed a class action law suit against AI art producers Midjourney, Stability AI, and Deviant Art, arguing that the art those generators produced amounted to copyright violation. Although the cases against Midjourney and DeviantArt was dismissed by a judge in October 2023, the case against Stability will move forward setting up a potentially major ruling. Just as the music industry experienced similar legal issues in the late 1980s and early 1990s with sampling, leading to rights of “derivative works,” the courts will likely make rulings that consider how human artists are rewarded for their derivative works.
Future Trends in AI Art
As AI art becomes more ubiquitous in the art, film, and marketing spaces, artists will have to keep ahead of the technological curve to stay employed. Katzenberg noted that not all animation artist positions will be eliminated from the industry, with those who adapt and learn AI being the ones to move into the future. Artists of different media will learn the algorithms and rules that govern how pieces are generated, which will create a new blend of automated efficiency and human creativity. This will eventually lead to new forms of education and curricula at universities and probably even high schools. Just as the post-industrial age forced people to learn new skills, the move to AI art will do the same. A new generation of AI “prompt producers” will likely emerge who will utilize their creations on social media, for marketing campaigns, and in the traditional art market.
Generative AI art will also probably claim a stake in the emerging blockchain technology. Look for AI generated art to be used to make nonfungible tokens (NFTs) that artists can sell. A platform called Art Blocks is at the vanguard of this movement, letting crypto enthusiasts, artists, and NFT collectors invest in AI NFTs. Another application where the blockchain and AI will converge is with smart contracts. Smart contracts stored on a blockchain can be used to sell AI art and to house virtual exhibits. There will certainly be a plethora of more applications for AI art in the Web3 infrastructure of the future.
Successful brands will also expand their AI art footprints in the coming years as a way to stay connected with their loyal customers and to increase their consumer base. As AI improves, brands will have to use fewer resources on marketing, which will allow them to target specific consumer demographics. Look for brands to increase their use of AI art on websites and ecommerce, discovering that they can present their message in a more attractive way at a fraction of the cost.
Finally, AI art will likely bring changes to the legal profession. Due to the legal issues discussed earlier, a new branch of law will probably form with lawyers who are specifically educated in the nuances of “AI law.” This will also mean that government regulations and laws will also be enacted, which will mean more regulators and departments at the state and federal levels.
Although AI art is still a relatively new technology, there’s no doubt that it’s been a disruptive force in a number of spaces, including the art world, the legal profession, film, and marketing. AI art will likely mean the end of many jobs, but it will also create new ones, as well as a host of new opportunities for brands and consumers alike. Brands that learn how to harness the full potential of AI art in order to connect with existing and future costumers will successfully ride this technology to future success.
About the author:An industry leader and influencer – Rudly Raphael specializes in all aspects of research logistical design involving quantitative methodology, implementing internal system infrastructure to streamline business processes, channelling communication and developing innovative research solutions to ensure Eyes4Research remains a competitive force in the marketplace. An entrepreneur, inventor (patent holder), blogger and writer – his articles have been published in various magazines such as Medium, Ebony Magazine, Bussiness2Community and also cited in various journals and academic publications.
March 26, 2024
Eyes4Research
In market research, the idea of collaboration is a marker of innovation instead of a constraint. While some researchers might harbor reservations about sharing insights or data with partners, the reality is that research partnerships can spark growth, deepen understanding, and encourage a climate of community within industries.
Here is why research partnerships are not only beneficial but crucial for driving meaningful insights and propelling B2C and B2B businesses forward.
Pooling Expertise for Enhanced Insights
Research partnerships bring together diverse perspectives, expertise, and resources. Collaborating with other organizations, institutions, or experts allows for a broader scope of analysis and interpretation.
By pooling these resources, teams can access specialized knowledge, methodologies, and tools that might not be readily available in-house. This collective expertise often leads to research that is more comprehensively designed, higher-quality data, and more nuanced insights that go beyond the confines of individual capabilities.
Accelerating Innovation and Problem-Solving
Innovation thrives in environments where ideas can intersect and collide. Research partnerships serve as catalysts for innovation by creating environments where creativity flourishes. Collaborative endeavors encourage brainstorming, experimentation, and the exploration of new methodologies.
When organizations join forces, they can tackle complex challenges more effectively, uncover new solutions, and stay ahead of rapidly changing market trends.
Expanding Reach and Diversity
Partnerships enable research efforts to transcend geographic and demographic boundaries. By collaborating with diverse partners, researchers gain access to varied perspectives, cultural insights, and market nuances.
This expanded reach allows for more inclusive and representative research outcomes, ensuring that insights resonate with a broader audience. In addition, partnerships facilitate access to untapped markets, niche demographics, and hard-to-reach populations, enabling organizations to uncover hidden opportunities and address the unmet needs of consumers.
Building Trust and Credibility
In an era marked by data privacy concerns and ethical considerations, research partnerships underscore transparency, accountability, and integrity. Aligning with reputable partners allows organizations to enhance their credibility and build trust among stakeholders.
Collaborative research initiatives demonstrate a commitment to rigorous methodologies, ethical standards, and data privacy principles.
Why Custom Custom Online Panels Are Important
As B2C and B2B businesses navigate the complexities of the digital age, accessing reliable and actionable insights is crucial. Custom online panels offer a dynamic platform for collecting targeted feedback and uncovering actionable intelligence.
At Eyes4Research, we specialize in designing and managing custom online panels that are tailored to our clients’ unique research needs. Here is how custom online panels empower our clients:
With Eyes4Research, our clients harness the power of partnership and unlock the potential of custom online panels to drive informed decision-making encourage innovation, and stay ahead in today’s competitive business landscape.
Online panels are powerful tools that provide a more affordable way for B2C and B2B businesses to collect valuable data to determine the value of their brand’s product or service. Eyes4Research has everything your company needs to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our online panels here.
February 21, 2024
Eyes4Research
The advertising industry constantly evolves, and understanding consumer behavior and preferences is paramount for success. Advertising agencies are crucial in crafting campaigns that resonate with target audiences. However, agencies must prioritize effective market research initiatives to truly excel in this space.
Let’s dive into the significance of market research for advertising agencies and learn more about why these agencies should consider integrating online panels into their strategies.
Understanding Consumer Dynamics
Consumer behavior is dynamic, and influenced by various factors such as socio-economic trends, cultural shifts, and technological advancements. To stay ahead in the competitive advertising arena, agencies need to decipher these complexities effectively.
Traditional research methods, such as focus groups and surveys have their place for certain, but often fall short in capturing real-time insights.
The Need for Comprehensive Research
While advertising agencies have historically relied on conventional market research techniques, the ever-changing digital era demands a more agile and data-driven approach. In this environment, decisions need to be informed by up-to-the-minute data and insights. Here is where custom online panels emerge as a game-changer for advertising agencies.
The Power of Online Panels
Online panels offer a dynamic platform for conducting market research with unparalleled efficiency and depth. By leveraging online panels, such as the ones Eyes4Research creates and manages for our advertising agency clients, agencies gain access to diverse pools of respondents representing various demographics, geographies, and psychographics. This diversity enables advertising agencies to conduct targeted research tailored to specific client needs.
What Are the Key Advantages of Online Panels for Advertising Agencies?
The world we live in is hyper-connected, and the success of advertising campaigns hinges on the ability of advertising agencies to understand and adapt to evolving consumer dynamics. By embracing online panels as a cornerstone of their market research strategy, advertising agencies can unlock a wealth of insights, enhance campaign effectiveness, and stay ahead in an increasingly competitive landscape.
Advertising agencies that leverage the power of online panels will elevate their market research efforts to new heights and be rewarded with higher-quality consumer insights and more effective campaigns.
Online panels are powerful tools that provide a more affordable way for advertising agencies to collect valuable data to determine the value of their brand’s product or service. Eyes4Research has everything your company needs to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our online panels here.
February 12, 2024
Eyes4Research
Five years ago electric vehicles (EVs) were the consumer rage and appeared poised to overtake traditional, combustion engine autos in sales. Propelled by a number of factors, including government subsidies, environmental consciousness, and the allure of new technology, automakers couldn’t roll out new EV models fast enough. But within the last year that’s all seemed to have changed. Although EV sales are still growing, they appear to have peaked and automakers have responded by cutting back production and sales. Auto brands, car dealerships, investors, and consumers that understand this trend, and where it might go, will be in a position to possibly take advantage of the current EV slump.
You’ve certainly been affected by the EV revolution in some way. You may own an EV or know someone who does, and if you don’t then you’ve seen EV charging stations or watched several commercials for the latest EV brand. There’s no doubt that EVs have staked out a significant segment of the auto market, but it’s also true that the EV revolution has fallen short of some expectations. So let’s take a look at the EV industry and the problems it’s recently faced and why, as well as what investors and consumers can expect in the future.
The Green Dream
Although EVs may have only recently entered the public counscieneness at a major level, the first cars with batteries were invented in the late 1800s. In fact, by 1900 EVs were one-third of the cars on the road, but they were soon after replaced by autos with combustion powered engines and all but forgotten for decades.
The concept of EVs was brought back in the late twentieth century during the gas crises and oil embargos and then in the 2000s when the push for renewable, green energy became popular with many in government, especially those on the left of the political spectrum. The green energy push has led some state to pass laws requiring that all new automobiles sold within their borders must have zero emissions by a certain date. So far, California has set a date of 2035 with Connecticut, Maryland, Massachusetts, New Jersey, New York, Oregon, Washington, and Rhode Island all committing to banning new sales of combustion engine autos at a future date.
The federal government has recently also used the law to promote EVs. As part of the Inflation Reduction Act of 2023, which the Democrat controlled Congress passed, and was signed by Democrat President Joseph Biden, EV buyers are eligible for tax credits. So, different state governments and the federal government have clearly used a “carrot and stick” approach to push consumers to buy EVs and the numbers show that this may have initially been successful, but things now appear to be going the other way.
Sagging Sales
EV sales peaked in 2022 and although growth continued in 2023 the pace slowed significantly. Analysts now believe that Biden’s target of EVs capturing 50% of the auto market by 2030 seems like a pipe dream. Yet if EV sales continued to grow in 2023, why the negative forecast for the space?
The reasons for analysts being bullish on EVs involves a number of different factors, although for the most part it comes down to the simple economic concept of supply and demand. Automakers made major cutbacks on nearly all EV models and prices in 2023. Tesla slashed prices on all its models while Ford reduced production on its much hyped EV F-150 and postponed $12 billion in EV spending. General Motors also announced that it has delayed the launches of three of its new EV models.
The pullback by auto makers has extended to car rental and sales companies as well. Car rental giant, Hertz, recently announced that it’s selling about 20,000 EVs from its fleet, which includes Teslas. This is just two years after Hertz made a deal with Tesla to buy its newest models after the rental company planned to convert 25% of its fleet to electric by the end of 2024. The EV slump has also hurt car dealerships across the US.
The car sales industry uses the term “days’ supply” to describe how long it takes for current inventory to sell at the current sales rate. In late 2023, the days’ supply for EVs averaged about eighty-eight days, which was double what it was one year prior. By comparison, the average days’ supply for combustion engine vehicles was fifty-nine days in late 2023, which was normal by industry standards. All of this indicates that the demand for EVs has simply waned, but the reasons for the EV slump are a little complicated.
Not Buying into Electric
Among the many factors that have driven consumers to shy away from EVs, economic considerations are at the forefront. But even these economic factors are a bit more complex. For example, one of the practical selling points of EVs was that they more than pay for themselves by saving money from not having to buy gas. When the gas prices skyrocketed in 2022, EV sales were at their peak, but just one year later gas was down about thirty cents per gallon on average, which many experts believe pushed consumers to purchase what they view as more reliable autos – combustion engine vehicles. Consumers are also driven by the still high costs of most EVs.
As EV sales peaked in 2022, they appeared poised to become status symbols just as much as everyday modes of transportation. The reason for the status was partially due to price range remaining outside the budget of most people who view cars as a necessity more than a luxury item. Cox Automotive pegged the average EV price at $50,683 in September 2023, which although down 22% from the previous year is still high compared to combustion engine vehicles. This study was bolstered by a CarGurus report that found EVs were still 28% higher than their combustion engin26e counterparts. Consumers interested in buying EVs can also expect to pay higher interest rates at the dealerships, creating another factor that has dulled consumer demand. Part of the reason for EVs’ higher costs is the novelty, but the technological knowledge and specific components needed to make them are the driving force.
The battery is the most expensive part of any EV, and the bigger the battery the more expensive the vehicle. One of the major problems consumers often cite with EVs is their limited range, so in order to mitigate this problem manufacturers have made larger batteries for their vehicles. Larger batteries have nominally reduced the range problem, but they’ve also contributed to higher overall costs, creating a sort of catch-22.
In addition to the costs of EVs, consumers have also cited performance concerns. Range is the number one issue consumers cite, with most EVs offering 250 to 500 miles on a single charge, although those numbers depend upon conditions. Cold weather adversely affects EV batteries and when combined with limited charging networks, has led to problems for some EV owners. A January 2024 polar vortex left some EV owners in Chicago waiting hours in line for charges, bringing another major concern consumers have with EVs. A report by AAA stated that 56% of the people they interviewed cited a lack of convenient charging options as a reason for not going electric. EV owners can purchase home charging stations but they cost several thousand dollars more to an already highly priced auto.
Consumers have also discovered that just because EVs don’t have large block engines, they are far from immune to mechanical and technical problems. A Consumer Reports study showed that from 2021 to 2023, 80% more problems were reported in EVs than their combustion engine counterparts. The economic and performance issues are clearly the driving forces behind consumer disinterest in EVs, but the automakers also have themselves to blame for poor marketing.
The automakers originally marketed EVs as eco-friendly version of combustion vehicles, but consumers quickly found out that this wasn’t true. Although EVs are less complex to build and have simpler drive trains, they are more complex machines in many ways. Many new EV owners are upset when they learn that it takes plenty of training to do the simplest of maintenance on EVs and there are far fewer mechanics who have the background to work on them. Finally, in a country that has become so divided by politics, geography, and age, EVs are often viewed as cars of young, urban liberals. Even Telsa founder and CEO Elon Musk’s recent dabbles with political statements and endorsements of ideas and candidates on the right-wing of the political spectrum have so far not changed this image.
Future Trends
Examining sagging EV sales and the reasons behind it can help investors, auto dealers, and consumers understand what to expect in the future. Don’t expect the EV industry to collapse, but it’s likely automakers will continue with their current pullback of EV models. There’s signs that some automakers are switching production to hybrids, which would politically appease eco-conscious consumers but not necessarily meet government mandates. Toyota has recently increased its hybrid production and currently offers more than twenty models that are all more popular than its EV models.
It’s also possible that the federal and different state governments will reconsider some of their EV mandates. It’s very unlikely that the auto industry will meet the federal government’s 2032 goal of 67% of all new vehicles being EVs, as they are currently just under 8% of the market share.
All of this has many potential implications for consumers. If the federal and state governments continue to mandate EV production, the automakers may have to reduce costs further, but it may be at the cost of quality. Auto brands could increase sales with better marketing campaigns that target Middle America as well as emphasizing how EVs are different than combustion vehicles. It may be that EVs will continue to be a niche market in the US, but the automakers that understand how consumer sentiments have driven the current EV slump will be in a position to take advantage of these future trends.
About the author:
An industry leader and influencer – Rudly Raphael specializes in all aspects of research logistical design involving quantitative methodology, implementing internal system infrastructure to streamline business processes, channelling communication and developing innovative research solutions to ensure Eyes4Research remains a competitive force in the marketplace. An entrepreneur, inventor (patent holder), blogger and writer – his articles have been published in various magazines such as Medium, Ebony Magazine, Bussiness2Community and also cited in various journals and academic publications.
February 7, 2024
Eyes4Research
Advertising is dynamic– crafting compelling B2C and B2B brand messages and captivating creative materials is essential for brands to cut through the noise and resonate with target audiences. Let’s dive into the valuable role of online panels in refining advertising messages and shaping your creative development.
Understanding Message Testing and Creative Development
Message testing evaluates the effectiveness of advertising messages to ensure they resonate with the intended audience. Meanwhile, creative development involves refining visuals, sounds, and narratives to create engaging and memorable ads.
Leveraging Online Panels for Message Testing
Custom online panels, such as the ones created and managed for our clients by Eyes4Research, offer a diverse pool of participants, allowing brands to select specific demographics, interests, and behaviors for targeted feedback. Through well-designed surveys, brands can gain valuable insights from panelists about their perceptions of advertising messages and creative elements.
Collecting Feedback and Insights
Panelists provide feedback on message clarity, relevance, and memorability, helping brands better understand which messages resonate most effectively. Additionally, evaluating creative elements such as imagery, music, and branding aids in refining the visual and auditory components of ads.
Iterative testing and Optimization
Using iterative testing allows B2C and B2B brands to refine advertising messages and creative elements based on panel feedback. By analyzing data and making adjustments, brands can optimize their campaigns for maximum impact and resonance with the target audience.
Applying Insights to Advertising Campaigns
Insights gleaned from message testing and creative development inform strategic decisions in advertising campaigns. From media planning to content creation, understanding audience preferences and perceptions enhances the effectiveness of marketing efforts.
Eyes4Research creates and manages custom online panels that offer our clients the opportunity to tailor their research to specific audience segments ensuring targeted actionable insights. By partnering Eyes4Research, B2C and B2B brands gain access to a robust panel of engaged participants, facilitating efficient and effective message testing and creative development.
Harnessing the power of online panels for message testing and creative development is key to crafting impactful advertising campaigns. By leveraging insights from panelists, B2C and B2B brands can refine their messaging, captivate audiences, and drive success in the competitive landscape of advertising. Partner with Eyes4Research to unlock the full potential of custom online panels for your team’s marketing strategies.
Online panels are powerful tools that provide a more affordable way for companies to gather valuable data to determine the value of their brand’s product or service. Eyes4Research has everything your company needs to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our online panels here.
January 30, 2024
Eyes4Research
The world of market research is ever-evolving, and B2C and B2B brands that want to stand apart from their competition are turning to online panels to gain invaluable insights and capitalize on their flexibility. Here is a deep dive into how B2C and B2B brands can harness the potential of online panels, and gain an even deeper understanding of consumer behavior and preferences.
Online panels, such as the panels Eyes4Research creates and manages for our B2C and B2B clients, are virtual communities of diverse individuals who have agreed to participate in research studies. This method allows B2C and B2B brands to tap into various perspectives quickly and efficiently.
One of the key advantages of online panels is their flexibility. Brands can engage participants in various research activities, such as surveys, discussions, and product testing, at a pace that suits their needs. This agility is invaluable in a business environment that is constantly changing.
Brands are understandably concerned about the cost of conducting research. Online panels provide a cost-effective alternative to traditional research methods. Custom panels, specifically tailored to a brand’s target audience, maximize efficiency and minimize unnecessary expenses. This ensures that brands get the most value out of their research budget.
B2C and B2B brands that are interested in taking their research to the next level should consider the advantages of an Eyes4Research custom online panel that is tailored to your brand’s unique needs. Here are just a few of them:
The custom online panels managed by Eyes4Research provide a dynamic and cost-effective approach to market research for our clients. Brands seeking a deeper understanding of what their customers want and need should embrace the flexibility of custom online panels and consider this method of research to better understand their audience. Online panels are powerful tools that provide a more affordable way for companies to gather valuable data to determine the value of their brand’s product or service. Eyes4Research has everything your company needs to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our online panels here.
January 17, 2024
Eyes4Research
Regardless of the industry, B2C and B2B brands continually seek new methodologies to gain deeper insights into consumer behavior, preferences, and trends. Custom online panels, such as the ones created and managed by Eyes4Research for our clients, have emerged as a game-changer, offering B2C and B2B brands opportunities to delve into consumer insights with precision and depth. Here are five ways custom online panels revolutionize market research and empower brands to make data-driven decisions.
Targeted Audience Engagement
Custom online panels enable B2B and B2C brands to build tailored audiences based on specific demographics, behaviors, or interests. This level of customization allows for targeted engagement with participants who closely align with the brand’s consumer base. By taking a more curated approach with these panels, B2C and B2B brands ensure that their research efforts are directed toward the most relevant audience, yielding richer and more accurate data.
Flexible Research Design
One of the key advantages of custom online panels is the flexibility they offer in research design. The B2C and B2B brands that Eyes4Research manages online panels for can employ various methodologies, including surveys, discussions, polls, and feedback mechanisms tailored to their specific objectives. This flexibility allows for agile adaptation to changing research needs, ensuring that B2B and B2C brands can gain consumer insights efficiently and effectively.
Real-Time Data Collection and Analysis
With custom online panels, B2C and B2B brands can collect data in real-time, facilitating quick analysis and actionable insights. This immediacy enables B2C and B2B brands to respond promptly to market shifts and consumer sentiments. By staying on top of trends and preferences in real-time, our B2B clients can make informed decisions and adapt their strategies proactively.
Track Consumer Preferences and Analyze Trends
The custom online panels at Eyes4Research empower brands to conduct longitudinal studies, observing changes in consumer behavior and preferences over time. This approach unveils invaluable insights into evolving trends, enabling our clients to anticipate shifts in the market and consumer sentiment. This foresight is crucial for strategic planning and product development.
Enhanced Engagement and Brand Loyalty
Engaging consumers through custom online panels allows our B2C and B2B clients to create a direct line of communication between brands and their audience. By involving participants in the research process, B2C and B2B brands encourage a sense of involvement and loyalty among their consumer base. Participants feel valued and heard, enhancing brand perception and creating long-term relationships.
The market is competitive, and the custom online panels that we create and manage for our clients are not just an advantage, but it is a necessity for B2C and B2B brands seeking to thrive in today’s business landscape. By leveraging custom online panels, B2C and B2B brands gain a competitive edge by understanding their audience on a deeper level, adapting quickly to changing market dynamics, and cultivating stronger relationships with their consumers.
The era of market research is evolving, and the online panels that we create at Eyes4Research for our clients stand at the forefront of this revolution. B2C and B2B brands that leverage these panels have a wealth of consumer insights at their fingertips, empowering them to make informed decisions, create impactful and effective strategies, and cultivate lasting connections with their audience.
Online panels are powerful tools that provide a more affordable way for companies to gather valuable data to determine the value of their brand’s product or service. Eyes4Research has everything your company needs to collect high-quality insights from consumers. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our online panels here.
December 29, 2023
Eyes4Research
Social media has transcended its initial purpose of connecting people; it has become an influential force in shaping consumer healthcare decisions. The digital realm is now a primary source where consumers seek advice, recommendations, and insights into various healthcare products and services.
The Impact of Social Media
Statistics underscore the pervasive role of social media in healthcare decision-making. Platforms like TikTok, Instagram, and X (formerly known as Twitter) have evolved into hubs where consumers share experiences, seek guidance, and review healthcare offerings. Testimonials, sponsored content, and influencer endorsements wield considerable influence, often swaying consumer choices.
Understanding Consumer Behavior
Custom online panels, such as the ones created and managed by Eyes4Research, have emerged as a potent tool for unraveling the nuances of consumer behavior. These panels allow for tailored surveys and targeted data collection from specific demographics. By leveraging custom online panels, healthcare providers can marketers gain valuable insights into how social media shapes consumer healthcare decisions.
The Power of Custom Online Panels
Custom online panels offer a pathway to comprehend the intricacies of social media’s influence on healthcare choices. Through personalized surveys and real-time data collection, these panels reveal trends, preferences, and the impact of social media strategies. This approach equips healthcare professionals with actionable insights to tailor their strategies effectively.
Social media’s sway on consumer healthcare decisions is undeniable. However, the ability to comprehend, analyze, and adapt to this influence lies in harnessing the potential of custom online panels. These panels offer a unique vantage point to understand and navigate the evolving landscape of consumer healthcare preferences shaped by social media.
For healthcare providers and marketers seeking a deeper understanding of consumer behavior influenced by social media, custom online panels offer an avenue for tailored, data-driven insights. Healthcare providers who embrace custom online panels will stay ahead in understanding, engaging, and satisfying the ever-evolving consumer needs in healthcare. Read more about the healthcare industry and market research on the Eyes4Research blog. Eyes4Research also has everything you need to collect high-quality insights in the healthcare space. Our panels are comprised of B2B, B2C, and specialty audiences ready to participate in your next research project. Learn more about our specialty panels here.