C-SUITES. decoding mindset and the drivers of news consumption
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- Wilfred Atkins
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2 C-SUITES decoding mindset and the drivers of news consumption
3 WHY C-SUITES? ELUSIVE AUDIENCE We know c-suites consume and engage with news media but we know little about why they choose one brand over another OPINION AND ADVOCACY As opinion leaders, c-suites play an advocacy role not only for their industry but for the brands they consume PERCEPTION V. REALITY Are perceptions about c-suites and their news consumption reality?
4 METHODOLOGY CHINA Shanghai x 2 41 interviews with senior executives* across 9 markets HONG KONG x 4 MALAYSIA Kuala Lumpur x 5 PHILIPPINES Manila x 5 USA New York x 5 SINGAPORE x 5 INDONESIA Jakarta x 5 GERMANY Hamburg x 5 AUSTRALIA Sydney x 5 *primarily C-level individuals such as CEO, CFO & CMOs. For larger companies, senior director level and above Fieldwork: July August 2014
5 PIVOTAL FACTORS IN NEWS CHOICE
6 Factors that had little bearing on news consumption Factors that had significant bearing on news consumption AGE JOB FUNCTION GEOGRAPHY MARKET DEVELOPMENT LEVEL
7 THE INFLUENCE OF JOB FUNCTION ON NEWS CONSUMPTON FINANCE PROFESSIONALS FINANCIAL ADVISORS, CFOs, etc. OTHER PROFESSIONALS MARKETING, SALES, OPERATIONS, etc. MORE NEWS SOURCES Refer to 4 or more sources of news for a wide range of topics FEWER NEWS SOURCES Rely on 1-3 core sources of news for regular updates REAL TIME Much more interested in gathering a wealth of data in real-time that can be used to track portfolio and financial performance CURATED Much more interested in insights and in-depth coverage that can help to give them ideas for how to approach their work TACTICAL Tend to approach news looking for information that that will be able to use for their work today. STRATEGIC Tend to approach news looking for stories that may help them to develop strategies for the future.
8 THE INFLUENCE OF MARKET DEVELOPMENT ON NEWS CONSUMPTON DEVELOPED MARKETS AUSTRALIA, GERMANY, HONG KONG, SINGAPORE & USA EMERGING MARKETS CHINA, INDONESIA, MALAYSIA & PHILIPPINES DIGITAL Executives in developed markets use websites for long form news consumption. They use mobile apps for quick updates. TRADITIONAL Executives in emerging markets rely on traditional media for regular news consumption, particularly newspapers and television. MULTISCREEN Much more likely to rely on a range of touch points on a regular basis in order to stay up-to-date on the news throughout the day. SINGLE SCREEN Much more likely to limit themselves to a preferred media type (i.e. local newspaper or news channel) at specific times of the day SHARING ARTICLES Shares links to interesting or relevant articles and videos with colleagues, inviting them to learn more directly from the source. SHARING ANECDOTES Discusses and shares insight via face to face conversations with professional circles. Rarely shares actual content.
9 THE INTERPLAY BETWEEN MINDSET AND NEWS CONSUMPTION MINDSET The primary driver of news consumption ROUTINE DEVICE CHOICE
10 NEWS CONSUMPTION MINDSETS EXPLORATORY Looking for an overview on what is going on in the world. Desired information includes news on finance, politics, entertainment, etc. STRATEGIC Looking to identify opportunities for their role and business development. Desired information includes emerging markets and competitor activity. TACTICAL Looking to extract data points that will help them improve their role and business. Desired information includes stock exchange rates and pricing of products.
11 EXPLORATORY MINDSET State of Mind: Curious & Open-minded C-suites are generally more open and less focussed (on specific activities) in this mindset, primarily skimming headlines for something interesting or relevant to their work. They look for breath as opposed to depth. C-suites will be highly loyal, relying on their most trusted news brands for updates on what is going on in the world Most senior executives use this mindset on a regular basis, as keeping up with general news is important for any role or industry
12 STRATEGIC MINDSET State Of Mind: Engaged & Receptive C-suites in this mindset will be highly engaged, trying to learn as much as possible about relevant topics C-suites will be highly loyal, relying on their most trusted news brands for strategic content Non-finance professionals are more likely to approach news in this mindset, looking for stories that may help them to develop strategies for the future
13 TACTICAL MINDSET State Of Mind: Task-driven & Time-pressed C-suites will be looking for a very specific piece of information that they need. Therefore, they will be highly engaged with relevant content C-suites in this mindset exhibit lower brand loyalty. They will turn to any source that has what they need, provided that the source is trustworthy Finance professionals are more likely to have this mindset, looking for information that they will be able to use for their work today, i.e. stock and exchange rate updates
14 THE ROLES OF ROUTINE AND DEVICE MINDSET ROUTINE DEVICE CHOICE
15 MINDSET, ROUTINE AND DEVICE CHOICE AMOUNT OF NEWS CONSUMED EXPLORATORY Scanning headlines to catch up on what is going on in the world STRATEGIC Reading articles to get updates on particular markets, industries or brands BEFORE WORK TACTICAL Looking for specific updates MID MORNING EXPLORATORY Scan the headlines STRATEGIC Share articles with colleagues DURING LUNCH TACTICAL Looking for specific updates MID AFTERNOON EXPLORATORY Scanning headlines to catch up on what happened during the day STRATEGIC Reading articles to get updates on particular markets, industries or brands AFTER WORK
16 OVER THE WEEKEND LEVEL OF CONSUMPTION DOMINANT MINDSETS KEY TOUCH POINTS Lower than usual Over the weekend, executives consume less news from fewer sources, but with greater depth from each source. Exploratory They are open to learning something new, though they may concentrate on favourite topics. TV and print They take the time to read longer articles and watch a wider range of programs on their favourite news channels.
17 DURING BUSINESS TRAVEL LEVEL OF CONSUMPTION DOMINANT MINDSETS KEY TOUCH POINTS Higher than usual With increased free time in the mornings and evenings, they tend to catch up on more news from a range of sources. Exploratory and strategic They will be open to whatever news is in front of them with a focus on relevant industries or markets. TV and website They will use websites to keep in touch with their favourite news sources from home, and TV for a fresh perspective.
18 THE DRIVERS OF BRAND AFFINITY BRAND AFFINITY
19 THE BRAND AFFINITY EQUATION CONSISTENCY CREDIBILITY CONTENT What brands do: consistent delivery What brands say: facts vs opinions How brands do it: scope of content BRAND AFFINITY
20 CONSISTENCY CREDIBILITY CONTENT CONSISTENCY CREDIBILITY CONTENT CONSISTENCY CREDIBILITY CONTENT CONSISTENCY CREDIBILITY CONTENT
21 CONSISTENCY WITH BBC BBC delivers consistent standard of programming throughout the day, so execs can tune in any time BBC offers consistent quality from all reporters for reliable coverage of news anywhere in the world BBC is consistently available everywhere that frequently traveling executives need to be BBC offers consistent news throughout the day, so that I can leave it on all day in my office while I work. HEAD OF OPERATIONS, PHILIPPINES I think top executives prefer the BBC because it provides a global view and very high level of journalism. DIRECTOR, GERMANY I always watch the BBC when I travel for work. Where ever I am, I can usually count on BBC showing in my hotel. HEAD OF IT, CHINA
22 CREDIBILITY WITH BBC BBC s style of reporting the news is perceived as being more even and unbiased than others BBC s reputation as a public broadcasting company contributes to its reputation as a credible brand BBC s reputation as trustworthy is important in its establishing credibility I trust the quality of BBC s content because its style is impartial. You don't get a tremendously slanted view like you would on Fox or NBC. SVP WEALTH MANAGEMENT, USA It is more credible than the other news stations since it s a state owned channel, so it isn t associated with parties other than the government. PRESIDENT, INDONESIA The BBC is independent and trustworthy. It gives you an independent look at the news. HEAD OF CONSULTANCY, AUSTRALIA
23 CONTENT WITH BBC BBC is seen to offer a rich and interesting content environment I prefer BBC for in-depth analysis of news. They provide the necessary context to use the information strategically. DIRECTOR OF IT AND TECHNOLOGY SINGAPORE BBC reports on a wide range of topics, from politics to business to human interest, which appeals to c-suites in the exploratory and strategic mindsets I can see more varieties of issues from BBC than other news brands, like Bloomberg. It also provides more detailed analysis than others. DIRECTOR HONG KONG BBC has truly global coverage, reporting a relatively even spread of content from all regions of the world I used to watch CNN but its coverage is way too focused on American news. BBC has much better global coverage. CFO AUSTRALIA
24 CATEGORISATION OF NEWS CHANNEL DEPTH AND BREADTH OF CONTENT Niche topic Wide range of topics Scope of content vs geographical coverage CNN, CNBC, and Bloomberg tend to report on the news in America, and the rest of the world is a bit of an add on. CFO DISTRIBUTION, AUSTRALIA I used to watch CNN but its coverage is way too focused on American news. BBC has much better global coverage CFO, AUSTRALIA Country/regional focus Global perspective I can see more varieties of issues from BBC than other news brands, like Bloomberg. It also provides more detailed analysis than others. DIRECTOR, HONG KONG
25 THE FORMATION OF NEWS BRAND REPERTOIRE NEWS BRAND REPERTOIRE MINDSET BRAND AFFINITY
26 NEWS BRAND REPERTOIRE PRIMARY NEWS BRANDS Checked every day for the latest updates. A mix of local and global brands. C-suites would make an effort to not miss out any update these brands would provide that are relevant to their work. Credibility is the pre-requisite.
27 NEWS BRAND REPERTOIRE SECONDARY NEWS BRANDS Referred to when looking for more in-depth information that they can t get from their primary sources of brands. Also use on a regular basis, if not daily.
28 NEWS BRAND REPERTOIRE TERTIARY NEWS BRANDS Used when searching for something they can t find elsewhere. Tertiary brands still need to have some credibility to be trusted as a source for specific information. These brands provide information that c-suites need but are used more tactically on an occasional basis
29 THE BBC AS A PRIMARY OR SECONDARY BRAND The more important international business is to an individual s job role, the more likely that BBC will be a primary brand C-suites who use BBC as a primary news brand have a day to day role that is impacted by global activity. In contrast, the day to day activities of c-suites that use BBC as a secondary news are inspired by global news.
30 WHY USE BBC AS A PRIMARY OR SECONDARY BRAND? C-suites are thought leaders who use BBC to develop strategies for their business BBC delivers fast breaking news with context and implications to help executives take action BBC delivers unbiased, factual accounts of the news without inserting too many opinions BBC s in-depth analyses offer a deeper understanding of issues than other news providers BBC s variety of content meets both aspirational and work needs
31 REASONS FOR CHOOSING BBC OVER BUSINESS PRINT/BUSINESS TV OFFERS SOMETHING OTHERS DON T INTERNATIONAL PERSPECTIVE print print BBC tv BBC tv TRUSTED CONTENT QUALITY DEEP UNDERSTANDING ON ISSUES Source: Ledbury research print print BBC tv BBC tv
32 HOW NEWS BRAND AFFINITY TRANSLATES TO ADVERTISING BBC runs mainly ads for high end products, luxury watches, high end whiskey, etc. Aimed at the elite HEAD OF CONSULTANCY, AUSTRALIA I recall seeing ads for airlines and holiday destinations. Ads that frequent travelers would be interested in CFO, AUSTRALIA Banks and investment firms advertise on the BBC, Along with established international brands DIRECTOR, GERMANY BBC runs more corporate and B2B ads than other CNN. More focused towards businessmen CEO, SINGAPORE
33 SUMMARY & TAKEOUT
34 SUMMARY MINDSET BRAND AFFINITY NEWS BRAND REPERTOIRE Main driver influencing news consumption behaviour and choice of news. Mindset was also influenced by routine and device choice. Consistency, credibility and content directly impact the news brands C-Suites choose to engage with. C-Suites have a distinct hierarchy of primary, secondary and tertiary news brands that they rely upon.
35 TAKEOUT TRUSTED SOURCE GLOBAL PERSPECTIVE DEPTH AND BREADTH OF CONTENT The impact of global news on their businesses is clearly seen by c-suites, therefore the credibility of a news source is paramount to these opinion leading decision makers. Regardless of their location or industry, a key factor C-suites consider in their choice of primary and secondary news brands is the ability to offer a global view of business news. C-suites are seeking multidimensional news coverage beyond breaking news and market updates. They look for in-depth analysis and expect the news brand to cover a wide variety of topics.
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