Insights on the Audiences of Oprah Winfrey and Tony Robbins
The typical audience interested in the self-help or transformational industry space mostly includes baby boomers and the millennial generation. Millennials are the largest target population of the self-help industry. The majority of the millennial audience of the self-help industry is on social media and are more likely to use "newer technology" which includes podcasts and YouTube. The adoption of self-help apps have been increased and this audience also likes to listen to self-help audiobooks. It was found that millennials are more obsessed with self-help or self-improvement. They spend double the amount spent by baby boomers on self-improvement or self-help or self-care essentials. Women are more likely to use self-help products and read self-help books. About 70-80% of the target audience of the self-help industry are women.
AUDIENCE OF THE SELF-HELP OR SELF DEVELOPMENT OR TRANSFORMATIONAL INDUSTRY SPACE
- The general audience of the self-help or self-improvement industry is "either people who are depressed or people who truly want to improve something about themselves."
- Below mentioned are the insights on parameters related to the demographic and psychographic profile of the typical audience interested in the self-help or transformational industry space:
I. DEMOGRAPHIC PROFILE
- The main consumers of self-help or self-help or self-development industry include the baby boomers.
- However, according to a report by Market Research.com, the future of the self-help industry lies over the millennial consumers indicating a consumer shift within the industry.
- Now, millennials are considered to be the "largest population group," representing the "future for this market." However, there are only a few experts that cater to them.
- For the self-improvement or self-help market, the "Internet is playing a larger role" in targeting the younger audience.
- Now, online content delivery in the forms of MP3 downloads, e-books, webinars, online courses, “academies”, “universities” and “masterminds”, etc. has increased. In addition to this, the report indicated that "self-help apps are starting to take off."
- According to Forbes, as compared to 94% of millennials, only 84% of baby boomers and 81% of Gen Xers were reported to make "personal improvement commitments" in 2015.
- Women are the "new target audience" for the self-help or self-improvement industry.
- About 70-80% of the target audience of the self-help industry is women.
- Among the audience of women authored self-help books most are the women (average 83%).
- However, the self-help books authored by men have both 50% male and 50% female readers.
- Three-quarters of the audience of self-help or self-improvement books are women.
- Women are the target audience of the self-help industry, but mostly aging, white men dominate the industry.
- Most of the audience of the self-help industry are married women with kids.
- As compared to baby boomers, millennial self-help audience is more likely to pay for self-help products. However, the average income of millennials are about half of the income of the baby boomers
- Based on the Forbes article, it has been seen that millennials mostly pay almost double on self-improvement compared to baby boomers who are ready to spend an average of $152 a month on self-improvement.
- Based on a study published by the College Student Journal, the internet is the main source of gathering self-care information or knowledge for low-income populations. These people "increasingly rely on ehealth information but may lack the knowledge and skills to interpret and evaluate the information."
- A study published by the College Student Journal, 2015 found that "Urban Community College Students" use the internet to obtain information related to self-care and personal health.
- Self-help or transformational consumers mostly include graduated millennials. After graduation, these consumers are "out there looking for things especially to read products, services, or content" that can help them "make these changes in a direction that results in a net healthier, wealthier and wiser life."
II. PSYCHOGRAPHIC PROFILE
- For the audience of the self-help industry, "simply the act of buying a self-help book feels good."
- The millennial audience of the self-help industry more likely to use "newer technology like podcasts and YouTube."
- According to Jamie Thompson, the relationship coach, “some millennials are addicted to self-improvement because they are allergic to focus."
- This is mainly due to the reason that the self-help audience has the "human tendency" to "reach for quick fix" for self-help.
- It has been noted that "80% of self-help book customers are repeat buyers."
- This also indicates that the self-help book customers are not only interested in reading the books they are "just buying them" as the "act of doing so makes them feel better."
- The self-help or self-improvement audience's interest range from "new workout regimes and diet plans to life coaching, therapy, and apps designed to improve wellbeing."
- According to BrightHouse, the "Boston-based consulting agency", "millennials so obsessed with ‘getting better’ or becoming ‘more exceptional’."
- Millennials value self-help and these people are "willing to put their limited funds toward it."
- The self-help or self-improvement audience is "willing to pay the price."
- 80% of customers who buy self-help books are repeat buyers.
- On self-improvement, baby boomers are ready to spend on average $152 a month compared to millennials who are ready to spend nearly double; however, their "average income is half as much."
- Some of the best self-care or self-improvement mobile apps followed by the audience of the self-help industry include Calm, Happier, and Headspace.
- Calm was at the top in the list of "Apple’s coveted App of the Year" in 2018.
- Among the self-help apps, each day about 75,000 people download Calm, indicating 'Calm' as the most preferred self-help apps by the audience of this industry. From December 2017 to December 2018, the app's download has "more than doubled" from 15.2 million to 37.2 million respectively.
MEDIA CONSUMPTION HABITS:
- For the buyers of self-help books, 80% of customers are "repeat buyers."
- Podcasts and YouTube are the newer technologies that are most preferred by the millennial audience of the self-help industry.
- They are "more adept at figuring out webinars and self-help apps."
- Also, the millennial consumers of the self-help industry are on social media.
- Therefore, these people have "access to an even wider range of self-help." So, they take help and get involved with plenty of "YouTubers and social media influencers" of this industry.
- According to an article published by Market Watch, 2019, in the Q1 2018, U.S. consumers "spent $32 million on self-care mobile apps" which include Calm, Happier, Headspace, and others in both the Google Play Store and Apple Store, indicating a year-on-year increase of 40%.
- The audience of the self-help industry like to listen to audiobooks. According to the Audio Publisher’s Association, "sales of audiobooks are growing strongly" with about 24 million Americans now listening to audiobooks.
- It has been estimated that in 2018, audiobooks related to self-improvement represented about 14% ($364 million) of the total sale of the audiobooks.
- As published by Tech Crunch, consumer "adoption of self-help apps appears to be accelerating, given their proliferation and strong performance in app-store rankings."
The research to find the insights on parameters related to the demographic and psychographic profile of the typical audience interested in the self-help or transformational industry space involved various research reports, survey reports, articles from media sites, news sites, and credible blogs. Some of the sources utilized in this research include Research and Markets, Market Research.com, Market Watch, Forbes, Quartz, Market Data Enterprises, and others. Please note that in order to provide a comprehensive report involving the insights on parameters related to the demographic and psychographic profile of the typical audience interested in the self-help or transformational industry space, the research team also had to include some of the articles and reports older than two years.