The recent growth of online and mobile content isn't a secret. In fact, it's been well documented that mobile use is on the rise and that more and more consumers are making their purchases on a mobile device. As online content grows in popularity, consumers are abandoning television. Are your marketing efforts hitting the demographic you covet?
A study by The New York Times provided some new insight on broadcast television and online video consumption. The findings indicate that consumption is fairly divided depending on which generation you're apart of. A reported 34% of Millennials consume either most or all of their video content online. Some 10% of Millennials don't consume any content on a television. If you're targeting Millennials, you'll need to place a heavy emphasis on online content and you should consider scaling back your efforts on traditional broadcast television as more members of this generation shift to the newer medium.
Older generations are consuming plenty of online video too. All three generations surveyed (Millennials, Gen X and Boomers) recorded an increase in online video consumption. Millennials (50%), Gen X (45%) and Boomers (36%) are watching online videos at least once a day. Many are watching online content numerous times a day. Even though Millennials make up the largest portion of the group consuming online video, it's clear that the appeal of online content stretches far and wide.
Aside from the fact the medium is growing, are there benefits to advertising within online video? There are several. You can tailor your message for an extremely specific target. You can offer a customized experience inside a medium which can be easily shared. You have more control over your message and you'll have an easy time tracking it to determine its success. However, the medium isn't without its drawbacks. Television still reigns supreme with older generations, with those who want to view something as a group and with those who prefer to consume media on a large screen.
What does this mean for your business? Simply, be aware of the shift in technology. Don't abandon television entirely if you're finding success there, but consider focusing more on online video if that's where your target spends their time. The growth of online content does not appear to be slowing down, so you should make sure you're at least developing a plan so that your company's marketing efforts follow the consumer as they adopt new technology.
Diving into online video might seem a little overwhelming if you're new to the space. Whether you're figuring out where to start or attempting to create a new marketing message which will resonate with your consumers, Seafoam Media can lend a guiding hand. We understand that what works for Company A may not work for you. Your company deserves a specific and unique marketing strategy.