If you are still spending money on newspaper advertising or placing expensive ads in glossy magazines to try and reach your market, you might want to think again.
This chart from Morgan Stanley, using data provided by Roy Morgan Research, shows the average minutes spent per Australian consuming various media content in a week over the past decade.
There’s a clear trend.
Interaction with the internet (and social media) continues to soar, while time spent reading newspapers and magazines, and watching television, continues to decline.
Only the time listening to radio has managed to buck the broader trends seen in traditional media forms over this same period.
It’s pretty clear where the future lies.
Mark Bouris, founder of Wizard Home Loans and Yellow Brick Road and well known through his TV role as The Mentor also emphasised the importance of social and digital media for building your business in his keynote address at the Tabcorp Big Breakfast on the opening day of the A.G.E. He highlighted the effectiveness, the ability to target your market and the cost efficiency of using social media as opposed to traditional channels.
Sources: Business Insider & Morgan Stanley Research