If someone asked you whether a typical Gen Y or Z would prefer to get their information from a newspaper or an iPhone, you would probably consider that question to be a no-brainer. However, our young at heart generations such as Gen X (aged 38 – 55) and the Baby Boomers (aged 55 – 80) are often associated with more traditional formats like newspapers, radio and TV, or having little to no interest in digital technology.
This is a costly misconception.
Contrary to popular belief, the Baby Boomer generation have an adaptable and enthusiastic approach to new media technology. According to the latest Roy Morgan research, the following statistics about Baby Boomers and their media consumption revealed some interesting changes:
- Those over the age of 50 are spending more time on the internet and less time reading newspapers – decreasing from 25 minutes during weekdays (2005) to 18 minutes (2013).
- Radio and magazine consumption is declining in preference of internet or smartphone-based radio and podcasts.
- Although older generations are spending more time on the internet, this hasn’t affected their TV viewing habits. The average time spent watching TV by Pre-Boomers (yes, another buzzword that means people over 80yrs old) has increased from 7.25 hours to 7.30 during weekends.
Meanwhile, our Generation Y and Z counterparts have seen a significant spike in the amount of time spent on the internet (watching cat videos on YouTube I suspect has contributed significantly to this); increasing from 1.43 hours per weekday to 3.24 hours since 2005. The amount of television consumption for all generations (except Pre-Boomers) is declining dramatically due the easy access of television streaming sites and the ability to download programs directly from the internet. After all, why waste time watching ads when they can get exactly what they want, when they want it?
Enough with all these statistics, what does this all mean for your venue?
These Roy Morgan results are interesting for clubs, pubs and casinos in that they reveal a drastic change in the way these businesses should be engaging and retaining their customers. The changing media landscape certainly presents some significant challenges in reviewing your current advertising strategy and where you have allocated that precious marketing budget.
However, the good news is that digital media is an efficient and cost-effective tool when used correctly and if you know what you are doing, you can measure your success quite easily.
Your first step should be to assess the breakdown of your customers:
- Look at the Demographics. Finding out which age group is your most loyal and their level of spending within your venue are some important elements. You may find the level of spending differs in each section of your venue’s services; such as gaming or food and beverage.
- Research your database. Ask them what they want and how they prefer to hear from you. Stop making assumptions and start making confident business decisions.
- Cleanse and update your data. Sloppy data entry or a lack of strategy behind keeping your database clean and current will see you lose a significant portion of your database each year. You did all the hard work getting it, so it’s worth investing time to keep it valuable.
- Review your Advertising, Entertainment, Marketing & Promotion (AEMP) budget allocation to make sure you are maximising the right areas and providing a ROI for your selected channels.
The media landscape may have changed, but the need to deliver marketing messages that cut through the clutter hasn’t. If you would like any more information on the above or any assistance with your marketing, please contact us here.