Millennials Nod to Traditional - Not Just New - Media

Millennials (ages 18-24) have a charmed affinity for traditional media, such as print publications and television.

Almost 6 in 10 (58 percent) say they use magazines to find out what's cool in terms of clothes, cars and music, according to a study released earlier this year, writes MarketingCharts. Moreover, almost three-quarters (71 percent) of Millennials say they enjoy reading print magazines even though they know they could find most of the same information online.

Deloitte's "2007 State of the Media Democracy" survey, conducted by Harrison Group, also found that when Millennials find something they like, they broadcast it, and do so effectively:

• The Millennials surveyed maintain large IM and texting lists that average 37 people, compared with the average of 17 for all those surveyed.
• And when they find a particular television show or website that they enjoy, they tell an average of 18 people, compared with only 10 people for all age groups.

According to the survey, word of mouth is the most common reason for Millennials to visit a website, followed by an ad on TV; almost half (48 percent) visit TV websites in a typical week.



The survey confirmed the growing popularity of user-generated content; Millennials in the survey spend about equal amounts of time consuming user-generated content and commercially produced content online:

• A large proportion of Millennials (58 percent) create personal content in a typical week, and an even greater proportion (71 percent) regularly consume it.


• But user-generated content is not just for kids - there is a "trickle up" effect, and the older generations are creating and consuming personal content as well: over a third of Matures (current age 61-75) - 36 percent - report that they regularly consume user-generated content.

MarketingCharts provides other highlights of the survey's findings.





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The Pew Internet & American Life Project has released their Broadband Adoption 2007 report.

The report finds that nearly half (47%) of all adult Americans now have a high-speed internet connection at home, according to a February 2007 survey conducted by the Pew Internet & American Life Project.

The percentage of Americans with broadband at home has grown from 42% in early 2006 and 30% in early 2005. Among individuals who use the internet at home, 70% have a high-speed connection while 23% use dialup.

The 12% growth rate from 2006 to 2007 represents trails the 40% increase in the 2005 to 2006 timeframe, when many people in the middle-income and older age groups acquired home broadband connections. Those groups continued to show increases in home broadband adoption into early 2007, but at lower rates than in the past.

For the full report, please visit:
http://www.pewinternet.org/report_display.asp?r=217

IT Execs Extend Trust to Social Media in Making Purchase Decisions

The info below comes from the July 3 MediaPost enewsletter.

A new study by ITtoolbox confirms that today's Information Technology decision-makers and influencers not only turn to traditional vendor Web sites and editorial media Web sites for research, but also join peer-driven communities and participate in user-generated content to help in the decision process. And, the advertisers as well are seeking out these user-generated content sites to more strategically target the customer.

George Krautzel, ITtoolbox president and co-founder, says "This convergence of the purchaser and advertiser within the social media space... reveals the role social media can play in today's business world, and sheds light on new opportunities for advertisers."

And Mike O'Toole, Executive Vice President of PJA, partner in the study, notes that . "... the IT community now spends as much or more time consuming social media as they do consuming editorial media or vendor content... this is the first study to link IT executives' (use of) social media and user-generated content to make better purchasing decisions."

IT professionals who responded to the survey cited social media as the most trustworthy online source of information when making purchasing decisions. In addition:

• Executive decision-makers spend nearly 3 ½ hours per week consuming or participating in social media
• Nearly two-thirds of IT professionals who were surveyed believe that social media content and user-generated tools have made for a more informed purchasing decision
• IT decision-makers and influencers trust user-generated content more than traditional content sources
• IT audiences now spend as much or more time consuming or participating in social media as they do consuming editorial media or vendor content.

Specifically, the response to which sites are referenced most often:

• Vendor Web sites are referenced information sources for IT purchasing information often or very often by 61.5% of respondents.
• User-generated content is referenced often or very often by 42.6% of respondents.
  Editorial Web sites and trade magazines are referenced often or very often by 40.7% of respondents.
• Paid analyst research, catalogs and buyer's guides are referenced often or very often by only 24.75% of respondents, on average.

Other key findings of the survey include:

• Asian IT management and staff spend the most time consuming or participating in social media - 4.45 hours per week.
• More than half of survey respondents noted a modest to substantial increase in IT purchasing budgets for 2007.

To read the complete executive summary, gain access to the report and view graphics, please visit here.

Banking on Self-Service

From eMarketer.com

Banking on Self-Service

JUNE 29, 2007

What's really driving online banking?

More than three-quarters of US and Canadian consumers polled said they were more likely to trade with organizations that offer self-service, according to a study conducted by BuzzBack Market Research for NCR Corporation. Over nine in 10 also said it would be valuable to combine mobile devices with the Internet and self-service kiosks or ATMs.

ATMs and kiosks now come in a variety of flavors, including Internet-enabled models and ticket-printing multifunctional banking machines. In other settings, these devices can help people check themselves in at the airport or renew their driver's licenses without waiting in line.

ATM makers have good reason to promote self-service technology, but the study recognized that consumers felt some transactions were better made in person, especially for banking.
For example, nearly three-quarters of respondents said they would prefer to speak with someone for investment advice or when purchasing insurance. Nearly 70% said they preferred getting their mortgage advice in person.

Bill Nuti of NCR said, "Proper deployment of self-service will allow business to focus personal assistance where consumers find it most valuable."

The flip side of that statement is that banks find it more valuable to deliver some transactions at their branches. Investment advice and sales, for instance, have more profit potential than printing out balance statements.

Transactions made at bank branches cost more to deliver than those made by remote delivery systems like ATMs, phone banking and online banking. As such, the push has been on for years by some banks to push less profitable accounts to use remote channels more often.

eMarketer Senior Analyst Lisa Phillips said, "Bricks-and-clicks are still the right mix, although more and more banking will be done online as the boomer population ages into its 70s in the next decade."

So how many people actually use self-service banking?

An Ipsos-Reid survey of US consumers commissioned by the American Bankers Association (ABA) found that 35% of respondents ages 18 to 34 banked online more often than they visited a bank branch. Another 33% said they mostly used ATMs.

By contrast, people ages 35 to 54 preferred bank branches to online banking, as did 47% of people older than 55. Just 13% of that age group preferred online banking. Retired people overwhelmingly preferred to visit a bank branch.

Put another way, 67% of people ages 18 to 34 do not bank online, according to Mintel International Group. The Ipsos-Reid/ABA data showed 65% of this age group chose other venues for banking most often.

Learn more about who banks online and why. Read the eMarketer Banking and Bill Paying Online: Chasing Those Digital Dollars report.

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