Friday, April 11, 2008

Where are You Spending Your Time?

I am reading a very interesting and useful book to entrepreneurs and business leaders called Always On, about how consumers are taking control of media, marketing, and advertising. The book, by Chrisopher Vollmer with Geoffrey Precourt, boldly asserts that the "thought leaders of Booz Allen Hamilton and strategy + business magazine have collaborated to create an up to minute exploration of this turbulent yet promising new digital era and its implications for corporate executives and marketing and advertising professionals." Its a funny statement coming from a book that praises the far reaching power of the Internet, which is about the only place that is close to "up to the minute" in its ability to keep us informed. Books, including this one, typically have portions that are obsolete before the ink drys. In spite the boldness and the potential inaccuracy, this book is fantastic and I highly recommend it.

The "Media Migration" section of the book shows the shift in where people spend time being entertained or getting information between 2001 and 2006. Here is a breakdown of some of the most interesting numbers:

* There has been an 18 percent decrease in the amount of time people spend listening to music. This is one of the many problems facing the music industry.

* There has been a thirteen percent decrease in the amount of time spent watching broadcast television.

* An 11 percent decrease of time reading a newspaper. This was a surprise to me, I expected it to be a much bigger number.

* A 5 percent decrease of time reading magazines. This is surprising, considering the huge increase in business magazines.

* A 2 percent decrease in time on the radio. Although I know from (HoustonBusinessShow.com), many are going online to hear radio programs.

Where have people moved their attention?

* There has been a 3 percent increase in book readership. This is one of the more startling statistics.

* There has been a 15 percent increase in video game playing.

* There has been a 28 percent increase in cable and satellite viewing.

* There has been a 31 percent increase in home video (much of which shows up online).

* There has been a 41 percent increase in Internet usage. This is no surprise at all.

* There has been a 1,264 percent increase in mobile usage. This was the most startling increase of all. I have a Blackberry and spend a huge amount of time on it now, I must admit. I am not only looking at my email, but surfing for information online, but this is still an amazing number to me. It is a little distorted, since people largely only used their phone for conversation five years ago, but these numbers are significant.

The last figure explains why we are increasingly told on TV, in magazines, and on the radio to not only get additional information on the Internet, but on mobile devices. Smart businesses are certainly focusing their energies on the Internet to attract customers. The smartest ones are figuring out how to reach them via mobile.

This book is a relatively easy read and the information is crucial for those in business who want to compete in our competitive environment today. Order that important book here.

For a copy of the free report, "Why Your Marketing Isn't Working," email Info@HoustonBusinessShow.com and put "marketing" in the subject line.

Kevin Price is Host of the Houston Business Show (M-F at 11 AM on CNN 650) and Publisher of the Houston Business Review. Hear the show live and online at HoustonBusinessShow.com. Visit the archive of past shows here.

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Anonymous Phil White said...

I didn't spend any time on the phone, except to talk of course, until I got a smart phone. I think many people are in a similar situation.

8:19 AM  

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