Some of the Village Vesl benefits are directly related to consumer habits. In other words, being in the right place at the right time. Traditional media – television, radio, print, direct mail, etc. – have been in steady decline over the last several years. These media types have given way to the Internet, social media, and now all things digital, whether in our pocket, car or wearable.
There is ample data available online detailing this stark change in consumer behavior. But we’ve provided access below to some recent studies focusing on consumer media consumption. Below are highlights from a globalwebindex Digital vs. Traditional Media Consumption paper.
“On a typical day, internet users now estimate that they spend almost 6 ½ hours online. Smartphones are becoming ever more prominent within this: since 2012, daily time spent online on mobiles has jumped from 1 hour 17 minutes to 2 hours 30 minutes. Significantly, the share of internet time captured by smartphones has risen from 23% to 39%.”
“Simultaneous multi-media consumption is now the norm: over 85% are using another device as they watch television. Mobiles are the chosen device for this, with social networking and chatting to friends the top activities.”
“For TV, it’s 16-24s who are at the forefront of the shift online; watching more than an hour per day, online TV/streaming has become a key part of their daily TV consumption. In contrast, 16-24s are spending the smallest amount of time on both linear TV and broadcast radio – with engagement with both increasing in line with age.”
Below are highlights from a Deloitte Digital Democracy Survey.
“Almost half (49%) of US consumers—roughly 60% of Generation Z (Gen Z), Millennials, and Generation X (Gen X)—now subscribe to paid streaming video services.”
“Grabbing attention with TV ads becomes even more challenging because the TV, when turned on, still must compete with everything from reading to exercise to video games. Nearly all Gen Z and Millennials say they multitask while watching TV—doing an average of four other activities while the tube is on. Given the realities of social recommendations and multitasking, many companies might discover that TV ads are no longer the most effective avenue for getting through to some audiences. Enlisting online influencers and creating social buzz might matter more.”
“While watching TV, nearly 99% of Gen Z and Millennials are multitasking.”
Finally, the chart below looks at the average CPM across media types to determine how many advertising dollars must be spent in order to reach 1,000 people in each medium. CPM is a universal advertising metric that is used by each of the media types listed below. Since it’s a universal metric, CPM is useful when comparing the cost of various media types.
The rates above reflect a cost of 1,000 single exposures (impressions). A single user can be exposed dozens of times or more, and every impression counts toward the advertiser’s contracted 1,000. These are not individual unique users but aggregate impressions across all users reached.
The value that Village Vesl provides is far superior. The advertiser (in this case, the small business owner) goes everywhere with the user. The business has a more personal relationship with that consumer because the business is essentially on the user’s mobile device. The business can target individual customers or all customers, and reach them at any physical spot. The combination of location and context is a powerful tactic that allows a business owner to vary marketing messaging in real time based on where target consumers are. The entire experience hinges on the fact that almost all consumers these days carry around a smartphone.
A billboard that advertises a sale on fishing gear when the closest body of water is more than 50 miles away doesn’t have the same impact as a more personalized ad delivered to a mobile device that offers 30% off fishing pole rentals just as a consumer parks his car near the pier.
The basic principles are personalization, timeliness and targeting. Ads become personalized when they offer something based on the consumer’s location. There’s very little contextual relevance behind blanket advertisements. That’s like fishing for a rare species in a massive ocean. It’s much more effective to fish where you know those fish are.
Location-based marketing allows advertisers to target consumers at precise moments. The timeliness of this messaging gives consumers visibility of relevant offers in the moment when they’re looking for them and/or can take immediate action on them.
And Village Vesl is highly targeted. There’s considerable value for small businesses to simply know that users are running the community’s branded app. That alone indicates that the user is ‘in market.’ But the benefits extend even further. The ability to go anywhere with a message, reach consumers on a 24/7 basis, target consumers who approach competitive locations, leave multiple messages anywhere and change them at a moment’s notice. These advantages have traditionally been reserved for major marketers who could afford the tools needed to exploit them. Village Vesl is attempting to level the playing field.