Human characteristics, the world of psychology now largely accepts, can be described across five major dimensions. Referred to as the\u00a0Five Factor Model, these primordial characteristics are: conscientiousness, extraversion, agreeableness, neuroticism and openness to experience.<\/p>\n
The last of these five,\u00a0openness\u00a0to experience, is a general appreciation for areas such as emotion, adventure, ideas, imagination, curiosity and variety of experience \u2013 the key elements of any quality media encounter. So if we think about how consumers use media, we find that it also aligns with openness to experience. Media, in all its forms, brings consumers experiences in the form of information, entertainment, education and stories. It also implies that media appear to have a direct link with human beings\u2019 five elemental characteristics.<\/p>\n
Two-Century Correlation Between Experience And Media<\/span><\/strong><\/p>\n We can gauge the relative importance of experiences and media and their relationship to one another over time by using Google\u00a0Ngram. Google Ngram tracks the use of a specific word in the English language where we can quantify the growth or decline of that word over the last two centuries. For example, the word\u00a0television<\/em>\u00a0started to gain traction in usage in the mid-1920s, around the time it was invented, and it is currently at an all-time high. By contrast, usage of the word\u00a0newspaper<\/em>\u00a0peaked in 1938, and has since declined by -24%.<\/p>\n By comparison, if we chart the incidence of the two words\u00a0media<\/em>\u00a0and\u00a0experience<\/em>\u00a0in the English language, they exhibit a very positive correlation of 87% (where 100% would be a perfect alignment, and 0% would indicate a zero relationship):<\/p>\n We can see that as\u00a0experience<\/em>\u00a0has grown so has\u00a0media<\/em>, taking off in the 1950s and continuing a steady climb. Media that recognize consumers\u2019 growing thirst for experiences can thrive in this environment. For instance, while TV audiences may be ageing, look at how TV electronics are continually reinventing themselves (e.g. HDTV, 3-D, 4K, Smart TVs, etc.). Computers are also shifting their experiential form from desktops to laptops to tablets. Similarly, cell phones have metamorphosed into smartphones which, in turn, also keep reinventing themselves (e.g. tablets, Siri, Google Now). Clearly the consumer need for an enhanced experience continues to grow.<\/p>\n The Advertising Platform Formerly Known as Mass Media<\/span><\/strong><\/p>\n Advertising communications channels have always offered their audiences a value exchange. For instance, TV provides entertainment experiences in return for advertising and indirectly a cable fee, magazines present an edited cornucopia of material on a selected topic in return for a cover price and advertising. Social media and digital advertising are currently testing the limits of their value exchanges by expecting consumers to provide specific information about themselves or their behaviors, which the digital properties can subsequently leverage in targeted advertising.<\/p>\n TV, print, radio, etc. have always needed to provide consumers with a value exchange, but now younger consumers\u2019 growing sense of entitlement gained in the digital world (where information was often offered at low or zero cost) is shifting across all channels.\u00a0<\/strong>We only have to look at the emergence of TV cable cord-cutters or the growth of services such as Bit Torrent for evidence of this. Bit Torrent has increased its audience by over +70% in the last two years to a monthly audience of 23 million users.<\/p>\n If a media channel doesn\u2019t offer an enhanced array of fresh new experiences to reinforce its value exchange, it will be potentially regarded as spam. The only way mass media can respond to this is either by a) reducing their direct costs to consumers or the advertising load or b) increasing the depth and variety of experiences.<\/p>\n How can a communications channel do this? To start, by actively embracing all new media forms to extend the experiences they offer consumers. These experiences must be enhanced to include a variety of elements such as second screen interactions, more original and higher grade content, increasing the non-linear viewing opportunities and identifying with core audiences on an ever-closer and more relevant basis. Some may also have to consider ways to reduce their ad loads. While US consumers seem relatively happy with TV ad loads, that isn\u2019t necessarily borne out in the digital world, which is inevitably where video viewing will migrate. For example, studies by our research arm, Magna, indicate that ad clutter appears to undermine TV effectiveness by up to -25% compared to digital video alternatives.<\/p>\n If you are still looking for confirmation of the increasing closeness between the terms\u00a0media<\/em>\u00a0and\u00a0value exchange<\/em>, consider this: Google NGram indicates the correlation between the words\u00a0media<\/em>\u00a0and\u00a0value exchange\u00a0<\/em>over the last two centuries is a breathtaking 99%! That is testimony indeed.<\/p>\n","protected":false},"excerpt":{"rendered":" All media that fail to offer an enhanced value exchange will soon become spam.<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-448","post","type-post","status-publish","format-standard","hentry","category-thought-leadership"],"acf":[],"yoast_head":"\n![\"\"](\"http:\/\/media.jackmyers.com\/images\/graemehuttonchart.jpg\")
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