Demographics of Main Social Media Platforms

A recent study by Business Insider Intelligence titled The Social Media Demographics Report 2015: Differences in age, gender, and income at the top platforms, explores the top social media trends among specific demographics.  The study shows a steady growth for image-based social networks such as Pinterest, Instagram, Tumblr, and Snapchat in the past year, and studies the difference in demographics for all social media platforms. 

Interestingly, this 33 pag  While image and video based social networks like Snapchat, Vine, and Tumblr are mostly popular with the 18 to 24 year old demographic, written content and professional websites such as Facebook, Google+, Twitter and Linked In appear to be more popular with users ages 25 to 34 years old. 

Source: Business Insider

e report shows the difference in ages between users of the following platforms: Snapchat, Vine, Tumblr, Instagram, Twitter, Google+, Facebook, Pinterest, and Linked In.

As teenagers begin to leave Facebook’s platform to use other social media, the social network’s demographic has shifted.  From being the top platform for teenagers a few years back, Facebook’s users are now mostly in their mid-twenties to early forties.  Facebook’s older users are also increasing with 25% of their total members being at least 55 years old.  A trend that has not changed over the years is that women are more likely to be on Facebook than men, while men are more likely to be on Twitter.

With more image and video based social networks surfacing every year, written content platforms such as Facebook and Linked In are loosing their younger users to these new platforms.  The difference in demographics is clearly seen when we compare Snapchat’s users to those of Facebook.  While 46% of Snapchat’s users are between the ages of 18 and 24 years old, Facebook only has 16% of their users in that same age group.  So what does this mean for Facebook, Linked In, and Twitter? Are new image and video based platforms going to take over their users?  Or will it just become another shift in demographics when it comes to social networks?  Leave your comments below and let me know what you think!

Experts Define Key Points for Business Plans

When working on a business plan there are many components to keep in mind.  From target market and industry competition, to financial and sales projections, there are many details to be aware of before pitching a business plan to a potential investor.  As someone currently working on a business plan, I found it very helpful to research some experts on the topic and their experience when it comes to what is important to investors and what sometimes goes unnoticed by them.

Andrea Cockerton is a former concert pianist turned business advisor.  She has worked with over 300 entrepreneurs to strategize business plans and pitch their businesses to angel investors and venture capitalists.  Andrea Cockerton is also the founder of Mudhut Consulting, a firm that works with entrepreneurs of start-up companies as well as more established ones that need to pitch their ideas in order to get funding, investments, and deals.  There is no doubt that Andrea knows the best and most effective ways to make a business plan stand out in the most positive ways. As stated in an interview with The Next Women Business Magazine, Cockerton explains that the most important aspects of a successful business plan can be summed up in three (3) points:

• First, it is crucial to explain how your business is targeted at a growing market that needs your product or service
• Second, the investors must know that your team is capable, talented and able to execute the business plan (and get them to make money)
• Lastly, it is important to explain that the product, service, or idea that is being pitched to them is groundbreaking and unique.

Cockerton stresses the importance of an elevator pitch where not only the idea or business is explained, but where potential investors can see that they will make money.  This is a great suggestion for myself as I work on my business plan, since I’ve noticed sometimes we get caught up in too many details that potential investors are not really interested in or don’t really understand yet, when all they need to know is that the idea is great, it has potential to be executed and it can make money.

Another expert on business plan with an interesting and helpful point of view on the subject is Dr. Steven Gedeon, PhD, MBA.  As an entrepreneur and venture capitalist himself, Dr. Gedeon has seen both sides of the matter.  The reason his advice is so meaningful is the fact that he understands the worries and cares of the business owner while he also knows what potential investors are looking for in a business plan they will want to invest in.

In an interview with Ryerson University’s Ted Rogers School of Management, Dr. Gedeon states the importance of the thought process that goes into what makes a successful business more than the business plan itself.  Similar to Andrea Cockerton’s advice, he explains the most important parts of a successful business plans are:

• Figuring out a clear idea of what the business is.  Dr. Gedeon explains:  “If you can’t describe it in two sentences or less, it’s not clear in your mind”
•  Figure out who your company’s target demographic is and why they care about your product or service
• Figure out who your competitors are and how your business is different from theirs
•  Keep defining and changing your business plan, as time goes on, make changes to better your business plan

When it comes to what venture capitalists and investors look for in a business plan, Dr. Gedeon explains that these can be summarized in three (3) key points.  Investors are looking for a clear concept of the business idea, they are looking for a capable management team to run the business, and they are looking at the business’s financial information.

Both experts share great points about what is important to pay attention to when building and pitching a business plan.  As I work on my business plan, I found very helpful to learn that investors are interested in the core of the idea.  While details are important in a business plan, the purpose and core of the business idea must be clear and explicit to investors if they plan to trust their money with it.

References used:

• http://bpexpertviews.blogspot.com
• http://www.thenextwomen.com/2008/12/27/expert-interview-13-questions-on-funding-pitching-part-1
• http://www.mudhut-communication.co.uk
• https://sierrainvestmentgroupinc.wordpress.com/2011/12/13/dr-steven-gedeon-on-business-plan-writing/

Internet Content for Different Generations

Why is it that every generation consumes digital content differently?  Whether it is due to the way each generation was raised, the information we are interested in, or the accessibility of this information each of us have, every generation has a different way of approaching internet content and of using this information.

http://info.buzzstream.com/content-generation-research

Recently, Factl and Buzzstream surveyed over 1,200 people to complete a study titled The Generational Content Gap.  This interesting study explains how different generations consume digital information differently; from the devices each group uses to review this information, to the platforms and sources they trust for their content.

                                                                                      

The relevancy of this study lies in the fact that as a company or brand, content creators need to understand their market in order to reach them.  The days of traditional marketing are long gone, where print and TV advertisements reach the mass public in hopes of encouraging purchases from consumers.  With the rise of digital media, social media marketing, and content marketing, brands now can target their specific markets in tailor-made ways that were not possible some years ago.  The content that will reach these markets is created for them and with their likes and dislikes in mind.  This is now the key to maximizing and taking advantage of marketing efforts. 

Factl and Buzztream’s study separates their market sample in three groups in order to understand their content consumption habits better.  Millennials (born from 1977 to 1995), Generation Xers (born from 1965 to 1976), and Baby Boomers (born 1946 to 1964.) These groups were asked the same questions ranging from their device preferences, long-term versus short-term content, trustworthiness of a source, and what grabs their attention when they are browsing digital content.  The results provided very interesting similarities and clear differences in the way each group faces digital content.

The study explains how different generations access content at different times of the day and even different days of the week.  It is very interesting to see how Baby Boomers prefer to consume content during the morning hours (around 5:00am to noon), while Millennials and GenXers access content later during the night (from 8:00pm to midnight).  Baby Boomers would also rather access content on weekdays, whereas Millennials access more digital content during the weekend.  This helps content creators share their information at the best time possible, in order to reach their consumers when they are online.

All three groups also presented some similarities when it came to digital content and what calls their attention online.  When asked about headlines and what indicators they need to determine whether an article is worth reading or not, all three groups agreed that it is a mix of three factors: the headline, the main topic, and the main image presented in the article.

Factl and Buzztream’s study points to many other interesting similarities and different between these groups and presents them in great infographics.  Check it out to see how it can help you, to sign up to receive the study guide, click here.

Interesting Music History Lesson

The music industry has changed a lot over the past decades.  The way artists used to make money off their material has almost disappeared; the CD no longer holds the power it used to have.  In an article in this next week’s New Yorker Magazine (April 27 issue), Stephen Witt wrote a technology piece called “The Man Who Broke The Music Business.”

In the early 1990s, a man named Dell Glover was working in a CD manufacturing plant in Kings Mountain, North Carolina.  In this plant, CDs were packaged, shrink wrapped, and boxed so they would be ready for shipping.  Grover was an avid technology fan, every new advancement that happened in the technology industry in the 1990s, he would take part of.  So when the “Scene” or “Warez Scene” began working on MP3s, Grover started taking part of the pirated media file sharing world.  In an ironic turn of events, Grover became part of pirated file sharing on the Internet, something that was directly going to affect the CD industry, from which he had been making a living for years. 

After the company Glover worked for was purchased by Seagram Company and merged with the Universal Music Group, production lines at the plant Glover worked at were now manufacturing half a million CDs each day.  However, this growth would not last long.  After programs such as Napster came in, Universal’s (and all labels) started suffering from the problem of having CDs leaked before their scheduled release date.

By this time, Glover and a coworker became members of Rabid Neurosis (RNS), an elite pre-release leaks sharing network.  RNS was pirating entire albums before their scheduled release date from many of the many major labels.  As one of their best sources, Glover became “the world’s leading leaker of pre-release music.” Ripping hit albums weeks before anyone else could hear them, RNS distributed this music to all “Scene” members.  Some of the music he ripped included hits by Lil Wayne, Jay Z, 3 Doors Down, Ashanti, Ja Rule, Nelly, Blink-182, and Eminem.

Glover was making a lot of money and kept smuggling music out of the plant and sharing it across the globe.  By 2006, Glover was known to have leaked around 2,000 CDs and was not afraid of being caught.   After RNS was shut down, Glover continued sourcing a leaking albums from the plant to different groups.

In September 2007, Glover was surprised by the Cleveland County Police when leaving work, while the FBI was searching his home. He was indicted on one count of felony conspiracy to commit copyright infringement to which he pleaded guilty. 

Live Events Review

During the past month, I have had the chance to attend several live events in the Orlando area.  Some were better than others, but two events specifically called to my attention for various positive reasons.  These were the Jason Mraz & Raining Jane Concert at the Dr. Phillips Center for the Performing Arts, and Whitney James’ concert at Timucua White House.

Going in to Jason Mraz’s concert, I had extremely high expectations.  Having been a fan of his for many years, I knew the energy and quality of performance I was expecting, and they did not disappoint.  From the very beginning, the event went great.  I have a special respect for an artist who begins their performance on time, which is exactly what Jason Mraz and Raining Jane did.  Not only did they begin their concert on time, but they also played a full three hours of music!  These were three hours of great energy, positive music, fan interaction, and even some comedy and conversation between the artists.  The event had the perfect combination of Jason Mraz and Raining Jane’s talent and energy.  Two different acts when it comes to instruments and songwriting, that when put together, create amazing music and a great dynamic on stage.

If I had to give recommendations for this event, I would have to say the venue itself needs to better train their security team in terms of how to talk to the audience.  For almost half of the duration of the concert, members of the security team kept walking in front of our section of the audience while they stood in the way and talked loudly into their devices.  Everyone understands the need to keep security in these events, but these employees were interrupting some of the guests’ concert experience.  Security employees should be able to work without damaging the experience for anyone, by not standing in the way and moving to quiet areas when they need to communicate with each other.

Several weeks after the first concert, I attended the Timucua White House to see Whitney James perform with other jazz musicians.  Contrary to Jason Mraz’s concert, I did not know what to expect from this event.  Prior to this month, I had not heard of the Timucua White House, but I was very pleasantly surprised at what we found.  The purpose of these events held at the Timucua House is to create a community of people who appreciate the arts in all shapes and forms.  The venue itself was impressive, a three-story space built into the owner’s home, where everyone was seated comfortably and shared food, wine, and conversation before the performance.  Once the artists came onstage, the audience was captivated by their talent and their ability to connect with the public. 

Some things I would recommend however for future Timucua events would be timeliness and marketing.  The event began about thirty minutes later than it had been scheduled for, and even though the audience was entertained by sharing food and conversation, the event ran longer than they had planned.  When it comes to marketing an event like this, the founders must be aware of whom their market is.  These are low cost (sometimes even free) events put together by artists of every style.  They should be able to market to art students and the art community in general.  By creating a dynamic webpage and strong social media presence, they can create awareness of their amazing facility and show the audience and artists alike, how they can use this space to appreciate art.