Recommandé
Recommandé
Contenu connexe
Tendances
Tendances (20)
Similaire à Targeting a generation_final
Similaire à Targeting a generation_final (20)
Dernier
Dernier (20)
Targeting a generation_final
- 1. TARGETING A GENERATION K A S E Y M A R S I C A N O
- 2. WHAT ARE WE TALKING ABOUT? • Consumer Behavior • Let’s Talk Generations • Marketing to Generations • Brand Loyalty • Opportunities & Threats • The Future
- 3. CONSUMER BEHAVIOR • Why people buy what they do, when they do • The behavior that leads up to, during and after the process of a consumer making a buying decision • Studies the psychological part of the person who is making a decision to purchase a specific good or service
- 4. WHO ARE WE TALKING ABOUT? • Generations - share a common social, political, historical and economic environment throughout their lives. • Baby Boomer - 1946 & 1964, 52 to 70 years old (77 million) • Generation X -1965 & 1979, 38 to 51 years old (65 million) • Generation Y - 1980 & 1999, 37 to 23 years old (83 million) • Generation Z – 2000 – present, 22 years old (65 million)
- 5. BABY BOOMERS • Born following World War II - 2.9 million births in 1945 to a peak of 4.3 million in 1957 – Birth rates stayed above the 4 million mark until 1965 • Census data 2011 when the Boomers started to turn 65 years old there were about 77 million in the U.S. – 29% of the nation’s population • First generation with a significant amount of spending power • Workaholics • Family values are very important – Sandwich Generation
- 6. THE BABY BOOMER CONSUMER • Currently Baby Boomers are in the market - wellness, travel, recreational vehicles & financial advice • The Generation holds the purse strings on about 70% of the U.S. total disposable income in (Nielson) • Receptive to direct marketing/sales tactics; they like to talk to real people. • Have embraced technology – 65% of adults aged 50-64 used social networking sites, mostly to reconnect (2014, Pew research) – They spend the most on technology (premium cable, smartphones) • Brand loyal
- 8. GENERATION X • The Baby Bust • Lived through difficult financial times, high divorce rate • Latchkey Generation • Witnessed the influence of technology first hand • Very educated generation • Xer’s still value family first and one of their main priorities is balancing their work and personal lives – Juggling child care, homeownership, and reaching the peak of their careers
- 9. THE GEN X CONSUMER • Pessimistic and skeptical – “Stalk Products” • A true hybrid when it comes to marketing – They grew up without the online shopping experience – A digital mix - read newspapers, watch TV & use Social Media (80%) • Diverse, independent & eclectic tastes • Get forgotten about as target consumers a lot because of their size • Coupons & direct mail are not dead
- 10. WHO GETS THE X • Set out to make Gen X their target in 2007 • Did their research, determined their needs • Has continued to stick with the generation • Accord to Odyssey mindset • X’ers have families now and are looking to make a safe, dependable product purchase • Other popular brands – Blue Apron, Old Navy
- 11. GENERATION Y • Children of the Boomers • Grew up in a world that fosters ethnic and culturally diverse times • They grew up in a household where both of their parents worked • Known for commitment to social awareness & social networking – Increased use and familiarity with communications, media, and digital technologies • Will make up 50% of the U.S. workforce by 2020
- 12. THE Y CONSUMER • Believe the country’s best years are ahead • Have higher levels of student loan debt and unemployment • Motivation and attitude are key aspects to the decision making process • They are the least frequent in-store shoppers • The Gen Y consumer is looking for: – Customization – Choice – Integrity – Collaboration – Speed – Entertainment
- 13. BRANDS Y “This generation decides where to eat based on Instagram pictures, chooses hair stylists from Facebook and has their groceries delivered to their door.”
- 14. GENERATION Z • The Children of Generation X • Never known life without the internet • Continuous updates and information are a normality • Uneasy about economic future • Define themselves as loyal, compassionate, thoughtful, open-minded, responsible, and determined • More advanced than generations before them: – With 77% of 12–17 year olds owned a cellphone in 2015 • YouTube, Instagram, Twitter, Snapchat, Tumblr and Tinder, – checking accounts up to 100 times a day.
- 15. THE GEN Z CONSUMER • By 2020, Generation Z will account for 40% of all U.S. consumers • The next generation flooding colleges and universities – 21 million college students in the U.S. with spending power of $163 billion • It is important for Generation Z to be able to trust a brand • Generation Z trusts what they hear from their peers about brands & wants to see real people – 84% say they are more likely to purchase a product if they have a free sample • They are not scared to try new things
- 16. BRANDS TARGETING GEN Z • Increased use of social including Snap Chat • Cinco de Mayo Campaign
- 17. MULTIGENERATIONAL MARKETING • Allows for brands to appeal to more than on generation at a time • Age-less marketing efforts makes it easier for brands to build relationships with and gain the trust of consumers • Most importantly make consumers buy what they are selling • Example: Disney’s Grand Adventure Program
- 18. BRAND LOYALTY • It’s no secret that today’s society is more brand-conscious than ever before • Is brand loyalty dead? No, but hard work is needed! – Brands must have purpose by producing goods and services that improve the lives of consumers – Need to interact with consumers on their terms • Consumers are more critical & cynical – brands must convey trust • Update loyalty programs • Stay Trendy!
- 19. LOYALTY CHANGES • Make customer’s life easier – ordering, payment, pickup • Reward points & free drinks • All consumers are not the same, program needed updating • Free rooms not enough to compete • Added flexibility of use
- 20. MARKETING STRATEGIES NEED TO • Successfully use knowledge about generations: – Know their target consumer & what their brand can do: • Customer, Company, Context, Collaboration & Competition • Segmentation, Targeting & Positioning – Know your “generation” • 4 P’s: – Product – Quality, Attributes, Lifecycle – Price – Distribution – Place – Structure, Discounts – Promotion – Communications & Advertising
- 21. CHALLENGES & OPPORTUNITIES Challenges • Generations continue to move into different life stages • Brand loyalty is getting harder to come by • Technology continues to evolve at a fast rate • The unknown – what’s coming next? Opportunities • Focus on innovation • Make life easier - an approach that shows a new perspective on a common problem or task
- 22. THE FUTURE • Technology: – Beacon features for best price matching – Increased loyalty apps • Social media loyalty – rewarding consumers who purchase certain items from ads • How will the brands of tomorrow engage with young consumers?
Notes de l'éditeur
- A group of similar aged Americans have been grouped together as a generation. Each generational group experiences life in similar ways through the events that take place in a specific range of years. There are six U.S. generations at this time named Pre-Depression, Depression, Baby Boom, Generation X, Generation Y and Generation Z. These specific groups of individuals currently share or have been a part of a common social, political, historical and economic environment throughout their lives. There are similarities and differences between each generation that are defined by events that occur throughout their life cycle. No two generations are exactly the same especially when it comes to attitudes, beliefs and experiences, but the some of their experiences have led them to experience similarities in some aspects
- they are a generation that defined themselves by their careers. Female Boomers entered the labor force in very large proportions, and young women began to infiltrate historically speaking, male-dominated professions.
- If you can prove that your product is great quality and will be necessary for an indefinite amount of time
- The Baby Boomer generation had a love affair with Levi’s jeans from an early age. The company itself has been selling denim since the 1850’s, but the 1960’s was a great decade for the brand (Welty, 2013). Popular culture helped increase the popularity through popular actors and celebrities. Swinging sixties band Jefferson Starship even changed the lyrics of their popular song at the time to star in an advertising campaign for the brand (Welty, 2013). The connection between pop culture and Levi’s didn’t end with the Baby Boomers in the sixties. Throughout their lives Boomers have been reminded of the denim brand that they loved from an early age through popular musicians and actors. The eighties saw a popular boss, Bruce Springsteen grace the cover of his very popular brand with none other than the generations favorite denim (Welty, 2013). The brand has also reinvented itself to Boomers through casual Friday’s at the office, and then through an innovative campaign in the 2000’s that targeted the children of Boomers, Generation Y (Welty, 2013). Catching a consumer at young age is key to building a long, length and loyal relationship. Studies have found that brand awareness actually can begin in children as young as two (Comiteau, 2003).
- The are sandwiched between 2 very large generations with the introduction of the internet and the personal computer
- The are sandwiched between 2 very large generations They grew up without the online shopping experience, so they still enjoy a trip in-store, but have fully embraced online shopping as well.
- ing Taco Bell hot sauce pockets as part of a “promposal.” Posted by @JerSwan28. In another recent campaign, Taco Bell took to Periscope to reveal their new breakfast food, the biscuit taco, and announce a free giveaway for every customer in America on Cinco de Mayo. They called it their “Breakfast Defectors” campaign and encouraged their audience to “rebel” from traditional breakfast foods by trying the new taco. Fans were encouraged to share photos with their biscuit tacos on social media, and the most active fans received “Influencer Kits,” consisting of T-shirts, bandanas, and posters of the campaign. Taco Bell didn’t have to spend money on expensive outside influencers to promote their product. Excited by the possibility of rewards, free swag and elevated status, their fans became the influencers and promoted their product for them.
- Capitalizing on loyal consumers can create not only create repeat business, but also new sales in today’s world of consumer connectedness. Consumers today are having difficulty trusting a brand’s intentions. They want to know what a brand stands for and what they value and they want that brand to live it every day – in everything they do and how they do it. If a brand stands for quality, a consumer expects it at all times. When brands begin to cut-corners, quality suffers and it is reflected in how a product tastes, smells, feels – and this is when the consumer begins to feel slighted.
- The key to any successful loyalty program is the understanding that not all consumers are the same. Looking alone at various generations, purchasing behaviors and motivators can vary to an almost extreme level. Hilton Hotels noticed that their very popular loyalty program needed to be adapted to include more loyalty incentives than the normal points worth a free night model (Trejos, 2017). In January of 2016 the company took the Hilton Rewards platform to new heights with expanded ways to use points and pay for stays at their hotels (Trejos, 2017). With more than 60 million users, Hilton’s loyalty program attracts both corporate travelers and occasional vacationers (Trejos, 2017). Perks like free wifi, online check in and free snacks were reason enough for enrollees to sign up for the free Hilton Honors membership (Trejos, 2017). The idea itself is very easy because there is actually very little additional work on the consumer side to sign up for the program due to the amount of information a hotel normally collects from a guest spending the night. Through their loyalty program, Hilton can track what guests stay in what specific brands of their hotels, how often they travel and even their travel preferences. Point tiers allow guests to receive more rewards when they are more frequent guests of Hilton. As the guest climbs the tiers of blue, silver, gold and diamond, they receive more perks with every promotion. For Boomers this becomes a desirable loyalty program because they are at the point in their lives where they are ready to travel for leisure and enjoy their retirement. Members of Generation X may choose to be loyal to the Hilton brand in their workplace travels and use their rewards to enjoy downtime with their family. Hilton understood their consumers enough to know that free nights and rewards points wasn’t going to be enough to attract Generation Y and Z to their brand over new industry competitor Airbnb so they decided that the Hilton Honors platform could use an upgrade (Trejos, 2017). The revamped Hilton loyalty platform is all about flexibility and ease of use, two items that are key in understanding the path to purchase for Generation’s Y and Z (Trejos, 2017). The new program allows users to shop Amazon with rewards instead of only being able to use them for free nights and on select partner gift cards in the past (Trejos, 2017). The terms and rules around usage have also been revamped to allow for point collaboration between multiple users, and the option to use points and cash for a discounted room rate (Trejos, 2017). Hilton called the revamp simplified and streamlining, and there is no question that their changes were made to market to young consumers who live their life in those exact ways (Trejos, 2017).