Today marketers have access to more data than ever. From past purchase behavior to web consumption patterns to social media actions—we are facing an explosion of information. Harnessing this data promises increased marketing efficiency and ROI. But the overwhelming volume of information makes it difficult to know what is important versus what is just noise. In fact, Gartner’s hype cycle puts “big data” near the apex of inflated expectations when it comes to digital marketing.
We’ve all seen them. They seem to be everywhere these days. Articles, advice, seminars, videos, and blog posts teaching us how to market to “Millennials”. Seemingly the holy grail of marketing audiences these days, Millennials are defined, generally-speaking, as the generation of individuals ranging from 18-37 years old, depending on who you ask. Because of the sheer multitude of Millennials (about 40-70 million, also varying by expert opinion), and their presumed purchasing power over the next several years, this group has become a prime target for many brands. Most companies are attempting to reduce this massive population segment into a single set of defining characteristics, including generalized information about millennial values, buying habits and preferred experiences.
You wouldn’t try to sell World Series tickets to someone who doesn’t like baseball, so why try to motivate your customers with a message about, say, innovation, when their values markers indicate that they tend to favor the status quo? Most businesses understand that it is critical to target the right customer types with their product or service. However, in order to reach today’s more informed, media savvy consumer, businesses must go beyond traditional demographic segmentation and speak to what truly motivates people – their core values. In this post, I will discuss why understanding your customers’ values is more important, and more possible, than ever.
How Stone Brewing Company has built a loyal following of passionate, engaged fans without spending a dime on advertising.
One of the more talked about trends in marketing recently is “happiness marketing,” which describes an attempt by many brands to associate their offerings with increased happiness for the consumer. Coca-Cola’s “Open Happiness” campaign and Zappo’s “Delivering Happiness” messaging are just two examples of how brands are capitalizing on consumer demand for products and services that help them satisfy their psychological needs, as opposed to basic, utilitarian needs.