Public Relations & Social Marketing Insight
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Social marketing, PR insight & thought leadership - from The PR Coach
Curated by Jeff Domansky
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The Millennial Customer Has $200 Billion To Spend (But Wants A New Style Of Customer Service)

The Millennial Customer Has $200 Billion To Spend (But Wants A New Style Of Customer Service) | Public Relations & Social Marketing Insight | Scoop.it
From www.forbes.com - January 21, 2015 3:34 AM

The baby boom has happened again, and then some. The Boomers themselves, in the fullness of time, have given birth to an even bigger generation. Their offspring, the millennials (also known as Gen Y), are the young adults and teenagers born between 1980 and 2000 who are poised to transform a nation once more.


Specifically, and of most importance to those of you in business, they’re about to become the most important consumers–customers–in history. Their wallet power, already significant, is rapidly expanding, and will soon equal and then eclipse that of the Baby Boomers. In fact, it’s estimated that Millennials will be spending $200 billion annually by 2017 and $10 trillion over their lifetimes as consumers....

Jeff Domansky's insight:

Here are five crucial pointers for creating a style of service, a customer experience that will win over the 80 million millennial customers, from customer service consultant Micah Solomon.

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Brand in 2015: The Rise of Real-time Relevance

Brand in 2015: The Rise of Real-time Relevance | Public Relations & Social Marketing Insight | Scoop.it
From info.elementthree.com - January 6, 2015 2:52 AM

Last year, I wrote that the future of branding is human–and it still is, but in 2015 that 'human' attribute will become a part of every aspect of the brand


.In other words, we'll expect the same authenticity, transparency, acceptance and eye-to-eye understanding we get from person-to-person contact from the brands we choose. In a world of choice, today's consumers, especially the growing millennial and upcoming 'Z Generation' (born late 1990s-mid 2000s), are choosing the brands that best align with who they are, what they believe, and match their expectations. It isn't just about disruption anymore, it's about real-time relevance....

Jeff Domansky's insight:

Real-time relevance will be a huge growth area for brands in 2015 in terms of content, security, and customer experience.

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How to engage millennials? Appeal to 3 core values, 3 core traits

How to engage millennials? Appeal to 3 core values, 3 core traits | Public Relations & Social Marketing Insight | Scoop.it
From www.greenbiz.com - October 26, 2014 4:08 AM

With all the conflicting information on millennials' relationship with social change, how do we successfully engage these generations in positive behavior change? Do they care about your brand's social impact? Do they actually align their spending with their values? Or are they so cash-strapped and overwhelmed with information that clicktivism is the most we can expect?


In reality, all generations share a set of core motivations that drive our decision-making (hint: it's not our rational thought). But millennials and Generation Z have grown up in a different context and with a new set of digital tools that also influence behavior.


To best mobilize this audience around your brand and mission, we need to understand what core values and trends that drive behavior change...

Jeff Domansky's insight:

Here's some millennial marketing insight.

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Momentum Factor's curator insight, October 27, 2014 11:54 AM

Engaging millennials is important for any company's long term business plan. Here's how to align your core values and traits with this new generation.
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40% of consumers admit social sway impacts purchases

40% of consumers admit social sway impacts purchases | Public Relations & Social Marketing Insight | Scoop.it
From www.brafton.com - July 18, 2013 4:51 PM

...A survey conducted by Toluna and Adroit Digital revealed that consumers are influenced by social media recommendations. In total, 40 percent admitted their decisions are swayed by the reports they read on social sites, with 7 percent saying they are highly influential.


Shared social content might spark prospects’ interest, but it’s only the first step. Marketers must assume internet users are going to research products and services before converting. The survey confirms this idea, showing that around one-third of consumers buy after visiting one website, but 22 percent go to two domains and 17 percent navigate to a third before making up their minds. Content marketing gives companies a way to ensure effective messages are present at every stop along the way....

Jeff Domansky's insight:

Proof-positive that social media and content marketing have a strong impact on consumer purchase decisions.

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43% of consumers prefer to shop online: IBM | Luxury Daily

43% of consumers prefer to shop online: IBM | Luxury Daily | Public Relations & Social Marketing Insight | Scoop.it
From www.luxurydaily.com - January 21, 2015 3:18 AM

“IBM’s research found a few areas where retailers may have some interesting opportunities,” said Kali Klena, global retail industry leader for IBM’s Institute for Business Value, San Mateo, CA. “First, there is a growing gap between shoppers’ enjoyment of digital shopping — online and mobile — and their last purchase behavior.“


Said another way, some retailers are delivering more enjoyable digital shopping experiences than others,” she said. “This indicates an opportunity for retailers to look at their digital shopping offerings and be sure they are truly tailored by channel....

Jeff Domansky's insight:

Online shopping is poised to grow even further although there are opportunities for bricks and mortar retail.

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Samuel Falmagne's curator insight, January 22, 2015 2:48 AM
43pc of consumers prefer to shop online
mba audencia's curator insight, January 30, 2015 6:39 AM

This article shows how online commerce is overtaking the web, and becoming the preferred purchasing method by consumers.
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Wall Street Journal Explores How Retailers Should Use Discounts | AgilOne

Wall Street Journal Explores How Retailers Should Use Discounts | AgilOne | Public Relations & Social Marketing Insight | Scoop.it
From www.agilone.com - December 31, 2014 2:20 AM

We worked with Shelly Banjo from the Wall Street Journal on a piece about how retailers should use discounts. The Wall Street Journal added a piece of consumer research to accompany the article that was very interesting.


They asked what email headline would get consumers to open an email from a retailer.


Consumers agreed that they are most likely to respond to an email that is advertising a specific (read: relevant) item on sale, not to generic  discounts....

Jeff Domansky's insight:

Valuable consumer insight for retail marketers, social marketers and PR.

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Sandeep Londhe's curator insight, January 8, 2015 7:25 AM

Consumers respond to an email that is advertising a specific (relevant to them) item on sale, not to generic discounts.

 

Even a modest discount will get a shopper to buy, as long as it is for the right product.

 

Retailers who differentiate discounts on a shopper-by-shopper basis will experience twenty percent greater profits.

 

75% of consumers demand some form of personalization by retailers.

 

Delivering value means delivering the highest relevancy, not necessarily the highest discounts. 
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Bank Marketing Strategy: Millennials Find Banks Irrelevant

Bank Marketing Strategy: Millennials Find Banks Irrelevant | Public Relations & Social Marketing Insight | Scoop.it
From www.jimmarous.blogspot.ca - March 14, 2014 10:05 AM

A three-year study from Scratch, an in-house unit of Viacom, found that a third of millennials believed they won't need a bank in the future. These millennials, defined as those between ages 18 to 33, also ranked the top four banks in the "ten least loved brands" and would rather go to the dentist than to their bank.Is this surprising?


This segment of the population has grown up in an era that saw trust in banking erode due to the financial crisis and a near stagnant economy. This is also a period when new technology has enabled firms like Simple, Moven, Square and PayPal to be more relevant with a generation that would rather handle finances on their phone than in a branch.


Here are some of the findings from the Millennial Disruption Index:

Jeff Domansky's insight:

Coming soon to other demographics near you!

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