This is a second post in a series where we discuss Modern Consumers, what it means for today’s brands and the role of customer data in creating a people-based marketing strategy.
We’ve addressed why it’s important to engage with Modern Consumers today. But, what does the term mean, really? We’ve established that by using your customer data and analyzing it, you can discover who is currently buying and engaging with your brand and how that leads to a people-based marketing approach. But, how are Modern Consumers engaging, when, and where? What’s the common factor between them all? Simply, access to information.
Classifying consumers today is still fairly young, so why are we doing it? It helps to know who consumers are and what they want when developing your people-based marketing approach. With the internet’s demonstrable significance in modern life and the advent of Artificial Intelligence growing in daily life, there are still three fairly distinct groups at different levels of “modern.” Understanding this is a first step in better understanding who they are, what they want, and how they wish to be approached by your brand. By being successful in this and then utilizing your existing customer data, you can then develop a people-based marketing strategy that achieves your goals.
Born before 1980, this group existed as consumers before the internet started reshaping the world. They’re loyal to brands, less likely to branch out, and not actively reading reviews, seeking feedback, or pursuing social validation. Though they access the internet and share information, they’re not fully invested in researching everything possible before making a purchase decision. Speaking to these consumers through traditional media can be more effective.
Born between 1980 and 1990, this group knew life before the Internet, but embraced the change. They may have some existing brand loyalty, but those relationships aren’t guaranteed. Largely in the name of social validation and influenced by the vast and growing number of social channels and startup brands, these consumers are open to exploring the next best thing that catches their eye and/or promises a greater good in any number of ways. This group is more likely to research before making a purchase and may utilize multiple screens a day from desktop to mobile.
The youngsters. Born after 1990. This group grew up in a world that has always been connected. Many had smartphones in their hands since they were very young. Their appetite for information is insatiable. Brand loyalty does not exist. This economy is drivenby social influences, validation, trends, and value that extends beyond the product. This economy is now driven by the experience brands provide. Speaking to this group may prove more challenging as they quickly turn there attention from one brand or interest to another looking for that validation making traditional marketing methods less effective requiring a good digital mix.
What each of these groups have in common is access to information. With this access comes power. Power that the pre-internet generations could barely imagine 30 years ago. These consumers, especially the modern and ultra-modern sets, enter the buying process much further down the buying funnel and with more information in hand. They’re also offering brands a lot of information about themselves and, by doing so, are creating an unspoken agreement: “I’ll tell you about me, but you have to offer me something worthwhile in return.”
It’s through this tacit agreement that makes your people-based marketing strategy that much more important and effective — you already have the information you need to reach not only your current customers, but the ability to speak to future customers through their preferred media method. How? Through your existing customer data. Capitalizing on the data you have in-house already makes these messages more targeted and addressable. To accomplish this, partners exist that have the speciality to build your people-based strategy with you and the means to do it quickly while spending less. Find out how here.