I’d like to introduce you to a little thing we marketers like to call the Naïve Theory.
The Naïve Theory states that because consumers can’t know everything about a product, they fill in the gaps with their own (naïve) theories to help make decisions about whether the cheaply priced product is a terrific deal or a piece of junk.
Steve Posavac, a professor at Vanderbilt University, describes the Naïve Theory further. Posavac states, “Most people simultaneously believe that low prices mean good value, and that low prices mean low quality.”
Think about that.
The millennial lifestyle has been bemusing cultural influencers, organizational leaders, and marketing professionals long before they received the not-so- complimentary (nor accurate) “Snowflake Generation” sobriquet.
From living with their parents longer than previous generations, to challenging traditional consumption patterns, millennials – and their very millennial-lifestyle – are changing the way to do just about everything.
To better understand this generation of digital natives, one can benefit from learning a little bit more about how millennials live, what they prioritize, and how their beliefs and values with continue to influence our future.
2017 is the year of the millennial – millennial purchasing power that is.
With annual spend estimates of $200 billion, the millennial market is flexing its influence in all industries – from automotive to food to healthcare to technology.
Millennial consumers’ demands and preferences continue to shape how we live, work, and play; and they are using their digital presence to influence how other generations spend as well.
Have you ever heard someone exclaim, “You can never have too many shoes!”?
Well, that just might not be true.
Popular psychology indicates that you CAN have too many choices – of just about anything, including shoes.
The Father of the American automobile, Henry Ford, knew this concept well.
Have you ever wondered what makes consumers tick? I mean, what thoughts or instincts drive them to purchase one product over the other?
What emotions did a certain marketing tactic elicit from the consumer?
Why do consumers – like those standing in line at 3 AM on Black Friday – act the way they do?
Well, today we’re going to take a deep dive into the mind of the consumer.
When you hear the term “Millennials”, do you think of young parents?
Recent statistics say you should.
According to 2015 Goldman Sachs report, almost all of new mothers – nearly 90 percent – were millennials.
Wasn't it just yesterday this debt-strapped and unemployed generation was leaving college to Occupy Wall Street and move into their parent’s basement?
Well, now they are starting their own families and, in true millennial fashion, rewriting traditional gendered roles as they go.
Goldman Sachs reports American parents currently spend $1 trillion each year on their children, not including college costs - a figure that is forecasted to grow in coming years.
Millennials think differently about a lot of things.
They believe in the double bottom-line.
They don’t trust Corporate America.
They despise the traditional 9-to-5.
Despite starting a career in one of the worst economic downturns and drowning in student debt, Millennials are willing to forgo a “cush” traditional job for a lower paying opportunity that “matters”. Social entrepreneurship, tech start-ups, and #workfromwherever dominate Millennial conversation
Millennials – those born between early 1980's and 2000's - are changing our world.
With more than fifty percent of the world’s population currently made up of people 30 years old or younger, Millennials are now the largest generation on the planet. Their sheer size provides this generation with an immense opportunity to change, well, everything, and that’s exactly what they are doing.
Quick question: Who are the Millennials?
To sell to a customer, we must KNOW the customer - who they are, where they live, what brands they like, etc.
In other words, for marketing strategies to be effective, we must first know who we’re marketing to – and we should know them well.
A question I frequently receive from marketing students is, “How do we get to know our customers?”
Today, we’re going to walk through two methods to collect consumer data (or “snoop” as my grandmother likes to call it) - primary and secondary research:
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