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.
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.
Presenting a seminar on Consumer Psychology to an audience of small business owners, I was interrupted somewhere between the Pareto Principle and Law of Reciprocity by one of the attendees, “Hold on - his getting into the consumer’s mind stuff sounds a little suspicious. I’m not into manipulating people into buying things.”
I paused my presentation and discussed his concerns. Truth was, this attendee’s hesitations were some I’d shared throughout my marketing career.
Have you heard of it?
Even if it’s news to you, chances are you’ve instinctively acted in a manner in accordance.
So the Law of Reciprocity isn’t anything new – cultural evidence of such behavior has been documented as far back as the Hammurabi code and Homer’s Greek Iliad.
In the early 1900’s two psychologist’s, Richard Leakey and Kurt Lewin attributed the very nature of humans to reciprocity, claiming humans survived because their ancestors learned to share goods and services "in an honored network of obligation".
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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