THE BENEFITS OF TARGETED INSIGHT PLATFORMS 020 3195 5250
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An insight platform can provide targeted information about your consumers. They can help you make predictions about specific consumers behaviour and characteristics. It's a tool businesses can use to clearly segment their audience and improve customer engagement through more targeted interaction, also known as engagement marketing. In short, engagement marketing is about cultivating a strategic, meaningful and long term relationship with customers. We first need to know the difference between different consumers to do this. On the one hand, Gen Z and Millenials share some essential characteristics. They are both considered to be digital natives. This means they were born in an era strongly influenced by modern technology. Research shows both display shorter attention spans, more impulsive buying behaviour. It uses more diverse modes of communication than other generations, i.e. laptops, phones and tablets. On the other hand, we see a growing divide in ideology and buying behaviour.
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Targeting the Differences Between Gen Z and Millenials For example, let’s consider the differences between Gen Z and Millenials buying behaviour. While many organisations may lump these generations together, research has shown significant differences in how these groups behave. For instance, consider the following insights: Gen Z does more research before purchasing: The surplus of information in our modern times has ushered in the so-called era of ‘ post truth’. There are always alternative facts available to contradict existing data, and this has led Gen Zs, in particular, to become more sceptical about info online. A Forester survey has documented this, which saw over half (51%) of Gen Z researching companies to ensure they align with their views on corporate social responsibility before making a purchase. Millennials prefer to read reviews: Where Gen Z emphasises their own research, Millenials tend to rely more heavily on the opinions of others. Forbes magazine claims that one-third of millennials will wait until
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someone else has tried a brand before purchasing from them. With the independent finding, a further 8 out 10 Millenials will never buy from a brand that has no reviews.
Historical Events Defining Some of These Differences Millennials (Born 1980 to 1995): The 9/11 terrorist attacks The Global War on Terror The Great Recession of 08 Gen Z (Born 1995 to 2010): Covid 19 Election of Brack Obama The rise in gun violence
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These momentous periods can help understand how millennial and Gen Z values have been shaped. For instance, research by consultancy group McKinsey has shown:
Millennials As a result of the events over their lifetimes, millennials have a tendency to be more: Idealistic Individualistic Modernist
Gen Z Whereas Gen Zs typically are more: o Realistic
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o Socially communicative o Resistance to identification, such as with gender and sexuality labels.
Benefits of a Targeted Approach All these insights can tell us a lot about pinpointing our marketing and sales efforts towards these demographics. They can help you to do the following: Better understand what different customers want Tell us what customers expect from a brand Help to create more detailed and accurate customer profiles Understand the reason why customers choose one brand over another Help forecast consumer trends And give us critical insights about customer behaviour which can help us optimise our campaigns.
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What Can Selfhood Do for You? With Selfhood, we can provide the most relevant and update-to-date insights from the global market. Selfhood conducts qualitative research utilising stories, trends and experiments directly from youth consumers. We have a diverse collective of 5,000 Gen Z social natives across 60+ countries to help brands generate new product ideas and campaigns. Our insight platform provides targeted opinions and voices from the group that will soon be one of the most potent consumer segments in the world. So get ahead of youth trends and up your marketing game... Join Selfhood today!
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