Various demographics and generations have different shopping habits. Generational marketing is a way to segment the population as a unique strategy to target different age groups. Up until recently, retailers have been heavily focused on marketing to baby boomers. In fact, 4 out of 5 retailers attribute 50% of their sales to baby boomers. But a new demographic is coming of age – the Millennials. They are entering their prime consumption years and are ready to spend. The often forgotten Gen Xers are also now in the prime of their careers with high spending power, representing an opportunity retailers can’t afford to neglect. Retailers must implement strategies to target each of these age groups through different channels and with messages tailored to resonate best with each generation.
In their November mid-year update DealerRater announced that Lexus (luxury segment) and Hyundai (mass-market segment) were in the lead for the 2016 Customer Rating Index. The final winners, chosen based on average consumer ratings posted on DealerRater, will be announced in April as the highest (and lowest) ranked manufacturers by experience at the dealership level. Their CEO stated in the mid-year press release, “Leading OEMs now realize that customer experience is the key differentiator when it comes to consumers choosing where to buy and service their vehicles.” And he’s not alone in his opinion.
Today’s insurance consumers have access to more sources of information when choosing a policy. Long gone are the times when they simply picked up the phone to call their agent and get a quote. They use multiple channels – social media, policy comparison sites, peer recommendations, and do a whole lot of internet research. Reaching these multichannel customers is a critical focus for the insurance industry — insurance shoppers often use more than one channel to research or purchase a policy.
The Federal Communications Commission (FCC) is continuing to crack down on telephone spam. Going forward, the FCC will release on a weekly basis all data on robocall and telemarketing complaints. The FTC (Federal Trade Commission) also releases similar data in addition to levying hefty fines on companies who do not comply with Do Not Call (DNC) lists.
According to a new study by Forbes and Turn, 64% of executives surveyed “strongly agree” that data-driven marketing is crucial to success in a hyper-competitive global economy. Data drives all aspects of marketing and without doubt is the most valuable resource for marketers today. Today’s consumers are moving faster than ever before and data is a critical ingredient for driving meaningful and personalized communications with consumers across multiple channels. Here’s a short guide to cross-channel marketing and how data drives success in the age of the connected consumer.
Today’s consumers move fast and are spread across more and more digital, mobile, and social channels. This certainly isn’t news, but as technology moves faster, consumers are changing the way they use digital platforms. eMarketer and Oracle recently released the US Digital Media Usage Snapshot Report of 2016. The report illustrates some key digital statistics in 2016 that are critical for marketers to understand.
Real-time analytics, real-time marketing, real-time insights, and other variations of the term have been gaining momentum and popularity as industries adjust to fit the needs of always-on consumers. Forbes recently published an article titled “16 Marketing Predictions For 2016 from the C-Suite”, and unsurprisingly prediction #2 related to real-time. Brian Kardon, CMO of Thinking Phones, predicts, “Real-Time Marketing Analytics will Unite Online and Offline Behavior for Richer Lead Scoring and Nurturing in 2016.” And if trends continue on as they have Kardon’s prediction should prove to be very accurate.
Marketing is getting savvier, today’s consumers are more technically advanced, and digital seems to be ruling all. As more consumers turn to digital channels to look and research their next automobile, dealerships are keeping up by embracing data-driven and digital strategies. However with all these shiny new marketing tactics, dealerships may be ignoring one of the top producers of sales prospects – email marketing.