Market Research Strategies For Millennials & Gen Z

Market Research Strategies For Millennials and Gen Z

Market research panel programs constantly find themselves working with Millennials and, more recently, Generation Z (Gen Z). Finding ways to motivate these panelists and increase survey responses is a high priority in any successful market research strategy.

What are Millennials and Gen Zs?

Millennials are those born between 1981 and 1996. Gen Z members were born between 1996 and 2015, the oldest Gen Zs are in their early twenties. There are many similarities between the two generations, but to consider them the same is a mistake market research companies cannot afford to make. 

Differences and Similarities Between Millennials and Generation Z

Similarities

  • Both groups tend to be socially conscious
  • Both are tech-savvy 
  • They focus on mobile web browsing over computers.
  • Both are motivated by financial incentives. 
  • They both value transparency from companies and organizations they are involved with.
  • Both like Amazon Prime over other online shopping platforms

Differences: Millennials

  • Millennials shop online more frequently than Gen Z
  • Millennials are more likely to be affected by traditional advertising and marketing
  • Millennials want brands to provide an entertaining or at least pleasant customer experience

Differences: Generation Z

  • Gen Zs are more frugal
  • Gen Zs prefer brands that offer perks, discounts, coupons, etc.
  • Gen Zs want things to benefit them in the long run
  • Gen Zs value individuality

What Market Research Strategists Can Learn From This

When creating incentive programs for your Millennial and Gen Z market research panelists, there are steps that can be taken to cater to these generations in an effective manner.

Incentives

When creating a limited incentive marketplace, include prepaid cards, gift cards, and e-gift cards, particularly for online brands like Amazon. This provides relevant financial incentives that will please both generations. It will satisfy the Millennials’ desire to shop online and it will give the Gen Zs the freedom to choose products that reflect their individuality. Also, when you include merchandise, make sure you’ve got an expansive selection of products for your panelists to choose from. 

Social Consciousness

Consider motivating with social consciousness. If your organization does any charity work or supports any causes, make sure to highlight it. It is also worth considering including incentives that allow participants to donate to charity, rather than picking a reward for themselves. This will make both generations more likely to want to engage with your organization. 

Technology

Make your redemption sites mobile-friendly. Tech-savvy folks in both generations need to know they can access your sites anytime, anywhere, and on any device. Make sure your websites are also user friendly, or these techies may be turned off from engaging with you. The last thing you want is for a poor site layout and bad program technology to make you lose your panelists. 

All Digital Rewards Market Research Solutions

All Digital Rewards’ (ADR) provides a fully customized web-based solution, ResearchSTACK™. It is a turn-key panel engagement reward management platform utilizing ADR’s various microservices that will provide much-needed data insights in support of research programs. The platform can provide a nested and roll-up view of multiple panels and research projects’ incentive payouts (gift cards, merchandise, digital rewards, checks, and prepaid card issuance), while simultaneously utilizing: PCI level security, complex event processing, scalable proofing systems assisted by advanced reporting, analytics rewards for reward incentive redemption, sweepstake prize fulfillment with single-point integration, for small to large panel incentive programs. Our market research solution can be customized to fit your needs and appeal to members of every generation.

Our Market Research Program Management Features: 

  • Seamless experience 
  • Agile API
  • Engaging & Extensive Reward Offerings 
  • Technology to issue incentive payments 
  • Dynamic Architecture 
  • Real-Time Analytics & Reporting 
  • Real-time payment processing 
  • Relevant supporting technology 
  • Eco-System Integration 
  • PCI Compliant Security 

For more information on how All Digital Rewards can support your market research panel incentive program call us now at 866-415-7703, or click on the button below to schedule a demo.