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. 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. 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. 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. Consider motivating with social consciousness. If your organization does […]
Tag: Millennials
Three Millennial Spending Secrets You Never Knew
10,000 Millennials turn 21 every day in America (Time). Millennials are the largest generation on our planet and, therefore, have the highest influence over norms, expectations, and behaviors. By 2018, Millennials will have the most spending power of any generation. As marketers are chasing the attention of this influential group, money and time are wasted in the old ways of advertising. The millennials have a new and unique way of communicating, building relationships, and interacting inside the business world. Millennials are unique in their choice of products, brands, and channels of interacting with their favorite companies. Mobile websites, social connectors, and video marketing are booming, keeping their Millennial base intrigued. According to IRI, 44% of millennials say they are loyal to brands they buy, and 52% will choose quality over price. It’s not the lowest price wins anymore. Bring Millennials into your company story, give them a reason to care, and no matter the cost, they will buy. Mobile marketing, as predicted, has been taking over the world. 85% of millennials in the U.S. own smartphones. Ads are now on Facebook, Apps and littered over websites and blogs. Why? Because this is where Millennials are looking. Millennials spend roughly 15+ […]
Fear Not If You Use Gamification The Right Way!
Gamification is taking off. It is estimated that in 2016 $2.8 billion will be spent on gamification. 70% of Global 2000 organizations will have at least one gamified APP. And, 50% of organizations worldwide that manage innovation processes will gamify those processes. But, what is gamification? Gamification is the process of enhancing services with motivational processes to invoke enhanced experiences and further behavior outcomes. Gamification falls into the behavior-feedback-progression model. A specific behavior will get you specific feedback. Like playing catch. If you throw the ball and your partner catches it you will say “good job!” But, if your partner drops it how would you respond? The feedback will determine progression. If someone is getting a lot of negative feedback why would they continue? People play into the gamified apps for instant gratification or instant rewards. Make the consumer feel a connection with your company by implementing positive feedback and steps to continue progression such as call-to-actions. So, how does this so-called ‘gamification’ work? Well, gamification works because it plays into the psyche of humans. All ages at some point have been exposed to games whether it is baseball, card games, Nintendo, or Xbox. They learned to win, lose, and how […]
Who Else Wants To Be Successful With Millennials?
Millennials are now 20 to 37 years old. There are roughly 78.6 million people in Generation Y. Nine out of 10 expect to match or exceed their parent’s economic circumstances. And, virtually all expect to own a home. A perfect target for marketers. But how do you target this group? To even begin to understand this, you must look at Gen Y’s reasons for loyalty, different perspectives, different research methods, and reasons for purchase. Millennials are different from baby boomers and they have to be targeted as such if you expect them to purchase your product. Generation Y is so ingrained on the idea of connectedness. Think about it, social media, email, and the smartphone keeps users in contact with the world nearly anytime and everywhere. Companies can learn from this through customer service. What are you doing now that connects to Generation Y. Marketing now is all about how you make them feel. Create a relationship with your customers and you will see your business grow. The members of Generation Y are superhumanly efficient. They have learned to work, play, and do some activities on the side. They realize that they do not have to live in a city to […]
How to Earn Customers Back After a Poor Experience
Poor customer experiences (CX) are detrimental to a company’s reputation and sales. There is hope thanks to a new customer experience survey from the SDL. This study consisted of a survey of 2,784 consumers across nine countries and three generations, asking them about their most major CX failure in the last 10 years. In the survey, 82% of customers who experienced a “worst CX” said they are interested in fixing the problem. Initial reasons for switching companies were a loss of trust in the company (44%), a poor quality of customer service (72%), and customer service representatives’ lack of knowledge (36%). This new research shows that 8 out of 10 respondents who switched stated that their previous service provider could have done something that would have kept them as a customer. After a bad CX, 64% of customers will stop recommending the organization, start looking for an alternative, or actively disparage the company via word of mouth/social media. This truly brings into play, “The good is expected but, the bad will go viral.” The study offered tips to regain the loyalty of those lost customers. The participants ranked the following actions in order of importance to the customer after a […]
