Archive | Business Analytics and Marketing Information RSS feed for this section

Millennials, Generation Z Greatly Differ

8 Dec

Who Are Millennials and Gen Z?

As this post discusses, Millennials, Generation Z differ greatly.

Millennials represent the largest U.S. population group. And that makes them attractive for business. According to Pew Research: “They have topped Baby Boomers. Now, Millennials, ages 18-34 in 2015, number 75+ million.” Marketers appeal to millennials through brands (led by Apple). And firms know multicultural millennials are important.

In contrast, Generation Z is younger. As Wikipedia reports: “Generation Z refers to those born after Millennials. There is no exact range of birth dates. And some sources start Gen Z at the mid or late 1990s. Or from the mid 2000s to today.”

 

Millennials, Generation Z Greatly Differ: So Should Marketing

Yes, the age gap may be narrow. Yet, Millennials and Gen Z differ in attitudes and behavior.

Thus, consider eight differences identified by Ryan Jenkins, writing for Inc.:

  1. “Realistic vs Optimistic. 77% of Gen Z expect to work harder than prior generations. Yet, Millennials became optimistic. They grew up during prosperity and opportunity.”
  2. Independent vs. Collaborative. 71% of Gen Z believe if you want it done right, do it yourself.’ In contrast, Millennials would opt for more collaboration.”
  3. Digital Natives vs Digital Pioneers. 40% of Gen Z say working Wi-Fi is more important to them than working bathrooms. Millennials were pioneers in the digital age.”
  4. Private vs Public. 70% of Gen Z would rather share personal data with their pet than their boss. As digital pioneers, Millennials used social media to express thoughts, opinions, and life events.”
  5. Face-to-Face vs Digital-Only. 74% of Gen Z prefer to communicate face-to-face. Millennials pioneered many digital communication tools that are less personable.
  6. On-Demand Learning vs Formally Educated. 77% of Gen Z say there are other ways to get a good education than going to college. And Millennials question if their large student debt was worth it.”
  7. Role-Hopping vs Job-Hopping. 75% of Gen Z would like multiple roles within one place of employment. Millennials have little patience for stagnation, especially with their careers.”
  8. Global Citizen vs Global Spectator. 58% of adults worldwide ages 35+ agree. ‘Kids today have more in common with global peers than with adults at home.’ Millennials were the first global generation. They shared similar traits and values across borders. And they viewed global events in real-time. However, Gen Z interacts with global peers more than any other generation.”

Click the image to read more from Jenkins.

Millennials, Generation Z differ greatly.

 

Millennials, Generation Z Greatly Differ: Further Resources

Because of the interest in these generations, here are more resources:

Millennials

Generation Z

 

Let’s finish this topic with an infographic from Silver Door Apartments.

Millennials, Generation Z Greatly Differ. An infographic.

 

Addressing Competitive Analysis Questions

7 Dec

Ongoing Competitive Analysis a Must

Good competitive analysis is essential. And that applies to large AND small firms. This post covers addressing competitive analysis questions. But first, let us begin with three observations by us.

  1. Detailed, accurate information helps firms make better decisions. And firms then enact better tactics. Yet, getting comprehensive, targeted data is not always simple.  (1)
  2. In the competitive global marketplace, marketers face a tough balancing act. On one hand, they must promote their products as superior to other offerings. But, customers may become unhappy because they buy something not meeting expectations. Then, they may be lost to the firm that over-promises forever. (2)
  3. Entrepreneurship can be both exhilarating and scary. It gives a person a chance to carry out a vision for a business. However, it may also entail risk. Motivation and an innovative business concept are great building blocks. Yet, they are not sufficient to prosper in a competitive market. Success as an entrepreneur — and growing over a long horizon — requires diverse skills and a solid approach. After starting up, entrepreneurs may look back and ask “what if”? What if I picked a different opportunity? And what if I listened to advice I got? Also, what if I better planned my cash flow? etc. etc. (3

 

Addressing Competitive Analysis Questions

With the preceding in mind, ask competitive analysis questions. And address them.

As Christine White reports for HubSpot:

“When was the last time you ran a competitive analysis? If you’re not sure, or if the last ‘analysis’ you ran was brief, you are missing important intelligence. And it could help you grow. Yes, each firm can benefit from regular competitor analysis. By performing a competitor analysis, you’ll be able to: (1) Identify gaps in the market. (2) Develop new goods and services. (3) Uncover market trends. (4) Market and sell more effectively. By learning any of these four skills, you will go down the path of achievement. But don’t get too excited to start. We need to nail down a few important basics.”

White offers 57 different questions to consider in a competitive analysis.

And by clicking the image, you can access a FREE competitive analysis toolkit: “HubSpot and Alexa.com teamed up to give you our competitive analysis campaign kit. Don’t know where to start? We have a guide to walk you through it. Ready to dive in? Check out the template.”

From the download link, save the zip file. Then open it in the folder where it is saved. You will find two resources: a guide and an interactive toolkit template. 

Addressing Competitive Analysis Questions. A HubSpot Toolkit.

 

Key 2018 Influencer Marketing Trends

6 Dec

As we have noted: A popular new concept is “influencer marketing.” What is it? And how should it be used? This post deals with 2018 influencer marketing trends.

 

What Is Influencer Marketing”

According to Evans on Marketing: “Influencer marketing is a BIG deal. With it, we target well-known individuals. Their effect on the purchase decision is high for some consumers (followers).”

Consider these remarks from the CEO of TopRank Marketing:

What does ‘influencer marketing’ mean you? Do you think of celebrities with product photos on Instagram? Or having a famous YouTuber run a contest? Why not send products to bloggers? And hope they do a nice review? Surely that’s not all marketers want from influencer relationships.”

“Think of brands working with or paying influential people to create content. And how that lifts brand credibility and reach.”

Click the links to read further:

 

Key 2018 Influencer Marketing Trends

Now, we review 2018 influencer marketing trends.

As Vivian Michaels observes for TNW:

“The popularity of influencer marketing rose 90x from 2013 to 2016. And it doubled the first nine months of 2017. Reasons range from their versatility (for all businesses) to their noninvasive nature. Because of this, we need to study trends.”

Thus, Michaels identities seven key 2018 trends:

  1. Value of services to increase. Influencers are sought-after on social media. Witness the rise of accounts with thousands of followers. At the same time, more firms will use influencer marketing. Thus, demand for social media personalities increases the their service value.”
  2. KPI and ROI measuring vital. With high demands on influencer campaigns, we want to measure key performance indicators (KPI) and return on investment (ROI). Thus, we expect new software and marketing platforms.”
  3. The year of integration. 2018 will see brands combine different influencer types. Each group reaches a specific target. And that reaches more people.”
  4. Video marketing critical for online audience. Video reduces me-too messages. And it is engaging.”
  5. Lawsuits against brands and influencers. Influencers and brands are careful. Yet, in 2018 we expect lawsuits to grow.”
  6. ‘Fake’ influencers with bought followers. “For little cost, a social media user gets thousands of followers. They have a big fan base. But, they buy them.”
  7. Instagram to surpass one billion users. Instagram is popular. in 2018, its influencer marketing will rise.”

 

Click the image to learn further.

Key 2018 Influencer Marketing Trends. Seven to Consider.
 

Booming Growth Means Enterprise IoT Security Imperative

1 Dec

The Internet of Things (IoT) has a bright future. And we have posted on this topic many times. One huge field is Enterprise IoT. Thus, we discuss it in the first part of our post. Then, we look at the enterprise IoT security imperative.

According to TechTarget.  “IoT relates devices, objects, animals, or people with unique IDs. And it offers the ability to transfer data over a network. As such, it works without human interaction.”

Now, let’s review the IoT:

 

Background: Enterprise Internet of Things (EIoT)

To begin, what is the Enterprise Internet of Things?

According to John Greenough for Business Insider:

“The EIoT will be the largest IoT sector — enterprise, home, government. Because firms have the funds to buy IoT devices and services. Their EIoT benefits will accrue and spur adoption. IoT devices range from robot-like units to chips that hook into machines. They let users control the device or collect specific data.”

As

“Connected IoT products allow for in-depth knowledge of how their use. Besides new ways to interact with customers over the product life cycle. And to deliver large amounts of product data and information.”

In sum, McKinsey states:

“EIoT is rather new. Yet, 98% of survey respondents said most firms in their industry have EIoT plans. And they lift service operations and make operations clearer. Thus, they enable new business models and create new product offerings. For instance, a firm can create IoT services for better product quality. Besides lowering customer costs, these uses could transform business models.”

To understand this better, look at the McKinsey chart.

Booming Growth Means Enterprise IoT Security Imperative. Infographic Tips.
 

The Enterprise IoT Security Imperative

With the importance of EIoT comes the need for strong security. And at all costs, we must protect data.

Steve Hashman is Director of Marketing at CUBE. In that capacity, he has prepared the following infographic. And he titled it: Are we creating a secure Enterprise Internet of Things?”

Our thanks for the infographic. As you see, it cites valuable tips. So, be secure with your EIoT!

By clicking the infographic, see a larger view.

Booming Growth Means Enterprise IoT Security Imperative. An Infographic.
 

%d bloggers like this: