Tag Archives: technology

The Truth Doesn’t Hurt, It Sells.

so-true

Studies indicate that 66% of consumers, regardless of age, will purchase from a brand they feel is sustainable and trustworthy. The numbers are even higher once the Millennial cohort is isolated; at 73%. When companies and brands tailor their advertising with trustworthy information for their target customer, conversion rates are boosted 30%.

Demographics Are Everything
Baby Boomers, the generation born between 1946 and 1960, were once considered the largest generation to ever live. This generation, for decades, has been the foremost influence driving business’s marketing efforts and product lines. But, all that’s about to change.

In the next few decades, the largest transfer of wealth, over 30 trillion dollars, will take place—from Boomers to the Millennial generation and their little brothers and sisters; Generation Z. Demographics are everything, and the aging of the Boomers and the rise of Millennials and Gen Z is going to severely change the marketing and business landscape.

Millennials and their younger counterparts look at companies, brands, and businesses through an entirely different lens than Baby Boomers, and brands are starting to feel the pinch of their critical gaze.

The Millennial generation is far more risk-averse than their Boomer elders. Millennials are more likely to value experiences over things, and will spend their money accordingly. They are not investing in real estate, and are far less likely to buy a car new and on loan, or even own a car at all. Furthermore, this generation is more skeptical of brands than their predecessors.

Trust Is Visceral
While trust has always been an important metric and component driving customer buying decisions, with Millennials, trust is now a key component, not a peripheral, nebulous concept. For them, trust is visceral, and necessary. Despite their young age, this generation and the one behind it are jaded toward the business and advertising worlds.

It’s hardly surprising. While Boomers came of age during the post-war boom, when housing prices, relative to income, were still affordable across socio-economic status, for Millennials this is not the case. Furthermore, this generation witnessed and experienced the massive fallout of the housing crisis of 2008. Since then, this generation’s trust in institutions and brands and businesses was severely crippled and eroded. To earn Millennials coveted trust in the business world, brands are required to operate in a trustworthy, and sustainable fashion. And, brands who are perceived as civically responsible will be more likely to obtain those depreciating Millennial dollars in the coming years.

So, how can a brand appear trustworthy to younger consumers?

  • History: By sharing the company history or brand’s personal story, offering social proof
  • Accountability, i.e.: ‘money-back guarantees’ or offering free trials
  • Affiliations: Proving authority through affiliation with other trustworthy brands in the sphere
  • Relatability: Approaching from a sympathetic angle by understanding the customer’s pain points. Telling stories in an informal, casual tone
  • Subtlety: Offer value first without requiring anything in return

Businesses will have to compete in this new generational ethos. Boomers will not be the largest holders of disposable income soon, and in order to stay competitive in the new market, brands that build trust with their customers will reign supreme.

Are Millennials Still Hot Stuff? Understanding Emerging Consumer Audiences

Are Millennials Still Hot Stuff_ Understanding Emerging Consumer Audiences .docx

Marketing companies have been competing for the minds of millennials fiercely over the last few years – and for good reason.

Millennials represent about a quarter of the entire US population, and have over $200 billion in annual buying power. Though they have less discretionary income than Baby Boomers and older generations, they have a lot of influence – and are hard to reach with traditional marketing methods.

But are millennials still the hottest consumers out there? Or should we be focusing our efforts on a new generation of consumers? Here’s the scoop.

Millennials Are Still The Most Important Consumer Generation – For Now

Millennials are defined as individuals who were between 18-34 in 2015 by the Pew Research Center. They are just now entering the prime of their lives as consumers.

As millennials age, their income continues to grow as a generation. Most millennials are now out of college and working in professional careers, and millennials are the most educated generation to date.

This means that the buying power of millennials is only going to grow in future years, as they begin to start families and earn more discretionary income.

However, millennials will not stay at the top of the heap forever. As time goes on, Generation Z continues to grow – and a new generation of consumer is born.

Gen Z – The Largest Consumer Generation In History

Generation Z is defined as the “post-millennial” generation. While most definitions vary, it’s agreed that most Gen Z individuals were born around the year 2000 or later. This generation already makes up 25% of the population, and is forecasted to continue to grow.

As Gen Z becomes older, and younger people begin to enter the consumer market, they are likely to become the most highly sought-after consumer generation, just as millennials were before them.

Focus On Millennials In Marketing Efforts – But Don’t Forget About Gen Z!

How should brands market their products? Luckily, millennials and Gen Z both share a few common attributes. Consumers from both generations are tech-savvy and have quite a bit of influence on the market – and both Gen Z and millennial consumers do not respond well to traditional advertising methods.

While millennials should be the focus on most marketing efforts, Gen Z should not be overlooked. Brands should be using social media platforms like Snapchat, Instagram and Twitter to reach a younger audience, and should always be on the lookout for hot trends that could appeal to Gen Z consumers.

Conclusion

As time goes on, millennials will become less important as a consumer audience, and the importance of Gen Z will grow. So focus on millennials for now, but don’t forget about the younger generation.

The Head Down Revolution

Woman on city street looking at smartphone

If you live in a major metro market, then you know what it’s like to walk down the street and see 90% of the people with their heads down buried in their phone. I was one of those people, until I found myself standing in the middle of the street in Manhattan writing a text and nearly getting hit by a taxi. From that point on, I made sure that I was always looking up. But I am definitely in the minority. And this post is not about the safety, or lack thereof, when it comes to texting. It’s about how marketers can capitalize on this Head Down Revolution.

According to Statista, the U.S. mobile phone penetration has reached 81%, representing 223 million consumers. And those consumers spend an average of 4.7 hours per day glued to their smartphones. More importantly, is the role that texting now plays in our everyday lives, especially when it comes to marketing. For an eye-opening example, texts have a 99% open rate compared to 20% for email*. Pretty amazing, huh? Now I imagine that smartphones are currently in the midst of fine tuning their hardware to introduce features that can block such correspondence. But who knows when that will come?

So until that day, marketers have a humongous opportunity to take advantage and focus their outbound efforts on the behaviors of the smartphone user. A behavior that is now second nature, and while receiving a text from a brand may seem like a nuisance at first, it is certainly less of one than an email. Also, if you’re sending info or content that isn’t selling, but more serving them something of value, then you’re more likely to be able to maintain that dialogue.

And isn’t a dialogue what we want? It opens the door, and leads to traffic. And when you have enough traffic, ultimately it will lead to transactions. It’s this approach to marketing, partnered with the aforementioned tactics, that can build the awareness and engagement you’re looking for.

Now how about a little “social experiment”: The next time you’re walking down the street, take note of how many people’s’ heads are down. It truly is a sight to see. Just think, those eyes could be engaged in your brands message. And if the message is “timed” to when your customer is in the market for a new product, it becomes relevant and timely — a very powerful combination.

*Credits: Jack Loechner — Editor of The Center for Media Research; SinglePoint; Statista

The Future Of Wearable Tech And Fashion

Ringly-1
The world today lives in fear of technology taking over—parents complain of their kids being glued to their electronics, websites and advertisements can be tailored to your preferences and location in real-time, and sci-fi movies depict robots whose artificial intelligence is dangerously self-aware. The introduction of “wearable tech,” accessories with electronic capabilities, represents a shift toward compromise: items that both serve to be both functional and convenient, like the introduction of the hotly-marketed Apple Watch or Disney‘s $1 billion investment in the creation and integration of all-access “MagicBands” in their Disney World park in Orlando.
However, as wearable tech becomes more commonplace, functionality and convenience are simply not sufficient selling points by themselves anymore. Now more than ever, as exemplified by brands like Apple and Tesla, there is heavy emphasis on gorgeous product design, and companies are quickly learning to capitalize on it. While wearable tech has existed since the 1961 development of an accessory that helped gamblers cheat at casino games, the trend of marrying fashion and technology has only recently emerged. Designers have now begun releasing their own lines of accessories for the tech-savvy, like Rebecca Minkoff‘s line of wearable tech—mobile phone chargers and notification chips disguised as normal bracelets—at New York Fashion week this past spring, or French designer Pauline Deltour‘s “Fine” collection of tech accessories, which include a Bluetooth speaker, portable phone charger, and USB keyring that are designed to mimic the beautiful designs of early 20th century Parisian vanity objects.
fine

French designer Pauline Deltour’s “Fine” collection

The key to the success of these items, it seems, is not necessarily the introduction of a new device, but instead seamless integration. Consumers have demonstrated an interest in devices that keep them connected, but are aesthetically appealing as well. A demand for consumer electronics with a degree of artistry has driven the creation of things like Ringly, a cocktail ring that alerts the wearer of push notifications on their phone, or Cuff, a bracelet that doubles as an emergency signal. These companies advertise their products as “wearable tech that you want to wear,” desirable for fans of technology that find devices like Google Glass lacking in style, and bringing new meaning to the words “by design.”
What Sparks Our Fire: Companies that are dedicated to both purpose and beauty, making “wearable tech” truly wearable

The only Credit Card you will ever need

plastc-social-bgWe run just about Apple everything in the Canopy office and we aren’t shy about coveting just about all-things-Mac, but after all the excitement and now extended delays around Apple Pay we’re reluctant to admit, that it might be time to search for alternatives. Apple Pay is encouraging people to leave their credit cards in their wallet and pay for goods in stores using an iPhone, we found Plastc, a sort of electronic credit card that can do about just the same.

But how much technology can you fit into a 0.8-millimeter-thick credit card?

Well, a lot. Not only can Plastc store credit cards, it can also show loyalty and gift cards. How does it work? It is simple. It works with an app that enables you to quickly swap out cards, add new ones, and track your spending. Plastc itself stores up 20 cards but the app can hold an unlimited number. On Plastc, you can switch up card details through the e-ink touchscreen panel. And it is quite secured with PIN, photo ID, proximity alerts, and ‘Return Me’ mode and If stolen or lost, you can remotely wipe your data.  The card is rechargeable and last 30 days once fully charged but it locks in your default credit card if uncharged so you can still use it until you charge up again. So, if you are looking for a simple and elegant way to store your many credit & debit cards, loyalty and gift cards, access cards and more in a single, minimalist card, and say goodbye to your bulky wallet, Plastc could be the way to go. The card would be available in summer 2015. You can get more info on their website.

What Sparks our Fire: a credit card that gets a lot smarter.

Are you ready for the future of payments with Plastc? What are your thoughts on digital wallets