Supercharge Your Branding Strategy With Market Research

Yes, brands can use market research to Speak “Millennial”, and here are some brands that are doing it right.

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Most brands recognize the impact that Millennial consumers can have on their success. The real challenge is balancing the drive to engage tech-savvy Millennials while continuing to cultivate Gen Xers and Baby Boomers. Finding this balance is the essence of tribal marketing, but having such a broad appeal for a brand is no easy feat. That’s why Millennial-mindfulness seems to be the marketing formula for success in the hotel industry.

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Tribal Marketing, Market Research and The Long View

While we live in a fast-paced, technology-driven information age, the way we connect with one another hasn’t changed much from how our ancestors did it by preferring to belong to groups. In fact, we’re hard-wired to arrange ourselves into tribes. This sense of belonging is what makes us human.

Seth Godin famously wrote, “A tribe is a group of people connected to one another, connected to a leader, and connected to an idea. For millions of years, human beings have been part of one tribe or another. A group needs only two things to be a tribe: a shared interest and a way to communicate.”

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Is The Merry Christmas vs Happy Holiday Debate Over?

Five years ago, the stories about a ‘War on Christmas’ seemed to appear on every news outlet. The intensity of this conversation has since died down. However, the debate is still alive. When conducting market research, brands continue to find themselves in the middle of this chaos, trying to find the right solution to appease customers purchasing their products. Some have made minor changes, while others have taken a strong stand about how they feel on this matter. Despite these changes, some brands are not very lucky in trying to escape the wrath of this issue.

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Why We Love Consumer Research…And You Should, Too!

Consumers are the backbone of many businesses in the U.S. and they account for approximately 70 percent of the national economy. For the third quarter of 2015, consumer spending in the United States increased to 11268.60 USD Billion from 11178.90 USD Billion in the second quarter of 2015.  Without gathering data and having a better understanding of consumers’ perceptions, both businesses and the government, run the risk of facing surprises that can be economically detrimental.  Therefore, when you take into account how much consumers are spending and the impact they have on the market, it’s no brainer to fall in love with consumer research.

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Consumers & Brands split regarding Trump’s contradictory statements

However, sometimes it’s not easy to determine how consumers will respond to a campaign. For example, Trump’s recent Presidency announcement followed by his views of Mexican immigrants and border protection, seemed to have created two very split sides within consumers and brands.

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Diversity In The Workforce Increases Consumer Reach

Once seen as an idea of the future, diversity in the workplace is now the popular method of employment companies are implementing to sustain business for the future. The reason is because this provides a rich mix of employees to capture a snapshot of different markets and therefore build trust and a further connection with consumers. Brands that make it a point to understand deeply the differences in ethnicities, gender, sexual orientation, religion, and cultures, strengthen their marketing strategies which can result in faster growth.

Companies in the S&P 100 that received first and second ratings for including women, minorities, and people of diverse sexual orientation include Citigroup, Merck, JP Morgan Chase, and Coca Cola. Another 11 companies ranked third, including American Express, Dell, McDonald’s, and PepsiCo. What these companies also have in common, is that they are all top mega international brands. Their consumer reach is greater than most companies, which perhaps relates to their diverse workforce. Investing in a diverse workforce effectively drives innovation, increases creativity, and makes recruitment easier.

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Millennials – Gain their trust, earn their spending

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We already know that Millennials, or “Gen Y,” are tech savvy, connected, self-centered but, socially-conscious, and educated. And they love to spend. This makes a lot of sense, given that they grew up during one of the most prosperous and stable economic periods in American history. This makes them resilient and optimistic about their futures. Despite facing a shaky job market and a diminished value in their education, they see their future bright and full of success.

With 80 million+ strong, a current $2.45 TRILLION purchasing power, and an anticipated growth from 44% to 75% of the workforce globally by 2025, it makes sense why so many brands are interested in marketing and selling to this generation.

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What we learned from Cinco de Mayo

May, 6 was a slow morning for many, as people all over the United States attempted to recover from the festivities of the day before. But not just Mexican-Americans celebrate Cinco De Mayo in the U.S., Hispanics, African Americans, and White Americans all appreciate the traditions from our Southern neighbor. But where do these traditions come from? Most don’t even know what they’re celebrating, mistaking the event for “Mexican Independence Day.”

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