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May 09, 2014

Marketing for Millenials

Technology has become an integral part of marketing campaigns around the world. Companies are increasingly collecting data through social media and Internet, analyzing them in real-time, and are using this information to provide a more personalized shopping experience for users. However, this process is not a routine one, as it has to be customized for different target groups.

One of the most important customer segments for marketers is the millennial generation because they are the future of shopping. This is why marketers take a lot of care to reach out to them, and engage with them through different media channels. A recent study conducted by SDL illuminates the ways and means that marketers can engage these customers.

For starters, the Millennial generation is aware of the data that is being collected by the digital companies. They are few privacy concerns about this data collection process, though an overwhelming number of respondents want companies to use this data in a meaningful way. Also, Millennials are willing to provide data about their personal preferences to only companies they trust. What this means for marketers is that they should look to establish trust as the first step to reach out to them. Lastly, the study shows that Millennials are not interested in irrelevant offers, but are more interested in offers that are in tune with their taste.

The study shows the focus for marketers is not on big data, as is commonly believed. Rather, it is in the small data that gives an insight into the personal preferences of the customers, so that companies can give them a better shopping experience. This understanding of small data means companies should rework on their technological infrastructure to store and process data that is relevant. This is good and bad news for the marketers. The good news is that they do not have to grapple with the complexities of big data, especially, if they have not migrated to this platform. However, the bad news is that they cannot use off-the-shelf products for storage and analysis, so they have to create their own customized software. Overall, this study gives a better sense of direction for marketers to reach out to the Millennials. 

Edited by Maurice Nagle

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