If ever there was an overarching theme for the year, it would probably be centered on millennials: how they think; how they react; how they buy; how they contribute to world issues. But even though millennials and Generation Z marketing are trending topics, marketers could be missing out on a huge sector of the population by ignoring baby boomers. Despite what you might have heard about millennial spending habits, baby boomers are the ones who control the discretionary spending in the United States (35 percent, more than any other age group).
You’ve probably seen a focus group depicted in popular culture: A TV show about marketers shows a room full of individuals testing out a product, or giving their opinions to a two-way mirror. But while focus groups make good dramatic fodder, their history is dramatic enough. In fact, the father of focus groups, sociologist Robert Merton, famously bemoaned that he wished he received royalties for the widespread adoption of what was perhaps his greatest contribution to social sciences.
Ask a person if they’re a Coke or Pepsi drinker and you won’t have to wait more than a half of a second to hear the answer. The type of cola a person drinks seems to be as much a part of their identity as the kind of car they drive or the type of music they listen to most. And time and time again, the majority rules in favor of Coke: It’s been America’s cola kingpin for decades. Can Pepsi ever make a marketing move big enough to claim the top spot?
Gaming has come a long way from “Mrs. Peacock in the library with the lead pipe.” What was once a lazy pastime is now a quick-fire way of life for users who tap and swipe their way to the leaderboard on their smartphones or tablets. Mobile gaming is now a $16 billion dollar industry, and it’s only poised to grow … Read More
Eighteenth-century French philosopher Denis Diderot laments the curse of the upgrade in his essay, Regrets on Parting with My Old Dressing Gown. As the story goes, the born-of-humble-circumstances Diderot receives a beautiful scarlet dressing gown as a gift from a friend. Upon bringing the dressing gown home (and subsequently getting rid of his old, threadbare gown), Diderot realizes the shabbiness of his home in contrast to the gown.
As far as business buzzwords go, ROI practically has celebrity status, making an appearance at every planning meeting. And why not? Knowing that what you’re investing in business is making a positive impact is a necessary part of planning strategy going forward. But while ROI is useful for initiatives like switching to a new supplier or changing sales tactics, determining an ROI for marketing can cause some confusion.
Segmentation might be one of the oldest tenets of marketing, even if the vendors peddling their wares in the 1800s didn’t realize it. Even in the most primitive selling environments, you wouldn’t find an umbrella vendor trying to coax buyers when it was sunny. Instead, he’d wait until it started to rain to correctly identify the segment of the population most in need of an umbrella at that moment.