Personalized Marketing:
Accurately Reach Your Target Audience
What is personalized marketing?
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Personalized marketing is a strategy that uses audience analysis and data to deliver more relevant or better suited messages to a target audience. It's the process of collecting information about a business' possible audience and creating more relevant content that provides more value to the audience.
For example, one marketing strategy is to create a digital ad and target everyone within a certain radius of your business. This targeting method is great for increasing awareness of your business in a certain area, but the people seeing the ad might not care about or need what your business offers. Personalized marketing would select an audience based on their personal preferences. With personalized marketing, a business that sells outdoor gear could specifically target people interested in hiking with ads for new hiking boots. The targeted audience is more likely to be interested in the business and click on the ad.a certain radius of your business.
Consumers now expect brands to perceive them as individuals and a consumer’s desire to be recognized by brands on a personal level has a huge impact on their purchase decisions. According to an Infosys report, 74% of customers feel frustrated when brands don't provide them with individualized website content. At the same time, 63% of worldwide consumers are annoyed by seeing generic advertising messages repeatedly.
Using personalized marketing
strategies can:
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Personalized messages directed at consumers can benefit your business. So, where do you start?
Know your target audience
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Know exactly whom you want to target. Write down the type of people who use your services or shop at your business.
Use your own high-quality photos instead of stock image
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Consumers tend to resonate more with a real photo of what your business has to offer, rather than a stock image.
Construct fun and different content
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Find what makes your business unique and use it to personalize your messages. Have fun with it! One idea is to create a few similar ads and see which one performs the best.
Create different verbiage and content for each audience
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If you sell outdoor gear, your customers like the outdoors. But do they like fishing, hunting, or hiking? Each of those three should have different ads targeted.
The Millennial Impact
on the Automotive Industry
Millennials are a unique generation of those born between 1981 and 2000. Also known as Generation Y, Millennials are now the largest generation in the U.S. labor force and are set to overtake Baby Boomers as the largest living adult generation by 2019. Everyone seems to have an opinion on Millennials, and because of this generation’s sheer volume, they certainly do get a lot of attention. People want to know how Millennials will affect politics, the economy, business, and the automotive industry.
Who are Millennials? (Aside from those born between 1981 and 2000.)
- 50% are married.
- The majority are college educated.
- 1 in 6 are currently making over $50k.
These are powerful statistics when it comes to auto sales. This generation has buying power, to the tune of $200 billion per year.
Are Millennials buying cars?
Some studies find that Millennials prefer to spend their money on experiences rather than objects. Cars seem to be the exception to this rule. The Great Recession made for a slow start for many when it came to purchasing a car, but Millennials are making up for lost time. In 2013 they made up approximately 28% of the auto buying market, but by 2020, they are on target to exceed 40% of the market.
1 in 6 millennials are making over $50K
Millennials spend over $200 Billion per year
50% of millennials are married
Don’t Millennials just use Uber and Lyft?
The short answer, no. Uber and Lyft would like to appear so convenient and easy to use that we can eliminate auto ownership. In reality, 75% of Americans using ride-share services still own or lease a car, Millennials included. Millennials may not see automobile ownership as the status symbol it may have once been, but they do see the necessity. One factor in favor of owning or leasing a vehicle, particularly in large cities, is high housing costs. Affordable housing is often found farther out of the metro areas, which can make public transportation challenging, and ride-share expensive. Thus, the necessity of owning a car comes into play.
What are the car buying habits of Millennials?
Millennials love their online experiences, but when it comes to car buying, they still want to go to a dealership to experience the car in person and take a test drive. However, long before that test drive, the Millennial will begin the process of shopping and researching, online. These buyers grew up online and will become immersed in a dealership’s digital footprint. From browsing inventory on a dealership’s website, to interacting on social channels, to watching YouTube videos, Millennials will spend on average 17 hours researching a vehicle before purchasing, and 45% will do this research on a smartphone.
What is the future of the Millennial car buyer?
If anything is predictable about Millennials, it’s that they are unpredictable. The way Millennials do things is often unlike generations before them. We’re still uncertain of exactly what impact they will make to the automotive industry, but they most certainly will make one. Being aware of how Millennials are currently buying cars and their preferences on the buying experience will help you stay ahead of the competition.
Information taken from Placed.com