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Trading Report - January 2021 (Global Data)

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Trading Report - January 2021 (Global Data)

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M&S food division had a successful turn over, whilst the clothing and homeware sector suffered a significant loss. This is due to non-essential retail being closed with the national lockdowns - March 2020, November 2020. The company need to adapt with the changes and needs of its consumer.

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There are 14.3 million baby boomers in the UK (2019), equating to 21.3% of the UK population. They are the wealthiest generation in the UK, 65+ own 36% of household wealth. 92% of boomer shop online, spending over an hour a day on social media sites such as Facebook.

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The silver surfer. No not that well-known superhero, but instead a generation of retirees spreading their wings online, using the internet for shopping, communication and news.

In recent years, brands have started to take note about how they market themselves online to this often forgotten demographic, but how has the current Coronavirus pandemic affected how these baby boomers use the internet and how will this play a part in the development of marketing to this sector in the future?
What are baby boomers and why are they important?
Baby boomers are those aged roughly between 55 and 75 years old, born after World War II. In 2019 there were nearly 14.3 million of them in the UK accounting for 21.3% of the population[1]. This generation are the wealthiest of any in the UK with 1 in 5 (20%) classified a millionaire. In fact, those aged 65 years and older own 36% of the UK's household wealth[2].

With this in mind, 'forgetting' about this demographic is 'forgetting' about a huge amount of potential revenue for your brand.

But what they have in wealth they lack in their ability (or inclination) to navigate the complex world of technology - or so that's what is commonly believed.
Breaking down stereotypes
Did you know that pre-Coronavirus, these silver surfers spent 27 hours a week online, only two hours less than teenagers[3]?!

Data from a 2018 report shows that 92% of baby boomers prefer to shop online. It also states that this sector spends an average of 1 hour 48 minutes on social media a day, particularly on platforms like Facebook. They are 19% more likely to share content than any other generation (this is before the days of the self-isolation meme!) and 58% more likely than millennials to click through to a brands website from a social media post.[3]

In other words, the worlds of online marketing and social media influencers are no longer just for the young...
The changing role of the internet for baby boomers amidst COVID 19
As the world faces the unprecedented COVID 19 pandemic, baby boomers are in the spotlight. With those aged over 70 ordered to self-isolate, the internet has never been so important, helping keep us all, but this more vulnerable group in particular, connected to supplies and with each other.

So how has Coronavirus affected the way baby boomers use the internet? Not as much as you might think, with the pandemic instead highlighting how ignored this audience has been in the past and how much brands have underestimated them.

Although online shopping and social media have been used by this generation for a while now, there are some technology platforms, which have seen a significant boost by this group during lockdown. Video tech apps in particular, like FaceTime and House Party, have had a huge upturn in usage across all ages, as we seek to keep in touch with our loved ones and combat loneliness during this isolating time.

Despite having to spend a bit more time coaching this older generation to get the apps up and running (something I learnt first-hand whilst teaching my 75-year-old parents to join House Party for a family game of Pictionary!) the results are worth it, with people already feeling more connected and less daunted by what these services can provide for them. Just take a look at the news and you'll see a multitude of feel good stories showing us how these video apps are bringing generations together, from family games of chess to grandparents calling in for story time.
How can brands capitalise?
So, as baby boomers spend this time becoming acquainted with new apps, social media platforms and websites, how can brands capitalise on this and convert them into long-time customers?

The most important take out from this is that baby boomers are much more active online than they are given credit for, so brands need to start using online platforms to speak to them - and they can use this time of lockdown to do it.

Another lesson from Coronavirus is that younger generations are a great way to introduce your brand to baby boomers. They are prepared to learn new skills and engage with new platforms and content if it has been recommended by a trusted friend or family member. Buy-in from a millennial grandchild for instance, can be all it takes to convert a grandparent to using something which was completely alien to them, e.g. Video conferencing.

There are lots of simple ways to make your online marketing strategies more inclusive of these silver surfers.

[1] https://www.aegon.co.uk/content/dam/ukpaw/hidden/baby-boomer-report-2019.pdf

[2] https://www.ft.com/content/c69b49de-1368-11e9-a581-4ff78404524e

[3] https://www.theukdomain.uk/how-to-target-your-content-to-speak-to-baby-boomers/

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The impact of COVID 19 on baby boomer marketing - Wild Card - PR, Social & Design Agency

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The silver surfer. No not that well-known superhero, but instead a generation of retirees spreading their wings online, using the internet for shopping, communication and news. In recent years, brands have started to take note about how they market themselves online to this often forgotten demographic, but how has the current Coronavirus pandemic affected how [...]

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Boomers have the greatest amount of disposable income compared to all other generations.
"According to a study conducted by Visa, by 2020 there will be 11 million more consumers over age 60, while the share of spending among younger consumers is expected to decline over the next 10 years."

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Point of Sale Guides, White Papers & Webinars

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Welcome to our resource center! Explore content created to assist you as you run your business, including point of sale guides, white papers & webinars.

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The average UK consumer is living longer. The values differ within the generation depending on income and financial situation.

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How Each Generation Shops in 2020 - Salesfloor

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Shopping habits of different generations.

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Executive Summary

No US demographic group is financially undamaged by the pandemic. But boomers (now ages 56 to 74, by our definition) came into it in better shape than younger groups and have, so far, exhibited less financial fragility. Marketers seeking solvent consumers must stay abreast of how boomer behavior has shifted (or not) amid the turmoil of recent months.
Are boomers in good financial shape?
Many are not. But with more than half of total US household wealth and above-average incomes, they're better able than younger cohorts to survive the pandemic's financial blows. Many are already retired-hence not at the mercy of a bad job market.
Has the pandemic prompted boomers to ramp up their digital usage?
In some ways, yes. They've increased their usage of social media and digital video. Some have had no choice but to try telemedicine. But boomers' increases in digital usage build from a below-average base. They underindex for using smartphones and social media and have been slow to adopt smart speakers and wearables.
How digital are boomers in their shopping?
A majority are already digital buyers-but, at about six in 10, it's a less-than-landslide majority. The pandemic and lockdown have prompted boomers to increase the digital component of their buying, and some of this is likely to stick post-pandemic. They look forward, though, to returning to physical stores, where they prefer to do their buying.
Is there a boomer constituency for cause-related marketing?
Signals are mixed. In general, boomers are less engaged by this than younger consumers. And the specifics of the cause are crucial. For instance, "Black Lives Matter" as a principle has strong support among boomers, but a specific proposal like "defund the police" does not.

WHAT'S IN THIS REPORT? This report assesses the financial strength of boomers vs. other generations in this time of recession. It examines their digital usage and shopping behavior, including the degree to which those have shifted in such a peculiar year.

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While all generations have taken a financial hit from the COVID-19 pandemic, boomers are better positioned than younger cohorts to keep spending amid the recession. Marketers must make the most of boomers, which necessitates being up to date on their digital and consumer behavior.

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The number of recent retirees doubled year over year, up from 1.5 million. It's also the highest number of boomers to retire in a single year so far.This year's increase brings the total share of retired boomers to 40%.

Read More:

eMarketer and Business Insider Intelligence have joined forces to become the leading research company focused on digital transformation. For more insights and key statistics on the biggest trends in today's most disruptive industries, subscribe to Chart of the Day.

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More boomers retired in 2020 than any other year

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The number of recent retirees doubled year over year, up from 1.5 million. It's also the highest number of boomers to retire in a single year so far.This year's increase brings the total share of retired boomers to 40%. Read More: eMarketer and Business Insider Intelligence have joined forces to become the leading research company focused on digital transformation.

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From Baby Boomers to Generation Z, each generation has its own defining political and cultural traits that have characterized their coming-of-age and shopping habits.

As of now, there are four major generational demographics that economists have recognized as distinct markets: Baby Boomers, Gen X, Gen Y (more popularly known as Millennials,) and Gen Z-each of which is unique in their perspectives on marketing tactics and purchasing preferences.

If retailers want to make their products available to each generation in the best way possible, they need to adapt their brand experience in a way that accommodates all the options that these groups rely on. That's why we gathered all the data you need to know just what each generation is looking for.

When it comes to the joy of shopping, Baby Boomers want convenience above all else.

Boomers reporting that they would be likely or willing to explore a store for new products.

The Baby Boomer's aversion to browsing is understandable; with a greater amount of disposable income than all other generations, Baby Boomers also have the spending power to make purchases without necessarily hunting down for bargains in-store, which is a greater characteristic of Millennials and Gen Z. However, Boomers are very comfortable browsing and shopping online with 85 percent of surveyed Boomers reporting that they research products on their web browsers. In a surprising finding by Immersion Active, Boomers aren't opposed to taking a leap of faith to purchase products online either as 66 percent of Boomers reportedly make regular purchases via web devices.

Although they regularly make purchases online, Baby Boomers by far prefer the personal engagement of traditional stores when making actual purchases. At 84 percent, Boomers were highest amongst all survey groups in expressing their preference to shop in-store, and 67 percent report that if an item they want is available online or in a nearby store, they prefer to purchase it at their local retailer rather than order online.

When it comes to social influence, Boomers are more selective on what sources they trust for brand recommendations. Although

of Baby Boomers are on social media, they are still

unlikely to use the platform as an influence on their shopping habits, and only 12 percent of Boomers say they look to friends and family for advice on their purchases. Instead, Boomers are twice as likely as Millennials to have their interest sparked by the reported popularity of a brand when purchasing a new or unfamiliar product. This suggests that brands with bold and consistent omnichannel engagement are likely to perform better among the Boomer demographic due to their suggested popularity.

One of the greatest obstacles in the marketing approach to Gen Xers is that they tend to shop more conservatively than other generations. They're more skeptical about marketing tactics, which means they won't be won with flashy advertising but with practicality and proof of performance.

To avoid regretting their expenditures, Xers won't purchase a product until they've researched it thoroughly, which is why they make extensive use of search engines, online reviews, and social media networks before making a purchase. That being said, having any doubts about product performance will easily dissuade them from their buying journey.

Gen X prefers honest explanations of product usage and trusts clienteling techniques that cater to their own habits. When marketing to Gen Xers, it's critical to make products and services especially visible and accessible online by using SEO strategies to optimize their research and an active social media presence to demonstrate a personable and authentic brand image. Digitally, email is one of best channels for reaching out to this generation. Gen Xers check emails on a regular basis and are more likely to respond well to personalized offers based on their previous purchases. Like Baby Boomers, Xers also rely on quality customer service for brand loyalty as they see store associates as people who can relate to them on a consumer level and relay the best options for their purchases without an upsell.

Generation Y (Millennials) Shopping Habits
Born 1981 to 1997
Whether for social media, research, or purchases, Millennials use web devices in nearly every aspect of their life, even while shopping in stores. of Millennials demand the convenience of omnichannel accessibility during their shopping journey, which means having an integrated experience that can effortlessly transition their consumer data from their smartphone, to laptop, to local store, and back again.

Millennials are so omnivorous in their point-of-sales that as a generational demographic, they're the most likely to make use of every avenue of purchasing available to them. , younger Millennials (aged 20-23) on the cusp of Gen Z are more likely to shop in a brick and mortar store when compared to older Millennials (aged 32-35,) who are the most likely within the group to buy via mobile. And overall, when Millennials shop for something both online and in a store, they are much more likely to make a purchase in a store than they are online. But while the myriad of online stores and buying options today have offered Millennials the ability to be more selective with their purchases, the options can get overwhelming as Millennials actually tend to prefer browsing for products across brands rather than settling on an option and purchasing it.

Seeing shopping as a social event is another trait that strongly characterizes the Millennial market and sets it apart from older generations. In stark contrast to Baby Boomers, research shows that Millennials enjoy shopping and see it as fun and relaxing activity to be shared with friends and family. According to Gen Buy , the grand majority of Millennials report that they shop with other people at least half the time, and 60 percent consider advice from their friends when deciding what to buy.

Of course, the social consumer experience is not only limited to shopping mall excursions but social media as well: of Millennials admit to being strongly influenced by social media posts while say user-generated content has at least some influence on what they buy.

Retailers should recognize that social media is extremely important to Millennials in their purchasing journey because even though they value the opinions of family and friends, they seek out the experiences of other consumers above all. Not only do of Millennials research product reviews online, tend to rely on other consumers' reviews on retailers' sites over those of people they know. By taking advantage of all these forms of recommendations, it's no surprise that of Millennials say word-of-mouth is a key influencer of their purchase decisions.

Like Gen X, Gen Y is also skeptical of overbearing marketing tactics. Millennials tend to reject retailers who constantly push products through messaging and instead prefer authentic interactions with sales associates who happen to also be consumers of their retailer's products. Millennials are also likely to interact with brands and retailers through social media sites such as Twitter and Facebook in order for their voices to be heard.

Gen Z Shopping Habits
Born 1998 to 2010
Like Gen Y, Gen Z is also likely to contribute to consumer-generated content for brands by voicing their comments and concerns online and by seeking out interactions with brand representatives. As Sara Spivey, CMO of Bazaarvoice, says , "Companies should encourage Gen Zers to share photos and videos with their purchases, create polls and contests on social media and, most importantly, listen and respond to their feedback."

Catering to Gen Z's online expectations by providing consumer-generated content is crucial for retailers, because not only do these teens respond extremely well to word-of-mouth, but they actively participate in it as well. Spivey claims that 40 percent of Gen Zers give online reviews "very often," which in turn encourage others within their generation to purchase products. In this sense, Gen Z consumers sharing brand content on social media can easily be considered unofficial brand ambassadors.

Despite being inundated with digital content, Gen Z still prefers to shop in-store versus online, but they crave a store that can keep up with their tech more than anything. Companies need to understand that technology drives Gen Z's shopping experience-an established social media presence should complement touchscreens in brick and mortar stores if retailers want to keep tech-savvy Gen Zers eager to interact with their brand.

Ironically, the instant gratification that Gen Z has become accustomed to through their digital habits isn't entirely sustainable from their web devices when it comes to shopping.

"Two-thirds say they're comfortable shopping online but still prefer to shop in-store for the instant gratification of not having to wait for their orders to arrive," says Spivey. "The shopping trend of buying online and picking up in-store is quickly gaining traction with this group."

Considering how Gen Z and Gen Y both still shop both online and offline, and reportedly more so than older generations, retailers need to prioritize enhancing both groups shopping experiences by appealing to their affinity for technology and perspective on shopping as a social enterprise. Offline, stores should promote a chic, tech-savvy, communal atmosphere. Online, retail sites should interact with and promote user-generated content to provide a seamless shopping experience across the average Gen Zer's many juggled web devices.

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With generations old and new increasingly using web devices to help them make purchases, digital tools are shaping the way customers across all generations interact with brands. Using the right clienteling apps and social media engagement techniques will help retailers build lasting relationships with consumers who continue to seek social and authentic customer service experiences during their buying journey.

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How Each Generation Shops in 2020 - Salesfloor

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From Baby Boomers to Generation Z, each generation has its own defining political and cultural traits that have characterized their coming-of-age and shopping habits. As of now, there are four major generational demographics that economists have recognized as distinct markets: Baby Boomers, Gen X, Gen Y (more popularly known as Millennials,) and Gen Z-each of which is unique in their perspectives on marketing tactics and purchasing preferences.

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28.02.21
As part of our second seminar, in groups of 4, we were asked to research and analyse one of Topman's main consumers. My group and I were given the task of  dissecting the lives and minds of the 16 year old Topman customer. Through our collective research we created and presented a 6 - page slide, detailing the interests, influences and spending power of a 16 year old boy in today's current climate. We were able to recognize some key elements that Topman could introduce into their marketing and communications with said customer, which would benefit the companies profit and ultimately sales.

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Amazingly Simple Graphic Design Software - Canva

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Amazingly Simple Graphic Design Software - Canva

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05.02.21
I was set the task of researching adverts that used Maslow's theory for marketing purposes. I believe that Nike are a perfect example of a company that use this human needs theory in all of their forms of marketing. This particular advert I have chosen covers both psychological/esteem needs and self-fulfilment/self actualization needs from Maslow's theory. This advert targets the 'underdog' however with the emotive language and overall theme of the advertisement, it could undoubtedly resonate with anybody. Nike had previously been associated with elite athletes, sportsman etc. This campaign was a the brand trying to detach themself from such a limiting label and attempt to appeal to and communicate to a larger demographic. I believe they were successful in their endeavour.

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Current business strategies
To support the business through the challenges Covid – 19 presented, the brand installed a new business strategy, to identify and target the areas of the business that were affected by changes in customer shopping habits. This report from  2020 highlights some of the actions taken in response to the virus, including:
Supporting customers
Customers who were having to isolate, or shield were supported by the launch of the online Food Box. The food box included fresh produce, meat and vegetables, ready meals, and food cupboard essentials. These boxes were targeted at the brands older consumer – 70+ who they identified through the spark’s loyalty card. However, it was expeditiously rolled out to all M&S consumers.

Supporting the NHS
A collection of T-shirts were created by the M&S design team, available for all age ranges and priced at 20p with all profits going to the combined – NHS Charities Together. The range was launched by brand ambassador Holly Willoughby, further promoted by fellow ambassador Amanda Holden. This campaign was one close to the heart of the Boomers, as health care and the NHS are highly valued by this generation.

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At a glance

In the face of an unprecedented global crisis, the best has been brought out of our 78,000 colleagues who have worked tirelessly to deliver for our customers.

Together we have strived to secure the future of the business and, as we emerge, our "Never the Same Again" programme will accelerate our transformation and fulfil our potential to deliver long-term, sustainable and profitable growth for our investors, colleagues and wider communities.

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Prior to the Covid-19 impact, both major businesses were making good progress in implementing the transformation programme. However, the trauma of the Covid-19 crisis galvanised our colleagues to secure the future of our business. We are determined to learn from our response to the crisis and accelerate our transformation to ensure that M&S is changed for good.

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The company have proposed a new brand promise - Never The Same Again. The new programme will see a turn over of the previous retail management structure, providing opportunity for sales staff to be more customer focused than before.

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A recent study (2020) by Global Data, shows that consumers rated Marks and Spencer as one of the most sustainable retailers.

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In 2020, the company re-launched their 'sparks' card. A customer loyalty scheme, much like the successful Boots points card. This gives members continuous benefits and rewards.

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Examples of how the company currently communicate to boomers. (Examples taken from the marks and spencers app).
The business uses retention marketing strategies such as email marketing to track and communicate with the Baby boomer. Offering exclusive offers and rewards in an attempt to make the consumer return.

The loyalty card is a personalisation/ retention marketing scheme? that gives the card holder discounts on items they have previously purchased, and or similar alternatives.
In the set up process, the consumer is given the option of choosing one of the partnered charities the brand work with, which Marks And Spencer will donate to on behalf of the consumer each time they shop.

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Example of how the competitor brand markets to Boomers. Below are their most recent marketing campaigns that the brand has used to communicate with this generation.

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15.02.21
As part of my seminar I was asked to join a group of 5 other students to create a 'beauty board'. We researched the current beauty trends, what has been popular in lockdown and what is forecasted to be a trend in the upcoming year. It was insightful to dissect the individual items. There were many that we believed only to be popular due to the current pandemic, such as at home spa tools, press-on nails and DIY hair dye kits. The current climate is drastically changing the way we consume, it will be intriguing to see if this new wave of trends sticks when current restrictions are lifted.

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Amazingly Simple Graphic Design Software - Canva

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Amazingly Simple Graphic Design Software - Canva

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20/02/21

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What are the main attributes that you look for in a brand? (fast delivery service, cost, quality etc?) *

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Sources looked at but not used in final report.

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Sources looked at but not used in final report.

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25/02/21
We looked at the EKB theory and VALS Framework. Discussing how and why these are essential for businesses to gain more knowledge about their consumer and ultimately create a deeper personalised customer experience. You must know your consumer, in terms of psychographics and demographics in order to achieve this. The VALS Framework/ EKB theory achieves this.

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22/02/21
Strategic approach to personalised marketing, ensuring that the customers needs are catered for. Important for many reasons, including - following the customers true experience of a store/online business, thus seeing it from the customer's point of view. Giving brands the opportunity to rectify any 'cracks' and prevent any loss of sales.

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01/03/21 - Seminar work
Pin portrait, also known as a customer avatar is a summary of a businesses target customer. It provides details on their psychographics and demographics, their purchasing habits and their marketing preferences.
In groups we were assigned different generations to complete profiles for, the generation I was given was Generation Z. From creating a pin portrait I established that this is a tool enabling businesses to collate relevant, wide spread information about a particular consumer. This information is presented in one place, where the business can then build a personalised marketing campaign, tailored to the targeted consumer.

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25/02/21
This consumer board portrays the demographic, psychographic and geographic factors of the Baby Boomer generation. Also including the alternative brands they use frequently.

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Amazingly Simple Graphic Design Software - Canva

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Amazingly Simple Graphic Design Software - Canva

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Market research

·  Qualitative – Thoughts, feelings, focusing on opinions & attitudes of consumer.

·       Quantitative – Facts & figures – analyze statistically: e.g. knowing bestselling size in a style.

VALS

Values

Attitude

Lifestyles

Invented by Arnold Mitchell in 70’s.

VALS method – psychographic market segmentation.

Better segment consumers & offers in stores.

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47% rise in Boomers digital spending and their social media continues to increase. 75% have a Facebook account. An alarming 15% of online images feature people aged 50+, according to a AARP survey (2019)  Creating positive online content that accurately depicts the older consumers behaviours and personalities will help Boomers feel included and represented.

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The business uses retention marketing strategies such as email marketing to track and communicate with the Baby boomer. Offering exclusive offers and rewards in an attempt to make the consumer return.

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8/03/21
As part of this seminar, I was assigned a breakout room where as a group we researched the brand Marks and Spencer, and how they personalise their brand to each consumer segment.

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15/03/21
In this seminar we looked at the deep personalisation tools that brands use towards their consumer. I was able to use this information as part of my research, comparing how M&S competitor Sainsbury's uses customer personalisation, and how that differs to my chosen brand.

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Marks and Spencer - Marks in time.

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72,000 items and counting! From our founders' notebooks to yesterday's best-sellers - our collection is growing all the time. Made up of Company documents, photographs, films, clothing, packaging, advertising and merchandise from the time of the Penny Bazaars to today, our collection is full of remarkable stories just waiting to be discovered.

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The M&S Archive celebrates the role that M&S has played in people's lives since 1884. M&S is woven into the fabric of the UK, what will you discover?

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The history of Marks & Spencer.
Customer perception.
Brand identity.

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The History of The Innovative UK Retail Store | Inside Marks & Spencer | Channel 5 #History

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How the brand has changed over the years.
Previous marketing campaigns.

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For retailers, this is truly the age of personalisation but what are the challenges and opportunities to getting closer to your customers? Paul Fennemore, C-Suite Level digital marketing and customer experience consultant for Sitecore, explains
While all the focus is on millennials, it's easy to forget the role Generation X really played in developing personalisation as a key marketing trait for organisations looking to foster brand loyalty.

Anyone born in this generation (the demographic cohort following the baby boomers and preceding the Millennials - roughly 1961-1981), will remember personalisation in retail is nothing new.

Here's why. When the world wasn't completely driven by digital devices and data platforms, part of the appeal of local shops was the greengrocer remembering your favourite staple items, the butcher knowing your preference of beef to pork, or the newsagent knowing your paper and milk preferences.

That was personalisation then. As we are all too familiar the landscape of retail has changed, but personalised retail experiences remain and are more tailored to us than ever. This is leading retailer to a tipping point.

With the abundance of technology and data now at our fingertips, it's no longer if you can personalise, but how you personalise across all your touchpoints in order to maximise the lifetime value of existing customers, and gain new ones. This centres on delivering an experience, rather than a transaction.

The best consumer experiences are delivered to a person who is not expecting anything and without strings attached. This requires a marketer to identify a person's interests and preferences and ensure that the feature, promotion, or item that's provided tilts in favour of the customer without landing in the creepy zone.

The focus shouldn't be on the company; it must be on the customer. Successful organisations are tapping digital technology to take the concept to an entirely different level. They're tying in social media, legacy data, and even beacons to create a digital framework that would have been unimaginable in the past.

We recently polled 50 brand managers in the UK and 500 customers on the challenges with personalisation and the challenges and opportunities it brings. One of the highlight findings revealed that 45% of consumers are willing to provide data to brands to an increasing extent, in order for brands to personalise their experience. In short, they're giving you permission to extend your offerings into their lifestyle - if you get it right.

We've worked with retailers across the world to help take them to the next level, one of which is L'Oréal. Their challenge wasn't unique to anyone in retail - L'Oréal wanted to show it truly understands its customers, at every interaction they have with the brand, whether that's in physical or digital form.

For L'Oréal, much of the initial consultation on makeup is either done online or in the retail store. Given the small window of opportunity presented to them when customers are going through the purchasing process, they wanted to quickly build and deliver unique, yet connected, digital beauty experiences, scaling across all regions and languages.

They can now leverage customer insights in real-time to deliver dynamic, compelling content through all marketing channels. This allows the organisation to build a better profile of its customers - skin tone, favourite colours, skin care regime, age, future events (wedding, holiday, trip).

And whether physically or digitally, they continue that conversation and advance it; showing they truly understand the customer. Emotionally it goes beyond that, it says they care about building a relationship.

An experience is never about one or the other channel; they must continuously build on the other, developing trust (as we gather more data) and take you to each new stage of a developing relationship. And sometimes you sell more, by not selling/marketing more.

The key is, this level of personalisation across all your channels doesn't happen in silos. A typical marketing department is made up of fragmented teams with on average 12 systems that cover; email, web, mobile, social, commerce. meaning no real-time data, no single view of the customer, nothing that would allow you to easily deliver a unified customer experience across your consumer touchpoints, much less find ways to offer NEW customer touchpoints when new channels and platforms emerge.

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Retail Technology | The age of personalisation

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For retailers, this is truly the age of personalisation but what are the challenges and opportunities to getting closer to your customers? Paul Fennemore, C-Suite Level digital marketing and customer experience consultant for Sitecore, explains While all the focus is on millennials, it's easy to forget the role Generation X really played in developing personalisation as a key marketing trait for organisations looking to foster brand loyalty.

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Technology and data is transforming how employee benefits are offered by companies and this is leading to more personalised benefit choices for employees, writes Adam Riley

For the first time ever, some organisations will soon have five different generations of employees, from those in their 20s to those who are still working into their 70s and beyond. Research from Willis Towers Watson[i] has found that almost a third of workers now expect to be employed after their 70th birthday, up from only 17% in 2010. At the same time, a report from Manpower[ii] suggests that by 2020 millennials will make up a third of the workforce, while 'generation Z', those aged 20...

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Baby boomers to Gen Z: How data is driving personalisation

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Technology and data is transforming how employee benefits are offered by companies and this is leading to more personalised benefit choices for employees, writes Adam Riley For the first time ever, some organisations will soon have five different generations of employees, from those in their 20s to those who are still working into their 70s and beyond.

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When we think about digitally engaged consumers, our minds typically go to one place: younger generations. What's easy to forget is that the baby boomer generation kicked off many of the technological innovations we take for granted today; Amazon and Netflix, for instance, were both launched by baby boomers.

My company, Alliance Data, conducted a survey of 2,515 U.S. adults in 2018 and found that there's a sizable boomer audience -- about 20% -- that is very comfortable interacting digitally. I find that this "digital boomer" population is often overlooked by marketers, but it represents a unique opportunity for brands to engage and drive sales in the digital space. And with baby boomers as a whole representing more than a third of overall consumer spending in 2017, brands have a lot to gain by understanding and reaching this important boomer subgroup.

Who are these digital boomers? They're a subset of baby boomers (born between 1946 and 1964) who use mobile apps, text messages, social media or online display ads to keep up with their favorite brands. Spanning all income levels and evenly split between male and female, digital boomers dispel the myth that all online consumers are young, and they have a few important characteristics that differentiate them from the rest of their generation.

If brands can understand these characteristics and segment their communications accordingly, they have the opportunity to win with this often untapped group of consumers -- and deliver the relevant personalization they're looking for. Here are several key strategies to consider:
Prioritize Multichannel Consistency And Quality
Boomers overall keep pace with the average consumer in terms of online shopping. According to credit card transaction data from Visa, among cardholders ages 60-69, 40% of spending is on "card not present" transactions -- that's only slightly lower than the overall figure for all consumers (40.3%). However, our research found that 45% of digital boomers report shopping their favorite brand online multiple times per month, compared to 24% of boomers overall. Furthermore, we found that 68% of digital boomers use three or more channels to connect with brands, while only 30% of total boomers report the same.
(Full disclosure: Alliance Data partners with Visa to provide co-branded credit cards on behalf of some clients.)
With digital boomers engaging across more channels, brands need to resolve inconsistencies and close the gaps between online and offline offerings and experiences. For example, if your brand is known for providing high-touch service, digital boomers will expect that white glove experience both online and off. This could include things like recognizing a repeat customer, offering personalized recommendations, elevating the service around an online purchase/in-store pickup moment, and making customer service easy to locate and engage.
Choose Innovations With Clear Benefits
Another characteristic of these digitally savvy boomers? They aren't afraid to experiment, which means they may be more likely to embrace a brand's new technology, like an app, mobile payments or an online purchase/in-store pickup feature. We found that 75% of digital boomers have tried a brand's technology offering, compared to 61% of total boomers.

This means brands testing new technology offerings shouldn't just look to younger consumers for feedback. Ensure your brand is getting responses and usage data from older consumers as well. The key for brands looking to connect with boomers is to ensure that technology is solving a real consumer problem. While they are willing to experiment, boomers overall are least likely to try new technology just because of a cool factor, so communicate the clear benefits.
Personalize And Engage
The differences between digital boomers and other boomers go beyond just their comfort interacting digitally. These shoppers are actually connecting with brands more deeply overall.

Our research found that digital boomers are 29% more likely to say they love their favorite retailer compared to all boomers. They are also twice as likely to shop a brand that offers a personalized experience, and 34% are more likely to choose a brand that offers a fun, enjoyable experience -- making it clear that the little things go a long way with this group.

Personalization is popular with consumers overall, yet research shows that less than a quarter of consumers feel the offers they receive from brands are highly personalized for them. Adding a customer's first name in a subject line no longer cuts it. Many consumers expect brands to strategically use their data to provide promotions that are relevant to them in the moment. By tapping into the preferences of this digital subgeneration, brands can build deeper, more relevant connections with them -- and ultimately, drive more sales.

These unique characteristics of digital boomers reinforce the importance of segmentation within brands' marketing and communications, even within the boomer generation. By segmenting your audience deeper, you can offerpersonalization that genuinely delivers more relevant, timely information, in the way they prefer to receive it.

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Council Post: What To Consider When Creating Marketing To Target 'Digital Boomers'

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When we think about digitally engaged consumers, our minds typically go to one place: younger generations. What's easy to forget is that the baby boomer generation kicked off many of the technological innovations we take for granted today; Amazon and Netflix, for instance, were both launched by baby boomers.

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Baby boomers are out-of-touch, tech-phobic dinosaurs. Gen Xers are largely forgotten and clinging desperately to their worn-out Sonic Youth t-shirts. Millennials are job-hobbing, avocado-guzzling participation trophy collectors. And Gen Z? They're a bunch of smartphone-addicted, selfie-snapping Tide Pod snackers. We've all heard the stereotypes, but the truth is individuals from across generational cohorts have a lot more in common than generation-based think pieces will lead you to believe.

When crafting digital customer journeys, many marketers rely on generational segmentation to predict user behavior and craft content targeted to each persona. Yet, when it comes to effective digital experiences, there's a lot more nuance to understand what touchpoints, messaging and channels resonate best with each audience. It's easy to say that millennials and Gen Z are complete digital natives while older populations prefer in-person interactions. However, studies have shown that every generation is becoming much more in-tune with technology and embracing digital transformation as a part of their everyday lives. (In fact, more than 65% of adults aged 50-64 regularly use social media.)

Bridging the digital generation gap is not as simple as offering online vs. in-store options. To create the best customer experiences for each generation, marketers first need to understand each population's unique relationship with technology and their digital experience expectations. That's why we're breaking down the digital preferences for Baby Boomers, Gen X, millennials and Gen Z, and letting you know what brands are doing it right when crafting digital experiences.

Baby Boomers: Informative Content

One of the biggest errors digital marketers and developers can make when creating experiences for Baby Boomers is ignoring them completely. Some brands have dismissed the older set entirely under the guise that online efforts would go unseen. However, now more than ever, middle-aged adults and seniors are adapting to digital transformation.

Growing up in a thriving, post-WWII era marked by the rise of television, globalization and mass production, the Baby Boomer generation (aged 53-75) views technology as another channel to gather information that can improve their lifestyle. How-to and educational content like recipes, product demos, news sites and lifestyle blogs are popular with this generation. Raised in a time of consumer abundance, this generation loves scoring a deal. They're price-savvy and spend the majority of their time online shopping in the research phase, comparing prices across different websites and digging into warranty conditions. While millennials tend to rely on customer reviews to influence their purchasing decisions, Boomers prefer online retailers who feature price and product descriptions prominently on their sites. Even though they are more accepting of digital interactions than marketers may assume, Baby Boomers still distrust highly branded content and prefer to consume posts from people they actually know, especially on social media platforms.

Carrie Schwab-Pomerantz's "Ask Carrie" column answers financial questions from real people.

And speaking of social media, the idea that "Facebook is only for parents now" holds some weight. Facebook and LinkedIn are the most popular networks among the older generations, likely because they cater to their preferences for informative content that ties directly to their own personal and professional lives. Baby Boomers are actually 19% more likely to share content on social media than any other demographic and use the internet as a way to stay in touch with their communities and keep up with current events.

One organization getting Baby Boomer content right is long-standing banking and brokerage firm, Charles Schwab. With much of their audience concerned about saving for retirement, Charles Schwab is committed to financial literacy. The " Ask Carrie " series, created by board chair and president of the Charles Schwab Foundation, Carrie Schwab-Pomerantz, modernizes the traditional advice column format many boomers are familiar with to give personalized financial advice to customers. This educational resource hub is the perfect mix of humanity and digital accessibility that appeals most to Baby Boomers online.

Gen X: Innovative Tech and Traditional Tactics

Wedged between the dueling media coverage that surrounds the Boomer and millennial market, Gen X is far too often overlooked by advertisers. These Xiennials, as they're also occasionally called, were born between 1965 and 1976 and are currently in their late 30s to early 50s. As the last generation to reach adulthood before the rise of the internet, they favor a mix of both traditional and digital messaging. Today, Gen X makes up the largest portion of the workforce and typically use technology to research businesses they interact with. Standard, concise channels like email are their preferred form of digital communication, but they also still respond positively to television advertising and direct mail.

Brands who can craft a message that strikes the right balance of innovation and nostalgia will capture the Gen X market. Once seen as the slacker generation raised on grunge and MTV cartoons, Gen X is now all grown up and raising families of their own. Still, they hold fond memories of the carefree 80s and 90s. Honda hit each of these dual identities in a 2012 ad for their Pilot SUV.

The commercial, which shows a family singing along to the Ozzy Ozbourne hit "Crazy Train," proved you're never too old to rock.

Millennials: Integrated Customer Journeys

While many news outlets mistakenly characterize this generation as naive college kids, today the youngest millennials are already in their mid-twenties and the oldest are nearing 40! Entering teen/adulthood alongside the explosion of Google and with unlimited access to the latest gadgets, social networks and gaming systems has made millennials eager to explore the latest product innovations and models as soon as they hit the market. An omnichannel strategy that spans multiple touchpoints is a requirement for anyone who wants to attract and hold onto millennial attention.

Today's young adults are expert multitaskers, simultaneously catching up on Netflix, ordering takeout on Postmates, live-tweeting their walk to the gym and scrolling through news sites or online communities like Reddit to catch up on current events. Still, it's not enough for brands to just be everywhere, they need a unique digital strategy to customize content that feels authentic across multiple sites and channels.

The best way to forge these relevant, timely connections with millennials is by understanding consumer data and using this information to create tailored, personalized experiences. According to Salesforce research, 40 percent of millennial-aged consumers value personalized recommendations so much that they're willing to pay to receive them. Direct-to-consumer brands like HelloFresh and Dollar Shave Club have exploded with millennial consumers since they offer a streamlined shopping experience delivered straight to their homes. Along with the convenience of avoiding a trip to a retail outlet, D2C brands appeal to the millennial desire for personalization and customized brand experiences allowing them to order products based on their specific diet preferences, grooming habits or current living conditions.

Dollar Shave Club uses personalized survey technology to bring the right products to their customers.

However, the challenge for companies is how first to create these personalized experiences without coming off as "creepy." Most millennials came of age in the midst of the mid-2000s financial and housing crises, causing them to have high levels of mistrust and skepticism toward large institutions. They dislike traditional, interruption-driven advertising formats and actively avoid seeing it. Rapt Media found that 57% of millennials use ad blockers because it is too pushy and not relevant to their interests. To strike the right balance between integrated and invasive personalization, we recommend brands targeting millennials use the Crawl-Walk-Run Approach to collect data with consent and turn that information into useful, contextual experiences.

Gen Z: Immersive Experiences

While news outlets are still reiterating fears of millennials "killing off" industries from canned tuna to diamonds, a new disrupting force has arrived on the scene to shake up our understanding of the digital consumer journey. Born post-1997 with the oldest members barely of legal drinking age, Gen Z already accounts for a quarter of the U.S. population and is predicted to hold 40% of the nation's purchasing power by 2020! As the group that has never known a world without technology at their fingertips, this group expects a fully fluid blend of digital experiences and will only engage with brands that offer something beyond a basic one-to-one transaction.

While both Baby Boomers and millennials primarily use social networks as a way to catch up with friends and family, Gen Z approaches social media mainly as an entertainment platform. Raised in the reigning era of influencer marketing, they're the most accepting of sponsored content and regularly embrace brand interactions in exchange for interesting content. Gen Z is much less concerned with data and security than previous generations and will readily offer personal information to companies in exchange for better, relevant experiences. According to Epsilon research, while over 50% of older generations are concerned about privacy online, 22% of Gen Z "don't care at all."

This open invitation for higher quality branded experiences has spawned an ecosystem of constant digital conversations that flow into one another across multiple devices and locations. The rise of streaming platforms like Spotify and Netflix has removed the barriers between digital interactions and turned content consumption into one ongoing, uninterrupted experience. Storified digital experiences, such as Snapchat and Instagram Stories, are now more popular than traditional timeline formats, especially among younger audiences. Static status updates or one-off TV spots are being replaced by multimedia, multichannel brand narratives. A 15-second Snapchat story often encapsulates video, pictures, text and graphics into one unified digital experience.

Pokémon Go captured the world with AR technology that broke boundaries between real life and video games. Source: Paintimpact

Gen Z desires liveable and interactive digital experiences and on-demand entertainment. Augmented and virtual reality technologies are two of the most requested formats from Gen Z consumers. 79% of U.S. internet users ages 10 to 18 are interested in virtual reality - 6% more than millennials. While current VR efforts are generally expensive and time-intensive, AR experiences have been much more accessible for both large and small companies, typically only requiring users to have a smartphone to participate. One of the innovators in the AR space was Pokémon Go. When the app was released in July 2016, it saturated popular culture and broke multiple world records, grossing more than $206.5 million in revenue in the first month alone.

No Matter Where You Start, the Customer Journey Keeps Moving Forward

Each generation has its own set of unique expectations for digital experiences that brands must meet if they want to keep up and successfully serve customers. This means embracing new technologies in new places quickly and building scalable customer journeys that anticipate needs and deliver results. Understanding how user behaviors evolve as new pathways and technologies enter the market means that digital marketers won't have to limit their products and services to a single portion of the population. Instead, their strategy can grow with their audience and offer lifetime value and relevancy to people as they reach new life milestones.

More so, generational labels are only a small piece in understanding a person's identity and crafting customer experience. Factors like gender, family structure, geological location and so much more contribute to someone's viewpoint and behavior. This requires a flexible digital marketing strategy that allows new experiences to be deployed and customized at a moment's notice and a marketing strategy that takes the entire customer journey into account and optimizes for preferences in real-time. Journey orchestration tools don't just place customer experience on a timeline, but instead, help marketing teams view data from multiple touchpoints and interactions, so they can create rich customer profiles and provide them with rich content that is personalized to their needs at the right place and time.

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Digital Experiences for Different Generations

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Baby boomers are out-of-touch, tech-phobic dinosaurs. Gen Xers are largely forgotten and clinging desperately to their worn-out Sonic Youth t-shirts. Millennials are job-hobbing, avocado-guzzling participation trophy collectors. And Gen Z? They're a bunch of smartphone-addicted, selfie-snapping Tide Pod snackers.

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Learning Outcomes for the assignment.

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Through researching data analysis websites, retail industry reports and theories such as Kotler & Armstrong, I will product a report on the importance of brand to customer personalisation, for commercial success.

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