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- Think about who you’re talking to before you open your mouth
Think about who you’re talking to before you open your mouth
Targeting is everything. If you say the wrong thing to the right customer, they were the wrong customer all along.
This week is issue one of a two-parter. But I also want to highlight that I’m currently hiring a ton of new role for my team at eToro US. Jump down to the jobs section of today’s newsletter to see if you might be a good fit. You can always reply to this email with any questions or comments.
Plus, if you have any thoughts or feedback, feel free to tweet at @MarketMix_. You can also DM me at @bradmichelson.🔺
Running a Twitter account is pretty easy. Fill out a bio, add a picture, and send a tweet. That’s it.
But when you dig below the surface of just the day-to-day, what is the first question you need to ask?
Who are you talking to?
Today is part one of two where we’re going to talking about targeting. For every channel, activation, campaign, ad, and tweet, the first thing you need to consider is who each piece of content is for.
In an industry like financial services, there is a huge range of consumer demographics to keep in mind. The gulf between a 25 year old and a 50 year old is massive and the way they like to be spoken to is even further apart.
Some high level stats to consider:
Millennials have average post-tax incomes of $58,628, where Boomers have $67,950
Although 82% of Baby Boomers are on social media, they are still unlikely to use the platform as an influence on their shopping habits, while 92% of millennials use social media as a top source to help drive a purchase.
Ok, that’s interesting, but it doesn’t really solve for the minutiae of who your audience is and how they want to be engaged with. We’re not learning anything about what they do in their spare time, how they engage with that entertainment, or how they like to spend their money.
When I say “how,” I don’t mean which product categories do they like to spend their money on. I’m talking about the method of payment. Who’s more likely to prefer cash? Who’s more likely to prefer Apple Pay? Who’s more likely to use a credit card instead of a debit card.
Something to think about.
Diving into your customer’s tendencies is an important exercise for every marketer. Let’s use millennials as our example demographic and dig in a bit.
Here are 5 interesting statistics about millennials that marketers should find interesting:
68% use a second screen while consuming content
1 out of 3 Millennials uses an ad blocker
90% is on social media of some type
57% have impulse purchased a product on social media
35% of Millennials prefer digital video over traditional television
Ok those are some pretty interesting stats. But what can we learn from that? What might we assume?
68% use a second screen while consuming content
They watch TV while on their phones
They watch internet videos while on their phones
They can afford multiple devices
1 out of 3 Millennials uses an ad blocker
They don’t like invasive ads
They don’t like being tracked online
They like the choice of opting out of ads
90% is on social media of some type
Community is entertainment for them
They visit places where they are heavily advertised to, despite the volume of advertisements served
They crave engagement
57% have impulse purchased a product on social media
They can have short purchase journeys, sight unseen
They likely have disposable income to impulse buy
They like seeing products next to their friends and entertainment
35% of Millennials prefer digital video over traditional television
They may stream more than they watch cable
They mostly use platforms without ads, which means the ads they do see are more noticeable
They prefer having more choice, but on their terms
Dig in. Make assumptions. And build from there.
Now you can start building a pretty interesting profile of who you are talking to and how you plan on talking to them. Things to consider:
What kind of value propositions do you think will work with this demographic?
What platforms do you want to use?
Do you want to buy ads, and if so, on which websites or platforms?
What is their price sensitivity?
I recommend considering these things over the next week. In the next issue we’ll take this information and apply it to building out some customer profiles.
Class dismissed.
Who’s Hiring Marketers in Crypto? Me.
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