Tips to better understand consumer preferences
Same thrill, different drive…
Just the other day I met a group of colleagues for lunch, while sharing family updates, someone announced that their daughter was celebrating their 16th birthday! Excitement immediately erupted over this milestone birthday and memories of getting a driver’s license and first car. Another colleague quickly let us know this excitement was not shared by her 16-year-old daughter. Her daughter had no interest in driving at all and had to be coerced into taking the driving test.
Hmmm … I thought … what a generational shift! If you were anything like me, at 16 years old you couldn’t wait to get your license and looked forward to the freedom that came with it. The joy of picking up your friend and riding around town on $5 worth of gas was unmatched! Connecting with friends plus the absence of parent oversight was a huge leap toward independence and adulthood. My how things have changed.
The modern day 16-year-old has those same feelings of excitement, connectivity, and freedom, but in different ways and much sooner than their 16th birthday. Perhaps, it happens when they are gifted a gaming system at age 10 or they receive their first cell phone at age 12. Technology is what excites them, connects them, and creates a sense of freedom. The responsibility of driving does just the opposite. So, in the meantime they are okay with having their parents shuttle them around. A driver’s license just doesn’t present the same thrill that it once did.
Maintain the thrill, no matter the drive…
Consumers have different motivators which vary by generation. For example, older consumers tend to prefer banking in person, while Millennials and Gen Z prefer technology driven solutions such as Zelle, Cash App or Venmo.1 It can be a challenge for a company to be everything for everyone; however, leveraging generational similarities makes reaching everyone easier. Take for example email – according to Broadridge, a global fintech leader, Millennials, Gen X, and Baby Boomers all chose email as their number one way to receive and send communications.2 Also, consider that close to 70% of working-class people, across all generations, highly value personalized attention.2 In fact, 54% of consumers stopped doing business with a company because it did a poor job of personalizing their experience.2
Remember you’re in the driver’s seat…
You might ask yourself, “What can I do to understand my customers’ and members’ needs better?” That’s easy! Just ask them. Intimately know your customer or member by soliciting and collecting feedback. Some customers will provide feedback just because you ask, but you will get more participation if you let them know how they benefit from doing so. Here are some tools:
- Focus groups
- Interviews
- Social listening
- Consumer research
- Needs assessment/survey
One thing for sure, no matter your tool of choice, talking with consumers will help you understand them, build strategy, and tailor your offerings to their needs and preference. There is a wise adage that says, “You have to meet the customer where they are”.
As you ponder your next strategy, leverage what you know about generational similarities. Whether you’re trying to service Gen Z, who is indifferent about driving and prefers online banking, or a Baby Boomer that loves driving weekly to conduct banking in-person, the goal is the same – a satisfied customer! And you’ll know they’re satisfied because your services and products have been personalized to meet their preferences and needs.
- Adam, Jamela. Millennials and Generation Z Are More Likely To Discuss Salary Than Older Generations. Forbes Advisor, September 29, 2023.
- 2021 CX insights: Engaging the savvy consumer. Broadridge, 2021.
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Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.
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