SWITZERLAND. Swiss research agency m1nd-set has released a special analysis on digital marketing opportunities with Millennial consumers via its Business 1ntelligence Service (B1S).
m1nd-set’s B1S brings together m1nd-set’s global shopper insights, drawn from 50,000 face-to-face interviews with travellers at airport departure gates, and IATA’s traffic analysis and forecasting tool DDS.
m1nd-set has closely monitored two important trends in recent months: Millennials as a shopper segment and the development of the digital marketing landscape. According to the agency, the industry has now reached a “much-awaited tipping point”.
m1nd-set’s focus on the behaviour of global Millennial consumers has produced key findings in their behaviour, as well as the key shopping drivers and influencers for Millennials and their responsiveness to marketing campaigns.
The research states that Millennials’ behaviour both in retail and in response to digital marketing, combined with omnichannel retail technology, have together created significant opportunities for the industry to reach out to Millennial shoppers while they are travelling in real-time.
Other insights reveal that the barriers to reaching passengers while travelling have been broken. Airlines no longer have sole access to the information on who is travelling where and when or what time they will be in a specific airport.
According to m1nd-set, Millennials are seeking more personalisation in marketing from duty free stakeholders. Eight out of ten Millennials said they are used to receiving personalised communications from domestic retailers but that figure is only 10% for the duty free channel.More than 70% of Millennials said they would be prepared to give their personal data in exchange for relevant, personalised offers and promotions from duty free stakeholders. The report also demonstrates that such personalised, relevant communications can potentially lead to over +40% revenue growth.
Omnichannel retail and marketing technology require constant testing to determine the most effective marketing messages, but analytics are underused in the industry, the m1nd-set Millennial research revealed.
m1nd-set Travel Research Director Clara Perez commented: “Analytics tools today have simplified the process of calculating important values such as the ROI of specific campaigns or the lifetime value of a customer.
“Online analytics tools can also be complemented by offline qualitative shopper panels which enable brands and retailers to obtain more in-depth feedback and observations on shopper behaviour and reaction to personalised communication campaigns.”
“67% of the Millennials in our shopper research said they expect and want the industry to adopt a more coherent and comprehensive approach to marketing” – Peter Mohn
M1nd-set noted that the advent of omnichannel retail solutions means that brands and retailers are able to combine retailer experiences between offline and online as well as between domestic and duty free retail.
m1nd-set Owner and CEO Peter Mohn said: “67% of the Millennials in our shopper research said they expect and want the industry to adopt a more coherent and comprehensive approach to marketing, so they are recognised as one and the same individual.”
Mohn continued: “There are solutions available, which allow the various stakeholders to provide a constant, relevant stream of communication with passengers from the moment they leave home for the airport all the way to the departure gate.
“Integrated POS and CRM systems, ibeacon technology, way finding solutions and omnichannel commerce solution providers have made the consumer reachable whenever they are in the vicinity of the airport or duty free shop.
“Today’s travelling Millennial shoppers are not only early adopters of this type of technology, they want brands and retailers to connect and communicate with them through these platforms.”