How to listen so your consumers will talk
Marketers often mistake communicating with their audiences as an exercise in sharing information, but great communication is actually about listening. From the success of the nap dress to Nerf putting a fan in charge of their TikTok, the best marketing comes from brands who listen closely to and get to know their consumers.
In this issue, we share some insights about communicating with millennials and encourage you to listen to your consumers. We’d also love to hear more about you!
Wellbeing from around the web
These traditional brands are shifting to a DTC model. Here’s how.
Pandemic-induced online shopping inspired many brands to double down on their focus from a wholesale department store model to selling directly to consumers (DTC). Sports brands are leading the pack in this arena and it means increasing digital spending and brand recognition (not that Nike or Adidas need much help in this area).
The takeaway: While cutting out the middle man may seem enticing, statistics show that, counterintuitively, wholesale sales come with higher margins than direct sales. Before making the switch to DTC, consider the costs of educating your audience and shifting too much focus to your brand’s online store.
Millennials’ Attitudes, Values and Implications for Financial Planning
“Financial wellness” is a buzz term meaning that you’ve got a plan for your money. But it can mean different things to different people. According to FP Canada, this is especially true for millennials.
The takeaway: With millennials’ reliance on the gig economy, their financial planning needs are different. Research done by FP Canada and The Decision Lab reveals that the key to engaging with millennials—for financial reasons or otherwise—lies in establishing trust, tailoring services and being more strategic about digital touch points.
Hashtag holiday: Today is National Day of Listening
In our last issue, we talked about World Kindness Day, along with some other, shall we say, less meaningful hashtag holidays. While National Cake Day (also today) might be fun and delicious to celebrate, in observing National Day of Listening could actually do some real good.
Originally created to encourage Americans to spend time together listening to and sharing stories, instead of shopping on Black Friday, we think this could be a great reminder for marketers. While it may be too late to alter your social media schedule, inviting your audience to share who they are, what influences their decision-making and why they follow your brand can happen any time of the year.
And while we’re at it, we’d love to hear from you. Tell us who you are, what you do and what your biggest challenges are right now. Send us your marketing questions and we’ll include them with our answers in a future issue.
Share MarketWell with fellow wellbeing marketers and we’ll make a donation to the Canadian Mental Health Association (CMHA).
As the nationwide leader and champion for mental health, CMHA facilitates access to the resources people require to maintain and improve mental health. The work they are doing is even more important now, than ever.
To your wellbeing,
Founder and President
Felicity [Inspiring Communications]