Millennials (19-35) tend to be more trusting than older generations when it comes to institutions safeguarding their personal data, per recently-released survey results from Gallup. In fact, Millennials displayed more trust than the average of other generations across each of the 11 institutions identified, though that doesn’t necessarily translate to them having a high degree of trust in them.
In fact, the only institution that a majority of Millennials have “a lot of trust” in with regards to safeguarding personal data is their primary bank (67%). (For more on youth and banking, see MarketingCharts’ newest report, Marketing Financial Services to Millennials.)
There’s a gulf between banks and other institutions, though. Only about 1 in 3 Millennials have a lot of trust in health insurance companies to safeguard their personal data, and even fewer show that much trust in credit card companies (27%), cellphone platforms (25%) and cellphone carriers (17%). Brick-and-mortar retailers (23%), meanwhile, are trusted a lot by twice as many Millennials as online retailers (11%).
As for social media? Just 4% of Millennials – and 2% of older adults – trust social networking sites or applications a lot. Social networks have long been mistrusted on this front: back in 2014, a survey from GBRN found US and UK adults as likely to trust foreign secret service organizations with their data as they were social networks.
Still, two social networks – Twitter (#1) and Instagram (#8) – cracked the top 10 “Honor Roll” for consumer sites in the “2016 Online Trust Audit & Honor Roll” [pdf] report from the Online Trust Alliance. The report tracks brands’ adoption of best practices and adherence to standards in consumer protection, security, privacy practices, transparency and disclosures.
The following is a brief list of intriguing data points sourced from recent research.
- US consumer spending growth on streaming video service subscriptions may have reached a peak, according to a report from Strategy Analytics. The firm estimates that spending on services such as Netflix, Amazon Prime and Hulu grew by $1.21 billion last year, but will grow by progressively smaller amounts in the coming years, edging down to a $1.19 billion increase this year before falling to a $0.54 billion increase in 2021. Strategy Analytics theorizes that “whilst actual market saturation is a few years off yet, the domestic US streaming subscription market is now on the backside of the adoption curve.”
- Sticking with digital video, a STRATA survey of agencies finds growing confidence in the ROI of online video ad buys, with 49% fairly confident and another 10% very confident. Separate results from the survey suggest that Instagram (63% planning) has overtaken Twitter (56%) for the first time in planned advertising on social media sites.
- A majority (56%) of respondents to the STRATA survey believe that online video ads reach their intended targets most of the time, but a survey of 532 CMOs in 11 countries and 10 industries from Accenture has a more downbeat conclusion with respect to targeting: respondents estimate that fewer than 1 in 5 individuals reached with their marketing are in-market. In fact, even in the top-performing channel, the web, only 18% of those reached are the right targets. The CMO estimates suggest that the top-performing digital channels are web and social media, with paid search reaching the lowest share of in-market customers. Among traditional channels, broadcast is tops, with telemarketing at the bottom of the list. The study indicates that few marketers qualify as “just-in-time marketers,” with higher degrees of customer knowledge, better infrastructure in place to communicate their value proposition, and the right marketing mix tailoring that proposition at the right price, the right time, and in the right channels. These “just-in-time marketers” are more likely to report high integration between digital and traditional marketing initiatives and more likely to have employees with specialized digital skills.
- Switching gears, retailers’ top customer experience priorities this year are creating a seamless experience across channels (51%), optimizing the customer experience (51%), and increasing customer loyalty (44%), per survey results from Boston Retail Partners’ 2016 Customer Experience/Unified Commerce Benchmark Survey [download page]. The study indicates that just 16% of retailers have an established process for identifying their “most valuable” customers that works well, while 51% have a process but that it needs to be improved.
- As for retail, there are 5 kinds of Millennial shoppers, says Cue Connect in announcing results from its survey of 1,000 Millennials. They are: the “Social Shopper” (whose purchase decisions are heavily influenced by friends and family); the “Bargain Hunter” (who are more likely to buy from retailers with best deals and when they receive emails containing discounts); the “Elite Shopper” (who feel valued when they’re rewarded by loyalty points); the “Impulse Buyer” (almost half of whom have made a purchase based on the “suggested items” option on retailers’ sites); and the “Frugal Fannie” (who are motivated to shop only when they absolutely need something). More results from the survey are available here.
- Finally, a survey from the ANA conducted by GfK among 237 B2B marketers indicates that only 42% have a seat at the top management table, and even fewer (37%) enjoy strong endorsement from senior management. Among its recommendations, the ANA noted that a need to “prove ROI to ensure marketing is perceived as a competitive advantage.” The results bring to mind a Forrester Research survey from late 2013, in which just 51% of B2B marketing leads agreed that marketing’s financial value is clear to the business.
Have a great weekend!