Traditionally, B-to-B market segmentation has been done along the lines of the size of the target company, its industry, where the company’s headquarters and offices are located, plus the job function or title of the most important audience targets within these other selection criteria.
By contrast, something like generational segmenting was deemed a far less significant factor in the B-to-B world.
But according to marketing and copywriting guru Bob Bly, things have changed with the growing importance of the millennial generation in B-to-B companies.
These are the people working in industrial/commercial enterprises who were born between 1980 and 2000, which places them roughly between the ages of 20 and 40 right now.
There are a lot of them. In fact, Google reports that there are more millennial-generation B-to-B buyers than any other single age group; they make up more than 45% of the overall employee base at these companies.
Even more significantly, one third of millennials working inside B-to-B firms represent the sole decision-makers for their company’s B-to-B purchases, while nearly three-fourths are involved in purchase decision-making or influencing to some degree.
But even with these shifts in employee makeup, is it really true that millennials in the B-to-B world go about evaluating and purchasing goods and services all that differently from their older counterparts?
Well, consider these common characteristics of millennials which set them apart:
- Millennials consider relationships to be more important than the organization itself.
- Millennials want to have a say in how work gets done.
- Millennials value open, authentic and real-time information.
This last point in particular goes a long way towards explaining the rise in content marketing and why those types of promotional initiatives are often more effective than traditional advertising.
On the other hand … don’t let millennials’ stated preferences for text messaging over e-mail communications lead you down the wrong path. E-mail marketing continues to deliver one of the highest ROIs of any MarComm tactic – and it’s often the highest by a long stretch.
Underscoring this point, last year the Data & Marketing Association [aka Direct Marketing Association] published the results of a comparative analysis showing that e-mail marketing ROI outstripped social media and search engine marketing (SEM) ROI by a factor of 4-to-1.
So … it’s smart to be continually cognizant of changing trends and preferences. But never forget the famous French saying: Plus ça change, plus c’est la même chose …