Hmm. Follow that conventional wisdom at your own peril! Instead, we believe retailers should focus on making their stores MULTI-GENERATIONAL. After all, each group is ± 80 million people, totaling about half the U.S. population.
You don't have to choose one group at the expense of the other. Cater to both of these major market segments. Yes, simultaneously! (Just not the same!)
- Do NOT ignore or marginalize the Baby Boomers as being in their "sunset years".
- Show the Millennials the respect they deserve.
"One size fits all" does not apply!
By strategically and pro-actively managing your operation to be Multi-Generational, you can – and must! – treat the Baby Boomers and the Millennials the way each group most wants to be treated.
- Baby Boomers have always done things their way, and show no signs of changing now. More so than prior generations, they are healthy, active, traveling, engaging in causes, participating in their communities – and yes, spending on themselves and their families. They are internet savvy, but still do "recreational shopping".
- Meanwhile, the Millennials are a market not to be ignored. While they may not fit the conventional definitions of "families", they are forming households, having children, commuting to jobs, going places and doing things. They are discerning shoppers, and will "put their money where their mouth is". There are causes they care about, and will mirror that in their shopping choices. Their "comparative shopping" is done online, and they are very purposeful when it comes to purchasing. They will not linger!
Retailers must think strategically about your unique competitive advantages. Then, update them to cater to EACH of these important market segments, on parallel tracks.
It's called "multi-tasking", and you can do it!
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