Millennials prefer L-A-T-T-E. Maybe you should too!

The Millennial generation - now ages 17 through 34 - represents nearly a quarter of the U.S. population, and a significant portion of annual consumer spending. 

We recently read of a study that has identified a set of attributes "that overwhelmingly resonate with this age bracket."  In fact, when making shopping decisions, Millennials are 20% more likely than other generations to consider these elements.

As these studies so often do, an acronym has been created to help us remember those attributes: L-A-T-T-E. 

• Local
• Authentic
• Transparent
• Traceable
• Ethical.

While each of these attributes provides the means to differentiate your stores, in our view, many independent retailers can leverage ALL of them!

Moreover, in our opinion, these L-A-T-T-E qualities not only resonate with Millennials, but with many others (your customers? your neighbors? You?) who share these same values. 

• It is not just demographics (quantitative data); it's also psychographics (qualitative data). And the L-A-T-T-E attributes certainly point to qualitative measures.

We think this offers two significant opportunities for independent and local retailers. 
With the L-A-T-T-E attributes, independents are uniquely positioned to take the lead, and make it known that Local - Authentic - Traceable - Transparent - Ethical have long been in your DNA. 

Especially in today's environment, winning the hearts and minds of shoppers is the challenge confronting all retailers. Sharing your love for L-A-T-T-E is an important step!

Get Ready for "Multi-Generational Retailing"

You've heard it. The "conventional wisdom" that suggests that retailers should move away from the Baby Boomers, and retool their operations to appeal to the Millennial Generation – those "digital natives" who now are 18-35 years old.

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!

Mother's Day Promo That's Really About the Millennials

Retailing is a wonderful spectator sport. We pay attention  to retailers of all sizes, in all merchandise segments, at all price points.

And often, what we see is inspiring! The creativity and resourcefulness of merchants is a major part of the magic of retailing. We enjoy sharing examples of creativity in one segment to retailers in other segments.

For instance, consider the cleverly multi-faceted way one retailer, in this case Nordstrom, is approaching Mothers Day.

First, they're using major window displays that feature likely Mothers Day gifts. But what sets them apart is the intended audience for these displays: those "digital natives", the Millennials. 

Here's the message Nordstrom has on these windows:

"Here's How to Wow Your Mom. 

Download our app, scan the barcode on the window display of the item you want, and order by May 1 for delivery by Mothers Day."

In our view - (Note: We're just speculating; we've not discussed this with anyone at Nordstrom) - the Mothers Day merchandise Nordstrom will sell through these windows is secondary. We suspect that Nordstrom's #1 priority for this two week time frame is to connect with more of the Millennials.

• This is a powerful prompt for Millennials to download the Nordstrom app. That's the key metric!
• The emphasis is on ease and speed. That's spot on for this group! No need to go into the store. Just make your choice from the window display (or the app itself.) They barely need to slow down while walking by!
• And then there's the reassurance angle. These time-pressed 20 to 35 year olds being targeted are the offspring of Nordstrom's established customer base. (So a Mothers Day gift from Nordstrom is a safe choice. Or, of course, it always can be returned!)

The Benefit for All Other Retailers

But, as clever as we think this is, here's why we are describing it: 
How might you be able to leverage this kind of thinking in your own stores?

You don't have to have an app, or a full time window display department. Just some inspiration, and a good idea of who you want to reach.

Then, 3 basic steps:

• reach them, connect with them on their terms
• make shopping easier for your desired customers
• reassure them that they're making the right choice