As a store owner, you are always keeping up with the latest news and what’s going on within the economy. This is important stuff for you to know. You want to understand your customers and their buying habits. So, one thing you may have noticed is a new target market called the millennials. Who are they, what do they buy and how can you reach out to them are all things you want to know. FGmarket has the latest information and breakdown on the millennials that may help you reach out to them.
Who are the millennials? They are also known as generation y and are 56 million strong, according to the Gifts and Decorative Accessories March/April issue. This target market is composed of individuals that were born between 1981 and 2000, the age that is coming into the new millennium and considered the second largest group, behind the baby boomers. Baby boomers have long been the main focus, however, it’s now shifting towards the millennials. Their age group is in the range of 18-30, more educated, some have moved back home with their parents to help pay down their student debt, a generation that may is more likely to put off marriage and children and are focused on their careers, networking and personal fulfilment first.
Why target this consumer group? This group has high expectations in life and are out spending. They are more involved in buying decisions. It is found that they have great power to launch and help sustain brands. They definitely have an input in the economy.
How do you reach the millennials? So, how do you begin to reach and target this consumer group? This group is known for multi-tasking, having short attention spans, constant need for stimulation and technology savy. They definitely are social media friendly, keen on online shopping, constantly connected to the Internet and cell phones. Therefore, technology is key in reaching them. Also, since they like to be stimulated, you need something captivating in your store, the simple store sign isn’t going to cut it with this group. You definitely need to focus your marketing strategy on social media like Facebook, Twitter, Google +, Pinterest and YouTube. You need to gain their attention. This group also relies on referrals from their friends, they tend to shop where their friends shop and what’s on trend. Incorporate unique features in your store like free WiFi, entice them with end caps and cash wrap bins that fulfils their need for instant gratification and have appealing signage.
So, it’s definitely time to start thinking about how you can market towards the millennials. They definitely have an impact on your store, the economy and have enough buying power. Targeting them maybe a smart decision for your store.
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