Infographic provided by Steve Hashman, Director Exponential Solutions at (The Cube) Marketing at https://www.cubemc.com/customer-engagement-strategy
Understanding your Customer is the first and most important consideration in designing, defining and refining your company and your go to market business model.
In the Retail sector one key demographic that demands consideration is that group called Millennials. Whether it be Marketing, Merchandising, Supply Chain, or any other aspect of your Go to Market experience understanding what is important to Millennials is critically important.
For instance while some are calling for the demise of Brick and Mortar stores we know that Millennials still spend 50% of their dollar in a physical store. This has profound ramifications for Marketing and the Supply Chain needed to support this sector.
Millennials shop a little differently to older generations and marketers must adapt now before it’s too late.
By 2020, millennials will be responsible for 30% of retail sales in the United States alone. This is equal to 1.4 trillion in spending.
78% of millennials prefer to spend money on desirable experiences over buying something that is reliable.
84% of millennials do not trust traditional advertising.
Check out this infographic to learn more:
Remember that every demographic must be taken in to consideration. They will shape your Marketing Strategy, your Merchandising Strategy, and the Supply Chain you need to support your customers.
Millennials are a large and dominant group. Every generation has its own unique set of characteristics, values, and personalities and Millennials arena exception. And we are in an age where people expect more of a personalized experience.
Cater to your Customers. Shape your business to meet their needs. And success will follow!
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