Businesses that Cater to a Specific Demographic: Millennials

Last week we looked at businesses that found success by targeting womenGbBIS continues its series by looking at companies that are adjusting their marketing strategies to attract a very sought-after demographic group: Millennials.    

 Check in next week to see which businesses we will be highlighting in our series

 

Image via csulb.edu

Who Are Millennials? 

Millennials are that finicky demographic segment of 13-30 year-olds.  This demographic segment is characterized by their need for immediate satisfaction, as well as their distrust of typical marketing mediums.  Studies show that most Millennials trust their Facebook friends more than corporate advertisements.  They are brand loyal but value, above all else, speed and convenience.

 

Image via scm-l3.technorati.com

Macy’s Millennial Campaign

In March, Macy’s restructured its merchandise team to focus on Millennial shoppers and plans to make other major changes in the next three years to further rope them in. The changes range from infusing tablets and other technology into the shopping experience to changing displays more frequently.  Among its new clothing lines, Macy’s is offering Marilyn Monroe, Madonna, and runway inspired apparel.

 

Image via trbimg.com

Typical Millennial shoopers “shop everywhere, and have access to everything,” according to Molly Langenstein, executive vice-president and general merchandise manager for millennials and new business development at Macy’s. “That is the challenge for everyone going after the Millennials.”

 

A Fast-Growing Demographic Segment

Experts say that by the year 2030, Millennials will outnumber Baby-Boomers—who are currently the most lucrative demographic segment.  It is essential for businesses to devise some strategy for targeting Millennials in the future.

 

Whether your business targets Millennials, Baby-Boomers, or women, an important part of any target marketing strategy is locating your target market.  And that begins with having the right data.  GbBIS offers the highest quality, most up-to-date demographic data for any area in the US and Canada.  Use demographic data to find customers in your area, create customer profiles, and much more.

 

Contact GbBIS today and find how demographic data can help your business

 

Advertisements

2 thoughts on “Businesses that Cater to a Specific Demographic: Millennials

    1. You bring up a great point, Patrick! Psychographics undeniably play a large role in developing a targeted marketing strategy. To get a more complete picture of who your customers are, it is beneficial to analyze as much data as possible–this includes psychographics, demographics, purchasing behaviors, and geography. Thanks for reading and thank you for the comment! 🙂

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s