Generational differences in the CPG retail market have become a common pain point for many marketers when it comes to targeting. Knowing how to market to the different wants and needs of the different generations is crucial – but how do you determine those differences and what marketing strategies work best when it comes to consumer behaviour?
A recent RetailWire article, “Millennials depend on word-of-mouth more than Boomers,” which looks at a study done by Radius Global Marketing Research, gave some key insight into this consumer behaviour. As evidenced by the article’s title, millennials (those aged 18-32) are more heavily influenced by word-of-mouth than Baby Boomers (those aged 49-67).
In the study, those surveyed were asked what factors played into their decisions to purchase, and for Millennials, word-of-mouth emerged as the leading purchase influence. In comparison, for Baby Boomers, word-of-mouth ranked as the 3rd highest influencer behind recommendations from sales reps and advertising.
So what does this mean for you? Evidently, with such a vast difference between what is prompting individuals to purchase, a one-size-fits-all approach will not even begin to reach all of your target consumers. It might be time to rethink that strategy to get it more in line with consumer behaviour.
For more on how consumer behaviour can influence your retail merchandising strategy, please contact Storesupport today by calling 1-877-421-5081 or visit us online at www.storesupport.ca.