No matter what you sell, if you operate in the CPG industry you know how important it is to keep up with changing market trends. Generational gaps as far as spending behaviours have likely not escaped your notice over the last few years, but are you taking advantage of all of the opportunities that these generational differences offer? If you don’t have a retail merchandising plan that considers them, probably not.
Baby boomers have long been the largest group being catered to, largely because they represent the largest group of loyal customers. But the old adage “if it’s not broken, don’t fix it” will no longer mean profits in the long run. Ignoring those other generational groups which represent the buyers of the future is not going to do you any favours. Casting aside the fact that in the next 10-15 years they will represent the largest group of consumers, millennials need to be catered to in a very different way than baby boomers.
Now, now, now. Patience is often touted as a key virtue which millennials fail to exhibit. If a product is not where it should be, or if it is not in stock, most millennials are just going to turn to the next best thing, and if they like that product, what is to stop them from purchasing it next time?
Price vs. quality. Millennials tend to be more price sensitive than baby boomers, and so making sure that products are labelled correctly is also important. If a product is priced incorrectly, the cheaper product might be what makes its way into the shopping cart.
So how can you overcome these all too common challenges? Consider working with a retail merchandising company that can provide a suite of services which will help to ensure that your product is where it should be, in stock, and being marketed the way that you want.
Planogram compliance: You have spent the time and resources researching which planogram will be the most effective, so enlisting the services of a retail merchandising company allows you to ensure your expectations are being met.
Quality assurance audits: Are products priced correctly? As mentioned, price sometimes exceeds quality on the wanted list, so making sure that your product is not being overshadowed is crucial.
Mystery shopping: Are employees stocking shelves in a timely manner? Are they able to provide the correct information about your products? A mystery shopper can answer these questions and give you the ability to fix any issues.
Retail merchandising in Canada represents a vital tool by which to attract both those millennials and baby boomers with different marketing tastes. Don’t cast one aside in favour of the other.