Millennials: Forget About Em?

Millennials get a lot of press and for good reason. They represent the largest generation in U.S. history and will eventually be a major market for decorative plumbing and hardware showrooms.  However, at the moment, they are not as important as two other market demographics who are:

• Women
• Baby Boomers

Women are the primary purchasers of most everything.  In her groundbreaking book, Why She Buys, Bridget Brennan claims that women make the buy, or are the key influencers, in about 80% of all consumer purchases in the United States. However, few businesses and marketing messages are crafted to appeal to the unique needs of women.  What are you doing to specifically craft messages, services, designs, merchandising and displays that appeal to women?

 

In crafting messages, women for the most part prefer narratives that cohere and stir their imagination.  Women are more concerned with, and will be attracted to, products and sales approaches that explain what a product will do for them instead of its technical capabilities. Typically, women are not going to connect with features and benefits such as gallons per minute or PVD finishes. Focus instead on the health, relaxation and emotional benefits that showroom products offer. Explain how products will make her life and the lives of those that she cares most about easier, more enjoyable or more relaxing.  Men, on the other hand, relate better to tables and rankings.  Brennan observes that "Women are females first and consumers second." The importance of this to the decorative plumbing and hardware universe is that when women buy products, they are not only buying for themselves, they also are purchasing for everyone else - spouses, kids, friends, family and often their older parents, which multiplies their buying power and influences.

 

Washington Post journalists Bob Woodward and Carl Bernstein were aided in their Watergate investigation by a source whom the reporters dubbed, "Deep Throat."  The informant turned out to be FBI Associate Director Mark Felt, who advised the Post reporters to "follow the money."  That sage advice rings true for decorative plumbing and hardware showrooms in 2018.  While Millennials are getting most of the press from marketing gurus because they are the largest generation in history, DPH showrooms are urged to follow the money.  

 

Consumers 50 years and older have 47 times more money than consumers under the age of 50.  Those turning 50 in 2018 are expected to live another 50 years. They are just getting started. What compelling messages are you crafting to appeal to this demographic?