you've been warned
more bad news on that coveted group everyone tells you to spend all your marketing money on ...
Number Of Millennials Living At Home With Mom Continues To Surge, yet you are still spending all your marketing dollars on them.
Why is that?
what is the job description of a marketing person today?
I become nauseated at all the propaganda that gets tossed out, daily, about how and why retailers need to market to Millennials. Never do I hear the facts, or the research behind the WHY. I will continue to try and communicate the hard facts, hoping that our industry challenges the 'real" facts as they are told and perform their own due diligence before they spend themselves into oblivion.
I don't have anything against Millennials, I have 3 Millennial children and they are very successful and hardworking, as many are. But the facts cannot be denied, and for any brand or retailer navigating the insane retail landscape today .... KNOWLEDGE IS ABSOLUTE POWER IN RETAIL TODAY.
I don't have anything against Millennials, I have 3 Millennial children and they are very successful and hardworking, as many are. But the facts cannot be denied, and for any brand or retailer navigating the insane retail landscape today .... KNOWLEDGE IS ABSOLUTE POWER IN RETAIL TODAY.
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Everytime I write a blog and present facts about subjects that are contrary to the typical marketing narrative, my click-through rate to read the articles plummet. Maybe it's because I come across negative, or too frustrated. I get that, but in reality I write these blogs to help retailers and brands perform their due diligence so they can sell more stuff.
Everyone says "digital" and that's because Millennials are wired. Sure digital marketing is important, but to who? Do you even know the answer to that question? In my industry, marketing is virtually non-existent, except when it comes to furniture markets where the marketers pull out all the stops and spend like drunken sailors to get retailers to come and see their stuff and buy it. After that "market week" ends, "crickets" when it comes to any marketing initiatives that would be remotely focused on helping their retailers marketing strategies to consumers. So why do I keep harping on these issues? |
MY FORMER BOSS AND MENTOR ALWAYS DRILLED INTO ME:
"Water dripping on a stone leaves a mark"
Drip, Drip Drip
"Water dripping on a stone leaves a mark"
Drip, Drip Drip
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The overall general answer to that question is:
To create, to educate, to motivate and to engage.
Here's the problem as I see it.
Everyone is focused on the Millennial Generation. They are focused on them because everyone says you should focus on them because of their sheer size. That is the fundamental problem, because they missed step two in my general job description above .... EDUCATE. So let me do your job for you on this subject.
READ THE ORIGINAL ARTICLE AND RESEARCH HERE
Everyone is focused on the Millennial Generation. They are focused on them because everyone says you should focus on them because of their sheer size. That is the fundamental problem, because they missed step two in my general job description above .... EDUCATE. So let me do your job for you on this subject.
READ THE ORIGINAL ARTICLE AND RESEARCH HERE
More Millennial households are in poverty than households headed by any other generation. In 2016, an estimated 5.3 million of the nearly 17 million U.S. households living in poverty were headed by a Millennial, compared with 4.2 million headed by a Gen Xer and 5.0 million headed by a Baby Boomer. The relatively high number of Millennial households in poverty partly reflects the fact that the poverty rate among households headed by a young adult has been rising over the past half century while dramatically declining among households headed by those 65 and older.
Millennials are the largest living generation by population size (79.8 million in 2016), but they trail Baby Boomers and Generation Xers when it comes to the number of households they head. Many Millennials still live under their parents’ roof or are in a college dorm or some other shared living situation. As of 2016, Millennials (ages 18 to 35 in 2016) headed only 28 million households, many fewer than were headed by Generation X (ages 36 to 51 in 2016) or Baby Boomers (ages 52-70).
Millennials are the largest living generation by population size (79.8 million in 2016), but they trail Baby Boomers and Generation Xers when it comes to the number of households they head. Many Millennials still live under their parents’ roof or are in a college dorm or some other shared living situation. As of 2016, Millennials (ages 18 to 35 in 2016) headed only 28 million households, many fewer than were headed by Generation X (ages 36 to 51 in 2016) or Baby Boomers (ages 52-70).
and you are still TARGETING them as a primary resource for home furniture purchases?
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Despite being the most educated generation ever to walk the face of the planet, at least according to their tuition bills paid by mom and dad, a staggering number of millennials still can't seem to land a steady job. Moreover, despite the steadily improving labor market, as the USA Today points out, the outlook for millennials continues to inexplicably deteriorate with 20% of 26-34 year olds currently living at home with mom versus only 17% back in 2012.
About 20% of adults age 26 to 34 are living with parents or other family members, a figure that has climbed steadily the past decade and is up from 17% in 2012, according to an analysis of Census Bureau data by Trulia, a real estate research firm. The increase defies record job openings and a 4.1% unemployment rate, the lowest in 17 years.
About 20% of adults age 26 to 34 are living with parents or other family members, a figure that has climbed steadily the past decade and is up from 17% in 2012, according to an analysis of Census Bureau data by Trulia, a real estate research firm. The increase defies record job openings and a 4.1% unemployment rate, the lowest in 17 years.
Not surprisingly, a much larger portion of younger Millennials age 18 to 25 (59.8%) live with relatives, but that figure generally has fallen the past few years after peaking at 61.1% in 2012.
but everyone says - Spend All Your budget to market to them
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boomers purchase 50% of everything
yet you're probably spending less than 12% of your marketing budget on them
ABOUT BILL NAPIER
Bill Napier - Managing Partner Napier Marketing Group
Bill has been in the Marketing Industry for over 35 years.
Bill has been the Chief Marketing Officer of several small, medium and large companies throughout his career. Many have labeled Bill Napier as being a “ Serial Disruptor and Strategic Storm Chaser” in the retail and home furnishings industry, a moniker he loves!
In the 90’s, Bill’s marketing agency PMA Network (Promotional Marketing Associates, Inc.), with offices in Minneapolis and Chicago, launched many consumer brands, as well as being a strategic consultant for The Times Square Millennium celebration. He was hired by Ashley Furniture in 2000 as their Chief Marketing Officer (CMO) and was blessed to be part of their astronomic growth from $800MM – $2.7BN over his 5-year tenure.
He has also worked with two other furniture brands as CMO. He has been an industry consultant since 2007 and with his company Napier Marketing Group has developed and managed some of the largest promotions ever done in the industry.
Bill has developed and maintains the largest aggregated marketing informational website for retailers and brands: www.social4retail.com.
Bill is also focused on how technology can help brick and mortar retailers compete with the huge e-commerce retailers. He believes technology, properly implemented, can level the playing field because over 80% of consumers would prefer to shop and buy local
Bill is also a featured writer and speaker in the retail industry. You may have read his "RETAIL RANTS" in many industry magazines, including SMB RETAIL Technology News, Furniture Today, Furniture World Magazine, RetailerNOW and his Blog on www.social4retail.com.
His vast understanding of the issues retailers and brands face to compete in the digital arena, coupled with his humorous interpretation of his knowledge of trends, facts and solutions for helping companies compete, makes for an engaging and informative session for every brand or retailer that attends his sessions.
His passion is to help retail brands & brick mortar retailers grow their business by creating, guiding and deploying successful marketing B2B/B2C solutions integrating traditional marketing with the web/social media.
Bill has been in the Marketing Industry for over 35 years.
Bill has been the Chief Marketing Officer of several small, medium and large companies throughout his career. Many have labeled Bill Napier as being a “ Serial Disruptor and Strategic Storm Chaser” in the retail and home furnishings industry, a moniker he loves!
In the 90’s, Bill’s marketing agency PMA Network (Promotional Marketing Associates, Inc.), with offices in Minneapolis and Chicago, launched many consumer brands, as well as being a strategic consultant for The Times Square Millennium celebration. He was hired by Ashley Furniture in 2000 as their Chief Marketing Officer (CMO) and was blessed to be part of their astronomic growth from $800MM – $2.7BN over his 5-year tenure.
He has also worked with two other furniture brands as CMO. He has been an industry consultant since 2007 and with his company Napier Marketing Group has developed and managed some of the largest promotions ever done in the industry.
Bill has developed and maintains the largest aggregated marketing informational website for retailers and brands: www.social4retail.com.
Bill is also focused on how technology can help brick and mortar retailers compete with the huge e-commerce retailers. He believes technology, properly implemented, can level the playing field because over 80% of consumers would prefer to shop and buy local
Bill is also a featured writer and speaker in the retail industry. You may have read his "RETAIL RANTS" in many industry magazines, including SMB RETAIL Technology News, Furniture Today, Furniture World Magazine, RetailerNOW and his Blog on www.social4retail.com.
His vast understanding of the issues retailers and brands face to compete in the digital arena, coupled with his humorous interpretation of his knowledge of trends, facts and solutions for helping companies compete, makes for an engaging and informative session for every brand or retailer that attends his sessions.
His passion is to help retail brands & brick mortar retailers grow their business by creating, guiding and deploying successful marketing B2B/B2C solutions integrating traditional marketing with the web/social media.
