Buyers Meeting Point procurement by Kelly Barner

RSS Feed Buyers Meeting Point procurement by Kelly Barner LinkedIn Buyers Meeting Point procurement Kelly Barner twitter Buyers Meeting Point procurement Kelly Barner scribd Buyers Meeting Point procurement Kelly Barneryoutube Buyers Meeting Point procurement Kelly BarnerAdobeStock podcasticon

Boomers vs. Millennials in the Marketplace

Recently, we were at a hotel and happened to meet the resort president as we waited for our table. We had a wonderful conversation and explained we were celebrating our anniversary. Several hours later, we arrived in our room to a bottle of champagne and chocolate covered strawberries. We were so surprised and found it was compliments of the president. That was amazing customer service and truly they have gained our loyalty.

How do retailers or any organization for that matter gain your loyalty? For decades, the marketing was focused on the Baby Boomers (b. ’43-’64) as they were such a force in numbers and buying power. While that is still the case by spending power, The Millennials ( b. ’76 – ’92) are coming on strong in numbers and soon will be reaching their peak spending years.

This study, by Synchrony Financial, Balancing Multi-Generational Retail Strategies, reviews some of the different approaches and how organizations could benefit from utilizing them. As the subtitle suggests, you want to win over Millennials without losing the Boomers.

The similarities in the two generations are not surprising:

  • Both love coupons and discounts and bargains
  • Both use social media to share recent experiences
  • Both use online shopping
  • Both own tablets and smart phones

The article then goes into some of the differences and suggestions on how organizations should stay current in order to attract the future generation and buying power.

Millennials are more price conscious and make their purchasing decisions accordingly. Boomers are also price conscience but have brand loyalty based on customer service.

While Boomers and Millennials both own tablets and smart phones, they use them quite differently. Boomers have to think and ‘work’ their devices while Millennials use them as an extension of themselves, almost as simple as breathing. The mobile experience has to be fast, helpful and productive for Millennials as a given, not an exception.

With all that in mind, how do these generations and their preferences impact you as a procurement professional? What factors are you considering as you plan your assortment and your go-to-market strategy? What is your approach to the "bottle of champagne" surprise?

Share your thoughts by commenting below or tweeting us @BuyersMeetPoint.

Perception vs Reality: The Real Root Cause of Proc...
New Research Reveals Consumer Expectations for Sup...

Related Posts

 

Comments 2

Guest - Anon on Thursday, 21 May 2015 12:04

Well... another article stereotyping generations.

I'm not entirely sure I agree with any of this if I am being completely honest.

As a "Millennial", I cringe when this word is thrown at me. Usually in reference to how ignorant I am to my surroundings as I'm always on my smartphone, while the boomers in the room tut in disapproval at me like an aggravated parent.

Why do we feel the need to categorise and stereotype everything? Can we just go back to being people? Because that's all it comes down to at the end of the day: individual people, with different skills in a variety of areas that mix together to make them unique.

Millennials are more price conscious and make their purchasing decisions accordingly. Boomers are also price conscience but have brand loyalty based on customer service.


What?! This doesn't even make sense! So, 'boomers' and 'millennials' are both price conscious, but as I was born in 1990, customer service does not affect my thoughts and feelings of a brand? However, if I had been born a mere 15 years prior to this, it would matter? Utter rubbish.

Cut the stereoptypical crap and let's just carry on with our lives?

Well... another article stereotyping generations. I'm not entirely sure I agree with any of this if I am being completely honest. As a "Millennial", I cringe when this word is thrown at me. Usually in reference to how ignorant I am to my surroundings as I'm always on my smartphone, while the boomers in the room tut in disapproval at me like an aggravated parent. Why do we feel the need to categorise and stereotype everything? Can we just go back to being people? Because that's all it comes down to at the end of the day: individual people, with different skills in a variety of areas that mix together to make them unique. [quote]Millennials are more price conscious and make their purchasing decisions accordingly. Boomers are also price conscience but have brand loyalty based on customer service. [/quote] What?! This doesn't even make sense! So, 'boomers' and 'millennials' are both price conscious, but as I was born in 1990, customer service does not affect my thoughts and feelings of a brand? However, if I had been born a mere 15 years prior to this, it would matter? Utter rubbish. Cut the stereoptypical crap and let's just carry on with our lives?
Guest - Cindy Allen-Murphy on Tuesday, 26 May 2015 11:49

The intention of the article was not to stereotype but to indicate the times are changing and organizations need to react accordingly. Not that long ago, retailers used catalogs and mail order for the 'out of store' shopping experience. Any retailer still using catalogs today would find themselves at a significant disadvantage.

The baby boomer generation have been the focus for so long based on the sheer numbers. Everything was impacted from schools to homes to job hunting to vacations. That will be changing over the next decade as the next generation of large magnitude controls the spending power.

The intention of the article was not to stereotype but to indicate the times are changing and organizations need to react accordingly. Not that long ago, retailers used catalogs and mail order for the 'out of store' shopping experience. Any retailer still using catalogs today would find themselves at a significant disadvantage. The baby boomer generation have been the focus for so long based on the sheer numbers. Everything was impacted from schools to homes to job hunting to vacations. That will be changing over the next decade as the next generation of large magnitude controls the spending power.
Already Registered? Login Here
Guest
Thursday, 23 November 2017