As our workforce continues to evolve, our marketing efforts will need to change with it. For the first time in history, we now employ four different groups of people that we must always keep in mind to maximize our business. There is the Silent Generation (ages 61 79). There are the Baby Boomers whose ages range from 42 60, the Generation Xers whose ages range from 25 41 and finally the Millennials whose ages range from 24 and younger. As we continue to grow our businesses and continue to seek to maximize profits, it becomes critical to understand the changes in the marketplace and the demographic shifts. With the pet industry continuing to grow, the four groups identified currently in the workforce will continue to support the growth of the luxury sector of the pet industry. For example, more and more Millennials are waiting to get married and start a family. Raising a pet together helps them to decide and practice on what it will be like when they actually decide to have a family. The pampered pet becomes a true test for the couples. The Generations Xers have been married but have been working diligently on their careers. In turn, they have decided to hold off on having a family as their career reaches new heights. They instead have decided to have pets to offset having children. Of course the baby boomers have had their kids and now are considered the empty nesters. To offset their loss, they are now spending their disposable income on their pets buying only the best for their loved ones. Their purchases range from luxury pet beds, luxury pet carriers made with the finest leathers by the worlds top artisans. Finally, our Silent Generation will acquire a pet for the sheer companionship and love of a pet. If you keep in mind who your target customer is then marketing becomes easy. Each group has a unique way in which to market to. Understanding their lifestyle, work patterns, likes and dislikes can save you thousands of dollars. Any dollar spent should always yield a return. In any business, it is about identifying the opportunity and targeting the customer. Certainly with four age groups of people in the marketplace today, more and more disposable income can be targeted for Designer Pet Products and Luxury Pet Products. Quality and design have become a priority with many clients. Marketing is inclusive of the following: 1. Understand the demographics and target accordingly. 2. Lifestyle demands and needs can help to shape and strategize your approach. 3. Buying for the client when managing your Open to Buy. 4. Targeting the product assortment to meet the needs of the clientele. 5. Merchandising the store to the changing clientele. 6. Evaluating product sell thrus by client. 7. Monitoring profitability by product category and sales per square foot. Be creative in how you approach your marketing to the groups identified. Your strategy that you put together on how to market to your clients will need to be thorough and comprehensive to ensure a maximum return on your investment. Develop your plan strategically and execute logically. |
