Friday, June 24, 2016

Would you jump off a bridge if your friends did?



A new study from Cue Connect has identified five different segments when it comes to Millennial shoppers. They are:

1. The Social Shopper - who can't make a decision without the input of their friends.
2. The Bargain Hunter - more likely to buy if they have a discount code.
3. The Elite Shopper - likes to be pampered.
4. The Impulse Buyer - buys "suggested items."
5. The Frugal Fannie - only shops when she has too. 
(Loechner, 2016)

What do you think?  Does one of these descriptions fit you?  Or someone you know?  How should companies tailor their approach to appeal to people who fit this description?  Or one of the others?


Loechner, J. (2016, June 23)  Millennial Shoppers' Innermost (Shopping) Thoughts.  mediapost.com.  Retrieved June 23, 206, from
http://www.mediapost.com/publications/article/278462/millennial-shoppers-innermost-shopping-thoughts.html

3 comments:

  1. I would say that, per example while buying groceries, I would fit the description of a Bargain Hunter. Though, when I am doing more expensive and personal purchases, like clothing, I would be more interested in the opinion of my friends, while shopping. I think the approach for a Bargain Hunter would be in the direction of package deals, discount offers in stores, discount coupons in media, or per example free gifts of collecting stamps (like when you buy 7 coffees in a coffeeshop, you will get the next for free). Or like McDonalds, that has as smart marketing strategy, with including a toy for the kids, in their Happy Meals. And after free coupons, customers are more willing to return. And as far as the social shopping goes, I think it is important for costumers to have the possibility to get good advice while in stores or shops. So it would feel like they are shopping with friends. Personally, I think that Victoria's Secret is doing a good job on this one. The staff is well instructed, able to give good tailored advice while fitting and makes you feel welcome, which helps building a good relationship with your customer.

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  2. For important purchases that serve a distinct social function, such as a dress for an event or an expensive "staple" wardrobe item, my friends and I are Social Shoppers, as we seek others' validation in anticipation of judgment upon wearing the purchased clothing.

    For groceries, medicine, and commodities of a similar nature, I am actually not a Bargain Hunter. Though it would be rational to be one, I have an implicit bias toward and trust for brand names (i.e., Advil over ibuprofen)... a sign of good advertising!

    Companies should deter Social Shopping because it adds another step in the purchasing process -- and one that can serve as a significant barrier to buying. Cathelijn's Victoria's Secret example is a wonderful because the employees play the role of the validating friend. Other stores, such as boutiques and luxury stores, take the concept a step further by literally training sales associates to behave like friends to clients. Periwinkle, a high-end boutique in Palm Beach, FL, takes VIP shoppers out to drinks and texts them personally when new items arrive. This friendliness not only minimizes Social Shopping but also fosters trust and, therefore, customer loyalty.

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  3. I fit the Frugal Fannie description except for the "her" part. I don't buy socks or underwear until mine are reduced to threads (such a dude, it's embarrassing). I won't buy a new razor until my current one slashes an artery. So I respond to a sort of empathy and cynicism from a brand, them knowing it's torture for me to shop, but still that it's necessary -- "so here's the least painful way to do it." I appreciate that.

    Companies can best reach people like me by serving up unobtrusive messaging, not doing page takeovers or obnoxious banners. There has to be a cleverness to the communication served up with a reasonability. Shouldn't pander, but like I said, empathize. Also, play off the necessity factor. What's great about GEICO is they know their product is pretty much required for anyone with a car, so they decided to entertain with their spots rather than jam RTBs down your throat. I have GEICO car insurance probably for that reason.



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