Millennials get a lot of press. They are the largest generation in U.S. history and will eventually be a major market for kitchen and bath showrooms. However, at the moment, they are not as important as two other market demographics which are:
Women are the premier purchasers of more or less everything. What are you doing to specifically craft messages, services, designs, merchandising and displays that appeal to women? In her groundbreaking book, Why She Buys, Bridget Brennan claims that women make the buy or are the key influences in about 80 percent of all consumer purchases in the United States. However, few businesses and marketing messages are crafted to appeal to the unique needs of those who buy most everything.
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 number of layers of finish, btu capabilities or connectivity. Focus instead on the health, relaxation and emotional benefits that a new kitchen or bath will bring. Explain how a new kitchen or bath 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. That’s why men are more concerned with the bells and whistles on high tech appliances and women would rather allocate more of the budget to cabinets. Brennan observes that “Women are females first and consumers second.” The importance of this to the kitchen and bath showroom universe is that when women buy products, they are not only buying only 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 writers 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 sagely advice rings true for kitchen and bath showrooms in 2018. While Millennials are getting most of press from marketing gurus because they are the largest generation in history, BKBG 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?