ASTRA’S INSIGHTS
Catering
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T O Y OUR CUST OMERS
How to Reach Millennials & Baby Boomers
by Sue Warfield, director of member relations, American Specialty Toy Retailing Association (ASTRA)
ho is most important in the lives of today’s kids? Their parents and grandparents, of course. As it turns out, the very same people are critically important to the success of the specialty toy business. Kids may know them as Mommy, Daddy, Grandma, and Grandpa, but in business terms, they are part of the demographic cohorts known as millennials and baby boomers. Both generations are large and influential enough to have a huge impact on our industry’s future. Members of the American Specialty Toy Retailing Association (ASTRA) need to understand and cater to them. So, who are they and what do they want?
for me?” is the key. It has to be something truly of value for this generation. Reserve a shopping night once a month, or offer personal shoppers just for your loyalty customers. When new products arrive, choose which items to promote and make them available to your loyalty customers first. • Think beyond your store walls. Take your store and your healthy play message “beyond the lease line.” Millennials want convenience and they crave flexibility. Go to them. Try planning some road shows. Host fundraisers at local daycare centers and organize community education sessions where you can present an “importance of play” class for a parenting group. Get creative!
The Millennial Generation
The Baby Boomer Generation
Millennials—sometimes known as GenY—were born between the end of the 1980s and the beginning of the 2000s. By the next decade, they will replace their parents (the baby boomers) as the largest buying group in the U.S. The most influential group of millennials when it comes to buying decisions is millennial moms. These consumers are going online to research products and make purchases, and they also visit brick-and-mortar stores because speed and convenience (“I want it now—today”) are very important to them. They also put a big value on social connections, whether in person or via social media, and many choose to spend their money at locally owned businesses. Here’s what we can do to cater to millennials: • Embrace technology. Make sure you have a website for your business—one that works well on a smartphone or a tablet, not just on a computer screen. • Prioritize speed and convenience. Quick checkouts, convenient hours, and ease of shopping—online, over the phone, and in store—are vital. • Make your store look awesome. Your website, outside signage, Facebook page, and all forms of media should be visually appealing. Make customers want to come into your store. They are accustomed to instant gratification, so if you make them fall in love with your store and the products inside, they’ll make purchases right away. • Make your loyalty program appealing to millennials. “What's in it
SPECIALTY TOYS & GIFTS
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Baby boomers are aging. Now in their late 50s, 60s, and 70s, they tend to be active in the lives of their grandchildren. Raised without the multimedia, gizmo-laden tech toys that are so prevalent now, today’s grandparents understand play that incorporates imagination, movement, and simple features that let children make up their own stories. Here’s how we can cater to boomers: • Consider them for your in-store events. Try after-hours events for grandparents to relax and shop with others from their generation. Or host grandparent/grandchild play days. Art kits are great for these events. • Accommodate aging customers. Place products where they are easy to see and reach, and keep the aisles tidy so they are easy to navigate. Go out of your way to help older customers find what they’re looking for. • Cater to their nostalgia. Carry toys and games that remind them of their childhood. It may be old standbys that you carry or new games that have the same type of play pattern. • Keep good records. Grandparents think there are no better grandkids than their own. They want to tell everyone about them. Get to know the grandparents and ask about their grandchildren by name. For many years to come, retail will be driven by the priorities of millennials and baby boomers, and the way they like to do business. ASTRA’s mission is to help our members grow their businesses through education and sharing ideas, information, and resources. ●
MARCH/APRIL 2015