Research Study Delves into Millennials’ Minds
Economists expect millennials to collectively spend more than $200 billion annually starting this year and $10 trillion in their lifetimes. In other words, it’s a demographic you shouldn’t ignore. It’s also a group unlike any of its predecessors, due to growing up in the digital age.
If you’d like help tapping into the mindset of millennials (and who wouldn’t?), be sure to check out “Marketing Tactics to Increase Millennial Floral Purchases,” a just-released and free resource, courtesy of the Floral Marketing Research Fund.
An arm of the American Floral Endowment, the FMRF provides industry professionals with thoughtful analysis and blueprints to improve their business. It is made possible by contributions from industry leaders.
The latest report was sponsored by Asocolflores and spearheaded by Dr. Chengyan Yue of the University of Minnesota’s Department of Applied Economics and Department of Horticultural Science. It covers such topics as:
- millennials’ attitudes and perceptions about floral products
- barriers to purchase and ways to overcome them
- the lure of loyalty programs and subscription services
- millennials’ preferred sales promotions
- best practices using social media and mobile apps
- creating memorable shopping “experiences”
Getting the report is quick and easy:
- Visit https://floralmarketingresearchfund.org
- Create a username and password.
- Download the report.
If you have an iPad, you can opt to read the report through the iBooks app. The 86-page report is divided into four chapters free of scientific jargon and includes an appendix with detailed marketing suggestions.
Consider assigning different team members to study the various chapters during downtime in the shop and scheduling a full staff meeting where everyone briefs one another on what they learned.