EYE on GEN Y – Macy’s goes Millennial
Posted by Ann Fishman on Mar 25, 2012 in Generation Y, Marketing, Millennials | 0 comments
Today begins a new series of blog entries – called EYE on GEN Y. It’s the latest buzz on Gen Y.
Gen Ys, aka Millennials, spend some $65 billion each year for the type of goods typically sold at Macy’s. So, it’s a no-brainer that Macy’s has just announced a new initiative to build its relationship with Millennials, whom they define as young people ages 13 to 30.
Macy’s separates Gen Ys into two groups: its mstylelab is a shopping experience for 13- to 22-year-old Ys, and Impulse is targeted to shoppers 19 to 30 years of age.
Other changes: more e-commerce, mobile initiatives, and social media (more tablets, texting, tap-and-go transaction processing, offers delivered via mobile, microsites and bloggers.)
Fishman’s five hints for Macy’s Millennial outreach:
- Ys trust word-of-mouth (mouse) marketing from their friends, so if a Gen Y shopper has a bad sales encounter, you can bet it will go viral. Do Macy’s sales people know how to communicate with Ys?
- Ys like experiences. With a three-year plan for implementation, how does Macy’s create the buzz H&M, a competitor, had on its opening day? or, Apple has on ANY day?
- Ys like speed. Can Macy’s develop and produce a collection within two weeks like Zara’s, another competitor?
- Ys shop with their BFFs. Is Macy’s giving group discounts? Two friends shopping = an extra 10% off; a three-friend discount might be 15%. OMG
- Ys are a generation of volunteers. As Macy’s plans to fine-tune its marketing geographically, becoming the go-to company that supports local Gen Y volunteer efforts will mean a lot.
One last point: In focusing on the Gen Y/Millennial shopper, don’t overlook Baby Boomers, the engine driving America’s retail spending. Hell hath no fury like a Boomer made to feel old and out-of-touch when she visits Macy’s.