You’d have to be living on Mars to think that the advertising tactics of yesterday are the same tactics that reach and engage the youth of today. The media landscape is changing before our very eyes. Young consumers are in complete control over their content, audiences are consuming their information through multiple screens, and an engaged consumer trumps an exposed consumer.

So, how does this apply to driving consumers in store to buy your product? If you’re a buyer, no matter the category, you are concerned with how your on-shelf products are being marketed. 

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The South Beach and New York City Wine and Food Festivals are four-day, star-studded gatherings that showcase the talents of the world’s most renowned wine and spirits producers, chefs and culinary personalities, while raising money for education and to help fight hunger. “The goal was to create a world-class event and food festival that helped raise funds in Florida for education and in New York City for the hunger causes,” says Lee Brian Schrager, founder and vice president of corporate communications and national events at Southern Wine and Spirits of America. “People have a great time, they get educated and meet great chefs and winemakers, but the bottom line that is most important is raising funds.”  

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While marketing to millennials includes technology outreach such as cell phones and social media, experiential marketing inside stores is also important. While providing shoppers with an environment that is sophisticated, attractive and friendly, presentation and attention to detail are critical. 

Millennial Impact

Millennials have become a dominant buying force. A 2014 study by Accenture described them as “a trillion-dollar demographic” that has transformed shopping. Accenture’s study put the number of millennials in the United States at 80 million and estimated their annual domestic spending at $600 billion. “If retailers want to give millennials the seamless experience they have come to expect, they must radically change the way they operate,” the study warned. Agencies helping stores transition from traditional marketing agree. “You need to connect on some level because there has to be engagement,” says Christina Papale, vice-president of strategy for CBX, a New York-based brand agency. 

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Global expansion and omni-channel are necessary to business growth, but if not done correctly, retailers often lose profits from high operational costs in areas such as the supply chain and supplier management. These costs often stem from lack of visibility in both the physical and financial supply chain. The latter has created such inefficiencies in operating models that the procure-to-pay process (P2P) has become a hot topic for retailers to master to mitigate financial risk and bring their costs down.

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