MILLENNIAL MOMS: WHY THEY’RE IMPORTANT TO YOUR

PHARMACY

You have probably heard a lot about the Millennial Generation, some positive, some negative. No matter what you have heard, read, or seen about this generation you need to remember one thing - you need them. “Millennials have different motivations, attitudes and behaviors than previous generations, and retailers need to adjust their business strategies accordingly in order to thrive.” – Les Berglass, CEO of Berglass + Associates. Millennials are one of the biggest generations in U.S. history, so to narrow down the group for you, I am here to talk about the Millennial Mom. The mom that is eagerly looking for a pharmacy to help her keep her new family healthy. You can be that pharmacy! The long-term viability of your pharmacy might be counting on her.

TABLE OF CONTENTS 03 Who is the Millennial Mom 04 Why the Millennial Mom 05 Going Digital 06 The Customization Trend 07 The “Cheers” Experience 08-10 Importance of A Referral 11 Four Things to Remember

INTRODUCTION

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Mothers that are considered Millennial Moms were born between 1978 and 1994. How many people is that, you might ask? To give you a few numbers, that is approximately 9 million women, 1 in 5 mothers, or 22% of the generation. They were the first generation to grow up in the digital world, and are proficient in technology. The Millennial generation are influencers and eager to find a company to become loyal to. They are very family oriented, but that doesn’t always mean that they relate to the two parent family image since they are twice as likely to be single. They are ready to pamper their children just like they were. You will need to show them that you care, that you are willing to understand, accept and embrace the values of this generation. Weber and Wick “Digital Women Influencers: Millennial Moms” KRC Research. Millennial Moms represent

46% of total women in their age group.

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CHAPTER 1 WHO IS THE MILLENNIAL MOM?

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By 2017, the millennial generation will outspend baby boomers. “Millennials Are About to Outspend the Baby Boomer, Catching the Retail Industry Off Guard,” Berglass + Associates, Business Wire, Oct. 24, 2013.

Millennial Moms are just as loyal to brands as their parents, and nearly a quarter say they are even more brand loyal. Members of this generation already spend more on an average shopping trip than Boomers. This includes trips to the drug store.

“Nielsen: Millennials Mean Business,” Antoinette Alexander, Drug Store News, April 28, 2014

CHAPTER 2 WHY THE MILLENNIAL MOM

Why is it so important for your pharmacy to be connected digitally? Having grown up with computers , Millennial Moms are eager to try new technology as they have a widely recognized affinity for it . Services such as online prescription refills and text reminders are almost a must for these moms. They make speed, ease and convenience a high priority and will seek out products and services that make their lives more efficient. The best part is, moms are willing to pay for these services!

89% of Millennial Moms live in a household of 3 or more people.

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CHAPTER 3 GOING DIGITAL

Millennial Moms “…have a natural interest in customization and individuality.” Have you seen the recent Coca-Cola Freestyle machines? Or a smart phone that has the owner’s picture as the background? Customization is not a trend. Embrace it, while you can! Think of ways to customize the shoppers experience in your pharmacy. “Nielsen: Millennials: Breaking the Myth,” Nielsen.com, January 27, 2014.

Personalizing the taste of childrens’ medications is a great way to offer customization to Millennial Moms.

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CHAPTER 4 THE CUSTOMIZATION TREND

“You want to go where everybody knows your name” has never been more true than with the Millennial Generation. Find ways to authentically show your customers that they matter. Once you do, your pharmacy has a better chance of mattering to them. The key is to actually care about them just as much, if not more, than you do about the success of your business. Moms know the difference. While moms wait at the pharmacy counter, take time to learn their story and find out what makes them “tick”. *Jiwa, Bernadette.“Marketing: A Love Story: How to Matter to Your Customers” The Story of Telling Press

70% of customers leave, never to return, because they were not

made to feel like they mattered.

*“The Genesys intelligent Customer Front Door: Rolling out the Red Carpet for Increased Customer Satisfaction”

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CHAPTER 5 THE “CHEERS” EXPERIENCE

Making your pharmacy present on social media is a must. Millennial Moms are more active on social media than any other mom, spending an average of 17.4 hours per week on their social network and sharing 35% more content than the average mom. This means that monitoring what people are saying about your pharmacy and encourage positive reviews on websites like Yelp and Facebook. What will customers say to their friends to recommend your pharmacy? Millennial Moms value referrals and recommendations from friends and family. They are more likely to trust them above experts. Never underestimate the power of the referral. Weber and Wick “Digital Women Influencers: Millennial Moms” KRC Research.

90% of Millennial Mom share their retail stories

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CHAPTER 6 IMPORTANCE OF A REFERRAL

It is proven that if a person on social media

“likes” or “follows” your company they

are more inclined to be loyal to your

brand.

Weber and Wick “Digital Women Influencers: Millennial Moms” KRC Research.

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CHAPTER 6 IMPORTANCE OF A REFERRAL (cont.)

Millennial Moms are decision-

influencers. They are more likely

than other moms overall to provide

opinions and recommendations.

Weber and Wick “Digital Women Influencers: Millennial Moms” KRC Research.

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CHAPTER 6 IMPORTANCE OF A REFERRAL (cont.)

Attracting Millennial Moms will take patience and will happen over time. Keep things in perspective by remembering these four things:

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CONCLUSTION FOUR THINGS TO REMEMBER

Going Digital Customization Customer Experience Referrals

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