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Not All Customers Are Created Equal!

Dr. Stephan Liozu discusses the importance of segmenting your customer base in terms of generational differences and how that can impact your customers' buying behaviour.

Millennials StatSegmenting your customer base is a must-do for retailers. Shoppers have different needs, preferences, and buying behaviors. Generational differences will also impact how online and brick-and-mortar retailers target their marketing efforts. The Millennial generation is mobile. They are willing to buy almost anything online using their smartphones!

But brick-and-mortar retailers need to realize that Millennial customers seek a different customer experience, look for differentiated offerings, and are willing to buy more expensive items based on trends, fads, and peer reviews. A small portion of these customers actually devour luxury items! Millennial customers live a different type of life, mostly in the fast lane and in the virtual world. They are attracted to unique experiences based on a renewed entrepreneurial spirit and the power of online peer reviews. What does this mean for brick-and-mortar retailers? These retailers need to target these unique shoppers with unique marketing programs that combine virtual and physical components. Millenials represent a growing population with tight budgets, but with different shopping patterns and perceptions of value.

About the Author
Stephan Liozu is the Founder of Value Innoruption Advisors and specializes in disruptive approaches in innovation, pricing and value management. He also has a Ph.D. in Management from Case Western Reserve University and can be reached at