Does the person reading your direct mail marketing materials have the spending power in their household? You’ll invest a chunk of money in your marketing efforts in the coming year. Direct mail marketing may even become more expensive with the impending postal rate hike, which means you have to make the most of every piece you send. If you don’t reach the person with the power to spend, you’ll experience limited results.
So, who has the spending power in 2015? Let’s take a look:
Nearly 80 million people make up the millennial generation. This generation includes those born between 1977 and 1995 and makes up more than 25% of the population.
Milliennials get a bit of a bad rap, to be honest. With blog posts and news articles stating that this generation is lazier than those before or that they expect to receive accolades just because others get them (the “every kid gets a trophy” argument), millennials may not receive the respect they deserve. This age group is expected to spend $200 billion in 2015, which means they have some serious buying power.
Do you focus your marketing efforts on minorities? Maybe you don’t even know the race or nationality of those who receive your direct mail campaigns. If you’re not paying attention yet, you should. Did you know African American spending power will hit $1.1 trillion dollars this year?
According to Nielsen, Hispanics will spend even more. With a 50% increase from 2010, Hispanic buyers are projected to spend $1.5 trillion. That kind of spending is worth a bit of tailoring, isn’t it?
Pinpointing women spending power isn’t easy. The numbers are incredible, ranging anywhere from $5 trillion to $15 trillion each year. For some purchases—specifically larger items like homes, cars, appliances, and furniture—women have significant influence over the choices made. For others, such as clothing, household items, groceries, and other everyday purchases, women are the primary buyers.
You may want to consider addressing your direct mail marketing pieces to the women in every household. Even if they don’t make the purchase on their own, they’ll have a big say in what the family buys.
With more focused marketing and targeted content, you can reach these spending powerhouses. You need to know every piece you mail will get results so that you can see a return on your direct mail marketing investment. If you’re ready to grow your business, we can help. Give us a call to learn more about our services.