Veterinary clinics should focus on promotional products for veterinarians—particularly pet food—especially when they target millenials as their customers. Millennial pet owners account for the biggest share of spending on food for their animal companions. In fact, 35% of all pet owners in the U.S. belong to this generation. The American Pet Products Association (APPA) said that they remain the biggest market for veterinarians not only because most of them own pets compared to people from other generations but also due to their willingness to spend extra on quality products and veterinary care.
A Multibillion-dollar Industry
Americans spent $41.2 billion on their pets in 2007, and this has increased to almost $70 billion in 2017. During the previous year, it rose again to $72.56 billion primarily because of millennial pet owners based on the APPA’s report. Veterinary care represented $18.11 billion of the overall amount, which means that clinics and pet doctors alone are already a huge business in the first place.
If you still do not know how to market yourself to the right audience, it is obvious that you may lose potential business. While people spend more on their pets, it does not mean that you will benefit from the trend without exerting any effort. Several companies offer promotional products for veterinarians that leave positive impressions among their clients. Thus, it will not hurt to try, especially if you want to expand your customer base.
The Reason Behind Millennials’ Pet Ownership
A personal connection with millennial pet owners is arguably more important for a veterinary clinic than offering affordable services. Your clients will likely look for someone they can trust with their pets’ health and wellness. Money is not a problem since they will fork out money whenever necessary.
The reason behind their willingness to splurge on their pets involves their marital status. Younger people today are 50% more likely to be single than older generations. Most of them postpone having a family, and this only means a bigger disposable income. Some people will even spend more on pet products and services than they do on themselves. This led to the emergence of novelty services such as pet funerals.
The Pet Funeral Industry
It is no longer strange to hold a funeral for pets, particularly among millennial pet owners. Unlike in the past when people just buried the remains in their backyard, a proper burial or cremation has been a more preferable choice for owners.
The International Association of Pet Cemeteries & Crematories, which has 250 members in 15 countries, said that there are around 750 pet cemeteries in the U.S. Veterinarians should carefully think about how they want to extend their sympathies to their clients. This is important to build a longer-lasting connection.
While pet owners from all generations are important to your business, millennials deserve extra attention because of their spending power. You should consider using a mix of new and old promotional strategies to target this market. How do you plan to lure more millennial clients?