Why Home Decor Brands from Old School and New School Need to Work Together to Reach Millennials

You've likely seen an Instagram ad targeting millennials for Buffy comforters, a new home decor icon. Maybe you came across the Casper mattress ad campaign while on your daily subway ride. Perhaps your friend has some Material kitchen tools.

Millennials are making waves in the home decor market, which has been dominated historically by a few large players such as Williams-Sonoma, Ikea and Bed Bath & Beyond. In the last few years, dozens of e-commerce home goods brands that are direct-to-consumer have emerged. They offer a specific set of home goods in sleek, minimalist designs with transparent pricing options.

These DTC brands have made a huge impact, but their reach is limited. DTC brands and larger home goods chains need to meet in the middle if they are to reach the millennial market.

Loyalty is important - and upselling

A more extensive and broad business model like Williams-Sonoma's has the advantage of being able to up-sell relevantly. Customers looking for home decor and home goods online will find wooden spoons and stainless-tool sets in the "You May Also Like” section. This is even more evident in-store. A consumer shopping for sous vide cooking equipment will find a recipe to make a delicious sauce right next to the checkout counter. It will inspire them to cook with their new gadget.

Casper is one of the few companies that sells a single product line. This makes it difficult to get repeat customers or up-sell their customers, especially if the item is durable or a one time purchase. This is why some of these companies are expanding.

Parachute was originally a luxury bedding company. They have spent the last five years expanding their product range. The brand recently started selling mattresses.

Parachute's CEO, Ariel Kaye, and the Founder points out the advantages of entering the market. "It has become very expensive-perhaps not even profitable-to offer these high-ticket one time purchases like mattresses. He said that we spent five years building brand loyalty among our customers through their purchase of sheets and towels.

Understanding your customer

If you don't know your audience, how can you market to them? Think about the current stage of a millennial's life. Many are buying their first house or moving into new apartments. Many people have children, or are expecting them. Retailers must be able to see where their customers are at different stages of life and help them target the right products. Are you having a child for the first-time? What about a Casper mattress that is child-sized? You're moving to the suburbs. Show them the Burrow sofa they can't fit in their city studio.

Retailers have the opportunity to reach Gen Z, the youngest generation of consumers. These "youngsters", as it turns out, are already in college. Reach these students on campus when they move into dorms, off-campus apartments or to the big cities after graduation. American Eagle and Dormify, a popular furniture and decor company that focuses on dorms, have partnered to bring their products to grads. They had the fans already - they just needed to keep being relevant to them.

You can increase your revenue by recognizing where you fit in the home decorating scene and marketing and displaying products accordingly. These are some of the things you should know.

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Layering up and partnering up

To succeed, you don't need to expand your business model. DTC companies may partner with microbrands to offer comprehensive home goods pop ups or installations.

Brooklinen and Buffy might partner with Casper in their showroom to show a peaceful night's rest, end-to-end. Burrow is a great place to shop for furniture without any decorating accessories. To create beautiful display rooms, they could team up with Clare (paint), and The Sill(plants).

To show how your products work in the home, you can also partner with big box brands like Bed Bath & Beyond. You can use specialty lamps from DTC companies to create a larger BB&B living space display with tables, sofas, and other decor. This allows you to show how your products fit into the larger scheme of the consumer's lives and also gives you a physical presence.

The core furniture they already own is what makes it easy for them to know if the new chaise lounge or fiddle leaf fig tree will look good in their home. You can offer AR tools online, in-store and mobile. To get their imaginations turning, let them experience the products in their own home.

A DTC brand with only one product has its limitations. However, creative retail partnerships can unlock unlimited potential.