Affluence is a popular topic among industry thought leaders. Those that are making more than $100,000 annually have the resources to spend more and are looking for high quality products.
While it may take quite a few years for individuals to accumulate these kinds of earnings, some young adults have already reached this segment of the population. As this group continues to grow and provides fuel for the entire jewelry market, many jewelers have found themselves asking:
"How can I improve my marketing to affluent millennials?"
We teamed up with Jeff Fromm, marketing strategy consultant and President of FutureCast, in a research study to better understand these individuals.
This post features a narrowed demographic of millennials, their thoughts and feelings towards jewelry, and their buying behaviors. We also address some options for marketing to affluent millennials so you can grow your reach and boost your awareness.
The Trend Seekers
To further breakdown the millennial population, we will focus on a segment called “Trend Seekers.” Trend Seekers are 68% female and are most likely between the ages of 18 and 24. They are a prime target for bridal jewelry, as 46% of them are not currently married.
Trend Seekers believe that top designers make the highest-quality products and will budget when necessary in order to buy the “right” labels. These women additionally believe that designer labels improve a person’s image and makes them feel more confident.
Trend Seekers may not be looking for luxury in regards to bling, sparkle and pizzazz; but what they are looking for is high quality durable products that are worth paying the extra dollars for. Millennials in general are significantly more interested in the craftsmanship of luxury products and will look for designers who add a personal touch to their pieces to make them more one-of-a-kind.
How Do You Reach Them?
The best way to reach Trend Seekers is to interact with them through digital and mobile marketing. These millennials are glued to their phones, so must-have marketing strategies include mobile-friendly sites, established profiles on social media and text alert programs.
If you are unable to invest in the technology to mobile optimize your website, increasing your social media activity is an inexpensive option to enhance your online presence.
While social media can be a full time job, there are tools available to make it more manageable. For example, services like Hootsuite provide features where you can schedule your Facebook, Twitter and Instagram posts ahead of time.
Spend a few hours scheduling posts for the next couple of weeks, and save time from posting them live (or forgetting to post at all). When scheduling posts ahead of time, remember that it is still important to monitor your pages daily for any comments or questions that may arise.
For the sake of developing trust and loyalty, it’s wise to respond to questions and comments in a timely manner. This reflects how you run your business and the service they can expect from you in the future.
How are you marketing to affluent millennials?
Share your story in the comment box below.
