Diamonds are forever, they say, but the appeal apparently isn’t. There is a lot of misconception about millennials and their relationship with jewellery. Major outlets posit that the younger generation is killing the diamond industry just as they are destroying the housing market and casual chain restaurants.
But this is not the case at all. Experts predict that the jewellery industry will blow up between now and 2023, so there is still hope. Maybe a lot of millennials aren’t inclined to invest in jewellery because rarely do jewellers market to them. Jewellery retailers tend to stick to outdated means of marketing, which makes them lose out on potential customers.
To sell to millennials, you need to make an effort to understand what they truly want. It would help if you were relatable to them, or else, you risk losing their business entirely. They’re a demographic with a dominant market influence, and your approach to marketing should be designed around what they want.
Below are some tips that can help you sell to millennials:
Observe how they shop
Most millennials are extremely online. A massive chunk of them are tethered to their mobile devices 24/7, and they’re dependent on technology to do pretty much anything. From ordering food to booking transportation to buying necessities, they do it all on their phones.
It makes sense, then, to come up with a way to be visible online. Since millennials prefer to buy things on the internet, you can use digital channels to put your business out there. Utilise social media, create a website, produce online ads, and make informative videos.
Put together a seamless buying experience
Millennials value a seamless buying experience more than anything. If they find that your business involves a tricky purchasing process, you can’t expect them to return.
The key is to make buying as intuitive as possible. Make your website responsive, so it adapts to whatever device they’re using. See to it that your site loads fast, your payment channels are secure, your store policies are accessible and easy to understand, and that you have a platform for customer feedback.
Understand their tastes and preferences
You can’t exactly sell a product that doesn’t fulfil your target audience’s desires. Millennials are smart buyers and don’t easily give in to gimmicks.
For starters, your range of products must have the wow factor that would get their attention. While classic pieces are fine, you must also have eclectic and trendy offerings. Given that millennials tend to gravitate towards high-street brands, your product range should complement and satisfy their tastes.
It’s also vital that you remain transparent. Be honest about how you source your products and the entire production process. You have to communicate why it’s worth investing in jewellery. According to Andrea Davey, Tiffany’s senior vice president of global marketing, millennials value “fine craftsmanship, superlative design and enduring beauty,” so it’s essential to make that distinction to your customers.
Millennials are a tricky group to market to, but it’s not impossible. As long as you have the capacity to cater to their needs, convincing them to invest in high-end jewellery won’t be much of a problem.
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