Source: Betteridge Jewelers
Long gone are the days where your customers were limited to a population of shoppers who lived within a modest radius from your store's location. As a result of our advanced level of technology, our reliance on internet resources, and a shift towards online shopping, those shoppers are no longer guaranteed to be your customers. Simply put, the face of customers are changing with the arrival of the millennial generation, representing 200 billion dollars in buying power. Getting and retaining customers will never be the same.Let us explore who these new customers are, what they respond too, when they respond, where they look for information, how they behave, and why this is so important! Then lets talk about practical applications to this information.
Who
If you are not marketing to the millennial generation you are missing out on current and future sales. According to Barkley, "80 million members of the millennial generation (born 1977 to 1995) represent 25% of the U.S. population and more than $200 billion in annual buying power." According to The Harmon Group, there are 3.7 million more millennials than there were baby boomers and 20% of all millionaires are in this generation (a generation, just coming to power). It is important to understand that this is a tech savvy, globally conscience generation of consumer who are unique in that they do not respond to traditional marketing methods; such as print ads or post card mailings. Old methods of marketing will not work.
What
This is a visual generation that has spent 50-100% of their life around the internet. They prefer search engines over phone book, blogs over magazine articles, and social media posts over watching the news or reading a newspaper. As a member of this is a generation, we need of of instant gratification. Our time is limited and we are being pulled in a dozen directions at once. Your marketing efforts need to be precise, digestible within seconds, and addictive.
When
Timing is key, if the information you are providing (in place of advertisements) is not relevant they will likely end communication with you. Therefore, advertising engagement rings in January is too late and advertising mother's jewelry in March is too early. You need to get in the mind of your consumer (their daily habits, worries, and indulgences) to see what they will find appealing at any given date or time. This is called creating a persona and will allow you to more effectively communicate your marketing messages to the correct person. The number of personas you create is based on the variety of consumers you want to attract.
Where
The millennials are 'green' consumers; postcards and catalogs are wasteful and passe and take time and attention to digest, which they are not accustomed to doing. Online marketing such as social media, blogs, and email campaigns are fast, environmentally friendly, and with the rise of smart phones, are immediately available for consumption. Learning what channels to target each of your personas will help you fine tune your efforts.
How
Since your message needs to be instantaneously digested, images are vital! Why images? Simple, 90% of information that comes to the brain is visual (Source: Webevents). Likewise, 94% more views occur on articles with images related to the content and 60% more customers will consider your store if an image appears in a local web search (Source: MDG Advertising). That is the power of a picture!
Why
200 billion dollars of buying power.
Now that we have established the "who, what, when, where, how, and why" of these customers, lets look at three simple actions you can take, right now, that will help attract these new customer and expand your business.Step 1Create as many "personas" as you feel is necessary to grow your business. And Yes, give them names. I know what you are thinking, naming fictitious people is crazy. I felt the same way when I tested this strategy but looking back, it was the most efficient way of tracking my efforts. Likewise, it allowed me to personalize our message. After all, if you treat people like numbers and statistics, they are going to feel like a number or statistic. You are a pillar in your community, you have never treated your customer like a statistic and now is NOT the time to start.
Step 2
Create regular visual based content that appeals to each persona. The interests, needs, and social platform (Facebook, Pinterest, Instagram, Twitter, etc) is very different from generation to generation, and will very within a generation. Likewise, the buying habits of college graduate will be very different from that of an empty nester looking to finally treat their self to a few sparkly jewels! Don't bog any of your personas down with information that is not in tune with their persona. If you do, they will likely "opt out" of your emails, unfollow you social streams, and unsubscribe to your blogs. Remember, with these new marketing techniques the aim is to engage the millennials, keep them visual, fast, and exciting. Here are the best avenues to reach millennials:
- Social Media - Facebook, Twitter, Instagram, and Pinterest are free platforms. Yes, FREE! Get as many accounts going as you feel fits with your targeted personas and be sure to place links to these pages on your website. Remember, keep your postings visual. Image based posts grab and hold attention better than text posts.
- Blog - Blog writing will not only make your store's website a valuable resource for your current and potential customers but you will add valuable keywords to your website, thus, increasing your ranking on Google. Again, use ample images in your posts to keep readers interested and engaged.
- Blast Emails - Start collecting your emails now. There are endless email services that you can subscribe to at a rate much lower than the cost of publishing a newspaper advertisement. Plus, with the blast you will get your message in front of the right person each time. Make sure your emails have adequate image content to keep your customer's attention.
Step 3Re-evaluate every step of the way. Styles change like the wind, as do the popularity of platforms; staying current is key to your success. To test your platforms try releasing a special offer on one social media site only and see who responds.While the core of this blog was focused on targeting the consumer, which may see cold and numbers driven, in the end you know quality, you know your dedication to your community, your are keeping your neighbors employed, and you are keeping Main Street store fronts full. The vitality of your store is good for everyone. So, take the correct steps today to keep America alive and strong by staying strong and alive!
Email us for an in store appointment at info@jabel.com