FEATURE
WHY MILLENNIALS SHOULD MATTER TO YOU
The socio-economic impact of Generation Y may sound like a topic reserved for dry business conferences, but even the most basic understanding of how these customers think, shop and live could bring benefits. Sarah Jordan, freelance journalist and content marketing specialist, explains…
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he problem with research, and its facts, stats and complicated looking pie charts, is that it’s rarely relatable. But what struck me about the proliferation of research on Millennials was that I was one of those being studied, poked and prodded for information. As a 27-year-old professional living in rented accommodation, I am the very definition of your average Millennial, yet it was amazing how much I didn’t know about my own generation. If you’re feeling equally clueless, here’s what you need to know. Millennials are defined as anyone born between 1980 and 2000, meaning their ages vary wildly and individuals can’t be tarred with the ‘social media-obsessed tween’ brush. They are the most educated generation in history, lumbered with the most debt and the first generation to be poorer than their parents.
I know what you’re thinking – nothing about this is sexy, or trenddriven or fashion forward. So you have to do both. Be transparent, honest and present a clear mission statement that defines you as a brand. Promote a lifestyle over a simple product transaction – no one returns to a store because the till rang with a pleasing sound, they return because of the atmosphere, the staff or the music. Of course, there’s plenty more research to draw from, like the way three in four customers would rather pay for an experience than a product (Forbes.com), or the way 85 per cent of Millennials are more likely to buy a product if they can watch a video about it first (Animoto.com). The trick is to dive in head-first, learn what you can and make incremental changes to your business one step at a time. If in doubt, ask a Millennial, because they are most definitely all around you. My Flash Trash’s blog © myflashtrash.com
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Sarah Jordan at Jewellery & Watch, Birmingham, speaking about selling to Millennials
Millennials have grown up in a world of sharing; from social media posts to streaming movies on Netflix. All of these work via the medium of recommendations, and research shows Millennials trust their peers above all else – especially when it comes to spending their money. They are wary of crass promotional material, inherently look instead for the bias in features, writers and editorial positioning… on sites such as Northskull and My Flash Trash. The solution is to ask not what you can do for your customer, but what your customers can do for each other. If you can get your most loyal, communicative consumers to talk to others (through social media, in-store events, etc.) you’ll be on the path to success. If you can get these loyal customers to package issues of financial investment, value for money and ‘conscious capitalism’ around your products in video format, there will be a Wizard of Oz-style Emerald City at the end of your path.
Crucially they are the first digital natives who’ve seen only glimpses of a world without laptops, iPads and social media. Why does this matter? Well Millennials are 24 per cent of the adult EU population and the majority are about to enter their peak spending years – if you want their money you need to get wise. According to a Goldman Sachs report, Millennials are putting off key milestones like marriage and home ownership, with the median marriage age climbing to 30 in the 2010s compared to 23 in the 1970s. What this means for jewellers, therefore, is that customers are approaching one of life’s biggest luxury purchases – a diamond engagement ring – older, wiser and more fiscally aware than previous generations. Arguably, this flies in the face of the media’s common portrayal of Millennials as irresponsible and self-absorbed. For retailers, the gut reaction to attract Millennials has been launching onto social media and scrambling to put together a mobile-responsive website. This certainly isn’t wrong, but it’s not the end of the story.
Northskull’s #shareyourstyle © www.northskull.com
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THE VOICE OF THE INDUSTRY 63