Gen Y, Echo Boomers, Millennials – it doesn’t really matter what you call them, just make sure you call them into your store. These 20-30 something consumers are spending, in fact they’re spending five times more than their parents did at their age. In this market, if you’re not plugged into the demands, desires and decisions of this lucrative market segment, then you really should be considering whether in ten years you’ll be plugged in at all.
So how do you pull in the Gen Ys? What are they looking for? And what makes them a market segment to rival the bridal business. In this monthly round-up find out;
- How to make the fashionably focused – focused on your product.
- How to increase your non-bridal sales.
- How to convert the fashion focused browser into a fashion focused buyer.
- And how to ensure your product selection features the ‘must haves’ that span the generations.
Cultivate With Creativity. Tell a story with your product. The piece itself doesn’t only need to be visually appealing – so does the display. It needs to reflect a sense of the consumer’s lifestyle aspirations. Think Anthropology. It’s a shopping experience – not just a shop. A candle holder by itself is just a candleholder, but when it’s laid out on a faux French Farmhouse antique table with the smell of fresh bread piped through the overpriced air-freshener, it suddenly becomes a symbol of an aspirational lifestyle. Your displays should do the same. Highlight the jewels in a style that evokes desire. Color grouped rings lined up on finger holders is only telling the story that this store ‘isn’t creative’.
Customize, individualize and if possible, let customers have some degree of design input. Try to integrate customization into selected products or lines. For the Gen Y crowd, style begins with individuality. Pretty much every online store provides an option to etch, sketch and personalize a product and so should you. Conformity is so last century…… From initials and numbers to personalizing gemstone choices in a piece, it’s all about differentiation and individualization
Make sure you’re as up to date on the trends as your teenager/daughter/niece/ babysitter. Even better, ask them what’s hot. Fashion books, gossip rags and trend blogs, there’s no excuse to be trend-ignorant. We’re not saying jump on every trend train that pulls in – but be up-to-date on the colors, styles and must-have jewels rocking the red-carpet and runways. If you carry brands that are lucky enough to have a celebrity placement, use it to every advantage. If you see something on the red carpet that is similar to what you carry, make sure you market it. From counter-cards to ‘as seen in’ promotions. Celebrities are today’s arbitrators of fashion.
An educated customer is the best consumer. Gem advice, newsletters, diamond knowledge, precious metals explanations,every morsel of info can be found at your fingertips (literally). Make sure your sales staff is as up to date on what’s happening as you are. From informational leaflets to glossy promotional literature, don’t let anyone leave your store empty-handed.
Instilling the passion. Make sure your team on the shop floor is as passionate about the product they’re selling as you are. It’s hard to effectively sell something you don’t like, so help them find a story in every jewel and give them the tools to tell that story. Your sales teams are the ones at ground zero and should be equipped with as much artillery as possible. If they don’t know their sapphire from their citrine or have no idea what brand they’re selling, how can you expect the consumer to feel confident in their purchase? Hold weekly meetings to update the team on what’s new, what’s happening and your expectations for the coming week. At the same time, find out from them if they’re seeing any trends in consumer queries or what information or tools would help them with sales.
Everyone wants to have and experience luxury. If a consumer knows they’ll receive a luxury shopping experience and still receive value for their money – then you’ve got yourself a guaranteed repeat client. When a customer leaves a jewelry store, they should have the same pride of achievement if they spent $10,000 or $100.
Never seen this before! Pricing pressures and a difficult economy have resulted in jewelry manufacturers thinking out of the box when it comes to producing desirable product at attractive price points. Unusual gems, alternative metals and sleek styling’s – it’s a brave new jewelry world out there.
Source the Super Sellers. According to the Pantone Color Trend report, versatile neutrals and bold spirited hues are going to be seasonal sensations. Diamonds set in worked gold, along with silver and pearl combinations remain perennial sure-fire bets. When paired with turquoise, onyx, purple sapphires, amethyst and grey/black diamonds, pink gold and titanium are also slated to be up there in the stakes of 2012 mega sellers.
Nostalgia is taking over. Madmen, The Great Gatsby, L ‘Artiste, Pan Am – from estate jewelry to Art-Deco inspired collections – the vintage feel is everywhere. Make sure it’s in your store.
And finally, don’t believe them when they tell you that if you build it, they will come. You need to get the message out that you’ve built it. Advertise smartly. Choose the medium with care and consideration. Be it print, online, radio or local T.V. – make sure the product you’re advertising will speak to the targeted audience.