MEDIA |
JULY 2022
CURATE FOR YOUR CUSTOMER
CREATE A UNIQUE GALLERY OF JEWELRY TO APPEAL TO YOUR TARGET CUSTOMERS
“CURATE” is one of the buzz words that you hear often today – from a curated menu to content curation A curator is a subject-matter expert who is skilled in:
- SEARCHING
- COLLECTING
- ORGANIZING
- ADDING VALUE, PERSPECTIVE, COMMENTARY, CRITIQUE
- PRESENTING / PUBLICLY SHARING THE BEST RESOURCES / ARTIFACTS ON A SPECIFIC THEME / TOPIC / ISSUE / EVENT FOR A SPECIFIC AUDIENCE
DOES THIS SOUND LIKE YOU?
As you curate your merchandise selections for the coming season you will be doing so with your target customers in mind. Outlined here are some ways to effectively reach each generational consumer group as well as suggestions on jewelry collections that are most appealing to each. Which generations respond best to telephone calls, who is most likely to shop in-store, who is motivated by price or gets hooked because a brand is endorsed by a celebrity? Read on…
As you curate your merchandise selections for the coming season you will be doing so with your target customers in mind. Outlined here are some ways to effectively reach each generational consumer group as well as suggestions on jewelry collections that are most appealing to each. Which generations respond best to telephone calls, who is most likely to shop in-store, who is motivated by price or gets hooked because a brand is endorsed by a celebrity? Read on…
WHAT ARE THE GENERATIONS?
There are five generations currently identified in the United States:
Gen Z or Centennials: Born 1996 – mid 2000’s
Millennials or Gen Y: Born 1977 – 1995
Generation X: Born 1965 – 1976
Baby Boomers: Born 1946 – 1964
Traditionalists / Silent Generation: Born before 1945
CURATE “CLASSICS” TO OFFER TO BABY BOOMERS
Born between 1946 and 1964, Baby Boomers are spending heavyweights due to their population, higher incomes, and large family sizes. They are receptive to direct marketing/sales tactics. They like to talk to real people. Boomers have the highest value as consumers in the market today! They spend the most money on each shopping trip, and as they reach retirement age, they are more likely to splurge on items that aren’t on the grocery list. They spend the most across all categories and the most per transaction, preferring premium brands and stores. But they also have the tendency to spend more than they save.
BABY BOOMERS
Annual Spend: $548.1 billion
Social media channel of choice: Facebook
Most responsive to: Traditional Advertising
1. Take Advantage of Brand Loyalty
If you empathize that your store offers quality brands and reputable service this customer would most likely be interested in styles that are considered “classic” for an indefinite amount of time.
2. Go for the Up-Sell
A great way to capitalize on the extra cash Baby Boomers are dishing out is to utilize upselling. Upselling can also help build better relationships with your customers; it’s also much easier to upsell than to generate a net new sale!
3. If It Ain’t Broke, Don’t Fix It
This generation is the most susceptible to traditional marketing and sales tactics. Boomers tend to want to talk to a real person before they make a purchase. Marketing tactics seen as intrusive on their personal lives are not welcomed, but traditional television and newspaper ads are okay! There is a huge opportunity to grab those extra dollars that Boomers are dishing out! Boomers are more likely going to be okay with splurging on themselves in retirement.
BABY BOOMERS ARE LIKELY TO SPLURGE.
SEEK COLLECTIONS FOR GENERATION X
The neglected middle child. Gen X is the smallest generation, born between 1965 and 1980 Gen X is largely ignored by marketers, but they spend the next highest amount behind boomers. This generation’s importance will continue to grow as they’re in their earning prime (and boomers start to spend less in retirement). Gen Xers are top spenders for all categories.
Gen Xers are busy! They’re dealing with children, paying mortgages and tuition, and working a LOT. Turns out, they’re also on online—more than 80% of this generation reports that they are on Facebook & Twitter. They grew up without the online shopping experience, so they still enjoy a trip in-store, but have fully embraced online shopping as well.
GENERATION X
Annual Spend: $357 billion
Social media channel of choice: Facebook, LinkedIn
Most responsive to: Word of Mouth, Email Marketing
1. Service Satisfies
Jewelers beware, they appreciate when a retailer recognizes them and provides follow-up and prompt service
2. Email Marketing is Meaningful
It might seem like old news, but it is still the best way to communicate with Generation X. This generation is already plugged into Outlook constantly for work and updates from family, it is natural that they would react positively to retail emails.
3. Try Direct Mail
You may not expect what seems to be an outdated form of marketing to work with this generation. But, according to a study from InnoMedia 86% of this generation brings in the mail every day and 68% have used coupons they received in the mail.
GEN X SPEND THE NEXT HIGHEST AMOUNT AFTER BOOMERS
MARKET TO MILLENNIALS
Millennials were born between 1981 and 1999 and came of age during the early 2000’s. Millennials are starting to earn more now. They’re establishing their careers, paying off student loans, getting married and having families. Their spending power is growing larger, but budget restraints result in less spend per transaction. They are the least frequent in-store shopper. This generation is the most responsive to online shopping opportunities and recommendations from friends and family.
MILLENNIALS
Annual Spend: $322.5 billion
Social media channel of choice: Instagram, Facebook, Pinterest
Most responsive to: Reviews, Blogs
Jewelry Innovations
Serinium with Bourbon inlay and grain finish
MRSP $636
800.872.6840
1. Use Reviews!
Millennials are reshaping the way that goods and services are being marketed by staying unresponsive to traditional marketing tactics. 68% report that they won’t make a major decision until they have discussed it with people they trust. A great way to market to this generation indirectly is to make sure your online reviews and customer experiences are up to par!
2. Social Media Incentives
To try and harness the power of a millennial on social media, add incentives to your marketing plan. According to Yahoo, 63% of millennials would be more likely to “check-in” to a business on social channels if it meant they’d receive a coupon or discount; 20% off is enough of an incentive to prompt 50% of respondents to visit a retail location.
3. Try Radio Commercials
Radio advertising may seem like an old-school marketing trick but 93% of millennials report listening to the radio for a total of around 11 hours per week. In fact, more millennials listen to the radio than Gen Xers or Baby Boomers, and podcasts are becoming just as popular as Netflix shows.
Satisfy the Millennials with …. collections that offer lasting style and value.
ONLINE REVIEWS ARE IMPORTANT
CAPTURE THE SILENT GENERATION
The “silent generation” are those born from 1925 to 1945 – so called because they were raised during a period of war and economic depression. This group is small but at 24 million people strong, it’s still a group that deserves your attention – especially because silents, rank as one of the wealthiest generations The silent generation doesn’t always spend much. But when silents spend, it’s selective and with the intention of enhancing life. Their pragmatic spending reflects their priorities and splurge on what they want.
THE SILENT GENERATION
Annual Spend: $162.9 billion
Social media channel of choice: N/A
Most responsive to: Direct Mail
1. Think Through Your Imagery
Because this is a generation that places a high value on family, consider using images that portray a feeling of community or familial connectedness instead of simply opting for clichéd images of elderly individuals.
2. Direct Mail Delivers.
Traditional media channels are still your best bet when advertising to Silents. You’d be wise to share messages with this group primarily via letters, postcards, newspaper ads and the like.
3. Be Thoughtful About Layouts and Font Size.
A complex design and small text run the risk of frustrating Silents and making your marketing pieces difficult to read. Prevent this scenario from occurring by using large font sizes, concise wording, a simple design and a clear, easy-tocomprehend layout.
Deliver to the Silent Generation with traditional collections that offer luxury and lasting style.
John Atencio
Sterling, Bermuda
turquoise & diamond pendant
MRSP $1,695
720.445.5292
SILENTS RANK AS ONE OF THE WEALTHIEST GENERATIONS
GET SOCIAL WITH GEN Z
Generation Z covers anyone who was born between 1995 to the mid-2000s, and this demographic makes up 32% of the global population. Digitally savvy, they grew up with smart mobile phones and iPads. They don’t remember a time before the internet. Gen Zers has fewer people spending as a generation—but they are active buyers and spend more money per year, through more transactions, than any other generation. With limited responsibilities and many living with their parents they mainly spend on retail, restaurants, and entertainment.
GEN Z
Annual Spend: $143 billion
Social media channel of choice: Tik-Tok, Snap Chat, YouTube
Most responsive to: Video, Influencers
1. Sell Experiences, Not Products
Members of Gen Z aren’t interested in hard sells. Because they’ve grown up with the internet, they’re immune to obvious marketing campaigns. They don’t want to hear about why your product is so amazing; they want to know how it will benefit them.
2. Video, Video, Video
Video content is key. A Google Survey revealed that YouTube is the first platform Generation Z turn to when they want to be cheered up or entertained. With Gen Z, a captive audience on YouTube, it’s the perfect place to hook them. It’s crucial you get it right. Instagram is also huge, especially with Instagram Stories, and your website needs video content, too.
3. Think Micro Influencer
Micro-influencers are defined as anyone who has a following of between 1,000 and 100,000 on social media, They actually drive more engagement than their celebrity counterparts because Gen Z can relate to them.
Carefully curate collections that appeal to the senses of Gen Z.
PREFERS BRANDS THAT CONTRIBUTE TO CAUSES
Belle Etoile
Sterling montage Italian enamel
& mother of pearl bangle
MRSP $695
425.626.9223
SOURCES: Resources for this article include Pew Research Center, Green Buzz Agency, NRF, The Center for Generational Kinetics, Business 2 Community, Epsilon-Conversant & Hallam.
