The Millennial Generation (Generation Y) is rapidly eclipsing the coveted Baby Boomer demographic. Millennial retail sales are predicted to be worth USD 2.45 Trillion in 2015 and by 2018 they will bypass the Baby Boomers by forking over USD 3.4 Trillion in spending.
You need to understand who Millennials are and what motivates them. Millennials are the best educated generation in history. They are obsessed with researching everything. Through technology they are well connected to information and people. Their reach is global. Though they may never meet, they are making friends all over the planet. They are extremely busy; multitasking is a way of life. They care about happiness and love to laugh. They are concerned about doing the right thing for society and the planet.
Selling jewellery to Millennials takes an entirely different approach. Gone are the days of classic sales techniques. Here are a few tips to help you reach this powerful demographic.
Forget the ABC concept
The quickest way to get a Millennial to leave your store is to follow the old ABC rule: Always Be Closing. Constantly pounding them with closing statements makes them feel pressured. They have enough pressures in life; they don’t need you to add to it. Fine jewellery is intimidating enough. Pushy sales technique will push them right out the door.
Cut out the B.S.
Don’t try to pull the wool over a Millennial’s eyes. Know your facts and only speak the truth. Always remember; they are educated, connected, and addicted to research. They will verify anything you tell them, possibly even as you speak. If you try to baffle them with B.S.; they will know it and call you on it.
Get to the point
They are not interested in a canned sales pitch. They don’t want your entire spiel. Just tell them how your product and service will fulfil their needs and desires without all the fluff. Don’t spend much time on the 4C’s and the other basic parts of a diamond sale. More than likely they have already researched the facts. They just want to know what you are offering and how much it will cost them.
Be an adviser, not a salesman
Millennials want to know that you are listening to them. They want you to acknowledge their desires and needs. They expect you to offer solutions and advice. Take the time to nurture a relationship and build a long-term bond. Solve their problems, fill their needs and play into their desires.
Help them feel good about jewellery
When Millennials is spend money on a luxury item, they want justification beyond how it looks on them. They want to know where it came from and what good their purchase can do for others. Highlight your efforts for responsible sourcing. Try to use recycled gold and let them know about it. Create a program that gives a percentage of your profits to help others live a better life. Millennials want their money to count for something beyond your bottom line. Help them to help others.
Millennials think and respond differently from what you may expect. Accept them as they are, treat them well, tell the truth and you can build a relationship that will last a lifetime.