Luxury Marketing Tips
You’ve been hearing for years that print advertising is dead. For millennials, it really is. They go online to research your brand, and they want information in quick, easy-to-digest snippets. Think responsive website design and Twitter feeds, and you’re thinking like a millennial.
But why should you think like a millennial? By 2015, this generation – three times as large as Gen X – will boast $2.5 trillion in collective purchasing power. If you’re hoping they’ll spend some of that with you, you need to understand what they value and what they don’t.
Here are some tips to help you mesh your marketing to the millennial way of life:
1) Be authentic.
Millennials want to connect with brands. They have a high re-engagement rate and are likely to ignore emails from brands with which they are not familiar.
2) Be everywhere.
Millennials are the most digitally savvy consumers yet. They don’t stick to just one social site or one type of device, and neither should you. Be sure your message is where millennials will see it, and keep it mind that the majority of them expect a seamless brand experience across multiple channels, such as when they move from your website to your app.
3) UBe relevant.
Yes, with all of this digital connectivity comes a wariness among millennials of Big Data being used for marketing purposes. But, if it leads to relevant offers and content, they consider it an acceptable trade-off.
4) Be amenity-focused.
Millennials aren’t ones for shying away from luxury. In a hotel, for example, they look for dry cleaning, spa services and pet-friendliness, just to name a few perks, according to a survey by Chase Card Services. By understanding the amenities they value most from your brand, you can tailor your marketing messages and experiences to meet their needs.
5) Be covetable.
Millennials want to feel they are the only one among their peers to own or experience something, and they’re willing to pay for the status. In fact, the “Survey of Affluence and Wealth in America” by American Express Publishing and Harrison Group found that affluent millennials are more likely than other generations to increase their spending in multiple areas. But there’s more than just image consciousness behind their purchasing decisions. Millennials value quality investments too—more so than Gen Xers and Baby Boomers, according to the Luxury Institute.
Millennials research products, brands and experiences, and we mean they really research. But that doesn’t mean they spend a lot of time doing so. They want information that’s both thorough and fast.
With their digital know-how and brand scrutiny, millennials may seem like a daunting challenge to marketers. And, they may be. Two-thirds of them feel as though marketers do not know how to reach them. Just remember that millennials are not mission impossible.
Take a look at your products or offerings and think how you can create brand experiences that encourage this inimitable audience to engage with you – not just buy from you.
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