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June 2017


Do You Know Your Customers?

With all the conversation about big data and how it is used to target market it's easy to forget that the market is actually made of up millions of individuals. Sure, there may be some commonality but the is no simple answer.

Take for example the buzz about marketing to millennials. Everybody is trying to figure out what this group wants and how best to reach them. Even though as a group they are putting off milestone events like marriage, home ownership, and children when compared to their parents this age group is a prime target for engagement rings.

But don't neglect the rest of your customers as you chase another group. For instance, Millennials are the group ages 18-34 as of 2015. That means the youngest of the group is now 20 years old. Consumers 16-20 have a lot of their own cash to spend. Also, as reported on page 67 in the May issue of The Retail Jeweler, grandparents are a demographic group with incredible potential. They spend $2 Trillion dollars on consumer goods and service, they control 75% of the wealth in the country, and have the highest net worth. This age group was also greatly influenced by the past consumer advertising of DeBeers, the Gold Council, and the Platinum Guild so they are more likely to be interested in fine jewelry than some other groups.

Just so we don't miss the point of this article there is a huge group bracketed between pre-millennials and grandparents. They also have money and celebrate anniversaries, birthdays, and other jewelry giving occasions. But just like Gen X, Y and Boomers you have to make an effort to reach and influence them through smart, consistent advertising and creating an environment in your store that is pleasant and a joy to experience.

Oh, one last thing. Don't think that consumers are some mythical creature… you are a consumer too. Check out these recent findings from KRC Research. It sounds a lot like you, doesn't it?

  • 83% of adults report researching brands online before making a purchase.
  • 76% of females report asking family and friends about a brand before making a purchase – that’s 12% more than males.
  • 1 in 4 Millennials say it’s important to consider if a brand is well-known when making recommendations to family and friends.

Here is a interesting fact to consider.

Warming Up Sales: According to the Journal of Consumer Psychology, warm weather makes people want to shop more and even spend more! The study found that when the temperature averaged 77 degrees Fahrenheit, shoppers were nearly 50 percent more likely to purchase something. They also found that people in a warm room were willing to pay more than those in a cool room for nine of eleven consumer items shown to them.

AT: 06/01/2017 05:26:35 PM   LINK TO THIS ENTRY

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