Millennials have been the marketing industry’s latest target as they constitute a huge consumer group with high purchasing power. In fact, according to a report by Pew Research Centre, ‘Millennials have surpassed Baby Boomers as the nation’s largest living generation.’
About 75.4 million millennials (those between ages 18 and 34 years) and 74.9 million baby boomers (aged 51 to 69 years) exist in the United States.
Moreover, according to the 2017 Affluent Perspective Global Study by YouGov, ‘Affluent U.S. households will spend 1 percent more this year (in 2017) than last, for a total of $335 billion.’
Marketers, therefore, have all the reasons to focus on understanding and securing the millennial market.
The question, therefore, is: How! How marketers and brands can win over this affluent group of people?
In this post, we discuss three tips that will help you market your business to high-end customers, these affluent millennials.
Tips to Market Your Brand to Affluent Customers
As an increasing number of mainstream brands make their way into the premium category, it has become even more challenging for premium brands to distinguish themselves and retain their cachet and mystique.
The following tips can help premium brands reach customers and keep up with their business goals:
1. Embrace Uniqueness
What sets premium items apart from other mainstream items? It is their uniqueness and one-of-a-kind nature. Premium items were once made to the customer’s specification to ensure complete satisfaction and make sure the owner could take pride in owning the unique item – thus the high price!
Modern premium brands can also cash in on this trend and appeal to their specific client base. Take for example the case of Surmesur, the Canadian online retailer that offers precisely tailored clothing to their customers. The brand has gone a step ahead to attract the digital generation.
Surmesur uses proprietary software to create customised shirts and then allows customers to view the style on a mobile device (with the garment shown in 3D representing a customer). Customers are allowed to choose from a range of 8,000 fabrics and create a style that is unique to them.
2. Create Appealing Mobile Apps
A January 2017 survey by Ipsos (involving 850 US adult internet users with household incomes of $100,000 or higher) found that the percentage of people who have a mobile wallet app installed on their mobile devices has increased since 2013.
Of course, not everyone who has a mobile wallet installed uses it. But 86 percent of the respondents accepted using their mobile wallets. PayPal and Apple Pay are among the most popular wallets being used by consumers.
It is wise to target the audience through devices that they use the most.
The above statistics indicate that mobile commerce has become more popular among the affluent class.
By building a high-quality mobile app that showcases your products and allows customers to purchase products directly, you can offer a great user experience to your target audience.
Custom mobile apps make customers feel more connected to a brand. However, there is an abundance of mobile apps, so you need to do something different to make your brand stand out.
For example, the L’Oreal mobile app allows its customers to shop by scanning products directly from the magazine ads. Other premium brands such as Net-a-Porter and Victoria’s Secret have also leveraged the scan-to-shop technology.
Premium brand Michael Kors has also found a way to entice their elite clientele through their mobile app.
To help customers buy easily from Instagram, the brand encourages them to double-click on the images tagged with ‘#InstaKors.’ An email with a direct link to the product featured in the ads or posts is then sent to the customer’s inbox.
3. Don’t Make Products Too Accessible
Products that are easily available to the masses lose their charm rather quickly, while those in limited supply are perceived as highly appealing.
This is because the fear of missing out on having a specific product leads to impulsive buying. According to a survey conducted by WhichTestWon, the sale of products with a countdown timer placed on their pages is nine percent higher compared to those without a countdown timer.
This is especially true for customers in the premium market. For instance, Prodiguer, a premium vodka brand often launches its products in limited editions. The company launched its Juliet Immaculate Vodka with the Sue Tsai edition bottles.
Such initiatives help the brand to maintain the exclusivity of its products and keep the urge for obtaining their products high among the target audience.
Similarly, Hermès, French high-fashion premium goods manufacturer created hype for the Hermès Birkin bag and the result was a customer waiting list of six years.
Brands that are looking to improve their brand awareness and sales can leverage this technique.
The best thing about premium brands is that they are already recognised by most people, but attracting new customers and persuading them to invest in their expensive products can be a difficult endeavour.
The above tips can help you attract the attention of the affluent millennials and persuade them to become loyal customers.
He regularly speaks at various conferences about SEO, Content Marketing, Growth Hacking, Entrepreneurship and Digital PR. Pratik has spoken at NextBigWhat’s UnPluggd, IIT-Bombay, SMX Israel, and other major events across Asia.
As a passionate marketer, he shares his thoughts and knowledge on publications like Search Engine Land, Entrepreneur Magazine, Fast Company, The Next Web and the Huffington Post to name a few. He has been named one of the top content marketing influencers by Onalytica three years in a row.