Marketing to Affluent Millennials: Who are the Big City Bachelors?
Do you think all millennials are alike?
While some people today may think that, others simply fail to recognize any differences among this increasingly discussed segment of the population. The fact of the matter is that in order to stay relevant in today’s extremely competitive business environment, professionals across all industries need to know more about these young adults.
For the jewelry industry, a promising niche to explore is with affluent millennials. It may seem like unconventional wisdom, but there are 20-somethings out there making more than $100,000 annually.
After collaborating with Jeff Fromm, marketing strategy consultant and President of FutureCast, we discovered that there’s even more to consider after narrowing down the broader millennial population and focusing on marketing to affluent millennials.
Targeting the “Trend Seekers” segment may seem intuitive to jewelers. They are 68% female and because 46% of them are not currently married, they are a prime target for bridal jewelry. This group also believes that top designers make the highest-quality products and will budget when necessary in order to buy the “right” labels.
Well, it’s time that you met their counter-part. While they may not be your customer today, it’s important to start developing relationships with them now and build a bridge to their future spending habits.
Big City Bachelors
They fall in the same age range as Trend Seekers, but the similarities pretty much stop right there. As their name indicates, they are indeed the poster boys for up-and-coming young gentlemen.
While this is the least likely group to have a college degree, they are certainly in a state of transition. They are significantly more likely to have received a better job in the past twelve months or to have made a financial investment for the first time. They are still trying to find their place in the world but have a positive outlook on their future.
Unlike the Trend Seekers, millennial men in the Big City Bachelor segment don’t particularly care about designer brands – or really any brand for that matter.
These men are significantly more likely to under index compared to the rest of the affluent millennial population when asked if they agree with the statements “I keep up with the latest fashion trends” and “top designers make quality clothes.”
What they do care about, however, are their favorite sports teams. Across the board, millennials in this segment are significantly more likely to have played nearly every sport ranging from basketball to badminton in the past 12 months.
The sporting space is also where millennials in this segment are most likely to pay attention to advertising.
Nearly 20 percent of men in this segment have noticed a video ad at a sporting arena in the past 30 days and one in ten men have noticed a non-video ad at a sporting arena. Diamonds may not be this segment’s best friend, but hot dogs and beer at the ball game certainly do the trick.
Why Should You Care About Them?
Marketing to affluent millennials in the Big City Bachelor segment seems counter-intuitive, but it’s for precisely this reason that they may be worth your time. The competition for the attention of Trend Seekers and other affluent millennials that love jewelry is high. The costs are high, the investment to reach them is high and in the end, it can be difficult to differentiate your brand.
However, a few years down the line when these men are bachelors no more and relocate to the suburbs perhaps, wouldn’t it be great if they already had your business top-of-mind when it comes to purchasing fine jewelry?
Remember, they’re still in a state of transition. In all likelihood, they will continue to increase their affluence, but they will also make lifestyle changes that move them closer to becoming a customer in search of jewelry.
How Do You Reach Them?
Unlike most millennials, these young men don’t want to engage with brands. That being said, they don’t mind seeing an advertisement during their favorite games.
To connect with this group, use more forms of traditional advertising, such as placing ads in magazines or on the radio and TV programs. Ask yourself where they “hang out” and identify the look-and-feel of other marketing efforts in these spaces.
Find a balance of where your business can speak their language, maintain your brand standards and stand out from the other ads without being too intrusive. These efforts should be thought of as awareness-building, so focus on measuring reach and frequency.
When it comes to shopping, these are the men that will need the most help from you to learn about their options. They may not know exactly what they want, but they will know what they don’t want. Even with lifestyle changes, these habits will probably stick around.
That’s why it’s important to listen to the problems involved in their shopping journey and offer them a variety of solutions. Be clear about the pros and cons of each one and don’t be afraid to offer slightly more in-depth explanations than you’re used to giving.
For example, when shopping for an engagement ring, they will value some additional education on the 4 C’s and may feel more comfortable saying “yes” to one ring and “no” to another.
Remember, it’s less about brand and more about utility with these gentlemen.
What do you want to know about millennials? Ask us in the comments section below or share your own experience!