Connect with us

Columns

Rapaport: Take Millennials Seriously When They Tell You What They Want

mm

Published

on

They want to have a say. So let them.

Martin Rapaport focused on the rapid pace of disruptive change during his annual Rapaport Breakfast at the JCK Las Vegas show on Wednesday.

Change is not just about technology. People are changing the way that they think. It’s a double whammy of change.

We’ve heard over and over again that the millennial mantra is “spend money on experiences rather than stuff.” That’s also been interpreted to mean “life is about memories, not diamonds.”

But keep in mind that diamonds represent the “mother of all memories,” the physical embodiment of the memory of an engagement or other life-affirming event.

“We don’t sell the product. We sell the idea behind the product,” Rapaport reminded the audience.

So, how to deal with those problematic millennials and why do you have to? Well, we all know they can’t just be ignored. Millennials are 27 percent of the population and the engagement ring buyer is the jeweler’s feeder stock.

Advertisement

“We can’t lose the engagement ring market. That is the foundation, the basis of what is going on around here,” Rapaport says. “Jewelers can’t afford to lose consumers who decide that diamonds are dirty or conspicuous or ostentatious … .”

So, what to do?

Take seriously their desire for something that’s customized. They want to have a say. They want it to be an experience and they want the engagement ring purchase to be fun

”Jewelers can’t afford to lose consumers who decide that diamonds are dirty or conspicuous or ostentatious.”

So hire some millennials, particularly young women who are passionate about shopping for jewelry, who can make the experience more fun. Add energy and youth and personality to your company culture.

Concentrate on communications. Reach out to them where they are. They are not reading their email. They’re texting and they’re using social media to communicate.

Advertisement

Instead of fighting the internet; be the internet.

“You have to be everywhere,” he says.

Determine what you can do better than anyone else, what you are passionate about and ask yourself if it can be profitable and sustainable. The convergence of those three things is the key to finding success.

Finally, be ethical about sourcing. Dig deeper. Ask questions. Join organizations fighting the good fight. Not only because it’s important to millennials, but also because it’s the right thing to do as human beings.

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

A Liquidation Sale during a Pandemic? Wilkerson Showed Them the Way

For 25 years, Stafford Jewelers of Cincinnati, Ohio, was THE place to go for special gifts, engagement diamonds, high-end Swiss watch brands — in other words, the crème de la crème of fine jewelry. But this summer, the Stafford family was ready to retire. So, they chose Wilkerson to help them close up shop. “One of the biggest concerns was having the sale in the middle of COVID,” says Director of Stores Michelle Randle. Wilkerson gave the Stafford team plenty of ideas as well as safety guidelines, which they closely followed. “All of the employees felt safe, the customers coming in the door felt safe and we did a lot of business,” says Randle. How much business? “The inventory flew,” she says. Translation: They sold millions and millions of dollars-worth of merchandise. Randle calls it, “an incredible experience.” Would she recommend Wilkerson to other retailers who are thinking of thinning their inventories or retiring? “Everyone got more than what they expected out of the sale. You have to hire Wilkerson. They’re amazing.”

Promoted Headlines

Most Popular