WHILE THE 50-AND-UP age group is responsible for 70% of diamond dollars purchased, millennials are responsible for 70% of diamond tickets written. Here are some interesting facts about this age group:
- They are the fastest growing group of millionaires in the U.S.
- They do the most research before a purchase.
- Less is more; they like high quality.
- They spend tens of thousands of dollars on tattoos. (Compliment them on their tattoos to start a conversation.)
- Never ask them how much they want to spend; they’ll think you think the money is more important than they are.
- They like a glass of wine with a memorable purchase. (This also gets them to sit down, which raises your closing ratio.)
- They’re the No. 1 age group buying custom design for bridal and anniversary jewelry.
For them, the experience is more important than what they’re buying from you. They’re also one of the most pre-judged groups of clients, which is why they often buy online.
When millennials come in, the presentation should be about both him and her. If you focus the presentation on just her, he will push back from the showcase and walk around the store. That sale is dead because he feels left out.
Advertisement
Ask relationship questions. Find out when they’re getting engaged. She’ll usually have a photo of the ring she wants on her phone. If you have it and she tries it on, over half the time she won’t like it. That doesn’t mean she’s not buying a ring; it just means she’s not buying that one.
When talking to them, be a great listener to uncover exactly what she wants. Find out what shape diamond she wants first, and always start with mined diamonds if possible. Don’t lose a sale if they want a lab-grown diamond but explain the value difference. (And never start with the mounting: If she later says she wants an oval diamond and it won’t fit the mounting, you’ve got a problem.)
Now, you sell him by talking about lab reports, warranties, trade-in policies, and services. Sell them both, back and forth, asking each of them what’s important to them. The longer they stay, the higher the closing ratio.
Millennials will write online reviews about how awesome (or terrible) you are, and the review always talks about the experience first and what they bought from you second. If they enjoy the experience, they’ll send in more referrals than any other age group. Take a photo of them with the ring so they can post it to social media and ask if you can post it to yours. Hundreds of their friends will see it, and they may be your next loyal clients!
