First of all, I’m back and holy hell does it feel good to be writing again. Between projects, school and trying to salvage what’s left of my personal life there’s not much time to post here, but, through the magic of Apple’s calendar, here I am! Anyway, let’s get started.
In the past few years I’ve been fortunate enough to meet some of the most respected veterans of the watch industry. Most of these veterans had something in common – they began years before the internet influenced watch sales. Today, if you’re heading a brand that’s not on Instagram, Facebook, etc., you’re missing out on massive potential sales channels. To all of you who doubt me, my phone is off vibrate and ready to take your call after you read the rest of this post.
Let’s start with a staggering demographic brought to us by Pew Research Center. This year, Millennials will outnumber the baby boomers. If you don’t believe me, read it for yourself here. If you are an executive in any kind of firm and are neglecting the capitalization of this demographic, you are doing yourself and your organization a huge disfavor.
Why? Because at ages 28-34, the “matured” millennial has likely graduated from College, and has potentially wrapped up Grad School. I say likely because millennial’s are the most educated generation thus far according to a report conducted by the White House. Now I’m going to really break it down with an overly simple explanation as to why social media matters when selling to millennial’s and future generations.
Education usually equals more money which usually means more disposable income. More disposable income means that consumption of luxury goods is inevitable. Millennial’s are also very cocky and carry a sense of entitlement to pretty much every product/thing/service. NOT capitalizing on this market is just plain dumb. Now, if you’re a millennial and your panties are now in a bunch because I’ve offended you with the entitlement statement, don’t worry, you’re not the only one because millennials are also one of the most easily offended demographics so what you post needs to be very carefully thought out (more on this later). And another thing, entitlement is not necessarily a bad thing. Entitlement can lead to self motivation and push millennial’s to heights not seen before and in the watch business, the folks with money are the targets.
The Not So Obvious
Building a brand through Social Media takes time, more time perhaps than traditional avenues in some ways due the plethora of competitors easily competing for market share. Entry into Social Media is easy, and most importantly pretty damn cost effective, but content rules all so if your post are boring and non-engaging, forget it.
There is a slight issue here…conversion and the length of time for that conversion. Patience is key and always maintain the thought process that this is “future” marketing. The reason that Social Media takes forever to result in dollar signs is the inconsistencies in targeting, and more importantly the spending ability of the target. Since millennial’s are nowhere near reaching their spending potential, there’s much to capitalize on, but only in the coming years.
The MAJOR issue with millennial’s is their attention span, so any and all media/content that is relevant to them needs to start as soon as possible. Relevancy is the key here. A millennial is so bombarded with information that your product – in this case your watch brand – needs to give the demographic something to strive for. Creating the “strive” is possibly the most difficult part, however, because millennial’s as previously discussed have a sense of entitlement that can actually hinder the push for more “things” because of certain expectations, but as experience shows, those folks aren’t your target anyway.
Another obvious problem is that millennial’s don’t see luxury watches as milestone gifts. In fact, milestone gifts it seems are on the way out. If before a Rolex was gifted to celebrate a college graduation, now an Amazon gift card in an envelope (if they’re lucky) is presented. This can all change with the power of Social Media, and it’s not like conceptually the marketing is any different than that of previous generations. Get em’ while they’re young, and never let them go should be the same principle behind your brands Social Media campaign.
The More You Wait, The Less You’ll Make
It’s simple, really. The longer it takes your brand to get into Social Media, the longer the conversion, the less market capitalization, and the more chances you have of being a thing of the past. It’s not the end of the world – it’s not too late, so hire a Social Media manager, and get you and your brand out there. For content and frequency, make sure to check back in the next week or so for the post to end all posts on Social Media.
Your cocky watch aficionado friend.
Michael M. Senderovich