Wanted to quickly close a loop from a previous post.
From my perspective, Yuppies are people who are high earners. Trust Funders are people who have blank checks. These kinds of people are part of the dreaded 1%. They may be the children of the CEO that runs the company that the Yuppie works for. Im calling this out for two reasons.
First off, I do NOT want to be lumped in with these people. I have a hard enough time not revealing to my friends that had their college paid for that I secretly despise them. When I run into trust fund types I am instantly pissed off and jealous that they won the birth lottery. Is it wrong for me to feel this way? Probably. Would the majority of people who got no help at all or didn’t go to college hate me the same way? I’d be confused if they didn’t. Despite this knowledge, I feel how I feel.
The second reason I call out the distinction is that these two groups are in different spending brackets. Popular media often portrays millennials with spending power in broad strokes, mistaking what a trust funder might want for what a yuppie would want.
That doesn’t mean an experience marketer/seller shouldn’t offer a premium tier for their experience. What I would argue is that the company should begin with targeting the larger yuppie group to establish a customer, then scale tailored premium services for those who can afford them (i.e. trust funders, older yuppies, etc.)
I thought of this after reading about the infamous Fyre Music Festival. When the promo videos for it first came out, I was immediately intrigued. It had the premier Instagram models partying on a boat. Guys wanted them, Girls wanted to be them, yada yada yada. I knew it was an experience that was out of my spending bracket from the jump, but if it became a recurring event, I would have kept it in mind later in life. This was all based off of this one video. I was obviously not the only one sold since a shit ton of people actually went and got ripped off.
Other than the organizers being crooks/ generally awful people, they were too ambitious. While a cruise to an island certainly added to the allure, they could have charged a lower price (for yuppies more so than trust funders) and done it in the continental United States. This would have eliminated all of the infrastructure issues that ended up ruining the event. Regardless, they had an effective piece of creative marketing that captivated young people with money. Most companies will pay tooth and nail for this sort of thing.
Yuppies want to feel luxurious like Trust funders and the buzz the Fyre Festival promo created is evidence of that. They don’t want to be ripped off though. If you want to consistently sell an experience, design it for yuppies and then once you have a sure thing, move onto a premium product that can be sold to trust funders. Don’t go for the cash grab. Go for the sure thing and sell out later.