TO SUCCEED IN the jewelry business, a marketing strategy is absolutely essential. It clearly outlines how you’ll find new customers and which jewelry styles and related services you’ll promote. It’s how you plan to make sales and grow your jewelry business.
A marketing strategy is just one part of your business plan, but it’s the most important part. Without it, you risk fumbling along and “winging it” – standing little chance of success.
With a clear and concise marketing strategy, you’ll know exactly who your target customer is, which styles of jewelry you want to sell, your ideal price-points, methods you’ll use to promote your store, and how your jewelry business fits into your local marketplace.
Here are the 6 key things you need to do to create a successful marketing strategy.
1. Conduct market research.
Before you spend a penny on your jewelry business, it’s important to begin with a strong marketing foundation. This starts with your market research and understanding jewelry trends. You must also analyze your competition and know who your target customer is. It’s critical that you get an accurate estimate of the size of your market, its value, and what gaps or opportunities exist. You’ll want to uncover existing barriers and any potential roadblocks that may arise. The deeper you dig to truly understand your local marketplace, the better chance of success you’ll have with your jewelry business.
2. Define your ideal jewelry customer.
Your ideal customer is one who you can easily target, exceed their expectations, and earn a nice living from. In any retail setting, you can segment your customers by male or female, purchasing power, lifestyle, personality, and more. Within the jewelry industry, you can also target customers by life events such as an engagement proposal, birth of a child, anniversary, wedding day, or graduation. Occasions such as Valentine’s Day, Mother’s Day, Christmas, Hanukkah, and New Year’s are all prime periods to target your ideal jewelry customer. Nearly every major occasion or event in a person’s life can be remembered with jewelry.
3. Analyze your competition.
Identify all of the jewelry stores in your area, both independent retailers and larger chains. Where are their stores located? Is it a high-end or low-end type of store? Which styles and designers do they carry? How much inventory do they have in their showcases? How much foot traffic do they have? What are the average ages of people visiting their stores? Do they offer any sales or special offers? How long have they been in your community? Do they have a good reputation? These are all questions you need to consider before you ever open your doors.
4. Clearly articulate your value.
To compete effectively, you need to clearly describe the value you offer. What makes you different in the eyes of someone looking to purchase an engagement ring, wedding band, or jewelry gift? Why should anyone buy from you? Do you offer the biggest jewelry selection? Exceptional service? Extended warranties? High trade-in values? Free cleanings? What makes you so special?
Whatever it is that you can offer that your competition can’t, is an ideal way to make your jewelry store stand-out from others. Everything you do becomes part of your value proposition, solidifying your brand and what you stand for. Over the long-term, it cements your jewelry store’s reputation and becomes your best form of advertising.
5. Create your social media plan.
There are many social media platforms available, targeting different demographics and types of users. Why choose just one platform when you can be on Facebook, Instagram, Pinterest, TikTok, Youtube and more. Any channel that your customers are on is where you want to be!
Social media gives you a fantastic opportunity to share photos and videos, giving your potential customers a glimpse into your jewelry business. You can highlight your favorite styles, new jewelry collections, or build a relationship with your followers.
Even on a limited budget, social media is one of the best ways to grow your jewelry business. You can get started today and expand your marketing budget as your sales grow. It’s one investment that continues to pay dividends well into the future.
6. Include paid marketing, both traditional and digital media.
Free marketing is always the best way to start, but there are limits to how far your jewelry business can grow. Eventually, to attract the jewelry customers you’re looking for, you’ll need to invest in paid marketing, both traditional and digital media.
Traditional media may include newspapers, magazines, radio, and local TV advertising. Digital media may include running social media ads, PPC pay-per-click advertising on Google, banner or display ads and more.
When you combine both types of media, you’re able to reach customers at every stage of buying and level of interest, no matter where they are. No jewelry business can survive on just one marketing channel alone. It takes many channels and many different types of marketing campaigns in order to succeed.
Ideally, the time you spend today creating your marketing strategy will save you many hours of trial and error in the future. Why second-guess your success when you can guarantee it? A clear marketing strategy helps you not only articulate your vision to others, but helps guide your every marketing move. Think of it as your map to grow your jewelry business. Because when you know what your final destination is, you have a much better chance of reaching it.
If you need help creating and implementing your jewelry business plan, don’t hesitate to contact here.