July 30, 2022
| 9 min read
The Jewelry business is a lucrative market. You can even see physical Jewelry stores in little-known neighbourhoods and streets of small towns.
As a business person, you know the importance of keeping your customers satisfied – and boosting your returns all the while. A major part of your job is figuring out how to improve your Jewelry business, which can be a bit of a challenge.
The Jewelry industry is competitive and ever-evolving. If you want to keep pace with this dynamic and demanding industry, you need to go back to square one when it comes to your marketing and sales strategies.
This is critical to reduce costs, increase productivity, optimize ROI and deliver big- on customer service.
So, where to begin?
The importance of getting referrals from customers cannot be underestimated. Customers drawn via referrals are of the highest long-term value for your Jewelry business. When referred by a friend or family member, people are 4X more likely to buy.
Customer referrals are more compelling than you might realize; it speaks a lot about your business’s quality and success. In the end, a customer won’t refer a Jewelry brand, particularly to family or friends, that isn’t worthy of referral.
With prominent events pushed further and ad budgets under scrutiny due to the pandemic, Jewelry brands are under immense pressure to discover the most efficient way to help prospects learn about their products. For many, that means even more reliance on video advertising, particularly across digital and social platforms.
Not only do video ads get more clicks (2X more), but they also offer you more creative liberty to flash your brand’s personality and connect emotionally with people.
Source : Databox
Beauty, fashion, and Jewelry channels are among the most popular content on YouTube. In 2020, the viewership of beauty tutorials surged by about 50%. Social media influencers might have overshadowed mainstream personalities, but they seem to be more subtle about their endorsements. This is usually more impactful as it's an authentic way of communicating with generations who get weary and canny of trusting conventional ads.
Source : Think With Google
People won’t come easily to purchase Jewelry pieces unless you ‘make them an offer they can’t refuse.’ Mix some Jewelry discounts you've teased before with one or two unexpected ones that dazzle your customers. This fuses the probability for your sale with some scope for a little impulse purchase.Even though you might be thinking that your profit margins would decline, the ramped-up volume will outweigh that shortcoming.
So far, purchasing online implied shifting through innumerable product videos or images, looking at the size guide, ordering two different sizes (in most cases), and returning one – or sometimes both - if it doesn’t match the style or fitting expectations. This has been one of the key challenges for Jewelry brands and retailers to overcome as they try to not only decrease returns but stave off purchase indecisions.
Augmented reality (AR) driven virtual try-ons let customers try on Jewelry pieces themselves. For instance, they can see how a diamond engagement ring fits and looks on their finger or how a gold bracelet looks on their wrist. Augmented Reality shopping experience naturally removes purchase hesitations as customers no longer need to second guess how something would look on them. So, integrate AR experience into your marketing and sales channels and see your sales touch newer heights.
Social media's power is praiseworthy as you get to reach a wider (potential) audience within seconds of posting an ad, helping you curb your costs. In fact, 55% of customers learn about new brands on social media platforms.
Source : Sprout Social
Among various platforms, consider spending a few bucks on Instagram ads to improve your Jewelry brand’s presence. You can use a variety of ads here to reach your audience, such as sponsored ads, story ads, shoppable ads, video ads, and so on.
Good customer service is linearly proportional to a store’s reputation. In fact, 87% of customers share good experiences with others. As a jeweler, you should welcome your customers with a big smile, make them feel valued, listen to and respect their needs and suggestions, suggest Jewelry pieces that are within their budget, and stick to your promises after the sale (if the customer changes their mind or has an issue).
Your marketing and sales aim is to put the customer at ease so that they feel comfortable enough to trust you, not only with your Jewelry pieces but also with your skills to help them throughout their purchasing journey.
As a Jewelry business, customers will always find it intriguing when you run giveaways and contests. Take some of your extra jewelry items and post them on your social media handle for a giveaway. Have people participate in the giveaway by uploading their images wearing anything that the Jewelry piece would match with and tag your page.Holding contests and giveaways will improve your engagement and have more people share your content – resulting in more people noticing your Jewelry stack.
Co-branding is an innovative and beneficial way to help both brands reach a broader customer base and enhance brand presence while developing something unique and valuable. If smartly done, unexpected brand collabs can foray into new domains and surprise customers.
Get involved with fashion brands with the offer of creating a bespoke design particularly for them as a gift, and share the stepwise concerted roadmap and final Jewelry design on both of your social media and websites. Such ventures will keep your creative juices flowing and bring awareness (and maybe new fans) to both of your businesses.
Be it online or offline, customer feedback is no more a choice or luxury, it is a mandate for any Jewelry business. With the Jewelry industry becoming highly competitive day-by-day and customers being served with choices, you need to keep up with what they like, want, and look for.
This will help you decide where to focus on and where you should invest to ensure the best ROI. Moreover, you can decide to expand your product portfolio, cut down on some places or even decide if a trend is worth looking into.
The COVID-19 chapter has put a huge dent in the Jewelry market with businesses grappling to deal with lockdowns and draw in customers, whose purchasing capacity has dropped over the last year. The pandemic has left retailers thinking about how to market their products without being insensitive or rude.
Selling Jewelry doesn’t mean you have to confine your business to a higher-end customer base. With the right marketing efforts, you’ll attract more prospects who will happily buy and endorse your products. The above-mentioned steps will hopefully help you generate buzz and attract more customers if executed well.
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