6 Steps to Planning a Marketing Strategy for Your Jewelry Business
JTo succeed in the jewelry business, a marketing strategy is absolutely essential. It clearly outlines how you will find new customers and what styles of jewelry and related services you will promote. This is how you plan to make sales and grow your jewelry business.
A marketing strategy is only part of your business plan, but it’s the most important part. Without it, you risk groping and “stealing” – you are unlikely to succeed.
With a clear and concise marketing strategy, you’ll know exactly who your target customer is, what styles of jewelry you want to sell, your ideal prices, the methods you’ll use to promote your store, and how your jewelry business fits in. in your local market.
Here are the 6 key things you need to do to create a successful marketing strategy.
1. Conduct market research.
Before you spend a dime on your jewelry business, it’s important to start with a solid marketing foundation. It starts with your market research and understanding of jewelry trends. You also need to analyze your competition and know who your target customers are. It is essential that you get an accurate estimate of the size of your market, its value, and any existing gaps or opportunities. You will want to find out what barriers exist and any potential obstacles that may arise. The deeper you dig to really understand your local market, the better your chances of success with your jewelry business.
2. Define your ideal jewelry client.
Your ideal customer is one you can easily target, exceed their expectations, and earn a living. In any retail environment, you can segment your customers by male or female, buying power, lifestyle, personality, and more. In the jewelry industry, you can also target customers by life events such as an engagement proposal, birth of a child, birthday, wedding day, or graduation. Occasions such as Valentine’s Day, Mother’s Day, Christmas, Hanukkah and New Years are all prime times to target your ideal jewelry client. Almost any major occasion or event in a person’s life can be remembered with jewelry.
3. Analyze your competition.
Identify all jewelry stores in your area, whether independent retailers or large chains. Where are their stores located? Is it a high-end or low-end type of store? What styles and designers do they wear? How much inventory do they have in their display cases? How many pedestrians do they have? What is the average age of people who visit their stores? Do they offer 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 opening your doors.
4. Clearly articulate your value.
To compete effectively, you must clearly describe the value you offer. What makes you different to someone looking to buy an engagement ring, wedding band, or jewelry gift? Why should someone buy from you? Do you offer the largest selection of jewelry? Outstanding service? Extended warranties? High trade-in values? Free cleanings? What makes you so special?
Whatever you can offer that your competitors can’t, it’s a perfect way to make your jewelry stand out from the crowd. Everything you do becomes part of your value proposition, solidifying your brand and what you stand for. In the long run, 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 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 insight into your jewelry business. You can showcase your favorite styles, new jewelry collections, or build a relationship with your followers.
Even on a budget, social media is one of the best ways to grow your jewelry business. You can start today and increase your marketing budget as your sales increase. It is an investment that will continue to pay dividends for a long time.
6. Include paid marketing, both traditional and digital media.
Free marketing is still the best way to start, but there are limits to growing your jewelry business. Eventually, to attract the jewelry customers you seek, you will need to invest in paid marketing, both traditional and digital media.
Traditional media can include newspapers, magazines, radio and local television advertising. Digital media can include social media ad serving, pay-per-click PPC advertising on Google, banner or display ads, etc.
When you combine both types of media, you’re able to reach customers at every stage of purchase and at every level of interest, no matter where they are. No jewelry business can survive on just one marketing channel. It takes many channels and many types of marketing campaigns to be successful.
Ideally, the time you spend creating your marketing strategy today will save you many hours of trial and error in the future. Why question your success when you can guarantee it? A clear marketing strategy not only helps you articulate your vision to others, but also guides your every marketing move. Think of it as your map to growing 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, please contact us here.