So, you are done launching your jewelry business online. But, is that it? What do you think is the next step in this? The only way to proceed and build a reputation is by promoting your brand. This article will focus on how you are going to do it.
What do you think makes entrepreneurship successful? It is dedication, well worked out business strategy, and the determination required to do hard work. The growth and development regarding the success of business remain the same across every business, however, when it is the jewelry industry the customer requirements and minute details need to be kept in mind and followed with precision.
The art of beautification and adorning has remained amidst us since the early days of civilization. Over the millennia, it has not only evolved but changed as well. Jewelry is not only worn for a day or two, but it is cherished for generations. It is free from time’s withering claws and finds a way to glorify itself each day. It is not a mere cakewalk to take up the jewelry business for it involves a tremendous amount of efforts, creativity, and high-quality standards. Success will come to you if you firmly hold on to your ground.
Studying the market –
You have to begin with the basics. The fashion industry is constantly changing and with it the demand that exists in the market is also changing. Studying the market will involve keeping up with the taste of the youth along with the elder generations. Jewelry is an extremely diverse niche and you have to make the most of social media (Instagram, Pinterest, LinkedIn, and Facebook). Here, you will come across the look that everyone is aiming for. Established and reputed jewelry companies will also help you in this conquest. Follow their designs along with sales figures to understand the current market. Once you have studied the demand and supply needs of the market, you can proceed further. You must also perform a survey on the existing competition in the market.
Identify your clientele –
From a diamond studded necklace for a bride to an elegant and classy pendant, the tastes and needs of a customer will differ based on the requirements. This is also based on what the current trends are. Being a jewelry entrepreneur, you have to find and stick to a niche. Focus your business around it. You can excel in costume jewelry, fine jewelry, or boutique jewelry. The material you choose for your jewelry will also matter. Do you want to start with gold jewelry and then proceed towards precious gems, diamond and platinum or straightaway start with diamonds and platinum jewelry?
Quality and Design of the product
This is the most important factor for growth in the long run. The quality of the product is the message from your brand that will speak for itself. You need to ensure that the production team (whether in-house or outsourced) is at the top of their game and relevant quality checks are inserted within the system. A well-qualified product development team consisting of research analysts and jewelry designers should be in place. The customer will naturally become your brand ambassador if she is delighted with the design and quality of the product.
Acquiring new customers –
Once you have reached out to your target audience it is time to expand and reach out to new customers. These are some of the ideas that will help you in that direction –
- Referral sales: It works as an incentive for existing customers. Once they refer your website via social media or other options, both of them earn discounts or hampers.
- Advertising: You have to increase the pay per click advertisements, content ads, remarketing ads, print ads, and try to build your company’s reputation with reviews. You can even conduct events that will circle around your products. You must also include advertising that is powerful enough to win the hearts of your customers.
- Website: Your website will speak volumes about you and your collection. It should be so alluring that customers will visit it over and over again.
- Create a buzz on social media to get more people to subscribe to your email. You must also keep up with the blogging and tweeting of your products.
Try to create a campaign that has a fresh feel to it and appeals to all the different types of customers out there. You can give your website a refreshed look by doing something unique than your competitors.
Measure your outcome –
Once you have figured out a strategy regarding all of the above-mentioned things, you need to understand whether or not it will work out in your favor.
Every month you have to examine each of your strategies to see which one worked better and if a strategy isn’t working, what is the matter with it. The major social media websites come with analytics that is inbuilt in the site. This will help you measure the outcome of your posts and messages. Your content should be rich with SEO, this will direct more customers towards your website.
Sell to the existing customers –
It is a good idea to reach out to new customers, but you must not forget the thousands of those who already avail your services. Increase the revenue you get from the existing customers.
- Remarketing – Email newsletter is the best way to do this. Send your customers promotions regarding the jewelry that is waiting in their shopping carts, along with other promotional and conformational mails.
- Customized offers: Offer your Twitter and Facebook followers unimaginable deals. This can be different for different clients. Show them the deals on the kind of jewelry they prefer.
- Loyalty programs are an enticing way of grabbing the attention of your regular shoppers. Offer them with free shipping or same day delivery (if stocks are available). Any customer who spends more than a particular amount should be given these benefits.
- Make your customers come back for more. This is not only based on your exquisite collection but also the deals that you have to offer. Daily deals will hook your customers to your store and what is new for the day.
Increasing the order size –
You must never overlook this important strategy.
- Show customers product that they might like with their recent choice. Show them the items that are often sold together.
- Offer the customers a discount based on the price they shop (More discount for multiple purchases).
Increasing the size of the order is elusive and will be highly beneficial to your company in the future. Set the price range that causes the traction of clients while ensuring no loss is incurred.
Sales is the heart, mind, and soul of every business, be it online or offline. You must pay proper attention to the advancements that are made in the jewelry business online. This will help to maximize both sales and profit. Balance is the key to success and growth for a sustainable jewelry business.
