Did you know that the global jewellery market was USD 330 Billion in 2019? It might be surprising to know that it is estimated to reach 266.53 Billion by 2027. With such growth comes growth in competition as well, not just for global stores but also for local jewellery stores.
The consumption of jewellery is on the rise and the number of jewellery shops is ever-increasing. Within such an overcrowded market, it is important to stand out from your competition. Attracting new customers and retaining the existing ones is already a challenge. To increase your sales and profit in today's market, you need to look out for jewellry advertising ideas and prioritize Jewellery Marketing.
How you promote your products and market your brand plays a huge role. Those using optimized jewellery marketing strategies will secure a larger share of the market than those who refuse to adapt to the changing markets. It’s needless to mention that marketing is necessary to survive in this competitive market. And, if you’re advertising, why not advertise effectively?
What Is An Effective Marketing Strategy for Your Jewellery Business?
Effective Jewellery Marketing is a practice involving promoting and marketing your jewellery products to potential customers. The goal is to create awareness about your jewellery and store, generate interest and desire in your jewellery, and ultimately persuade them to make a purchase. There are several ways a jewellery brand could promote itself.
Why do you need to promote your jewellery brand?
1) Increased Visibility:
Promoting your jewellery brand helps you reach new people. It increases your visibility and you have a higher probability of reaching your target market.
2) Improved Brand Awareness:
Promoting your brand helps you create a robust presence in the market. People will be attracted to your brand more since they are already familiar with you due to your improved brand awareness.
3) Customer Engagement:
Most brands have started to engage with their customers and their target audience. This has increased the expectations for your brand. It’d hamper your business severely if other jewellery brands engage with your existing customers and potential customers. Most brands are able to retain customers just by engaging with their customers.
4) Get An Edge Over Competitors:
An effective marketing strategy will help you get an edge over your competitors. With increased visibility, high brand awareness, and high customer engagement, people will recognize and trust your brand over other brands.
5) Generate More Sales:
The ultimate end goal of marketing is to make more sales. An effective marketing strategy for your jewellery business will solidify your foundation to make more sales. The more you sell, the more revenue you generate. The more the revenue, the more profit you gain!
How to Create An Effective Marketing Strategy For Promoting Your Jewellery Business?
1) Create a Robust Online Presence:
With everyone hooked to their smartphones and other digital devices, it’d be unlikely for your customers to not be active online. The golden rule of marketing is to reach your customers where they already are instead of waiting for them to find you and reach out to you.
It’s even more important since your competitors are already doing that. A robust online presence will help you increase your visibility, brand awareness, brand reputation, and trust in your brand. To create a robust presence online, you need to have an SEO-Optimised Website, A Strong Social Media Presence, and a presence on Online Marketplaces.
To optimise your website for SEO, do your keyword research, make quick-to-load responsive websites, build backlinks, fix errors, start blogging, and more such SEO practices. In addition to that, build a strong presence on Social Media Platforms. Promote your jewellery business on social media. Start by creating engaging content relevant to jewellery, for example, Model Photoshoots for Jewellery. Engage with your customers in Stories, DMs, and Comments. Respond to them as soon as possible and post consistently.
Build a presence on Online Marketplaces like Amazon, Flipkart, Myntra, and Etsy. This will help showcase your jewellery to the people who are already looking for them.
2) Host Events:
Hosting events that are relevant and interesting to your target audience will help give your brand a boost. Hosting events online, like workshops, will help drive traffic to your website, which will help you make more sales.
Hosting offline events, such as charity and trunk shows, will help showcase your brand and your jewellery products to your potential customers. It also acts as a networking opportunity where you can build connections with your potential customers and convert them into leads in the near future.
3) Leverage Influencer Marketing:
Influencer marketing is a common yet very effective marketing strategy to promote your jewellery business. Influencer marketing is the practice of collaborating with a celebrity, a content creator, or a public figure that your target audience trusts and engages with.
Influencer Marketing acts in a similar fashion to how any other customer would recommend your brand and your product, except this customer has a lot of following.
To create a successful influencer marketing campaign, find and analyze the influencers according to your goal. Ensure that your target audience follows them and believes in them. Make sure your values align with that of the influencer. Choose the type of campaign that would bring you closer to your goal, such as affiliate marketing, giveaway, reviews, discount code, sponsored content, etc. Pitch to the influencer, activate your campaign, and track the KPIs!
4) Build Word-of-Mouth Marketing Strategy:
Word-of-mouth marketing is also known as Mouth Publicity. Word of mouth occurs naturally when your customers have a favorable impression and experience with you. However, there are still times when your customers shy away from talking about your brand or they just don’t get the right opportunity.
This is where word-of-mouth marketing comes in. Word-of-mouth marketing occurs when you intentionally create opportunities for your customers to talk about your business. This helps increase customer engagement, brand awareness, reach, and reputation. It helps build familiarity with your business and people are more likely to trust your business when people around them talk about you. It also helps with customer retention and lowers the cost of customer acquisition.
While businesses are leaning towards this organic method of marketing, they are not sure how to proceed with it. To build a word-of-mouth marketing strategy, you need to provide excellent customer service and enhance the customer experience. Offer incentives to people to talk about your business. Engage with your customers online and offline. Make them feel heard about the experience they had with your business, whether the review is positive or negative. Take proper steps to mitigate the damage and provide them with solutions to their problems. Last, but not least, measure and track Word-of-Mouth.
Word-of-mouth can now be initiated, managed, and tracked through a word-of-mouth marketing tool. MouthPublicity.io is a word-of-mouth marketing and management tool that lets you do that. You can create simple challenges for your customers such as liking your pages on social media, giving you reviews, and more. You incentivize it by offering them rewards such as discounts, free gifts, etc.
It has 5 add-ons to help you connect deeper with customers deeper and make them your raving brand ambassadors. It helps you convert your customers into a mouth publicity marketing team, Learn how it works.
5) Collaborate with other Businesses:
Collaborating with other businesses that your target audience might be interested in can help promote your business to the related audience. It will help you reach new people and establish awareness of your jewellery brand to potential customers. You can appeal to a wider target audience when you collaborate.
Collaborating with related businesses can also promote your brand to the customers of the business that you collaborated with and vice-versa. There are various types of collaborations such as co-branded events and cross-promotions. According to your goal, choose the type of collaboration that would meet your requirements.
To approach and execute a successful collaboration, find related businesses your target audience might be interested in. Evaluate their influence and if their values align with them. You can start by nurturing the relationship or by approaching directly via mail, LinkedIn, or in person. While approaching, explain how the collaboration would be mutually beneficial. Ask them for their terms and expectations and let them know yours. Draft a formal agreement and write down the terms and each party’s responsibilities. Execute strategic collaboration and measure the results.
Developing the right marketing strategy for your jewellery business is no rocket science. Nevertheless, it still requires strategic and analytical abilities. Implementing effective jewellery advertising ideas in your jewellery marketing strategy can upscale your business. It can also take you to heights you might have never imagined. With marketing, the sky is the limit. All you need to do is create a robust presence online, host events, leverage influencer marketing, collaborate with other businesses, and build a word-of-mouth marketing strategy.
