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$38.23 billion USD is the value of the fashion-jewelry market in 2021. With this in mind, when introducing your Jewelry to your consumers, it is important to properly market your products in order to be successful. Like eyewear and fragrances, you must take a different approach to market jewelry and I am going to walk you through it.
- Key Facts
- Research ecommerce websites that sell jewelry
- Establish a Target Audience
- Strike the Emotions
- Use Online Platforms to Reach Your Audience
There exists a unique market for Jewelry businesses. Instead of fitting the needs of a consumer or providing a product for comfort, the jewelry industry is focused on evoking emotions in individuals, whether this is symbolism or ties them to a fond memory or person, jewelry is a way of expressing the art of fashion. Having a good jewelry marketing strategy can make all the difference.
The jewelry industry is constantly growing and stays exclusive, as each piece takes up its own dynamic style. The United States is the world’s leading jewelry consumer with total sales of fine jewelry reaching $68.8 billion, according to Edan Golan’s US State of the Jewelry Market report. There are different types of jewelry aimed at different types of audiences and consumers. Based on that, creating a marketing strategy that focuses on a specific target audience is important.
Selling jewelry is a form of art. However, if you don’t have the right skills and strategies, it can be difficult to dominate the market. Here, you’ll find some recommendations for marketing strategies that can help strengthen your jewelry business and reach the right consumers.
1. According to Facts and Factors market research report, the Global Jewelry Market size & share revenue is expected to grow from USD 324.60 Billion in 2020 to reach USD 500 Billion by 2026, at 8.5% annual CAGR growth during the forecast period of 2021-2026.
The top market companies’ profiles included in the report are Tiffany & Co., Pandora, Signet Jewellers, H Stern, Chow Tai Fook, Swarowski, Cartier, Buccellati, Harry Winston Inc., and Chopard.
- Branded items account for 60% of sales in the watch market.
- Branded jewelry accounts for only 20% of the overall jewelry market today, its share has doubled since 2003. Most expect that the branded segment will account for 30%-40% of the market in 2020.
- The three types of consumers driving the growth:
- “New Money” Consumers– showing off their newly acquired wealth
- Emerging Market Consumers– established brands gain their trust
- Young Consumers– turn to brands as a form of self-expression
- Spending on jewelry (by age group)
- Under 25: 8%
- 25-35: 28%
- 35-44: 9%
- 45-54: 6%
- 55-64: 16%
- 65 and older: 35%
- When do consumers are buying jewelry:
- Holiday Season (November-December): 32%
- Mother’s Day: 13%
- Valentine’s Day: 11.5%
- Where do consumers shop for jewelry?
- Department Stores: 35%
- Specialty Stores: 31%
- Local Small Businesses: 24%
- Online: 30%
Before launching your jewelry brand, you’ll want to do some research on top performers in the industry and what has made them successful.
If planning on selling your jewelry online, you need to compose a user-friendly website design. Implement mobile optimization, manage your promotional campaigns, ensure seamless cart functionality, and successfully market your brand.
When marketing your content, be sure to highlight current promotions, advertise your new products, as well as your seasonal collections, and include reviews, product details, and specifications.
2. Establish a Target Audience
Depending on the products being offered, jewelry businesses will have different consumers. To pinpoint who your target consumers are, you must first start by thinking about who you have made the products for. Then, when creating your complete marketing plan you will have a better understanding of what these consumers want and what you can give them in your marketing. Remember, it is not about how many people you can attract, but more so it is about attracting the right audience with the right message. Every brand starts with one consumer. Start there.
This strategy is called segmentation marketing. This means that you’ll need to exclude certain people to achieve the very best results for you and your brand. The goal is to not only sell your products, but create a relationship with an audience that appreciates your products and can share their appreciation with others, therefore growing your brand.
To send the correct message, you must know to whom it is addressed. When you group people together you can discover the similarities in their consumer preferences factors but also discover what differentiates them from others.
Segmentation in jewelry reaches far beyond the basic demographic data such as income and one’s age. For most, the purchase of jewelry is an emotional effort. Another segmentation strategy that will allow you to define your consumer’s interests, tastes, and preferences, is called market psychography.
Finally, think about what your competitive advantage is. In other words, what makes your brand stand out from the competition? Do you sell fine jewelry for mothers ages 30-40? Custom-made timeless jewelry? Do you have intentions of creating jewelry in the hopes that proceeds can benefit an environmental cause? Once you have decided your mission, you can then establish your marketing content around that.
3. Strike the Emotions
Emotions drive a successful marketing campaign. It is said that consumers who are emotionally involved with a company spend twice as much money on products as non-committed customers. This is even more truthful for jewelry businesses. For many, the purchase of jewelry is an emotional experience rather than a purposeful one. That is why the purchase of jewelry occurs most often around the holidays, mother’s day, and valentines day. With this in mind, it is crucial to create marketing campaigns that trigger an emotional response in consumers.
Persuade. If you can form a personal connection with your consumers, as well as create marketing campaigns that resonate with them, then you can persuade your consumers to support your brand and repeat-buy your products. For example, jewelry brand, Pandora, uses motivational appeals in their promotional ad, and is able to easily persuade their consumers by using visuals.
Inspire. If you can understand what inspires your consumers, you can understand their motivations. When individuals feel inspired, they are prone to act differently. If you are able to inspire your target market, then you can create a unique connection with your audience.
Express Love. One of the most important emotions to express in advertising campaigns, in the jewelry business, is love. Some brands focus on true stories of couples who are beginning their marriage or celebrating a milestone in their relationship, while others focus on the self-love and appreciation of single people. In this case, depending on your target market, as well as your products, you can use the campaign to reach people who are 1.) looking to celebrate their significant other, or 2:) looking to treat themselves. If you are able to market your jewelry in a way that commemorates special events: many consumers will associate your brand name with a celebratory event or occasion. A good way to do this might be by using their own personal stories that they share on social media platforms.
4. Use Online Platforms to Reach Your Audience
Jewelry brands should use digital media as a communication platform between them and their potential customers to grow their business. I say this because modern consumers consider it crucial to have trust and a good relationship with their preferred jewelry brand before officializing a sale. Many consumers trust online reviews more than anything else, so to build a reputable relationship between the consumers and the business, it is very important to offer this feature and hold your brand to a high standard so that the reviews will only help you in your journey to success. When you have a solid, positive, reputation online, your potential customers will feel more confident when choosing between you and your competitors. That’s a fact.
Instagram and Facebook
Instagram has become a global platform that has given millions of brands the opportunity to strengthen relationships and gain visibility and brand recognition from consumers, while at the same time using images to inspire their followers to do business with them. As an Instagram user for many years, I have seen the benefits of brands using Instagram for advertising. According to a recent study, 70% of Instagram users use the platform to search for information about a business or brand. So, in a generation such as this one where technology is flourishing and everyone is glued to their electronics, using Instagram to promote your campaigns and products is an ideal way to get in touch with your consumers on a more personal level. Instagram also recently added an additional feature for businesses called Instagram Shopping which is now available in the United States, Latin America, and Europe. This function allows businesses to have a more direct channel with their consumers by allowing buyers to explore their products and purchase them instantly. Likewise, creating a business page on Facebook will also allow you to reach a huge audience. Did you know that you can create a catalog in the Facebook Business Manager section of the platform as well as link it to your Instagram profile, therefore leading to online direct shopping again?
For jewelers and jewelry brands, online catalogs are a great channel to use when trying to offer products to the right audience beyond your physical location. With 2.14 billion digital buyers online (27.6 percent of the 7.74 billion people in the world), it is not surprising that e-commerce has become such a vital business technique.
If you want to create an online store, it is much easier than you think. If creating your own website and buying a domain is a scary thought, you can instead choose to use the most popular high-traffic platforms and take advantage of their popularity in order to gain visibility.
Some of the most popular and secure platforms for online jewelry sales include:
Etsy is an American e-commerce company focused on handmade or vintage items and craft supplies. These items fall under a wide range of categories, including jewelry, bags, clothing, home décor and furniture, toys, art, as well as craft supplies and tools. It is a space for artisans, artists, and collectors to sell their best products. The public that uses it prides itself on dressing and wearing clothes that nobody else has so they are willing to pay the price for such items. It currently has more than 60 million visitors.
If used properly, Etsy can provide artisans and jewelers with a unique opportunity to generate significant profit. According to a recent study, 50 percent of jewelry sold online are diamonds, 18 percent are precious metals and 12 percent are other gems and pearls. If we take this into consideration, when creating a store on Etsy it is important to significantly stand out from the millions of other existing stores that already exist on the platform.
Like Etsy, Shopify is an e-commerce platform that allows users to launch a personalized online store, grow the store through the platform, and run the business as they would a personally owned website. Shopify allows you to sell from almost every country in the world through its platform. It is based on a cloud hosting system so you can create your store as if it were your own web domain. Shopify offers all the tools you need to manage various business activities.
If you do not have the necessary tools to create your own web page, Shopify lets you customize the themes of the platform to create a unique store that fits your brand’s identity. Unlike Etsy where stores are hosted on their platform, Shopify allows you to create it your way. You can even name the domain assigned by Shopify whatever you want.
Having a good product that resonates with consumers will always be the foundation to your brand, but in a competitive industry such as selling jewelry, it is so important to come up with good ideas and innovative marketing strategies to build brand awareness and gain your following. Find your brand’s essence, determine your audience, and market accordingly. Take advantage of research and what this new digital era has to offer. Selling jewelry is an emotional process. discover different niches, connect with your consumers, and create a brand that people won’t stop talking about. Best of luck on your journey.