With so many online marketplaces that make it easy to start selling your jewellery, it can be difficult to decide whether to sell on these platforms or on your own website. There are benefits and downsides when using them compared to selling on your own website. When having an online business, marketing is an essential step to growing your audience, attracting customers, and bringing in sales. There are so many different types of marketing out there in helping your business succeed. We are going to discuss types of marketing here in addition to actions you should consider when deciding which marketing strategies to implement for your business.
Are you deciding between selling on an ecommerce marketplace and creating an ecommerce website? So many entrepreneurs question this, as this is a decision that can lead to major success or downfall. We are going to discuss each one more in-depth.
Ecommerce marketplaces have seen a tremendous boost in recent years because of the popularity in online shopping. There are plenty of marketplaces you can choose from, including Etsy, Amazon, and eBay, but the list goes on. Online marketplaces have extremely wide audiences with many different products from various sellers. Millions of customers regularly shop on these marketplaces, as there is a wide variety of constantly changing products. With this being the case, customers looking for one item may come across your piece. This can be an added benefit, helping your business become extremely profitable without having to do much work.
Some of the biggest benefits include
As with several benefits to selling on these ecommerce marketplaces, comes downsides too.
Besides selling on online marketplaces, you can build your own ecommerce website. Building an ecommerce website can be a stressful and time-consuming process.
Listed are some of the greatest benefits.
Potential downsides include
When you are deciding what platform to sell on, you must determine which one is the best fit for your company long-term. Online marketplaces will make it easier to sell and will allow you to easily reach new customers. An ecommerce website will be more professional but will take time and work to generate traffic. If you are stuck between the two options, consider selling on both or create a website that will link to the marketplace because this additional channel can expand your reach. Successfully managing these websites will allow lead your business to victory. If you’re interested in finding out more about e-commerce design, we recommend checking out this article.
Marketing is extremely important when it comes to reaching your customers. Not only do you inform customers of relevant information, but you also build up company reputation. There are so many marketing strategies. Here are a few examples.
Remember to choose a variety of different marketing strategies, as many different strategies will lead more traffic to your website.
Before you decide your marketing channels, you must know your customers and the relationship you have with them along with the distribution for your products. It is important to understand your customers because your products will not be drawn to everyone. Identifying your buyers and the interests of your audience is huge for segmenting.
The business model canvas is a tool that provides details for a startup. The right-hand side focuses on the customer and explains customer segments, customer relationships, and channels. When it comes to customers, you must first identify who you are targeting. Will you be a part of the niche market for gemstone jewellery or sterling silver jewellery? Define your ideal customer. Create a profile with characteristics like their gender, age, occupation and financial situation.
Look into the types of relationships these customers expect. Will they anticipate constant attention with personal assistance after purchase? How will you grow your relationships? Various transactions lead to different expectations. For instance, if customers spend more on a product, they will expect a longer relationship or additional services, like warranties and jewellery cleaning, once the sale is completed. These customers focus on emotional connection and brand loyalty. Lower priced products are typically a one and done deal, with the customer’s only emphasis on price. Not all customers are looking to develop strong relationships, and that is okay as long as you, make them feel valued and provide excellent service.
Being able to clearly define your ideal customer and how to develop a relationship with them will allow you to plan your marketing strategies to communicate and reach your audience. Which will work best for your audience? If you are targeting younger audiences that favor purchasing products online, social media marketing may be the best option. On the other hand, older audiences that avoid ordering online may prefer a different form. You will make mistakes when trying to determine which method provides the most engagement for your audience. Trial and error is the only approach in learning the best ways to focus your marketing channels.
One common mistake for businesses is the lack of research in markets so make sure to define your ideal customer before proceeding with marketing. If you’re interested in reading more about the business model canvas, here’s an article you might like.
When you think of jewellery, extravagant diamonds may come to mind or even strung bead bracelets. Whatever it is, there are so many different types of jewellery. Just like other products, various colours, styles, textures, and sizes are available. Specific concepts make jewellery unique when compared to other products.
With a lot of customers shopping online, selling online is the way to go. Knowing specific details about your audience, will let you narrow down your marketing options. Compared to other products, jewellery has attributes that will allow it to stand out. Jewellery can put sellers in a dominant selling position based on their profound meanings.
Here are some other things to consider for your jewellery business.
Once you establish your ideal marketing mix, it’s time go to for it! In our next post we’ll discuss what types of KPIs (Key Performance Indicators) you should look for, as you grow your business, to understand whether you’re on the right track! If instead you’re still undecided about how to approach distribution, don’t worry, we have you covered! Here’s an article focused on how to produce and distribute your collection.
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