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.
- Using Etsy or Other Marketplaces
- Types of Marketing for your Jewelry
- Choose Your Marketing Based on Two Things
- What Makes Jewellery Different as a Product to Sell?
1. Using Etsy or Other Marketplaces
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
- They are already established websites. These marketplaces give you the reach your own website cannot, at least at the very beginning. Loyal customers trust these websites already and return regularly to shop. Tools are available to help with marketing and selling your products. Etsy offers Google Ads and Etsy Ads to advertise to consumers without you having to directly target your audience.
- Product reviews can benefit you, if they are positive. Customer reviews are clearly visible for buyers to see. Great product reviews will give your customers the confidence to buy from you.
- Starting up is an easy process. Creating a shop and adding product listings is a simple and fairly quick process. The work needed to build an independent website is eliminated.
- Costs are low. Without the need to hire an SEO expert to increase traffic flow to your website or purchasing the plans required to run your website, you do not have to worry about too many expenses to get you off the ground and running.
As with several benefits to selling on these ecommerce marketplaces, comes downsides too.
- There is major competition. So many sellers sell similar items, and it can be hard to stand out, unless your product has a unique twist to it.
- Your prices are limited. It is hard to stray away from the price points of similar products, without seeing a decrease in demand.
- Selling is not free. You will not get revenue from your entire listing price. There are fees to list products and a percentage is taken from each sale. All marketplaces stands by different pricing structures, but they fall around the same relative idea.
- There are limited design options and little control to express your own brand. Though you can explain what your business is about and upload photos, it can be difficult to completely express your brand through these platforms. With every seller’s layout looking the same, you cannot own the look and feel of your company.
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.
- You are able to develop your own brand. Premade layouts from marketplaces will limit your brand identity. With an ecommerce website, you can express the visual elements like colours, photos, and fonts and also the customer service. It will be easier to give your customers that feeling when they think of and see your company name.
- You are in control of your own prices. Without having to worry about losing sales because competitors are pricing lower, you are free to price however you would like.
- It is more professional. With a well-designed, secure, and easy-to-use website, a strong image will develop toward your brand.
- There are less distractions for customers. When a customer is shopping on a marketplace, your listing is surrounded by so many other products, which can lead to distraction. On your own website, a customer will not be attracted to other products when looking at a pair of earrings, unless it is another pair of earrings that you are selling. Which in this case, will benefit you.
Potential downsides include
- There can be lack of traffic when you first launch. Developing a following to your website will take time with effective marketing strategies. Once you have repeat customers, your website will see an increase in traffic.
- There are initial startup costs. Of course, starting a website does not have the expenses like starting a brick and mortar store. However, there are some that include purchasing the domain name, the yearly plan to sell, and hiring a web designer, if you wish.
- You must be credible and have a great brand reputation. If you do not have a strong brand following yet, customers will shop on websites they are familiar with instead. With Etsy and Amazon, customers know they can rely on their site.
- There is more marketing work. Without the added benefit of marketing that comes alongside Etsy and Amazon, you must create strategies. You can start a blog, create social media accounts, or start a YouTube channel to get the word out.
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.
2. Types of Marketing for your Jewelry
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.
- Google Ads. Google Ads are paid advertisements that appear in search results. It can be effective in driving traffic to your website, but you pay per click. These ads help you reach your customers because Google places them in front of the right people when they search certain keywords. You can customize who you are trying to reach which makes it easier to target a specific audience. It is easily measurable, allowing you to see what is working and what is not. Results are immediate, and you will start to see impressions and clicks quickly.
- Social Commerce. Social media is one of the best platforms to market your business because a large number of your customers are using it too. It is completely free to start, and paid advertisements are cheap. When you are first starting off, it can be extremely time consuming to build a following. You must publish great content about your products and anything relevant to your business. Engaging with your audience is simple and will make them feel valued. Your audience will find your brand even when they are not looking for it and new eyes will lay sight on your brand very easily. Linking to your website is an option that will drive traffic.
- Influencers Marketing. Take advantage of influencers because they already have their own following built up. Influencers are popular social media users, YouTubers, or bloggers who will work with you to market your products. They are not celebrities, but they are well-known and have the power to persuade their large followings. Their audiences will follow their footsteps so make sure to work with someone that has a similar audience. Costs can add up quickly, as influencers typically charge per post. Spreading posts out over a period of time will be more beneficial than just one. This is an ultimate way to increase brand awareness and get more leads.
- Content Marketing. Content marketing involves creating and sharing materials that educates a large audience. Creating content that directs your audience to take a next step to other pieces. So many people use YouTube to learn new things so why not create video tutorials about how you make your product? Start a blog about topics related to your industry. Reading informative blog posts will make customers more likely to check out your brand. Infographics are used for viewers to easily digest information with visuals like charts. Sharing infographics will answer your audience’s questions in a short period of time, eliminating the need to spend minutes reading articles. It is important to regularly publish great, engaging content to see the best results, build trust, get higher visibility in search engines, and gain leads.
- Email Marketing. Email marketing is highly effective and enables you to reach potential or current customers. With this, you will have control over your audience, and subscribers are people that are already interested in your brand. You did all the hard work catching their attention and now you just need to persuade them to buy. Usually updates on the company and product deals are sent out. There are email marketing tools that allow you to send this information and monitor campaigns. Emails are an inexpensive way to deliver important information quickly.
- Behavioral Marketing. Behavioral marketing takes information from various sources including search history, location, comments and cookies to create ads and pop-ups based around interests. For instance, if a potential customer shops jewellery online, they may see ads for it on other websites they visit. When a customer has items in their cart for a long period of time, they can be reminded of these products or sent a discount code to apply at checkout. Shoppers find their experience more enjoyable when it is tailored to their interests. This method is specific and results in strong effects when targeting your audience.
- Physical Advertising. With the digital world constantly expanding, digital marketing has been the new thing, but that does not mean print marketing is not relevant anymore. This type of marketing consists of flyers, postcards, business cards, magazine ads, newspaper ads, and more. Physical copies are more likely to stick with the viewer and will provide better long-term recognition of your brand. It is more personal and will trigger emotions. Make sure to create easy to read minimal designs to make your prints stand out. Digital marketing may be getting more attention, but physical marketing will grab your audience’s attention more quickly.
Remember to choose a variety of different marketing strategies, as many different strategies will lead more traffic to your website.
3. Choose your Marketing Based on Two Things
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.
4. What Makes Jewelry Different as a Product to Sell?
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.
- There are styles no matter the occasion. Rings for weddings, bridesmaid necklaces everyday bracelets, casual pieces, or elegant earrings for date nights - you name it and it is available.
- Jewellery has heritage and history behind it. People wore jewellery in all of the different eras. It may not have been made of the same materials used today, but it still existed. Unique jewellery making processes have been in some families for decades. With mass production being a popular route now, these special skills and traditions have extra value in them. In contrast to other accessories, antique jewellery is passed down generations. They can represent the memory of a loved one’s life, significant times in history, or particular stories.
- Different meanings come behind wearing jewellery. Wedding rings represent relationships. In addition, many pieces are worn for religious purposes, fashion statements to represent the personality, or additions to certain outfits. In different time periods, jewellery even served as currency and protection.
- Certain materials and shapes have strong meanings behind them. Diamonds serve as a status symbol and go to for love, thanks to De Beers. Other stones like turquoise symbolize wisdom and calmness. Quartz crystals are prized for their healing powers and symbolize purity and balance. Shapes and objects are embodied too, like anchors representing hope, crosses showing faith, and butterflies meaning elegance. No matter the gemstone or symbol, there is usually meaning associated with it.
If you're interested in reading more about behavioural marketing, we recommend checking out this article on Jobs to Be Done Theory.
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.
- Etsy may be great, but you are limited when it comes to showcasing your brand and setting your own prices.
- Online marketplaces are highly saturated so you must work hard to stand out.
- Utilize marketing because it drives sales.
- The quality of content is more important than the quantity of content.
- Email marketing is one of the cheapest, most efficient marketing strategies that makes it easy to track return on investment.
- Physical marketing provides better long-term brand recognition.
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.