Every business has a target market for certain people in different locations. The jewelry business is one of those businesses that need to be appropriately studied before starting up. It serves a specific income class, and anyone who intends to begin a jewelry business must know how to contact this set of people.
For instance, Asians in their 40’s to ’60s generally spend more on Jewelry than people of other races of the same age bracket. However, it is not wise to target Asians only in a predominantly black community. Even though specific people buy a product more, it is wise to target a more significant percentage of the population who can buy it with great enthusiasm.
Therefore, the common logic relating to the target market for the jewelry business is that where people target the highest per house spending is not always the best way to go about it.
In the same vein, all jewelers must pay serious attention to attracting or finding customers. Not only that, but they must also know how to engage them and keep them. An article like this would provide you with the best information you will need to find the right type of customers who will make your jewelry business thrive.
- Tips to Consider Before Starting a Jewelry business
- Identifying your Customers
- Location of the Jewelry Business
Tips to Consider Before Choosing a Target Market for Jewelry business
Identifying your Customers
As earlier discussed in the introduction of this article, the largest market of every population should be the target for every jeweler. Not a group of people that adores Jewelry but falls under the minority population.
In the target market for the jewelry business, some things must be considered and properly planned out statistically before seeing any results. Below is a list of things to consider.
Any profit-oriented jeweler must indeed consider the average income of their consumers in a population before setting the price of Jewelry, buying certain Jewelry, and creating a fixed payment plan.
For instance, customers with annual income above $120,000 or its equivalents in other currencies will have the highest spending rate on Jewelry. These groups of people may constitute a small number of the United States and most European countries. However, people in this income category buy about 45% of the total Jewelry sold in Europe and about 30% in the United States. A percentage like that produces a figure of about 18.3 billion dollars of Jewelry purchased in the US alone.
On the other hand, you should note that customers who fall into a lower income category are the ones in the remaining percentage of Jewelry sold. Therefore, it is also wise to target them with the Jewelry they can afford.
The trick here is not to neglect or ignore an income group in a population. It is to find the kind of jewelry product that each income group can afford. In doing this, you will adequately sort out a comfortable payment plan, jewelry-grade e.t.c.
To target the largest market for the sale of jewelry, another thing to consider is age.
Usually, the jewelry market exists mainly for young individuals. However, the market is unpredictable, and the trends for the past three decades have been different. The age group at which people buy jewelry varies from country to country. In China, India, and Japan, people aged 30-60 consume more jewelry than other age groups. On the contrary, about ¼ of jewelry used in the United States comes from those under 35.
Young folks under the age of 30 in the US, regardless of their income capacity, do have interests in buying much Jewelry.
It is to be noted that the different reactions of different age groups to the jewelry market may not be caused simply by varying priorities, income, or discipline spending. Studies have shown that most jewelry businesses often do not provide the type of jewelry that satisfies the various age groups.
Humans change so does their taste for jewelry. The type of jewelry a woman is interested in at age 21 may differ from her at age 65. Providing jewelry that satisfies the needs of each age group should be considered before the jewelry business commences.
Buying jewelry relates to how much an individual earns. Without dispute, professionals earn more than manual laborers. Therefore, professional workers spend more on Jewelry than most artisans. It is only wise for jewelry business owners to target such people.
For security reasons, if your customers do not have wealthy sponsors or any form of funding, then you need to ask where their money is coming from. It is hazardous for jewelry business owners to repeatedly sell jewelry to customers without any source of income.
Invariably, this factor is related to the amount of income an individual or a group gets at a given time.
Homeowners will spend more on jewelry than people who rent their homes. Since most homeowners do not bother about rental money at the end of the month, they spend more on other things such as jewelry. It may be because they consider jewelry a significant surplus that matches their status. Regardless of the reason, they are an important target market for the jewelry business.
Therefore, anyone who intends to start a jewelry business in a particular location should logically take the statistics of homeowners and renters. It will be of great help because it will help the seller’s approach to the business and the consumer.
Location of the Jewelry Business
In India, for example, pieces of Jewelry define a lot of things. It is an essential defining part of religion, any form of celebration, income class, culture, and even economy.
India is the second-largest consumer of gold jewelry in the world after China. It is also the largest producer of polished diamonds globally. They have gods and goddesses in gold. At the same time, every marriage celebration must involve the bride being arrayed with diverse jewelry attire.
If you choose either of these countries as a location for your business, there is a higher chance of thriving.
In the United States, jewelry is related to a form of ostentatious and fashionable class where the rich and people in high classes are treated with respect for affording a specific type of clothing and jewelry.
Approaching your Customers
After identifying your customers, approaching them can also be a little tricky. Every jeweler must know that every target market for jewelry business must have a meeting platform or place.
Therefore, a good jeweler must gather the information that will help bring their goods to the consumer.
For example, on social media (Facebook, Instagram, or Twitter), there are criteria you must tick to narrow down your audience. With the information provided in the previous heading, you should be able to inform the social media app or any other site you intend to use of the gender (primarily female), age group, education, income range, interests like traveling, location e.t.c
Know Your Meeting Point
Older age groups are not frequent on social media apps like Twitter. They may, on the other hand, find Amazon an exciting place to purchase things.
Understanding how this site works is an essential key to targeting your customers after identifying them correctly. A quick survey on the type of audience you would want to reach in a given geographical location will be helpful.
After discovering how this website works, you can pick one easily and choose where you want to operate from. And perhaps you own a shop, and your customer is close by, you can advise that they walk by.
Input Target Criterion
After knowing the best website to meet with the audience, you can narrow down your target criteria by identifying users under those specific categories.
Google, Facebook, and YouTube are websites that can significantly target jewelry consumers. These websites help you limit your target market for jewelry business to a specific demographic, including age, gender, income, and location. Through your search history, profile, and friends of friends.
Construct Your Message well
The kind of message you will pass across to them on social media must be a good one. If you can’t come up with a nice one, consult an expert social media influencer to help you.
However, I believe that narrowing down what needs to be said in videos, write-ups, or content can be managed if you can imagine what people (in the age bracket, income class, e.t.c.) would want to hear or see.
Also, find a way of checking them up via email, and tell them of your new products, discounts, and all.
Selling jewelry needs a lot of expertise and a lot of study. This business is not for the faint-hearted. But I believe that if every one of the tips above is followed religiously, you will record tremendous success.
However, in the quest to attract the target market for the jewelry business, there must be extra caution; Social media or any other online platform can be very dubious. When anyone walks to your office or shop to purchase jewelry without any known means of income, decline politely.