The jewelry industry is a highly competitive market with local national and international brands each capitalizing on their regional strengths. Globally the compound annual growth rate in the jewelry market has increased considerably from 2010-2017 with projections for even more growth in the next four years. While a rise in the female workforce and increased GDP per-capita has contributed to the surge the market faces some modern challenges. For example less consumers are celebrating important life milestones like marriage anniversaries and babies. In 1960 72% of U.S. adults were married whereas today only 50% are married. Between 2007 and 2012 birth rates among women in their twenties declined by over 15%. Another hurdle includes cyber fraud risk with 83% of consumers demanding tougher regulations and penalties for breaches of data privacy.
Here are four trends to help create a competitive and successful marketing strategy:
Target the Right Audience
Millennials and Gen Z consumers are the young driving force of today’s workplace. While older generations are still an important segment of your audience the younger generations will be the ones you market to for years to come. It’s important to understand what jewelry they like the styles trend-setters are wearing and which social media platforms will reach them. Pay close attention to your social media analytics to see which styles are generating the most engagement shares inquiries and sales. Also note which days and times are best for reaching your audience and explore paid advertising options to expand your reach to more consumers.
Consumers recognize and trust brands that are consistent across their social media channels emails website printed marketing and in-store advertisements. This is also referred to as omni-selling as customers experience the same promotions products and content from each platform. Actively post relevant content with clear communication in regard to your marketing message. Make sure your brand is also consistent easily recognizable and directs consumers to your products and sales for a simplified shopping experience.
Customization is Key
Today’s consumers seem obsessed with personal style identity and the expression of that individualization. And when it comes to buying jewelry they want the option to customize their pieces whether by engraving a personal message on the piece or designing a custom piece altogether. It’s important to advertise that the jewelry they see in your post is available for customization. Let consumers know what their options are for metals stones and cuts to better fit their personality and display their uniqueness. Showcase custom pieces on your social media channels and create a giveaway or contest for one. This will help increase engagement online leads and in-store visits.
Online to In-Store Promotions
Online shopping may have taken retail by storm but there are still clever ways to drive online traffic into your brick-and-mortar locations. With increased engagement through videos photos articles and influencer marketing you can promote incentives for “in-store only” discounts a free gift with an in-store purchase or free ring soldering with purchase of an engagement ring and wedding band. Almost 80% of millennials’ shopping decisions are influenced by finding the best deals especially for expensive products. Having an incentive will give them a reason to come to you.
The jewelry industry is a growing and changing field that requires effective digital and traditional marketing strategies. Contact excelerate Digital to learn about our digital marketing services.