Here are some strategies to edge off your competitors and grow your jewelry business today.
Many businesses have been negatively impacted by the health crisis, and the jewelry industry is one of the most affected. At the height of the pandemic, many consumers have prioritized buying essential items and have put aside their “wants” temporarily. Social distancing measures have also forced shops to shift online, increasing online competition in basically every industry.
Even if the stay-at-home measures have loosened up and shops are starting to open again, some businesses may have difficulty recovering. If this is the case for your jewelry business, you will need to work on your marketing strategies to meet the new purchasing behavior of customers today.
Keep your jewelry business thriving post-pandemic, and here are five ways to do it:
- Purchase from a trusted wholesale fashion jewelry seller.
- Base your design choices on what your customers want.
- Focus your marketing efforts online.
- Target couples and future brides.
- Consider collaborating with an influencer.
#1 Purchase from a trusted wholesale fashion jewelry seller.
Trust in a brand is crucial and is a key factor in building brand loyalty. So you must strive to offer jewelry pieces that are of quality, have reasonable prices, and are in-trend. You can do this by partnering with a legit and trusted wholesale fashion jewelry seller. Avoid dealing with sketchy companies that sell fashion jewelry at meager prices and do not have enough information on their website and social media pages.
Scrutinize their product pages – check the product descriptions, including the country of origin, material, size, and weight. It also helps to read their reviews. And if it’s your first time purchasing from a particular company, do not go all-in. Place a few smaller orders to test the quality of their products, and once you're satisfied, you can begin putting in larger bulk orders.
#2 Base your design choices on what your customers want.
Shopping is fun and therapeutic, and sometimes, getting jewelry designs that you personally want is very tempting! Stop yourself early on to prevent getting an inventory filled with excess items and think like your customers instead.
An effective way to know which designs your target market wants to see in your inventory is to lurk on social media. Be updated with the latest trends by stalking celebrities’ Instagram accounts. Of course, you will need to pick the right personalities -- meaning they are the ones that resonate with your target audience. For example, if your target market is the millennials, check out the Instagram accounts of Taylor Swift and Emma Watson.
#3 Focus your marketing efforts online.
As mentioned above, many businesses have shifted online. So it makes absolute sense to focus your marketing efforts online. If you do not have an e-commerce website yet, it’s time to create one. If the budget does not allow it yet, you can build your social media presence and focus on social selling instead. Platforms like Facebook and Instagram have store features, so they are worth checking out.
On the same note, you can also run social media ads to further expand your reach. The ads on Facebook can also be shown on Instagram, and creating them is quick and easy. You can set an ad budget depending on your capabilities, but consider running the ad for a few days and increasing the budget if you want to get the best results. Make sure you set the right target demographics to make sure your ads are shown to the right audience.
#4 Target couples and future brides.
Because many consumers today have reconsidered their expenses and focusing more on essentials, some future brides now prefer fashion jewelry as bridal jewelry instead of fine ones. Genuine gold and platinum are way over a budget-conscious couple’s funds, so it is very likely that they will go for stainless steel or sterling silver.
With that in mind, you can create a separate collection of wedding jewelry pieces. You can also use the link of your website’s landing page for your social media ads to promote affordable wedding and bridal jewelry. Weddings happen all year round, so these pieces surely won’t be candidates for excess inventory.
#5 Consider collaborating with an influencer.
Finally, consider working with a fashion influencer to enhance your online presence. Influencer marketing has such significant returns that 89 percent of brands say that influencer-generated return-on-investment was very much comparable to, if not way better than, other marketing channels.
Plus, there are many fun and creative ways to work with these coveted personalities. You can create a new collection with designs handpicked by the influencer. Another is to allow an influencer to choose a few pieces from your shop and have them review the jewelry on their social media accounts. Your goal should be to win the hearts and minds (and pockets) of your chosen influencer’s followers,
Recovering from the effects of the pandemic may take time, but making the first few steps can make a huge difference. Start slow, but be consistent if selling online is totally new to your brand. Consider deploying more strategies once you get the hang of marketing and selling online. And when the budget allows, consider investing in social media ads and influencer collaborations.
Need more jewelry marketing tips? Follow this blog to keep updated. As for restocking your inventory with new spring and summer pieces, check out our wholesale fashion jewelry collection at CeriJewelry.com.