Starting a jewelry business is a lifelong dream for many people. If you’ve taken the step to create or sell jewelry, you’re part of a lucrative marketplace. The global jewelry industry totals 249 billion dollars, a number that has climbed consistently over the past five years. Whether you’ve just started making jewelry or you have a thriving brick-and-mortar store, here are five tips to help take your jewelry business to the next level.
1. Create Consistent Branding and Visuals
In today’s visually-dominated world, you need more than just high-quality pictures of your jewelry to stand out. A recognizable color scheme and aesthetic across all of your marketing is essential. Cohesion is key. Even without the name of your store on the image, someone looking at your marketing and product photos should be able to guess their source.
Tie in your branding with the interests of your customer base. For example, if your customers tend to spend time in nature, leaves and flowers might play a prominent role in every visual for your brand.
2. Invest in Better POS Software
Point of sale software is an essential consideration that many jewelry businesses overlook. Your software should do more for you than an old-fashioned cash register would. A specialized jewelry POS system tracks inventory, flags popular pieces for re-orders and can even help with social media and digital marketing.
3. Research the Competition
Keeping your eyes on your own paper may have been a good idea in school, but in a competitive business like jewelry, you need to look at your competition. Analyzing the local and regional market should be a key part of your business growth strategy.
Make a list of other jewelry stores and jewelry sellers in the area. Ask business plan questions that you ask of your own business, including:
- What is their key customer demographic (i.e. age, income, background)?
- What is the price range of their jewelry?
- Where do they usually market their jewelry?
- What is their overall brand point of view and aesthetic?
- What promotions do they run at which times of the year?
- Do they sell in-store, online, or both? Do they sell at events and festivals?
Answering these questions can give you ideas on where to take your business, branching off of your competitors’ choices. It can also identify gaps in the jewelry market in your area that you can capitalize on. Don’t simply perform this research once, but keep coming back to it as the market evolves.
4. Think Like Your Customer
Your customer’s points of view and life experience may align with your own, but there may also be key differences. Practice getting into the mindset of your key customer demographic to make the most effective marketing choices.
What themes are most likely to resonate with your customer? What time of year do they usually look to buy jewelry? Anticipate your customer’s needs and offer them pieces and discounts that keep them loyal to your brand. A customer loyalty program or mailing list can be a huge help, but be sure any ad copy resonates with your target audience and provides value to their day.
5. Partner With Other Businesses
Reaching out to locally-owned clothing stores, general stores, gift shops or other businesses in your area can give your jewelry a boost. Jewelry is the perfect product to feature as an impulse buy near a register. Bridal boutiques are often locally-owned, so ask if they’d be open to featuring or selling your jewelry brand.
The work isn’t done once you strike the deal, however. Remember the unique branding and visuals from the top of the list? They’re even more important when your jewelry is featured in another store. Eye-catching displays increase sales and introduce your brand to new customers.
Innovation is key to success in jewelry since it’s a millennia-old industry. There will always be a customer base for your product, but there will always be stiff competition as well. Look at all aspects of your business from point of sale to social media and find ways to stand out.
Read Also: What Is Imitation Jewelry?
Hello, My name is Shari & I am a writer for the ‘Outlook AppIns’ blog. I’m a CSIT graduate & I’ve been working in the IT industry for 3 years.