How Diamond jewelry retailers can sell more in 2021
As Jewellery retailers and the wider jewelry industry are still assessing how best to operate in a COVID-world, Luxe VVS Jewelers shares How customized diamond jewelry could be a changemaker for the industry
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Do you know what potential customers think before trying a new brand? Consumers are always on the lookout for something new, but they need to be convinced that a new brand offers something that its competitors don't.
And how is your brand different? What's the X-factor that makes your company stand out from the rest? These are the questions to which Luxe VVS Jewelers sought answers. It's worth looking at the promotional techniques they've used to carve out a name in the industry and become a go-to brand in the custom diamond jewelry business.
Building a Jewelry Brand
The last thing you would want is to lie to your potential customers, and somehow, the cat comes out of the bag later. That may lead to a backlash, causing you to lose out on potential customers. You also run the risk of ruining your reputation. It always pays to be honest to your customers, which applies to telling your brand's story.
Take Luxe VVS Jewelers, for example. From their inception, they've set out to make diamond jewelry affordable for everyone instead of prioritizing profits like most industrial companies. And how did they differentiate themselves from their competitors? By providing customized diamond jewelry. This is the core story that they share with their potential customers. That they want to provide access to high-quality diamond jewelry even for the average person, and their story sells like crazy. They are now one of the fastest-growing brands in the US.
Work to promote your brand perception
How do you want your potential customers to think of your product? What differentiates it from others? Getting answers to these questions helps in formulating your marketing campaign. Even if you don't want to invest heavily in marketing, your idea of promoting your brand on social media will work wonders if you can convince your target audience about the USP of your product.
Again, for Luxe VVS Jewelers, it was about the different types of diamonds they can provide to customers that attracted many. First of all, people couldn't believe that they could buy customized diamond jewelry. On top of that, they get to pick from two types of diamonds. This was like a golden opportunity, especially for people who don't have bottomless pockets.
Customers could choose from two types of diamonds: VS and VVS. The former stands for Very Slightly included, while the latter means Very Very Slightly Included. Experts consider both types as premium quality diamonds but rate VVS as slightly better in quality and precision. This gives customers the perception that Luxe VVS Jewelers works for the average Joe and not just for millionaires, which has benefited the brand massively.
Don't do what your competitors do
While many say that it isn't wrong to follow your competitors' footsteps sometimes, you shouldn't make it a habit. You should believe in your product and develop promotional ideas that your competitors haven't tried earlier. Sometimes it would work, sometimes it wouldn't. But you sure would gain experience from it. If something doesn't work, it doesn't mean your product is inferior. It just means you need to try some other ways to promote your product.
Most diamond jewelry companies invest in advertising like crazy. They advertise on hoardings, give television commercials, and scour the Internet through their website links. But Luxe VVS decided to go against the flow. They believed that their product would do most of the talking for them.
And spending heavily on advertising would create a tendency to recover the costs from customers. That would lead to increasing the price of their diamond jewelry. And this isn't why the company started. Therefore, the owner, Brandon O'Neal, decided to rely on referrals. For them, nothing beats word of mouth marketing. When clients feel happy with the diamond jewelry, they'll refer the company to friends and family even without any incentive.
Don't forget your existing customers
Don't forget your loyal customers in an attempt to find new customers. Remember, they are reliable for a reason. Could you not take them for granted? That may work against your company in the long-run. Try to give your customers the liberty to make decisions for your company.
For example, you can ask old customers what type of ad campaigns they would like to see next. You can start a poll and ask your customers to vote. The one that receives the most votes wins. This way, your customers would feel involved. And they would happily remain loyal to your brand for a long time.
Make a promise that you can deliver
Customers get tired of false promises all the time. They start having low expectations from the brand, and eventually, they find a new brand that lives up to its promises. Be that company that lives up to the customers' desires. Know your strengths and your weaknesses before promising anything.
For example, Luxe VVS Jewelers is confident about keeping the prices of their diamond jewelry low. Once they see your design, they would give an approximate cost. Usually, the final cost doesn't sway from the estimate they provide.
Marketing your product tactfully can make even a standard product sell like hotcakes. You need to find the right combination of marketing techniques and work on them to make your product and brand success.