Let’s face it. Growing a jewelry business requires considerable effort. It may be very challenging at the beginning, but the good news is that it’s possible. Scaling a business means understanding various aspects of the company, from how to create awareness for your brand to dealing with sales, to generating a customer base and so on, all of which can be overwhelming. At the end of the day, you need to ensure that all these aspects are running effectively.
The truth is, rapid growth for your business will not happen overnight. You must buckle down and figure out strategies that will make your business grow fast. While there are tons of business growth strategies readily available online, no one shoe fits all. The secret is to identify the strategies that will grow your sales exponentially and improve on these strategies as you go. On the bright side, we’ve created a list of effective and efficient ways to help you grow your jewelry business fast.
1. Research the competition
Whether you would like to admit it or not, competitors exist, and they are just as hungry for customers and business growth as much as you are. Doing the research and monitoring your competitors gives your business a competitive edge since you get to understand their behavior and anticipate their next move. This will help you to effectively plan in advance and develop business strategies that will ensure the retention of your customers and the growth of your business.
2. Develop a customer loyalty program
It takes a great deal of effort to convince a customer to buy from your brand, not forgetting your competition. An excellent strategy to ensure that your business always stands out is introducing something that gives you a marketing edge, such as loyalty programs. These programs provide your customers with a reason to spend more money on your brand, which pays off in the long run in terms of customer retention. Statistically, it costs between three to ten times more money to acquire new clients compared to getting an already existing client to make a purchase from you. Besides ensuring customer retention, loyalty programs are a great way to increase sales and attract new clients. These programs can be anything from discounts to promotions.
3. Identify new opportunities
One thing many businesses fail to do is seek opportunities that provide them with an avenue to grow or just get noticed. While this may seem simple, it’s not! Proper identification of new opportunities means analyzing and understanding your demographic, the distribution channels, direct competitors, marketing opportunities as well as other probable industries. In the process of identifying new opportunities, also ensure that you understand what your customers need and tailor your products to meet these needs. Research, surveys, and requesting product feedback are a great way to start. With the right analysis, you can stumble upon tons of opportunities, such as teaming up with other local businesses and referring customers to each other, highlighting special features of your jewelry brand and so on.
4. Create strategic partnerships
Ever heard of the phrase, ‘no man is an island’? Well, if you hadn’t, now you have. This concept also applies to businesses. Forming strategic partnerships with companies or other brands that complement yours can help you reach a multitude of potential clients. However, identifying these partnerships is where the catch is. In actual sense, it’s easier said than done. The first step is looking for companies that relate to yours in one way or another, contacting them and proposing the opportunity of partnering up. Networking events can be great places to start looking for these partnerships. Who knows, you might even get to meet a throng of new customers besides the opportunity to build strong professional relationships.
5. Leverage social media
Since the dawn of technology, social media platforms, besides being very powerful tools, are the holy grail of marketing. Social media platforms provide businesses with an opportunity to reach billions of people across the world, half of which may be your target customers. The best part about using social media platforms is the fact that it helps your business remain relevant. And through ‘social listening’ you can be aware of what consumers are interested in, what they’re saying about your brand, buyer behaviors, keywords and trends that appeal to your target market, how to influence buyers’ purchasing power and how to satisfy your customers.
Besides marketing your brand on social media, how about using global platforms such as Amazon as well? Today, the Internet has shifted how customers buy. For instance, initially in the jewelry industry, getting a client to make a purchase was as ‘easy’ as uttering the Cs of Jewelry—clarity, cut, and color. Now customers are just interested in the numbers, which are readily available on these global online platforms.
6. Build a unique brand
As already mentioned, competitors will always exist. There are numerous stores customers can get jewelry from. So, what makes your store or jewelry business unique? Why should a customer buy from your brand and not the next? This all trickles down to having a unique brand, which sets you apart from the competition. Creating a distinctive brand simply means going the extra mile to make your customers feel valued, from providing excellent customer care to simple acts such as offering mints or water when they visit your store. Creating a unique brand for business means positioning your company in the minds of consumers as the best in the industry, by communicating a memorable brand identity, a unique brand position, and a clear strategy for expressing what the brand is all about.
7. Provide great customer service
With the convenience that comes from shopping online, customers that physically come to your store need to experience top-notch customer service. Remember, customer service overlaps the quality of your products. I bet most of us have had the experience of going to a posh place, restaurant, jewelry store, supermarket, you name it, intending to make a purchase, but after receiving poor customer service, you just walked out.
The bottom line is quality customer service ensures your customers feel valued and can come to you for help. In this line, a jewelry sales team that highlights the quality of a piece of jewelry by describing, say, the beauty and romance instead of the technical details alone is a plus, because it conveys the idea that the sales team understands what the customers need. An effective way to discuss the beauty or romance of the product is by finding out why the customer is making the purchase: is it a birthday present, for a romantic gesture, and so on. Besides personalizing product details, warm and friendly sales representatives will make a great impression and ensure that sales skyrocket.
8. Be adaptable
One of the most common traits of successful businesses is their ability to change direction rapidly in response to market demands. Having an agile business development strategy will ensure your business snowballs. Additionally, being adaptable and keeping up with the market trends ensures that you continuously try new and different approaches to growing your business, thus allowing you to grasp what works and what doesn’t.
9. Raise the counters
While this may seem like a very basic concept, it’s a necessity. Raising the counter of your jewelry store ensures your customers have a comfortable browsing experience. The jackpot for the perfect display is usually between the belly button (approximately 42 inches) and the eyes. This creates an excellent eye-level viewing for your products.
Alternatively, a second excellent investment when it comes to displaying your jewelry products could be an exhibition stand design. An exhibition stand design is an excellent advertising tool which directly influences the product sales. Typically, in the sense of functionality, the design of a jewelry stand should focus on the customer’s intent to buy products and hence grab their interest, desire, memory, and attention. Besides having a great appearance, convenient transportation, and easy assemblage, a great exhibition stand design should have a personal style and a functional structure design.
10. Provide financial options
They say jewelry is a girl’s best friend. Having this in mind, we can’t always afford to deck the latest Graff or Cartier pieces whenever we feel like, as much as we would love to. But jewelry stores can introduce a financial program that allows customers to lease or make regular payments for a piece of jewelry. Providing financial programs will lead to the creation of a more extensive customer base, as well as retention of the already existing ones.
11. Always plan ahead
Although being agile is an essential aspect of the business, planning for the next step is also necessary. This can include preparing your next marketing mix and anticipating all potential eventualities to ensure your business remains grounded and secure as it grows. Additionally, this provides your company with a solid foundation, and in the eventuality of an unexpected occurrence, it would not be challenging to adapt.
12. Hire right
Before even thinking about the growth of your company, you need to start by ensuring you have the right task force who can help you achieve this goal. Exponential business growth is all about having the right team, people who are not scared of rolling their sleeves up and getting the job done and done well.
Growing your business requires planning and implementing strategies that work. The above list consists of tried and tested ways that are guaranteed to make any business grow fast.