This blog will reveal jewelry industry trends and marketing rules that every jewelry business owner must understand. Here are some golden nuggets for you guys. Use them from day one of your business activity, your performance depends on them; these nuggets are essential “nutrition” for the eCommerce ecosystem.
By using them, you will be able to achieve high performance and highly effective marketing campaigns, as well as boosting eCommerce revenue and getting a consistent and predictable number of sales. This is not just for eCommerce but for retail stores as well, if you have one.
1. You are not selling jewelry, you are selling an image.
If you want your eCommerce to outperform retail sales, invest massively in the visuals. I will attach a few images as a high standard to follow. You see, all the successful brands have high-quality pictures that include both product pictures and models.
One of the best pieces of advice I can offer you is to hire a photographer who already has experience with luxury and jewelry products. They must have product and model photos in their portfolio. Make sure to pay attention to post-production pictures. Zoom in, if you see details, or some unprofessional reflections, it’s a big NO.
Jewelry requires an understanding of photography and videography. I was always disappointed when working with photographers who didn’t understand the artistry behind photos, those who don’t pay attention to the small details like lights, background, retouching, natural colors, saturations, and reflections.
2. Digital Marketing Diversification (Omnichannel marketing)
Now, during the crisis, for example, those profiting are those who diversify their investment portfolio.
The same principles apply to jewelry marketing. Diversify your marketing channels, figure out which one brings a better return on investment and adjust your budget accordingly.
For instance, I diversify the marketing budget using the following channels:
Google Search Ads
Google Display Ads
Google Shopping Ads
Content Marketing and SEO
During this tough period of the pandemic, not all of them are bringing in a positive ROAS, so I capitalize on those channels that can deliver a higher return on advertising spend.
3. International Scaling
Once you have a stable and positive ROAS (Return on Advertising Spend) for a specific country, it’s time to scale the brand internationally by duplicating the strategies that worked in other countries.
eCommerce has its advantages, you don’t need to rent commercial spaces or HR. With a few clicks, you are ready to sell internationally.
For instance, we were getting better ROAS in European countries than in the USA for specific products, so you never know which country will perform better. Always test and scale marketing campaigns in different countries. You never know which one will outperform the original one.
We always start with:
Singapore, Hong-Kong, and Japan.
Sometimes Russia, but only Moscow and Saint Petersburg.
4. Sophisticated Marketing Structure and Audience Segmentation
By using data management and tracking technologies, you’ll be able to segment and track your audiences carefully. Modern technologies give you the possibility to build a sophisticated marketing structure that enables you to create specific marketing interactions based on where the customers are in your sales funnel.
For example, you can build audiences of people who just visited your website, who added items to their cart, who initiated checkout but didn’t complete the purchase, people who completed the purchase, people who interacted with your Facebook page but didn’t visit the website, people who view 50%, 75%, 100% of your video, etc. When you segment and deliver a specific message, you instantly get a higher return on advertising spend. It’s a rule.
5. Data Management Technologies
It’s best to use all the data technologies each marketing channel provides. If you don’t use them, you’re losing out. You need data and lots of KPIs to track to build a well-performing and long-lasting marketing structure.
LinkedIn Insight Tag,
Pinterest Tag and others that collect, segment, analyze and optimize data. This is a rule.
6. Communication – Chat, Video and Phone Calls.
Communication instills trust. Trust stimulates the desire to purchase from the website.
Want to build trust faster? Offer instant video and phone calls. This strategy is a must for luxury brands. This way, you sell faster, increase sales, and boost conversion rate.
Fast communication matters. Use software solutions that offer it. The solution you choose must come with a mobile app, so you and your team can answer quickly. Just search on Google and see which one suits your needs better.
7. Conversion Rate Optimization
Conversion rate optimization must be your priority and passion from day one. Would you prefer to spend $100,000 on marketing and get $1,000,000 in revenue with a 1% conversion rate?
How about investing $100,000 in marketing and getting $2,000,000 with a 2% conversion rate?
Of course, the second option is better, that’s why you have to optimize your conversion rate. In other words, CRO (Conversion Rate Optimization) can help you to improve your revenue. Aim to double your conversion rate so that you can get twice as many sales with the same marketing budget.
8. Always produce and test new designs
Some of your designs will bring you a high return on advertising spend and a higher conversion rate, so companies who always produce and test new designs/collections will win this game.
9. Average Order Value Optimization
The philosophy behind AOV is to make the customer buy more than they usually would. Here you can use upsells, crosses, post-purchase upsells, free shipping for orders over 250$, buy two get one free, spend 5,000$ and get a 10% discount. This depends on your jewelry business type, there is an option for every business type, even high-end businesses.
10. Influence Marketing
Collaborating with influencers sometimes can be more profitable than other marketing channels, it’s something that you have to test.
In the image below, you can see Amanda Rodriguez https://www.instagram.com/p/B-ONMZEg9HW/?igshid=n0j3j831tsn7 promoting Fashionova on her Instagram post.
Usually, you can pay a fixed amount + percentage of the sales coming from a specific link. Of course, it depends on the rating of influencer and your business possibilities. Influencer marketing can be very explosive in terms of sales if combined with other strategies.
If your product sells well and has a reasonable conversion rate, then start searching for Influence Marketers to promote it as well. Don’t forget to track the results. Remember tracking data is the main component.
Diversify your marketing channels, use the latest marketing technologies to track and optimize data. Optimize your ads and your products. Optimize and test everything. It’s crucial to be profitable online.
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