Hello everyone! I’m glad to see you on my blog. I’m Alexander Skibinskiy, and I do jewelry marketing since 2015. Also, I own a digital marketing agency, and my passions are jewelry and digital marketing.
If you are looking for tasteful insights regarding jewelry and digital media marketing then this is just the place for you. Give yourself a shot at learning lessons about marketing jewelry online, that I picked up during my life. Let’s kick things off with a high-end jewelry marketing campaign and the importance of Return on Advertising Spending (ROAS). Looking below you will notice that with every dollar invested brings about a return of $171. Through spending many hours and much investment in digital advertising, we were able to reach an estimated 31 on our return on ad spend (ROAS).
Keep in mind, in digital marketing there is a very low chance that you reach a large ROAS as soon as you start. On my first try, I spent a chunk of $300,000 and the yield was zero. Although this was an extremely distressing and difficult time for me, I managed to come out of it and learn a great deal about digital advertising. I tried everything in my power to learn from the mistakes that I made. I used every single digital advertising medium to deduce which one is useful and resourceful. Moreover, rather than backing out, I invested more time and money to pick up on my errors, fix them, and succeed.
The purpose that I am writing this article today is to bring your attention to the mistakes, learn from them, and save your time and money.
Lesson #1: Target Audience for Marketing Jewelry
The tip to finding high ROAS customers is to experiment with your target audiences. Try dealing with as many as you can, rather than limiting yourself. Some of the individuals may not be great contributors to the ROAS, however, some will be. As soon as you find the high ROAS customers cherish them because they are the ones who you can rely on every month and will help make your business prosper! Now an important question to keep in mind is that what types of people are buying your jewelry? Once you jot down a few answers, try categorizing them into professional clusters.
Now you must be wondering what you are going to do with these clusters of individuals. Well, the key to an increased ROI is to always test out your products against these groups to vindicate your digital campaign more quickly. Keep in mind that you do not jump into targeting without classifying segments, the reason for that is that it will result in reduced ROI and the use of large amounts of investment.
Lesson #2 Designs and Products on the Front End to Create Brand Experience
What to do with these audiences online?
Lesson: Always test products/marketing campaigns against these audiences so you can validate your marketing campaigns faster and get a higher return on investment.
Mistake: Other marketing and jewelry business owners make them just targeting anyone and everyone without segmentation, which leads to a low or negative return on advertising spent. In other words, you are wasting money on marketing.
The next vital lessons and mistakes are…
Products and designs you place in front to attract and create a brand experience
Ask yourself a few questions; what sort of products are you trying to sell to your customers? Are you selling an experience, if so then what sort of feel? What is the most effective way to make that happen?
Attention is what you need! The greater the attention that your brand gets, the better it is for your marketing. Take a look at some of the advertising examples listed below for reference, the LGBTQ one screams attention. You do need to use the same approach, implement marketing targets that create a strong sense of feelings, attention, and end up viral. Attention and sales have a direct relation, the higher the attention rate, the more sales you generate.
Refer to the videos created by the Italian Jeweler. The videos were executed in such a manner that they bring about a sense of experience that pulls you to buy their products. The only way this was achieved was that he spent time and great thought into producing them. The content displayed evokes trust and admiration towards the brand. The first video reeled in 45,000,000 views without any form of paid advertisements. Additionally, the second video got around 8,000,000 views too. In normal circumstances with paid ads, an investment of $2,000,000 to $4,500,000 is required.
Now let’s compare these two videos to Cartier’s advertising video. Take a look at it; at first glance, you will notice that they have 5 million views and that they have invested large sums of money while producing the video. They have also incorporated 80% paid advertisement into this campaign. With so much spending it is presumed that their video is more effective than those of Italian Jewelers, however, that is not the case. Italian Jewelers managed to capitalize on the market in a far better sense in terms of feelings, emotions reactions, and views, without any advertising costs.
Sometimes you may not have energy or time to make videos, so an effective alternative is images. if you do not believe me, see for yourself.
Below are some image examples by David Web, in these photos he is taking you through the procedure of design to the end outcome.
Make use of attractive imagery in the form of products or models while marketing jewelry online. To make your content stand out more to the audience, I would suggest making use of celebrities and influencers to attract more views. Take a look at Amanda Rodriguez‘s photo in which she was sponsored by Fashionova. She is promoting clothes and jewelry by wearing them and posting images.
Many believe that an “aggressive” or seductive style of content will not work for a high-end jewelry brand. However, 5-10 years down the lane this idea might be more appealing to viewers. So, think about the long-run and implement this style.
Note this down somewhere; an increase in attention will result in an increased rate of key performing indicators (KPI)
Lesson #3: Analytics, Profits, and Key Performing Indicators for Marketing Jewelry Online
Make analytics your life, from now on you should eat, sleep, and breathe them! Below are some examples of KPI that will help you realize how to make profits without wasting money while marketing jewelry online.
Analytics start from cost per click and end on cost per 1000, so the more compelling your ads are, the fewer amounts you will have to spend for views and clicks. This a general rule followed on all social media platforms, such as Facebook and Instagram.
Now let’s move on to Add to Cart (ATC) and cost per ATC. While reviewing your analytics, if you notice that a product is not making enough sales, even after spending vast amounts of budget on it then there is something wrong. The best way to control a situation such as that is to stop and review your ads, go over the target audience, as well as the landing page. ATC’s is a lifesaving metric, it will save you from incurring great costs, and help you understand whether that campaign is a cash cow or not.
Following ATC’s, move on to initiate checkout costs. If customers are adding products to their carts and checking out, it’s a win for you and your brand. This means that whatever you are doing in terms of marketing is working in your favor. On the other hand, if you can see acts and checkouts, but no sales you have got a problem. Reasons for customers leaving your page after checking out could be that your shipping costs are too high, there is a lack of payment options, or the overall user-interface is too slow.
The next key performance indicator will help you establish a relationship between acquisition costs, purchases, and ROAS. We must make focus on getting a higher level of purchases at a higher ROAS and lower prices.
No matter what the scenario you must ensure that you are maintaining a persistent marketing campaign and website. How will you know if they are persistent? KPI’s are the answer to that! Make use of conversion rates, if you use conversion rates to your advantage, you will hop from drowning in costs to swimming in profits. Even if your marketing budget is the same, you can still generate higher profits by altering conversion rates.
The key to converting sales is by using psychological techniques. For example, offering free shipping or a 1-year guarantee. Moreover, take advantage of impulse buying, use exit pop-ups to display a product in front of potential customers to help convert sales. Sometimes people want things that they cannot have, so why not use a scarcity technique. Make consumers believe that there is only 1 piece left of a product and they will go nuts to ensure that they have that 1 last piece. There are numerous other techniques to increase sales through convergence.
For your website, a significant KPI to keep in mind is Average Order Value (AOV). If your business is running smoothly, it will not be of that much importance to you, however, if you believe you can yield in more profits that you are getting then pay attention. You have got to fix this! How will you do so? UPSELL! CROSS-SELL’s! POST-PURCHASE UPSELL!
Analytics does sound tricky and time-consuming, but make them your life! I used to dread using analytical techniques for the betterment of my brand, but now I cannot imagine life without them. Make use of various metrics to drive up your e-commerce revenue.
If you are a regular viewer of Cartier, you will notice that they make heavy use of software solutions whose foundation is Analytics. Take a look
Lifetime Lesson #4: Long-Term Product Value Will Grab Higher Sales
Customers are looking for value when they purchase jewelry, so keep in mind if your ROI is not positive; it is associated with the value you are providing to customers. Let me put a scenario before you, your brand is selling a product worth $10,000 and your profit yield is $4,000. Now if you already spent around four thousand dollars beforehand to get a client, then it means that the profit margin is not profit, it’s just break-even. On the other hand, if that same customer starts building positive word of mouth for your brand and starts referring you to people, then it is a profit in the long-run. Shift your focus to the lifetime customer value; this is exactly what I did for my business.
In the field of jewelry, everything works on word of mouth and networking, the entire customer base is attained through those two means. Hence, if your business is spending profits on attaining customers that will stick with you and promote your brand then do not panic. Think of it this way; sell high-quality products to retain customers, which will result in more potential clients walking into your store, which means more profits.
Lesson #5: Increase Jewelry Sales through a Structure for Marketing Jewelry Online
Over time, if you do not keep reminding customers that you exist in the market they may start forgetting about you. Therefore, you must keep engaging with them through various means to keep the spark alive. Keep producing interactive marketing campaigns and ads, since you never know when the customer might think of making a purchase.
In my personal experience marketing jewelry online, there have been many instances where the client kept seeing our ads and in a year they turned up at our store to make a purchase. More than 50% of sales come from re-marketing. Now you see why it is important to have a long-term marketing plan? You should always stay connected with your audience through various platforms and keep reminding them of the value and experiences that your brand aims to provide.
Unfortunately, our blog-training session has come to an end, but these are all the important points I wanted to share with you in terms of marketing jewelry online. I hope you learn and implement them.
Those were all the important detail I wanted to share in this blog-training. Be aware of them, use them carefully.
If you want to learn more about me and how my team can help you grow your jewelry sales online, you can schedule a free consultation with us. We only can accept a limited number of clients, and we accept only companies we 100% believe can achieve excellent results. Thank you for reading and supporting my blog.
Also, feel free to read more jewelry marketing blog posts that will help you grow your business:
Luxury Jewelry Marketing 1500% ROI from Facebook Advertising [Case Study]
Jewelry Branding, How to Dominate the Customer and Sell More
34 Jewelry Conversion Rate Optimization Strategies
Jewelry Advertising Mistakes, Analytics, Examples, and Channels