Lucky Jewellery's unique show of solidarity and support for the Indian cricket team

A fabulous handcrafted, bejewelled timepiece is Lucky Jewellery's way of showing support to the Indian cricket team.

Post By : IJ News Service On 01 April 2011 11:27 PM
{{Gear up for a surge in demand}}$$ However the world gold consumption has dipped by 22% in the last year due rising gold prices. Indian market is extremely price sensitive and except for the tradition marriage and token festival jewellery the purchase of jewellery has been deferred due to rising prices. $$ It is seen that whenever prices of any products rise there is an initial postponing of purchases because it is human nature to expect the prices to fall or stabilize. But over a period of time the consumer adjusts to the higher prices and comes back to the market.$$ With around a year to mentally accept higher prices the jewellery market is read to take off again and the Indian jeweller must be geared to attract the customer and convert the footfall into a purchase. Says Ms. Sheetal Bhat, Bapalla Jewellers, Chennai, third generation jeweller, “It is essential that you give the customer what he want so that when he has entered the store he walks out with the what he come looking for”.
{{It is that time of the year}}$$ Demand for jewellery is seasonal as far as India is concerned. The major demand comes by way of weddings and festivals. More than half the demand comes from the rural and semi rural area. Here the designs demanded are mostly traditional and may be smaller single purchases like bangles or a chain which has been purchased out of small savings. Pure gold jewellery dominates rural markets, though the purchase of diamond and other studded jewellery is on the increase.$$ Urban demand is less seasonal and is more evenly spread through the year. Says Sheetal Bhat, “In Chennai the demand is no longer seasonal, though the buying is heavier during the marriage season.” Urban demand is more westernised. The gift based buying is usually branded jewellery from malls. Even the in the marriage collection a lot of young urban brides prefer to have some lighter westernised designs which they can wear on a regular basis. Hence the trends are changing.$$ Even after factoring all the variables, most designers will tell you that there is no such thing as a single, homogenous Indian jewellery market. Geographic location and ethnic differences break it up into distinctly different markets with differing tastes. $$ Indians attach a considerable amount of emotional value to jewellery. For a woman a piece of jewellery is not just an ornament but also her security. Rarely is jewellery sold though it is often exchanged in for newer designs.
{{A marketing strategy for the Indian jeweller}}%% As mentioned before the Indian market is very varied from region to region. But there are some factors that help us create a structure for marketing of jewellery.%% 1. The most important aspect of jewellery sales is the traditionalism of it. Jewellery purchase is mostly a family decision with the budget decided by the male member of the family and the selection of the jewellery decided by the female. Ofcourse the definition of traditional varies from region to region. $$ 2. The trends are changing slowly. Even in the more traditional markets we get women customers walking in alone to make a purchase decision. Also the average age of the customer has gone down from 35 to 28. This may not seem like a large change in terms of numbers but it is definitely a change as far as taste goes. Your products must adapt to the changing taste. $$ 3. Jewellery is no longer considered a lifetime purchase. Lighter weight jewellery and trendy looks are in demand.$$ 4. The jewellery marketing has to be aimed at the women. The purpose of the ornament is not that the piece is beautifully crafted or it has won awards but that it makes the wearer feel beautiful and special. This is the crux of marketing any jewellery – the women wearing it should feel beautiful when she wears it.
{{The 7P’s of marketing}}$$ In the times of tough competition and falling demand we must have a marketing strategy in place for taking advantage of the on coming high season. It pays to be prepared. Retail marketing is quite different from industrial marketing. One of the most popular and widely used marketing theories is one of the 7P of marketing. Marketing Gurus Bernard Booms and Mary Bitner built a model consisting of seven Ps In addition to product, price, promotion, and place, which consist of the old 4 P’s, they included people, physical evidence, and process. Let’s see the relevance of this theory in context of the Indian jewellery market.%% {{Product}}$$ If your product does not meet the requirements of the customers then it will not sell. It is essential to have a variety to attract a customer. But yet you must have a feel of pulse of the market to avoid over stocking and blocking up your capital. To begin with, develop the habit of looking at your product as though you were an outside marketing consultant brought in to help your company decide whether or not its in the right business at this time. Ask critical questions such as, "Is your current product and service appropriate and suitable for the market and the customers of today? Or are the quality and designs what the customer is looking for?”$$ There are several nuances to the market for which keeping a ear to the ground and conducting a simple survey of inventory of your store can help you with better stocking. For example, unbranded jewellery still commands 92% of market share or earrings are the most popular jewellery item purchased. Understanding your product is essential to the success of your store.$$ Says Shehzad Zaveri of Minawala Jewellers, Mumbai and Dubai “Strategise the stocks in changing scenario. The trends are illusionary, a jeweller has to have and create his own identity in the market, and follow his instincts and his customers demands.” %% {{Prices}}$$ The second P in the formula is price. Pricing is a strategic weapon. In India, where break-ups of gold, diamonds and labour are the norm, pricing should be viewed as a strategic tool. Says Sheetal Bhat, “Trust is the most important component of the success formula of a jeweller”. Transparent pricing can help you built up trust. One might say that the price of gold is market determined and it is only the making charges which differ. True to some extend. But the customer is paying essentially for the value that he derives from the product. It is important to understand the psyche of the customer…is he looking for a simple piece of jewellery which has better resale value or is he looking for that unique designer piece which no one else has. If the customer perceives that he is getting the value from the jewellery he purchased then it is at the right price.
{{Promotions}}$$ Marketing and Sales form a part of promotions. They need to be updated constantly because your clients are ever changing. The new bride will not like the same approach you used on her mother years ago. So innovation is the key.$$ Whatever method of marketing and sales youre using today will, sooner or later, stop working. Sometimes it will stop working for reasons you know, and sometimes it will be for reasons you dont know. In either case, your methods of marketing and sales will eventually stop working, and youll have to develop new sales, marketing and advertising approaches, offerings, and strategies.$$ Also special promotions work well. Giving gifts with jewellery. An offer of discounts on future purchases. Discounts on making charges. Even innovative ideas like buy a whole jewellery set for Rs. 30,000/- only. $$ Promotions also be based on a new range of products or designs. Says Sheetal Bhat “Indo-western trend are fast catching on. We have introduced a range of day jewellery in white gold which is gaining popularity”%% {{Place}}$$ The location of the store plays a deciding role in its success. However it is not necessary what works for one jewellery will work for you too. In the current location its self you can make several innovations which will pave the path of success.$$ If the store is in a busy market area then make sure you offer valet parking services. Not only does it add to the service you are offering our clients it also enhances the image of the store.$$ A rotation of the display is also essential to give the stock a fresh look and enhance sales.$$ Also make sure that the store does not have a crowded look. A customer will like to have some privacy is choosing her jewellery. Proper lighting and mirrors also enhance the store and give it a more spacious look.$$ You also need to understand the regional preferences of your customers. For instance the customer in the south prefers buying an entire set over smaller pieces of jewellery or urban customer buy branded jewellery more than rural ones
{{Packaging}}$$ Malcom Gladwell the author of the international bestseller ‘Blink’ explains that most decision making is made in a split second of initial contact. Do wish to shop in this store? Do you want to own this piece of jewellery? Do you like this salesperson? It is all decided in that first impression. Ofcourse your sales approach, product range pricing all may help in altering the decision of the customer. But we all know how difficult it is to change a decision once made.$$ This can only emphasise the importance of packaging. One of the most successful marketing strategies is that of window and front line displays. On display should be the most eye-catching jewellery – this may not necessarily be the most wearable or may not even sell. Its purpose is simply to attract the attention of the customer to get the initial footfall. Your packaging should be such that it becomes a topic of conversation even outside the store. The customer must go home and call her friend and tell her she saw the most divine set in your window display.
{{Positioning}}$$ The next P is positioning. You should develop the habit of thinking continually about how you are positioned in the hearts and minds of your customers. How do people think and talk about you? How do people think and talk about your store? What positioning do you have in your market, in terms of the specific words people use when they describe you and your offerings to others?$$ It is not possible to satisfy the needs of every customer that walks into your store.$$ Says Mr.Shehzad Zaveri, “. Holding on to your own and being confident in your offering to your customer is essential”$$ You must understand your strengths and choose to match it to the needs of your customer. You may wish to be a traditional jeweller servicing the family over generations. Or may wish to be one who offers innovative designs and be known as one who tailor-makes the designs according to the needs of your clients. Wherever your strengths lie…choose your positioning with care and constantly improve on it.
{{People}}$$ People are the most important factor in the marketing mix of the retail industry. The difference between two jewellers who sell similar product in a similar location is often the sales and interactive skill of the employees and the owner of the store.$$ The customer is the king and when he has come to your store to make a high value lifetime purchase then he must be treated royally.$$ There is no substitute for properly trained staff. Staff must not only be trained in product knowledge, but also in customer interaction skills. The staff should be attractive and attentive. To retain an employee in this day and age is also a challenge. Keeping the morale high of the sales staff on a continuous basis is fundamental to the survival of a jeweller. Performance management and incentives to frontline staff is perhaps the simplest method and yet, the most effective.
{{The secret to success}}$$ The secret to a jewellers’ success seems to be trust along with great designs. Even a small thing like putting your logo or symbol is a great trust building exercise. All the Ps compliment this and help you make a great success story.

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