What is the luxury jewelry market?
Contrary to popular belief, the luxury jewelry market is not restricted to major international brands. In fact what defines this segment is the exclusivity and quality of products and services offered.
Don’t just be in the middle of the competition; you need to stand out and be the best. Differentiate yourself with the raw materials you use, the finishes, and personalized customer service.
The jewelries you offer should be unique pieces that are produced in small quantities—the less the better. The product can not be accessible to many people; it has to be unique and desired by many but consumed by only a few.
This is what draws people to the jewelry market and helps it grow worldwide. People want to consume the best in the market while feeling special, cared for and a part of something they know is not attainable by the masses.
That is the point that separates popular luxury jewelry brands from lower priced consumer goods. Of course, the price paid for an exclusive product is high. However, the target audience for this type of product is willing to pay for the high quality and, mainly, for the exclusivity achieved.
Successful marketing of big jewelry brands
Besides offering unique pieces, investing in good advertising campaigns can help your brand become more highly desired.
Campaigns subtly indicate to consumers that they need your products. Unlike popular brands, the luxury market does not invest in promoting excessively.
Marketing with celebrities is another key factor. International artists, sportsmen, presenters and models are the perfect spokespeople to create excitement around a product launch.
On the red carpet, celebrities parade jewels, purses, dresses, shoes and arrive in cars. Top brands give or lend pieces from their best collections so that top-level actresses can pose wearing their creations.
Celebrity partnerships coupled with TV campaigns and specialized magazine features guarantee the ultimate success. The exclusivity factor is important when setting up marketing strategies for this market. Brands shouldn’t have to market excessively.
The luxury jewelry market wins more and more consumers by not being boastful because the idea is that consumers need the brand, not the other way around. The consumer goes to the brand that he dreams of being able to experience.
10 topics to stay aware of to boost jewelry sales:
Success in the luxury jewelry market should follow these fundamental points.
- Unique quality of the product or service offered;
- Adapt to the target audience;
- Abolish mass production—less is more;
- Provide personalized service;
- Increase consumer demand;
- Invest in partnerships with celebrities;
- Make your product or service something unique, even if there are 100 other brands that offer the same thing;
- Do not invest in something that you do not have full knowledge of, this will lower the quality of what is offered;
- Supervise all steps of production, exposure and sales. Everything has to meet high quality standards.