One might think that demand for jewels is driven by universal and immutable laws. But branding can play a role for jewelry brands, too, and a better understanding of your target is an absolute must.
Jewelry is a complex market. After all, you never truly need to buy a jewel. And yet, humans have been wearing jewels for ages. Reasons, though, have been changing, and strategy for jewelry brands has become very important.
Strategy for Jewelry Brands: why do your customers buy jewels?
Just like a diamond, the jewelry-buying audience is multi-faceted. While some traits might be shared (especially in terms of wealth) purchases might be driven by very different reasons and jewelry brands should take this into account.
The most finance-minded buyers might see jewels as nothing but a good investment, a product that is going to hold its value no matter what. This will be especially relevant if your jewelry brand puts emphasis on valuable materials but has a classic design that will not age.
This same kind of jewel might appeal to those who want it to show their power and social status. In this case, they might also be interested in luxury accessories such as watches, cufflinks, or tech jewelry, which express power with some understatement.
Other customers might be driven by pure aesthetic motives, buying jewels as they would buy a piece of art. If your jewelry brand has an edgy design (and even better, a designer that stands out), aesthetic exploration might be a good lever.
Some customers will see jewels as a way to feel good or reward themselves. This might be a good angle for more affordable jewels that are both easier to buy and to wear, thus making the case for a more casual purchase (unless, of course, you are aiming for those few customers who will reward themselves with an extremely expensive jewel).
Last but not least (should be first, actually), jewels are a romantic gift. Diamonds built a market out of their identification with long-lasting love. Focusing on this audience has serious implications for jewelry brands, as you are not targeting the wearer anymore.
So, why are your customers buying jewels again?
Strategy for Jewelry Brands: know your audience’s age, change is coming at you fast
As if this was not complex enough, let’s talk about change. The luxury market is changing rapidly in response to the evolving set of values held by younger customers. This is relevant worldwide, even more if you consider countries like China, where big wealth is held by young entrepreneurs, who are pushing luxury forward and beyond.
Younger buyers will have a different vision of romance. They might not want to get married, or they might consider a diamond ring a tacky choice. Not just that: they might see the classic idea of a man buying a jewel for a woman as backward, so you should adopt a more open approach that foregoes stereotypes.
Ethical factors might play a role in their decisions, too: they will be interested in how you source your materials. Extreme luxury might also be considered too exhibitionist and they will look for something soberer. Again, a younger audience will be more tech-oriented. They will be more comfortable with online purchases, which implies a completely different customer experience. Find a way to build your brand there, too, and expect them to compare brands of different sizes and heritage. These customers will also look for jewelry that integrates tech or at least goes well with their tech accessories such as earplugs.
It’s the case of Frontman, a luxury brand with a tech-loving soul.
Strategy for Jewelry Brands: know your tribe
As the relationship with jewels evolves, people look for more customization and self-expression in the jewels they buy.
Remember jewels are a social signal, too. A classic design would align with societal expectations of success. Today’s scenery, though, is more varied. Some people might want to distance themselves from classic ideals and would rather proudly express their belonging to a certain subculture.
This is where identifying your audience becomes critical, not just for branding decisions but for product decisions. Are you marketing to enlightened globalists who love to understand distant cultures or to tech-savvy urbanites who take inspiration from cyberpunk?
You don’t necessarily need to target a niche, but having a core audience will help you shape a jewelry brand that stands out.
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