Moving Your Jewellery Brand from B2C to B2Me
The Jewellery industry is being refined for the promising future where branding takes precedence. Traditionally, a consumer’s age or socio-economic status could identify whether they would be purchasing luxury or mid-market jewellery and businesses could rely on catching the eye of specific demographics, but the start of the new decade also signals a change in consumer behaviour. With almost a decade of experience transforming the brands of leading Jewellery companies, Base Creative is actively a part of shifting the industry from demographic-specific B2C approaches to dynamic, tech-assisted B2Me brand models in 2020 – focussing on personas, their values and personalisation.
Customers are more aware of the slightest insecurity or misalignment between themselves and the brand they choose to purchase from
With consumers taking a much more introspective approach to selecting a jewellery business, our insights give you what you need to know for growth in 2020.
Why Branding is the Jewel in the Crown of Jewellery Businesses
Research with global industry executives revealed that while the branded jewellery segment currently accounts for 20 percent of the overall jewellery market, most expect the segment to increase anywhere from 30 to 40 percent in the coming year. Assumptions about consumers and consumer behaviour based on age, gender, socio-economic status, marital status, etc. are no longer accurate as nonlinear decision-making requires Jewellery brands be agile and personable with flawless brand strategies so consumers have a tangible identity to latch onto. Additionally, consumers of all demographics are more knowledgeable about what they are looking for and expect brands to exceed their expectations, provide information beyond the basic 4Cs and romance them into falling in love with pieces that suit them.
With the predicted growth of branded jewellery, the importance of branding becomes crystal clear. Customers are more aware of the slightest insecurity or misalignment between themselves and the brand they choose to purchase from, so understanding why the majority purchase from brands, as opposed to unbranded small artisan shops or local jewellers, is important. In a report by McKinsey & Company, three major consumer personas are identified to be driving the growth of branded jewellery: “new money” seeking to show off their newly acquired wealth, young consumers using brands as a means of self-expression and emerging-market consumers who account for 80% of responders and rely on brands to inspire a sense of lifestyle upgrade.i
Identifying these personas in the digital era is even simpler with the development of technology. Through big data, analytics and artificial intelligence, close-to-exact identification is possible. Through digital media, conveying specific messages and a strong brand identity to identified personas is simplified. Even augmented reality is being used to help make the sale in innovative and interactive ways by allowing consumers to “try on” jewellery at home.
However, the Jewellery industry continues to make its most powerful connections through personal, in-store experiences that reinforce emotional ties and reliable service. Although eCommerce is a powerful tool for business, retailers realise they cannot survive without a physical presence. In fact, many eCommerce Jewellery brands are opening physical stores because, for consumers, purchasing high-value products like jewellery is a sensory experience with touch, feel and reliability as crucial factors in decision-making. Jewellery brands with retail stores have more control over their brand, closer contact with consumers and higher margin potential.ii
To capitalize on the expanding branded jewellery segment, Jewellery businesses are differentiating themselves by price point and brand position to appeal to a mix of consumers with varying expendable income that cannot be defined by demographics. Understanding personas and their motivations through technology to build lifestyles, aid self-expression and reinforce status, Jewellery brands of 2020 are connecting to consumer personas across age, gender and socio-economic and marital status. Success in the new year is not driven by knowing who your consumers are, but who they want to be, why they want to be who they want to be and how your brand helps them become who they want to be – taking a B2Me approach to enticing the ego of personas.
Are you a Jewellery company looking for solutions?
Want to discover why personas choose you?
Want to establish a digital presence to reinforce your brand?
Want to develop a robust brand strategy that will compete in the branded jewellery segment?
As a multi-disciplinary branding and marketing agency, Base Creative helps Jewellery companies uncover new opportunities to drive growth, clarify their brand value proposition, and connect with consumer tribes.