For the past several months, jewellery retailers have been dealing with an environment dominated by uncertain signals.
These include warnings of a potential recession that are stacked on top of the ongoing impact of increasing cost-of-living pressures.
The major challenge faced by many business owners is that these confusing signals have led to decreasing sales while jewellers plan for demand challenges.
This is brought about by declining levels of engagement, changing consumer buying habits, and increased competition.
This leaves business owners with a simple question: “How do we navigate these circumstances?”
There isn’t an easy answer to this question, or a straightforward proposal to consider. Instead, I encourage you to consider the importance of perception, which is at the heart of all business.
What do I mean by perception?
Think about perception as a management tool that you can use to frame your business, the products you sell, and the services you provide in the best possible light.
Why does this matter? Jewellery, watches, and accessories are designed to enhance our natural beauty.
Jewellery specifically creates a presence, and occasionally a sense of mystique.
My suggestion is that you create the same atmosphere for your business. Focus on emotions: The saying ‘emotion makes people move’ is accurate. It is truer when we see people make purchases of jewellery and watches.
For example, I use a Mont Blanc pen. It is big, heavy, and beautiful, however; it’s not easy to write with for long stretches. Why do I use it then?
The reason I use this pen is that I want to give the impression that I’m the kind of person that casually carries a Mont Blanc! My purchase has been driven by emotion and is motivated by the perception of those around me.
Focus on positives
Consider the tagline of Swiss watch company Edox – ‘Timing for Champions’.
To the company’s target market, this suggests that their watches aren’t concerned with simply telling the time - they’re focused on success.
After all, if you want to tell the time, your phone does a fine job of that!
The message this marketing sends is that if you want to be seen as a ‘champion”, Edox is the brand for you.
Even in the worst economic environment, there are still positives in people’s lives – moments worth celebrating. Your business should reflect this reality and the role your products play in marking those moments.
Want another example?
You’ve likely heard about the ‘engagement gap’ occurring as fallout from the COVID-pandemic lockdowns continues. Fewer people are getting engaged.
With that said, couples are still renewing their vows - maybe they want to refresh their rings?
Even in a situation where consumer sales are declining, we still witness people spending their money on fashion and accessories. That’s a significant positive phenomenon for the jewellery industry.
As jewellery retailers, we should be highlighting the way our products enhance special occasions so that any perception of ‘nice to have’ becomes ‘a necessity’.
Remember the power of the ‘evergreen’: some products are likely to stand the test of time. Your business should invest in those kinds of offerings. Every woman I know loves a pair of pearl earrings!
The rise of the Apple Watch has renewed many people’s enthusiasm for and interest in watches. Apple has renewed the perception of the public that watches are an important staple of any outfit.
Recently, I had a colleague mention that, “My Rolex isn’t a timepiece, it’s a symbol.” It’s a symbol of wealth, power, and importance. These are all matters of perception!
The point to remember is that no matter the economic environment, we still have the power to control the perception of our stores, our products, and our services to our target market.
You can control the actions taken to create the impression that your jewellery, watches, and accessories are items that are timeless, important, and valuable.
It’s all a matter of perception and during uncertain times, it becomes more important than ever that your business is viewed the right light.
More reading:
How do you treat your customers after they leave?
Quality customer service always beats out pricing
Networking for small business owners is crucial to relationship building
The art and science of storytelling in sales
The keys to word-of-mouth marketing: Part I
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