MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
IndependentsJan 23, 2019
Marketing Minute: Find Your Niche
Being brave enough to focus on a specific one could lead to an easy and profitable business, Jim Ackerman writes.
Jim Ackerman is a retail jewelry marketing expert who has spoken at JA New York, JCK and other jewelry trade shows. He can be reached at 800-584-7585, ext. 3 or by email at mail@ascendmarketing.com.
Over two decades ago, Wink Jones closed his retail store and became an appointment-only jeweler out of an 800-square-foot office on the second floor of an off-the-beaten-path office building. Business boomed.
Later, Wink opened an online store selling nothing but high-end cubic zirconia. He prospered again!
When talking about “finding your niche,” almost all jewelers think in terms of appealing to a specific economic strata or carrying a certain kind or quality of product. But I’m here to suggest that you can go well beyond that, and you should, if you really want to tap the power of “the niche.”
For example, what if you not only limited your business to appointment-only, but also required that each client refer at least three other similar clients during their first year working with you?
If you did this, you could …
1. Eliminate a storefront;
2. Eliminate up-front advertising costs;
3. Be highly selective in the clients you accept; and
4. Make doing business with you something prestigious, special and talked about—create a “buzz.”
If you’re a traditional brick-and-mortar independent jeweler, this will sound a little scary; maybe too big of a jump to take.
How about going after a specific audience?
Do you live near a military base? Consider becoming the jeweler that caters only to members of the military and their relatives. It would mean literally saying no to everybody else but think how the military would feel about you—you’d win undying loyalty, and it’s a good bet that even when personnel gets transferred, you’ll still be able to maintain that relationship and continue to sell to them long-distance.
Here’s another example: George owns a chain of chain stores in Miami. He specializes in selling gold and silver chains to Cuban natives. He has a very small collection of other kinds of jewelry, but his main customers are young Cuban men who like to “bling it up” with chains. When he made this shift to doing business this way, his little indie shop exploded. He now has several small stores with low overhead, and he’s raking in millions.
If you’d prefer to go after the ultra high-end, become the traveling jeweler that brings your wares directly to busy top executives. They don’t have time to shop, so you shop for them. Then you bring an extremely limited selection to them at their offices or homes and let them choose. They’ll love you for it, you’ll
never have to discount, they’ll refer you to their friends, your average ticket will skyrocket and your overhead will plummet.
Yes, there will be challenges. Security will be an issue, for example, but the potential is extraordinary.
You might take the traveling jeweler in a different direction.
Instead of a store, retrofit an old armored car. You can outfit it with a jeweler’s bench and three display cases in a horseshoe configuration at the back. Again, office calls, house calls and neighborhood visits become your modus operandi, and with the savings in overhead, you can easily afford to hire a trained security guard to go with you everywhere. (You can also keep your inventory in brass-and-glass and have finished product delivered by FedEx, after orders are placed.)
Consider a more traditional store but one that is exclusively targeted to members of the LGBT/alternative lifestyle community, or a shop exclusively targeted to women who buy jewelry for themselves, or a shop with jewelry for men only.
Think how much easier your advertising decisions and expenses become when you can go after a specific niche.
Too bold a move? Consider selecting one of these niches and cordoning off a room or section of your store where the display only holds items for members of the niche. An approach like this might allow you to test the concept before you take the ultimate plunge.
But consider this: Niches tend to be fiercely loyal and highly referring. Being courageous enough to focus on one niche at the exclusion of all others may lead to an exceptionally easy business and an outrageously profitable one.
Jim Ackerman is known as The Marketing Coach to the jewelry industry and has addressed retailers at jewelry trade shows including JA New York, JCK, the Atlanta Jewelry Show and others. He is providing National Jeweler readers with a free Buyer Risk Management copy of his BizKaboom Newsletter, valued at $37. Send your email request to mail@ascendmarketing.com.
Yes, there will be challenges. Security will be an issue, for example, but the potential is extraordinary.
You might take the traveling jeweler in a different direction.
Instead of a store, retrofit an old armored car. You can outfit it with a jeweler’s bench and three display cases in a horseshoe configuration at the back. Again, office calls, house calls and neighborhood visits become your modus operandi, and with the savings in overhead, you can easily afford to hire a trained security guard to go with you everywhere. (You can also keep your inventory in brass-and-glass and have finished product delivered by FedEx, after orders are placed.)
Consider a more traditional store but one that is exclusively targeted to members of the LGBT/alternative lifestyle community, or a shop exclusively targeted to women who buy jewelry for themselves, or a shop with jewelry for men only.
Think how much easier your advertising decisions and expenses become when you can go after a specific niche.
Too bold a move? Consider selecting one of these niches and cordoning off a room or section of your store where the display only holds items for members of the niche. An approach like this might allow you to test the concept before you take the ultimate plunge.
But consider this: Niches tend to be fiercely loyal and highly referring. Being courageous enough to focus on one niche at the exclusion of all others may lead to an exceptionally easy business and an outrageously profitable one.
Jim Ackerman is known as The Marketing Coach to the jewelry industry and has addressed retailers at jewelry trade shows including JA New York, JCK, the Atlanta Jewelry Show and others. He is providing National Jeweler readers with a free Buyer Risk Management copy of his BizKaboom Newsletter, valued at $37. Send your email request to mail@ascendmarketing.com.
More on Independents
The Latest
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
