The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
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.
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
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.
The Latest
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.