Creating Customer Value

In traditional marketing, organizations defined value for customers. Traditional approaches to marketing typically left the customer out of the equation, while they solely defined the value to be offered to customers. Marketers would then set out to persuade and convince the customer what they should buy. In the 21st century we are seeing this approach becoming less and less effective. In today’s more contemporary approaches to marketing, the customer now defines value.

The traditional approach to promoting and selling jewelry supported that organizations assumed the responsibility of defining value for shoppers. Too often jewelry merchandisers and inventory decision makers would leave the customerl out of the equation and define value through their own personal preferences or from a vendor’s analysis rather than the customers loyal to the store. Jewelry sales people have traditionally been taught to persuade and convince jewelry shoppers. In the new world of the 21st century this approach is no longer as effective as it once was. Today, the customer defines value and more jewelry shoppers are insisting on it. Jewelry shoppers have needs, wants, demands and desires to be met.  Today’s jewelry sales professionals have to do more than just sell a piece of merchandise using a “one sales presentation works for all shoppers” approach. Now jewelry shoppers want presentations that are customized to their unique and highly individualized approach to fashion and accessory jewelry. Henry Ford would not sell many jewelry pieces with his approach to customers; “you can have any color you like as long as it is black.” No longer are customers willing to make so many sacrifices for the privilege to purchase fine jewelry. Today, customers want more selection within the specific category, design and style of jewelry they are considering to purchase.

When jewelry merchandisers build inventories based on the needs, wants, demands and desires of loyal customers they find sales/product turns improve. When merchandisers negotiate quick turnaround to replace hot sellers- product turns improve. Creating value for retail jewelry customers is about presenting product offeirings that customers find to be highly desirable.  This happens best when merchandise buyers listen to the customers more and rely less on their own personal preferences. Creating and delivering customer value for retail jewelry store customers begins with differentiated product offerings based on customer preferences and ends with the right mix of added value services that cause customers to want to buy.