The Economy has changed buyer attitudes as more consumers today are more involved during the due diligence the perform before making purchases. Today more consumers are more inclined to be influenced regarding the products and services they purchase based on the recommendations they receive. Jewelry marketers need to understand that it is easier today than ever before to lose control of their marketing messages and that it is necessary to more carefully monitor and respond to consumer conversations about their brands.
The most logical place to start is with sales associates. It is more important than ever before for jewelry sales associates to more effectively selling value. Selling customer value requires sales associates to stimulate shoppers to perceive more benefits derived from the gifting, self-gifting, wearing or owning of jewelry compared to the costs of acquiring the jewelry.
According to a report from Mintel most people base a recommendation on price, quality and convenience. This is very consistent with consumer attitudes which are being influenced due to the current economic climate. More than 64% of respondents reported price drives them to make a recommendation, while quality (55%) and convenience (33%) rate second and third. The report went on to say that consumers were influenced 34% of the time by friends and family and 25% of the time by spouses or partners. It is important to keep in mind that often consumers say price, but really mean value. Jewelry value is arrived at as a comparison of what the buyer gets for what they have to give up to acquire jewelry.
Younger consumers are more inclined to be influenced by internet sources including blogs and chat rooms. Consider how younger consumers will play a greater part in the future on-going success of every jewelry brand. Consider how younger consumers require different stimuli to make recommendations of luxury product purchases. To not lose control of your brand’s consistent messaging understand how various segments of customers may define value, quality and convenience differently.