All indications suggest Valentine Day jewelry sales will be down slightly this year. Consumers are still focused on value with a renewed attraction toward more practical purchases. Perhaps a new spin on the age old 4P’s of marketing would be appropriate for jewelry marketers this Valentine selling season. The four P’s I propose are People, Passion, Persuasion and Predictions.
People are always important to all jewelry stores. Smart managers understand that their people are their most important asset. How are sales people being prepared to address shoppers with a new found interest in practicality?
Passion is contagious. Having a passion for jewelry is truly a gift. Being able to share that passion with others is an even greater gift. Perhaps the greatest gift of all is helping others develop their own passion for jewelry. How are your sales associates trained to do this?
Persuasion will be necessary this Valentine’s selling season. The store environment can greatly influence the buying mood of shoppers. What store atmospherics will be created to put Valentine’s Day shoppers into buying moods? What store graphics will be used to engage and encourage Valentine shoppers?
Prediction is the new marketing necessity. With the new and persistent value oriented consumer landscape and the new media evolution jewelry marketers need to become more adapt in utilizing predictive analytics to discover new insights and information to support more informed decision making. Many jewelry companies are generating more data than ever before. Having that data is one thing and effectively using it is another. Learning about a specific issue is valuable, but mining the data to accurately predict the future is where the rubber hits the road. Predictions need to go beyond predicting where and when consumers will be receptive and responsive. Understanding how and why consumers will behavior within tight margins of error will make the real difference.