Value Determination

Who would argue with the statement that all jewelry customers are different? Customers are prompted to make jewelry purchases through different motivations. Jewelry customers have different perspectives regarding the customer value they expect to receive from their jewelry purchases. Even with all of their product expectations, individual needs and wants, demands and desires…half of all jewelry customers enter stores not really sure what they want to purchase.

Value determination reflects how jewelry customers arrive at their purchase decisions. This can be a very tricky proposition. Jewelry marketers, merchandisers and sales associates all need to develop better ways of finding out what really drives customers to make purchases from their company. How customers are asked what they want in their jewelry purchases is not as easy as it might sounds. One proven technique is to observe shoppers as they try to solve their jewelry needs and desires. Why did they choose your product? Why did they choose your competitor’s product? Why did some shoppers not buy from either source? What is the core motivation that is driving their interest in jewelry at this particular time? What would the journey look like if you were to walk a mile in your customers’ shoes as they enter into a consideration to purchase jewelry? How are customer decision-making processes different when they are selecting jewelry for their own use as compared to gifting jewelry for others?

Market research can be very helpful. However, it can be very expensive to hire professionals to design and introduce and evaluate surveys, polls or questionnaires. One of the reasons social media is becoming such a powerful marketing tool is that customers and brands can have more individual conversations via these media channels. How much more effective might your marketing communications messages be if they are delivered through social media and better understood by prospective and repeat customers?

Want a good example? Go to a local car dealer’s website. Register as an interested buyer and see what sort of solicitation follow-up you receive. Another reason I like this example is because it is a very large dollar purchase item that requires buyers to come into the store. While jewelry purchases typically do not match the dollars required to purchase a car; jewelry purchases can be perceived by customers as a high ticket purchase. Both car dealers and jewelry retailers need to get buyers into the store to complete most transaction exchanges.

Get more customers into your store, find more effective ways to get your shoppers and customers to offer their thoughts, be observed and answer your questions by using social media. Studies have shown when customers feel like they are more involved with vendors they reflect more loyalty. You might just find some very valid input to support your approaches to inventory management, product design, fashion style, and customer relationship management.

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