Lots of businesses still have that first dollar framed gloriously on the wall as a reminder of their businesses first real accomplishment. That first transaction represented a validation of the business model and proof that the jewelry products and services they offered were valuable enough to cause someone to part with their hard earned money. That first dollar was indeed a cause of celebration and inspired the replication of those policies and procedures of the business at that time. In some cases, years have gone by with the business still demonstrating that company’s products and services exceed the asking price to consumers.
Now let’s fast forward to the customers’ perceived value the company’s current products and services and policies and procedures that support the current business model. How effectively do current marketing strategies demonstrate the value today’s consumers desire and demand?
Retail jewelry marketers have traditionally relied on signage, business cards, newspaper ads, and radio and television spots to convey their marketing messages. Today email marketing, web sites, social networking, telemarketing, direct mail and database marketing are all mediums that enhance the opportunity to continue to collect more dollars from satisfied and loyal customers.
Consider how the marketplace and consumer behaviors have changed since the day that first dollar was framed. How has that business model that was based on creating customer trust evolved to demonstrate more perceived customer value? How has branding become even more relevant to your customers? How many more competitors now exist for that same customer? Why will customers still prefer to give your company their hard earned dollars instead of other luxury offerings and other jewerly retailers? How is your current business model better serving consumers who have become even more value oriented?