Launching any business is challenging, but it can be even tougher when you’re entering a competitive and high-value market like luxury jewellery.
The idea is there, the entrepreneurial desire to produce it is burning but how can you navigate the challenges of creating a luxury product, in the increasingly popular jewellery market, successfully?
Here is a practical run-through of some of the things that need to be considered carefully.
The Plan – Detail Isn’t Just Needed In Your Product
Seems obvious but it can be done so wrong. It might be just as simple as posing yourself a whole host of questions to start with but answering them effectively and in detail will put the business in a great place from the off. Knowing that you can cover key aspects will also give you confidence when overcoming challenges and setbacks.
Chief among everything is finance: can you afford the costs? Do your sums or forecast as you need to understand what materials, location, orders and staff you can require and if you are aiming at the luxury fine jewellery market these costs will not be insignificant.
Who is your customer? Your demographic will affect product production even if this creation is yours. You may have the best product and zero interest and ultimately this will not put you in a good position.
Are there legalities you need to consider? Due to the very nature of the products you may wish to sell there could be legal requirements you need to be aware of when it comes to the standards required of gold, silver and other luxuries like gems.
Once these areas are covered, how do you then put the business out there?
Have Your Story – The Luxury Is In An Experience
More than ever a purchaser’s buying journey is about the experience and especially so in a market like jewellery. Whatever the quality of your product, the success of your business is just as likely going to be down to ‘customer feel’ – share your passion in a relatable way.
Customers love to research products and reviews before making their decision – bring your brand to their attention with authenticity. Explain why this business is important to you. What can a customer get from wearing your product? How is it unique? Where are the materials from?
Get An Online Presence – It’s Not Just The Product That Needs To Be ‘Out There’
Tied in with your story is how you spread it. The digital form has got all you need. Instagram, TikTok, YouTube and a host of other platforms now allow you to share more than just the point-of-sale with a customer.
With social media posts, you can highlight what makes your brand different, expanding the story. If you’re focused on sustainability, post about how your products are good for the environment and add related tags to your posts.
Amplify your USP(s) and create content that shows the early stages of what you are offering. Even if you have physical premises get yourself out there because it is the future of your business and will drive sales to your store. Places like Etsy or Shopify are great options if you’re in the small business sector.
Deliver The Goods – Be Sustainable Down The Chain
Sustainability and ethics are top of mind for the majority of jewellery buyers, who feel that it is crucial that any jewellery they purchase are made ethically and incorporate sustainable materials.
This is something you need to address and can control in manufacture but how do you face challenges like shipping large numbers of single items regularly or at long distance? Maxipos are a luxury packaging solutions company that help navigate this issue by working with leading manufacturers that are at the forefront of supplying eco-friendly materials in packaging, print and branded merchandise.
Having a ‘healthy’ supply chain now means doing it ethically and ensuring that you show your customers that you are committed to sustainability in every aspect of your business.
Nothing Is Out Of The Question – Being Creative Is A Luxury
An entrepreneur is always asking themselves questions and often doesn’t stop. If you can innovate in thinking as much as creation, then you have a great recipe for success.
Growth is what you want but it will bring challenges with it, don’t let excitement distract you from market changes as your brand evolves.
Outshining the competition will take time, money and patience but there has never been a greater opportunity than now, so use these tips to help you launch your luxury jewellery brand successfully.