It’s a common misconception that branding is only relevant to the consumer-facing side of the jewelry industry and not to dealers, manufacturers and wholesalers. As the internet continues to replace analog tools with faster, more convenient ways to search and purchase products and services, it’s fundamentally changing the way we think and behave.
There are 2.2 billion monthly active users on Facebook and 800 million active users on Instagram. The first place a digital user goes when looking for something is Google. All this is shifting how the jewelry industry conducts business. While industry veterans rely on existing relationships and referrals, the younger generation of jewelry insiders and new entrants will inevitably perform research online, because that’s how their brains have been trained to think. Hence, their first point of contact is research rather than relationships, and businesses that don’t think digitally are missing out on these opportunities.
Furthermore, digital users are not as loyal as their older counterparts, because they have access to more information, have more options to compare, and have no qualms about switching if a better opportunity arises. As such, it’s harder to win their business and maintain it.
A visual and verbal strategy
With so much competition, the companies that thrive are the ones that are able to break through the noise to capture customers’ attention and learn to foster relationships with them through digital means. Whether you’re a dealer, manufacturer, wholesaler or retailer, your brand is your biggest asset in a digital world, because it’s the first thing your customers interact with.
A brand is much more than a name and logo. It’s a well-thought-out visual and verbal communication strategy that conveys to the public who you are, what value your company provides and why they should choose you instead of your competitor. Thus, the responsibility falls on the business leadership to ensure the company’s brand accurately reflects its strategy and interests.
For example, assume a diamond dealer decides his mission is to sell as much melee as possible. Let’s say he chooses to do that by targeting large-scale jewelry manufacturers, because they have the largest need for melee. He must then determine what his customers value and what he’s able to provide. Do they want the cheapest prices, the most reliable goods, or the best service? If the market is already saturated with melee dealers who compete on price, he can differentiate himself by offering something his competitors are overlooking. Perhaps he decides to provide the most accurately calibrated, pre-sorted diamond melee to his customers in the most efficient way possible. That should be communicated visually and verbally through the choice of logo, colors, fonts, imagery, language, packaging, customer communications and marketing messages. The aim is to instill trust and reinforce the brand values of accuracy, efficiency and convenience consistently across digital and non-digital platforms.
Common pitfalls
The most common branding pitfall for newer companies is to copy other brands. It’s important to differentiate oneself and stand out. Similarly, well-established brands have a tendency to stick to what’s worked in the past, at the expense of losing touch and failing to nurture the younger generation as existing customers age out of the market.
“The world doesn’t need another copycat. Be distinctive. Be different.” That’s the advice Jim Kloiber — founding partner of Battalion, the brand-management and creative-communication agency behind firms such as Piaget, Ralph Lauren, and Georg Jensen — offers for any stage of business, whether the company is consumer- or industry-facing.
“Traditional rules aren’t as applicable, especially in the social-media-driven world in which we live,” he continues. “While I’ve always viewed a brand as a ‘living thing,’ now I’m more inclined to push the envelope with evolving a brand, as opposed to just protecting and managing it. A strong brand should have a point of view and stand for something…[it] should be consistent, yet also evolve to ensure it remains relevant.”
Article from the Rapaport Magazine - September 2018. To subscribe click here.