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Developing A Marketing Plan For Jewelry Stores
There is a unique market for jewelry stores. There are different types of jewelry stores geared towards different types of consumers. The tweens, teens, and those with a modest budget tend to purchase costume jewelry and inexpensive clothing. There is also a market for jewels of the middle and high levels. In order to develop an effective marketing strategy for jewelry stores, it is imperative to understand not only the market, but also how you plan to take advantage of your position.
Description of the Product:
Every marketing plan should include a description of the products to be offered. You can break up the items you will sell into different types and briefly describe the products within each type if you have several different types. By way of example, you might break it down to rings, necklaces, bracelets, and accessories and then describe each product in detail from low to high. Your jewelry represents your brand differently from those of your local competitors and how you set yourself apart from them.
Your marketing plan will need to demonstrate how you plan to be competitive ...
... within your market if there are several jewelry stores in your area. The first step should be to come up with competitive pricing, since jewelry is typically marked up highly. Make a note of the prices and sales of local shops in order to determine their pricing strategies. Come up with a pricing strategy that will allow you to make money and edge out the competition based on this information.
Locate a Sales Location:
In order to achieve your marketing goals, your location is crucial. Your marketing plan must include information about your store's location in an area that appeals to your target market. As well, mention online sales or selling jewelry at jewelry exhibitions in your plan if you will also be doing both. Analyze the way you can increase your sales and compete with other jewelry stores in the area by choosing locations to sell your products.
Analysis of Marketing and Promotion:
Those who buy jewelry tend to be females between the ages of 13 and 28. Occasionally, this rule is broken during specific holidays, such as Christmas, Valentine's Day, and birthdays, when men tend to purchase more gifts. In your plan, describe how you will reach a different demographic during these special sales opportunities and how you will reach your intended market throughout the rest of the year. Consider how you plan to promote jewelry to your local market and the economic state of your city. Make your product known in an innovative way. Some jewelry stores around the country left small boxes containing inexpensive pieces of jewelry out for people to find, like one in North Carolina. The promotion was a great success.
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