Though they certainly felt like hell to get through, lockdowns and the coronavirus global outbreak have generally had a positive effect on the jewellery trade. In early 2022, the personal luxury and diamond jewellery markets were reported to be showing a decade-high growth of 35% and 29% respectively. While part of this surge was attributed to the savings some salaried people had accumulated when lockdowns prevented leisure activities and travel, consumer behaviour overall has been fundamentally changed, with experience and emotion-based purchases rising in popularity.
More than ever, people want to commemorate and celebrate special occasions and milestones, and show appreciation for their loved ones. Sustainability and traceability are also concerns that have taken root, with more and more customers asking where their precious metals and stones originate from and how they were mined. Buying decisions are also increasingly influenced by a brand’s philosophies regarding social and environmental responsibility.
The digital retail space continues to see solid growth, with luxury jewellers in particular seeing record sales through e-commerce and smart apps. Weddings are still major revenue drivers and a critical point of entry to establish lifetime relationships with customers. Many luxury jewellers saw strongest growth in the high-end price range. The surge in appreciation for the value of precious metal items and gemstones is to be expected under such volatile economic conditions, and their enduring quality holds great appeal. Retailers internationally have been focusing their marketing on these meaningful, sentimental purchases parallel to lines showcasing reasonably priced, everyday pieces – for which there as been an uptick in demand as well.
The 2021 figures showed that spending peaked in the holiday season of November and December including the Black Friday and Cyber Monday events. In the run-up this year, invest time to build and nurture your channels. Offer VIP discount codes and other incentives for signups to your mailing or SMS lists, and push social follows. Connected Commerce is more important than ever to build trust and loyalty. Defined as a seamless and personalised integration of the online and offline shopping experience, the customer’s journey from discovering to purchasing and receiving goods should be on their own terms and consistently reflect the brand promise. Signet Jewelers (the world’s largest retailer of diamond jewellery) note that two-thirds of their customers will interact with them both via digital sales platforms and in a store before they purchase. Your relationship with your customer is everything. Know what they want, understand why they buy, and deliver products that serve their needs.
Some Black Friday marketing ideas to kick-start your year-end campaign strategy:
- A Deal an Hour: keep your customers closely following your channels for the day, and create urgency to purchase.
- Create a Gift Guide catered to your ideal client and their loved ones.
- Offer free gifts in a variety of price points, dependent on the value of the purchase. Multiple items incentives are a great win-win strategy.
- Bundles: offer discounts on bracelets or other items that can be stacked or gifted so your buyers can spoil themselves and their loved ones.
- Cheap or especially free shipping is always a popular incentive.
- Mystery Savings: The element of surprise can be a powerful drawcard. Send your email list a random unique code that they can apply during checkout to see how much it’s worth. Checking your website stats after will also give you valuable insight into your customers preferences and budget. Don’t forget to follow up with an abandoned cart email incentive – free shipping again works here.
- Free personalisation – this remains a firm trend.
- Cut through the noise with your subject lines – use humour, intrigue or unexpected copy to increase your open rates (make sure it’s on brand, of course).
- Create beautiful, printable vouchers that can be gifted for Christmas.
- VIP Discounts or early access to Black Friday deals for repeat purchases or referrals.
- Contests and lucky draws create buzz and hold attention.
- Partner with an influencer to increase reach for both parties. This is a refreshing way to reach your audience and give them a break from the onslaught of adverts. The influencer can produce unboxing videos or show pairings of your range with other fashion items.
- Experiment with timing: Buck the trend by holding your sale the day or even week before Black Friday. Or surprise your customers with an extension on your sale after Cyber Monday, or “Bring Black Friday Back” by repeating it the following Friday when your competitor’s sales have ended.
- Redefine Black Friday: your brand, your way. Donate a portion of your profits to a charity, or refuse to slash prices by explaining that your philosophy honours a fair wage for your staff, and that prices are already as low as you can make them. This is an opportunity to reinforce your differentiation and drive positive customer perceptions.
- Small Business Saturday is becoming a thing. Jump on this event to reinforce the human connection with your customers by telling some of the stories of your business: its history and mission and the founder’s beliefs and values.
Your content calendar should be planned in October and built out by at least a week before you start promoting your Black Friday deals, so you can focus on replying to interactions on your posts and fulfilling orders. Always try to launch before your competitors.
Best of luck!