How to Effectively Market Luxury Jewelry During an Economic Recession

There’s still a market for luxury jewelry. Many people have not been affected by the pandemic. They’re still working, they’re still enjoying their wealth, and they’re still treating themselves to expensive products.

When you are marketing during an economic recession, there are plenty of things that you can do to ensure that you’re being strategic. Instead of exploring new marketing strategies, consider updating the way that you have been presenting your brand. Learn how to effectively Market Luxury Jewelry during an Economic Recession.

Be Clear About Your Pricing

No one wants to guess at how much a diamond necklace or a sapphire tennis bracelet costs. Upfront pricing allows people to know what the costs are. They don’t want to email you for the price or call the store. Instead, they want you to tell it like it is. It establishes trust so that people don’t feel as though you’re trying to deceive them in some way.

The clarity on pricing works the same regardless of whether you have a brick and mortar store or you have jumped into eCommerce. Identify the cost. If you prefer, you can also choose to list some benefits or explain what it comes with. When people can see the pricing, they are more likely to feel comfortable shopping with you because of your full disclosure.

Establish a Return Policy

Particularly within an economic recession, people want to know what the return policy is. There are countless reasons why someone may have to return luxury jewelry — it wasn’t what they expected, the person they are buying for already has a similar piece, or the person is no longer in their lives. Whatever the reason, be clear about a return policy.

Having a return policy is critical, too. There are plenty of high-end jewelry stores that people can shop at. Many have return policies. It provides a safe out if someone doesn’t want to go through with their purchase. Failure to have a return policy may have people asking questions about the quality of what you sell and the integrity of your business.

You can decide what kind of return policy is fair. Once you structure the policy, disclose it in your store and on your website. Identify how long people have to make the return, how you will provide them with a refund (or store credit), and the process that people need to use.

Enhance Your Marketing Images

Particularly when you make the switch to eCommerce, you are relying solely on images to sell your luxury jewelry. People have to feel as though they’re browsing in person. While they cannot try the pieces on, they need to have a clear understanding of what they’re buying.

Taking photos of your jewelry inventory with your smartphone and uploading them online is not going to cut it. To market yourself now and long after the economic recession, you have to invest in professional photography. Include several photos of the jewelry, showcasing the different angles. Get up close and personal with the jewelry so people can see what’s so special about it all.

You don’t have to depend solely on photos, either. When you have new pieces enter your store, make a video. Allow someone to “model” the jewelry in order to show how well it wears. Allow the camera to move around the jewelry to show off the stunning gems, the lines, and the sparkles. These videos can be posted not only to the website but also to social media.

As you enhance your marketing images, you’re able to sell your jewelry more effectively by answering questions. People buy jewelry based on aesthetics. No matter how great your descriptions are, it’s all about the visual. Be sure that you’re showing off every piece in the best way possible.

Update Packaging to Target Different Markets

Don’t assume that only one market is going to buy luxury jewelry, either during an economic recession or any other time. You will want to appeal to a number of different markets because everyone has the desire to treat themselves to something luxurious from time to time. Additionally, some people may be purchasing gifts.

The packaging that you offer can be a significant influencing factor. Is the packaging representative of the cost? Are there different types of packaging based on the occasion? Something as simple as making updates to the way that you package watches, jewelry, and other items can be considerable.

Beyond simply making updates, be sure to promote it. Showcase the packaging on your website. Provide options so people can choose which package will work for them. When you begin to offer a higher-end package, it can help with conversion rates, allowing you to boost revenue dramatically.

Create Content

Content sells. It’s why content marketing is one of the best things that you can do for your business. It not only makes you more visible in the search engines but also establishes you as an industry leader. People want to hear from you about your jewelry.

Content comes in all shapes and sizes. Talk to people about why they should buy your jewelry. What makes you better than another brand? What are the benefits of certain pieces? What occasions should certain types of jewelry be worn?

You cannot assume that everyone knows why they should buy luxury jewelry. Your ability to entertain and educate through your content can help to get more attention on your brand. It can help to convert those who were undecided whether they wanted to spend the money on a luxury timepiece or a new necklace.

Content should be created regularly, and there are plenty of topics that you can cover, too. Blogs, vlogs, videos, photos, and more can be great, effective ways to share details about your brand and product line while also providing more content for the search engines.

Learn more about how to break through the economic recession with help from us at OWUP. We provide advertising and web development services exclusively to the watch and jewelry industry and look forward to showing you how to expand into eCommerce.