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How to Stay Ahead of your Competitors in the Luxury Business

 Introduction

To have a successful business, you need to figure out what sets you apart. Define what your business can offer that established jewelry businesses cannot.  There is no reason to enter the crowded field without having that answer. If you do not consider your competition, you will give them the upper hand. Their advantage is long term status. Your competitive advantage is that they don’t see your business coming. When you identify those you’re up against, you see what products or services you can advance in the jewelry business.  How will you outshine them? 

Tips to Push your Business to the Top

Here is an assortment of strategies for you to enter the jewelry business and thrive: 

1. Know the Competition

If you enter the jewelry business, you are entering a legacy industry. Jewelry making is a trade that’s often passed down. Your competition will have a reputation and the benefit of experience to earn customers’ trust. How do you compete? 

Search your chosen product or service. Maybe you specialize in bracelets. Maybe it’s in necklaces or engagement rings? Figure out which jewelry seller is most similar to your idea. What draws you to this business? Why do you want to emulate them? Most importantly, what can you provide their customers that they are not providing? How can your business better serve the potential customer? 

2. Play To Your Strengths

What aspect of your business is better than the competition? Does the customer understand that visiting your storefront is a more premium experience? Do you have better selection or prices on luxury watches? Can your watch or jewelry business provide superior customer service? 

Be sure to inform the customer of your key selling points. They should fully understand what you have to offer.  Use social media as part of your marketing strategy to draw customers to your business. Your marketing strategy could also be making yourself more visible to places where your competition advertises. 

Once there, advertise the value you can offer the customer and how they will benefit more in purchasing in your business. 

3. Building Relationships

Customer care is key to customer retention. All business owners understand this. It’s especially true in the watch and jewelry industry. You are selling something that is built to last. They will not return to your shop on a monthly basis. It’s a substantial purchase and you want the potential customers to feel confident about it. 

Listen to customer feedback. Research your competition and pay attention to the comments as that reflects customer satisfaction, or lack thereof. If you make the customer feel heard, you can create brand loyalty. It’s a chance to win business. Being reliable and putting forth excellent service will build trust. The key is not just to get them in the shop. It’s to convert them into loyal customers. 

4. Innovating Ideas

Think of ways for your business to improve and grow. Sustaining growth is a key pain point. You have to try new ideas to reward your customer loyalty. 

Long term success depends upon innovation and constant evolution. Can you deliver a better customer service experience than your competitor? 

5. Planning for Growth and Future

Jewelry is made to last. It’s a long term investment and heirloom passed down from generation to generation. Customer retention is not about selling a single item to a customer. It’s about keeping the customer loyal to your business. Look to set goals, and stay ready to take the next step. If they provide your business with commerce, your business must provide value.

How Moving your Business Online Puts you Ahead of Competitors

ECommerce is not the future. It’s the present. The days of waiting for the customers to come to you are behind you. You have to meet the customer’s need for instant gratification. If you are launching a jewelry business, you need to have an online store.    Remember the advantage established jewelers have over your operation? Moving your business online helps you make up the difference and overtake the competition.

Everything is Moving Online

The inevitable move to online business was turbocharged when the pandemic hit. Everything we did in person: going to see movies, getting groceries, going to school, going to work was done remotely. The world adapted to eCommerce. Much of this change is here to stay. Even if they would prefer to go to your jewelry or watch store, they will want to check out your merchandise on the website first. 

Virtually every place that sells merchandise has an online presence. Department stores. Grocery stores. Universities. You name it, there’s an online presence. 

#3 – Benefits to Moving Online

Jewelry and watch stores are physical merchandise that people often want to see in person before purchasing. However, if you can sell certain pieces online, it opens your market beyond driving distance. This raises sales and makes you more responsive to customer needs. 

Having a jewelry website allows you to do business 24 hours a day, all over the 

world. Your business can work even while you’re not providing you with more flexibility.  Having a website makes communicating with potential customers easier. You can benefit from social media, the digital equivalent of word-of-mouth advertisement. Plus, advertisement itself can be more cost effective and have greater reach than traditional ads.

 

#4 – How to Move Online

Think of this as opening another branch like a central location, but virtually. You will need to create a website that is stylish and easy to use. On that website, you need to provide online customer services like secure checkout portals.  You will need to maintain the website and explore marketing your business through web-based advertising. The website is an extension of your office and you will need to maintain it just the same. The difference is that maintaining this is physically less draining than maintaining the storefront. 

If this sounds challenging, OWUP can help. OWUP specializes in streamlining websites and marketing for watch and jewelry stores.  

Conclusion

Your business is vital. Make it easier to sell to customers anywhere. We wrote this to help you navigate the launching of your jewelry business, both online and brick & mortar.
Our methods are tried and true instead of classified trade secrets. They are comprehensive study guides rather than cheat sheets. If you do the work, your business will be rewarded. 
 

Contact OWUP to see how we can help your watch or jewelry store thrive.

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