Last updated - July 5, 2022
Eight out of ten times, engagement rings have a diamond on them. Diamonds are timeless, and can quite literally last forever. Thus are perfect for proposal rings as they signify the couple’s eternal, everlasting love and their life journey together. This popularity and demand for diamond jewelry have prevailed due to its excellent marketing.
Without the right marketing and branding strategies, even excellent business ideas with great potential might not make it to the industry. However, the diamond industry is one of the successful fields to maintain its value as diamond brands expand over the years.
Luxury diamond jewelry brands already have their fair share of fame and popularity in the industry. But how did luxury diamond brands do that?
Focus on Brand Building
If you are new in the market of diamond jewelers, the best way to carve out your space and make your name in the job market would be to:
- Find your niche
- Create awareness about your brand, and
- Advertise your products to promote their demand in the market
Whether your brand sells wedding jewelry, proposal rings, diamond bands, or diamond earrings, it is essential to create the right image for your brand. Similarly, building the right campaign around your brand’s ideology is essential.
For this reason, brand awareness campaigns and the right advertisement schemes might come in handy.
Preserve the Integrity of Your Products
Make sure that your product is developed using eco-friendly processes. Millennials are more concerned the products they’re buying are not causing damage to the environment. They prefer to buy environmentally-friendly products.
For example, young buyers now prefer diamonds for their jewelry. This refers to diamonds that are not mined, instead, artificially grown in a safe environment. Also known as lab-grown diamonds, ethical diamonds are eco-friendly. How?
There is no need for digging the earth and causing damage to the environment. Traditional diamond mining is risky for the miners as they’re exposed to all sorts of danger inside those suffocating mines.
With this rise in the popularity of ethically sourced diamonds, luxury brands such as Channel are now making sure that their products are conflict-free and cruelty-free.
Digitalize Your Business
The pandemic greatly increased the importance of digitalization for the luxury sector. With all stores in complete lockdown, the industry had the attention of all buyers on one single platform which made audience targeting a lot simpler and straightforward.
A follow-up from the previous point, digitalization is a key element of brand-building. In this modern era, digitalization is key for any business to not only survive but also thrive. Any industry that adds a digital dimension to it is guaranteed to boom, especially if sales are declining.
Although such luxurious brands might be hesitant to shift to this model, luxury shoppers are seen to prefer the online mode due to its flexibility and convenience.
Following are some of the ways you can make use of the online platform to your advantage:
- Build a Strong, SEO Optimized Website – This is key to getting a head start in the luxury industry and greater revenue. For this, you will be required to generate the right type of content that appeals to your targeted audience. You can utilize different platforms, such as WordPress, WooCommerce, and Shopify to create an online store or blog.
- Use Posters and Images – This is an old-school marketing tactic to gain more customers. In the digital world, they are the best ways to connect with the customer. You can use this media to showcase a wide variety of diamond jewelry styles. There are many different tools, such as Canva, PicMonkey, BeFunky, Visme, and many others that can help you create amazing pictures.
- Advertise on the Right Platforms – This should help you reach luxury buyers that may be interested in buying high-end wedding day diamonds. You can make use of platforms such as Facebook, Instagram, Twitter, and LinkedIn. In connection, make use of social media and influencer marketing techniques.
- Competitive Analysis – Have access to your customers’ purchase data, buying trends, demographics, etc. For this, you will need CRM software. Use this data to optimize selling by reaching a greater audience.
- Showcase Products for Online Shoppers Exclusively – Maintain customer desire by creating exclusivity in your online stores and social media pages. Reserve certain diamond shapes and cut designs for online stores only. You can make use of the right plugin that goes well with your online store. For example, ProductX is an excellent plugin to showcase your products on your WooCommerce store.
- Email Marketing – Strengthen the eCommerce marketing aspect of your luxury brands with the help of email marketing and build relevant campaigns. For an efficient and effective email marketing campaign, you can leverage tools like Hubspot email marketing tool, Sender, Sendinblue, and many others.
- Use Online Platforms to Build Stronger Consumer Service – Connect with your customers using online channels. Cater to their needs by giving them one-on-one attention through better online customer care.
- Go Omnichannel – Offer all online experiences and facilities to users offline and vice versa. This is known as the omnichannel approach: offering the same customer experience online and offline.
Maintain a Good Reputation in the Market
Customer satisfaction is a major contributing factor to a brand’s reputation and value.
- Top-notch Quality – Good quality products will help you focus more on the overall customer experience. Luxury buyers will not compromise on the quality of the product or the customer experience, so that has to be remarkable to create your reputation in the diamond producer industry.
- Connect and Engage with your Customer to Relate to Them – The best way to do that is by communicating a story behind your brand and your products. This might help you add just the right touch of creativity to draw customers to your products. In this context, story-telling can help create stronger communities within these luxury buyers.
- Trained Employees – It is also essential that your employees have been trained to have ample knowledge of all sorts of products available in your business. They must possess a genuine interest in your brand and must have a helpful and polite tone while dealing with customers.
Target the Right Audience
Use target ads based on user income level and interests to reach luxury shoppers, which is why you must know your client base. As mentioned earlier, this can be aided through the proper utilization of online advertising platforms such as Facebook and Instagram.
Having an SEO-optimized website is also a crucial component to driving more business to your luxury diamond jewelry brand. Avoid using certain keywords such as “free” or “cheap” that would create the wrong kind of traffic.
Keep Your Rates Competitive
Luxury brands will always be dealing with clients that are knowledgeable about current market rates in the luxury industry. Thus it is essential to keep in view what other competitive brands’ prices are to be in the same boat as the rest of the overall market.
Keep Yourself Up-to-Date with Market Trends
To survive in the luxury market, keeping yourself up-to-date with the current market trends will help you expand your business faster.
For instance, the diamond jewelry business will always grow and keep moving forward. It is essential to know whether your diamond jewelry is compatible with the current trends of the market.
This will help you stay relevant to the current market and maximize your sales.
Take Inspiration from Larger Luxury Brands
The best way to bring up your own brand is to simply see how others did it and take inspiration from them. This, however, does not mean that whichever tone, ethos, and marketing tactic suited their brand would necessarily work for you as well.
Luxury brands seldom focus on expansion. However, when they do, they should be extra cautious not to compromise on quality or the satisfaction their existing customers are used to.
By following the above tips, they should be able to meet their targets while ticking all the checkboxes to maintain their brand value.