Reevaluating Your Social Media Plan with 3 Lessons from a Tortoise and a Hare

Two years ago, this month I started posting on Data in the Rough.  The time felt right to continue working on something I was passionate about, jewelry and analytics. I have not done as much analysis as I would like to but I see that as an improvement not a failure. With the holidays’ over and winter in its last stages, it really is an ideal time for anyone that has made a resolution to reevaluate their goals and benchmark their progress. For me it is focusing a little more on driving insight and results through data around me. One way is to refocus on my social media plan.

I am on the usual platforms: Facebook, Twitter, Pinterest and Instagram.  I have also consulted a few people on their social media for their personal or business use, mainly Facebook and Instagram. The comments and questions I get center around followers, engagement, content to put out, protecting your intellectual property and return on investment, to name a few. All these platforms have different audiences and expectations. So how does a small business owner or someone looking to create their personal brand do it and not waste too much time? A strong and adaptable social media strategy!

To do that you need a plan and a focus. For that I have 3 suggestions as you find the right social media plan and strategy. Since this blog focuses on the jewelry industry I am going to use jewelry from Christie’s auction house to highlight some important lessons from the Aesop fable, The Tortoise and the Hare, that you can apply to creating a stronger social media plan.

Rabbit – by Kutchinsky sold for $10,032 at Christie’s London Auction, gold and gemstones; Turtle – by David Webb sold at Christie’s online auction, gold, platinum, lapis lazuli, mabe pearl, diamonds

So you want to join the latest social media craze, everyone is talking about it, everyone seems to be on it. You should be too, right?

  1. Look at what you are currently doing and see if it is possible to effectively use this new tool. The tortoise challenged the hare to a race, not to prove the tortoise was faster but that he could beat the hare. Can you see yourself benefiting from this new platform? Are your customers asking about your presence on this platform? Is your target audience on this platform? How much time are you willing to spend or pay someone to spend?
Rabbit- by Cartier sold a Christie’s Geneva Auction for $18,118, gold, ruby, enamel; Turtle- artist unknown sold for $15,000, diamonds, pearl
  1. Look at your own attention span and current social media platforms you are on. Do you have patterns that may make it difficult to focus on starting this new social media tool? How can you improve your current social media accounts to learn about yourself and your business moving forward. The hare is clearly faster but he got distracted comparing himself to others. Taunting the tortoise on his slower strategy without thinking about his own did not change either racer.

    Turtle-unknown artist, online auction, emerald, diamond, ruby; Rabbit-by Raymond Yard sold at Christie’s for $37,500, diamond, multi-gem
  2. Don’t compare yourself with others on social media. This is the hardest and most important thing to remember when online. It is hard not to see others bounding ahead and you continue to inch by or feels like you are standing still. The tortoise (turtle) knew that the hare (rabbit) was faster but his slow and steady pace worked for this one race. As I mentioned above, had the rabbit worried about his own progress and not of the turtles then he would have easily done better by finishing the race at his own pace. The rabbit got distracted by the turtle. There are times you’ll feel like the tortoise and see lots of ‘wascally wabbits’ pass you by.
Turtle- by Van Cleef & Arpels sold at Christie’s online, pink and blue sapphires,gold; Rabbit-unknown artist sold at Christie’s London for $893, gold, diamonds, ruby

 

They get featured on a blog or have a photo that earns them a lot of likes and followers. That kind of thing happens with the world of social media and ‘overnight’ success stories. You need to only focus about your brand and your story. A clear focus and some daily effort can get you a clear path to your own finish line!

That also leads to another question you need to answer, what will be your primary measurement of success for this platform?  Using money as your only way to gage success can leave you missing valuable opportunities. For the jewelry industry, it can take several visits either in a store or online before a purchase is made. The platform you choose to be on is another touch point. Somethings to consider when looking at measurements for your return on investment:

  • Can you sell on this platform?
  • How secure is the payment method?
  • Will this affect your relationship with other stores that sell your product?
  • Is your supply chain agile enough to take an increase in your business? Do your other vendors/suppliers have other clients that may take a higher priority?

So then how can you make progress for your brand if money is not a great metric? Some suggestions for other metrics:

  • Brand awareness-Getting more people interested in your brand could lead you to be picked up by a store or featured on a blog.
  • Getting a specific message out- Are you supporting a cause that is affecting a greater population? I have seen companies that are wanting to make money but also have social issues that need to be addressed, like ending human trafficking.
  • Engagement with your customers-Social media is a great way to get feedback and test out new ideas with your fan base.

This is only a starting point. I am going to continue to look at different social media platforms and tools to see what might help you in moving forward with your social media plan. It’s a race with yourself that will determine your outcome.  Keep following Data in the Rough for more on jewelry and the data behind the diamonds. Let me know your thoughts on the subject and what platforms you’d like to hear about. Instagram is a favorite of mine so I’ll be posting a bit more on that throughout the next few months. As a thank you for reading this post below are my two favorite pieces of jewelry that I found when looking for turtle and rabbit jewelry to use for my blog.

A pink diamond and white diamond rabbits’ brooch with a ruby by Graff sold at Christie’s Hong Kong Auction for a little over $129,000. The turtle is an antique brooch sold a Christie’s auction for $70,500 and is made of opals, diamonds and rubies!

The Pinky Ring Campaign: Analyzing a Potential Trend

Which is more important the product or the marketing? A combination of both is best for getting sustainable results for your business but if you needed to choose one area to improve what would you choose? For the company, Fred and Far, they are focusing their marketing campaign on a common item in the jewelry industry a diamond ring. The marketing gimmick is that the diamond ring is for your pinky. The meaning is to represent self-love. This is not to be confused with a signet ring, that can also be worn on your pinky finger.  I heard about this pinky ring from an article from JCK (Jewelers Circular Keystone), that publishes a jewelry insider magazine and has online articles about topics facing the industry. The article is, New Pinky Ring Means I Love Myself , a link is included.

I had to learn more about this company and product. This campaign felt similar to the Right Hand Ring Campaign De Beers launched in 2003 and ended in 2005. Ads were in magazines and mainstream media showing strong women with a diamond ring on their right hand. Do you remember any of the advertisements below?

DeBeers Right Hand Ring Ads

The campaign stopped after two years because De Beers research saw the focus moving from ‘me’ to ‘we’. It looks like Fred and Far are feeling that there is a need for self-love jewelry. I went to their site and saw the campaign front and center on the landing page.

Women holding hands to campaign for self-love pinky ring

The product is defiantly geared towards women. There are two founders, both women, who started this business in 2015. The company’s Instagram posts started about 5 weeks ago and has just under 9,000 followers. The focus of their media is choosing yourself. Has the thought shifted from ‘we’ to ‘me’? I think that Fred and Far should just expect a niche revolution not a mass revolution. The rings range in price of $150 for a sterling setting and $325 for 14K in the three metal choices, rose, white or yellow gold. At those prices you know that the stone is not a real diamond but a lab grown white sapphire. Pictures of the ring and description from the Fred and Far website below.

screen shot of Fred and Far Pinky ring page

At the lower price point I think the campaign will start a mini trend among millennials. I don’t see too many women 40+ buying into the self-love hype. I personally was not moved by the De Beers right hand ring campaign. I wear a ring on my right ring finger but not due to advertising. I also do not need an excuse to buy a diamond ring. If I like it and can afford it I’ll buy it, no encouragement necessary.

Pinky ring in yellow, white, rose gold
(L) Pinky ring shown in rose, white and yellow gold. (R) Side view of rose gold ring. Photos from Fred and Far website.

To conclude my thoughts on the pinky ring, I would advise Fred and Far to look at other products to sustain their business long term. This pinky ring is the only item sold on the website for now. That’s one issue I see with the company it is hoping to spark a trend but trends will fade and that pinky ring will be dated. De Beers was smart in that respect it used what it had already to market to a different group and when the trend with that segment ended those rings went on to a new campaign. De Beers right hand rings will not be dated because it was pure marketing not inventing a new product. For those reading did the De Beers campaign convince you to buy a right hand ring? What do you think of this potential pinky ring trend? Do you own a pinky ring that you wear? Have you seen anyone wear a pinky ring like the one above? Thank you for reading and return soon for more Data in the Rough!

pinky ring worn on hand
Views from Fred and Far Instagram of pinky ring being worn.