With more time inside I have been looking at articles about what the future of the jewelry industry and retail will look like. The articles and videos I have seen have almost dreary existence for retail. In an earlier post I mentioned some of the changes stores like Nordstrom were making to adjust to the pandemic. What I have found to be troubling is that these are short term trends and how people are interpreting them and applying them to their brand is misguided. I will look at a prediction from the past and see how you should evaluate it for your brand.
McKinsey published a trend report for the jewelry industry on Feb. 1, 2014 titled, ‘A multifaceted future: The jewelry industry in 2020’. Looking back, it was good about identifying a key trend that I will focus on in this post, branding. Below are the predictions leading up to 2020:
In about 10 years their will be a growth in branded jewelry. Reading the report, you will realize that they are talking about big brands like Prada and Louis Vuitton doing more with jewelry. There is another way to interpret this trend and that is branding will be more important to even smaller businesses. This is evident now with everyone seeming to have an Instagram account and articles telling you how you need to show the ‘personal’ side of your brand for others to relate to.
With recent events the jewelry industry is using their business platform as a political forum and losing sight of the purpose of a business account to share about your business. If you use your account to win a popularity contest or be in with the in crowd you risk diminishing what you built.
People need to see a product not a statement. If you attract only people that agree with you that can work but what happens when you don’t share those same opinions’, or your workers don’t all agree on the subject? Boycotting products or bullying others online to support your cause is not a good way to live; many people work at making those products and may not share those views. It will be hard though to buy from an artisan that is disrespectful as you know who the money is directly going to.
One Direction you can go
In my opinion you should focus on the quality and value your brand embodies. If you can build on that you will be ahead of many small jewelry brands who try and say that ‘I am just like you buy from me!’ There are lots of counter arguments and I have heard many, but it should be the individual that makes the decision not a business dictating their stance. That is where real change will happen treating others kindly that you come across.
If you need help refocusing you brand please reach out to me: firstname.lastname@example.org. Stay safe and I will be writing again next week!
I have enjoyed the online lectures and Instagram Live talks by designers, but do you look and say I wonder if that will help my business? It might but there are other ways to advertise that can be just as effective with out having to compete in this industry. I like the online videos but came across something from Cartier that I found refreshing an online magazine you could download called 365, A Year of Cartier. Cartier addressed the stay at home order the world was facing and decided to let you read about what is happening in its company at your leisure. Here are some aspects that I liked about the magazine that might be good for you to think about in your advertising.
Cartier talked about their most famous Creative Director, Jeanne Toussaint. Toussaint was the first female Creative Director for Cartier. The article highlighted her designs and creative process. Even though many of those familiar with the company know those facts seeing more visual aspects and focusing less on long stories entertain while keeping the branding focused for the customer.
The iconic Love collection is also featured in an article as celebrating 50 years. A great way to talk about your product without making it feel like a sale.
Their New Products
Sometimes you need to be less discreet about selling. Cartier highlighted their new bag collection, Guirlande de Cartier. They could have just put it in as an ad but instead they tied it back to their heritage. They talked about the inspiration being their iconic boxes. Ranging from $1,140-$3,150, the price points while still high for some are much lower than a good portion of their jewelry and showcase variety in products.
I wish they had featured their sunglasses as well with summer coming on for the US and as may are walking outdoors it could plant seeds for future sales.
I loved the article that focused on some of the clients that owned a piece from their Panther collection. Wording it as a community felt right as this situation has many wanting unity and a sense of belonging. I am hoping to own a Cartier Panther someday and this helps build that strong branding message.
I really enjoyed the magazine. I have more parts to read and reread but I like that the articles are not too long. Some are short blurbs to describe the photos and give a brief background. Making the magazine something you did not have to RSVP for or be at your computer at a certain time was nice too. If you think you’d like to try something over this shelter in but don’t think Instagram broadcasts are for you reach out to me and lets come up with some creative ways to get your brand back in peoples thoughts. Have you seen other ways businesses are reaching out that you’ve like? Did you read 365, A Year of Cartier? Would love to hear your thoughts! Thank you for reading Data in the Rough! I hope you return next week for more!