We have all heard it before, competition really kills! This is even truer for the jewelry industry, where any business that distinguishes itself in key factors will have a distinct advantage in attracting and selling to customers. While there are many different types and styles of jewelry, customers actually have the advantage of purchasing from different avenues. Therefore, there is heightened competition for most types of jewelry, which can be particularly damaging to your business. Zone in on these key competitive advantages to keep you ahead of the game and aware of competitors.
Competition is the single most effective factor in reducing the success of your business. The reasons start with the fact that competition adds more options for the customers. They will have the option to purchase a wider variety of items, at varying prices. Therefore, customers are able to pick and choose who to buy from and for what reason. Next, competition reduces the ability for a retail business to retain customers and keep them fully loyal to your collection of items and services. This is because customers will always have another avenue to share their desires with any salesman who wants to help. Competition also gives customers more power in regard to their buying power. They will have more options, get to see more prices, and juggle between what suits them best. Therefore, a business will need to keep updated with all major competitors and how they present their products. Competition can really kill a business if the business does not react or respond to it effectively. Failing to change or update your sales practices will lead to any business demise.
Smart jewelry businesses are competitively advantaged and are able to attract more customers for more profitable returns. These smart businesses have many different strategies, but a main one is distinguishing its jewelry for the “right kind of buyer”. In other words, these businesses are offering distinguished jewelry for distinguished buyers. They are targeting specific buyers and offering them value in terms of high product quality and excellent selling services. The power of this lies in the fact that customers know what to expect when entering their store. Customers can share what they want to buy, and how the sales team can assist them. This greatly improves the power of the sales pitch and leaves other businesses in the dust. Next, competitive businesses are able to message their value in a persuasive manner and reach customers in their stores and online. These retailers know how to attract customers to their store and get them convinced and itching for their collection of items. If you are unable to understand these strategies, you will slowly get killed off by competitive jewelers!
Another main competition killer is the ability to innovate new ideas to capture greater market share. Innovation is the core of the industry in 2019 and beyond, and it is necessary for all retail stores to vary their collection and promotion tactics. The biggest factor in competition is the growth of social media. The rise of online shopping has greatly increased the competition in the industry. Since fashion trends vary greatly every few years, successful businesses are able to innovate new ways to market fashionable items online and create splendid sets of items. Unfortunately, many jewelers are hesitant or even resistant to online shopping. They often feel, quite rationally, that customers will benefit more from face-to-face contact with the salesman. This may be true but relying on this thought will leave you competitively disadvantaged. If you are not constantly innovating and coming up with new ideas, you will be left behind. Jewelers are becoming more aware on reading up on the news on social media and keeping updated on trends and fashion designs.
The next step for most jewelers should be to use social media to advertise their collection of items. In order to reach the millennials, social media is a priority medium for spreading news and advertising your new collection. Competitors are constantly aware of customer changes and are offering alternatives and innovative ways to reach them. Not looking for change and updates will leave you falling victim to competition.
Overall, competition does indeed kill. Competition will only to continue to grow as the years pass, so it is up to you to look for innovative ways to keep you ahead of the game. For any business looking to survive in a competitive landscape, offer innovative ideas and reach specific segments of the market to increase your market share and fend off sharp competitors.
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