5 Jewelry Marketing Predictions for 2023

0:08
Welcome to the Joy Joya Podcast where “jewelry is joy”, and everyone is encouraged to add more polish and sparkle to the world. With topics ranging from marketing tips to business development best practices and beyond, this is the go-to podcast for ambitious jewelry industry dreamers like you.

0:31
Hi, I’m your host Laryssa Wirstiuk. Through this podcast I aim to empower and inspire jewelry entrepreneurs and professionals, so they can thrive while adding more beauty to the world. I’m passionate about digital marketing for jewelry brands, and I’m excited to share my passion with you. As we all know, “jewelry is joy”, so I’ll gladly seize any opportunity to talk about it. This is episode #217, and today I’m going to be sharing my five jewelry marketing predictions for 2023. What should you be anticipating in the new year? How can you shift and adjust your marketing strategy to accommodate consumer expectations and the overall industry landscape? This is a must listen or must watch if you would like 2023 to be the best year ever in your jewelry business.

1:28
I’ll be covering a recap of the predictions I had for 2022. How did they pan out? The five jewelry marketing predictions I have for 2023. And what you can do to prepare. There’s also a free ebook download to complement this episode. Yes, it’s free, you can visit joyjoya.com/2023 to claim your copy, and I’ll put that link in the show notes as well. But before we get to this solid gold of this episode, I’d like to take a moment to remind you that this podcast has both an audio and video component. So you can either listen on your favorite podcast platform or search on YouTube for Joy Joya, and you can watch the videos there. I love creating this content as my act of service to you, my awesome listeners and viewers, and you can always support the podcast for free by taking the time not only to subscribe, but also to leave a rating and review on Apple Podcasts, which helps other jewelry dreamers find it too.

2:35
I want to read my favorite review of the week. “parov78” wrote, “With a world that is so loud with everyone telling you what you should be doing, I find Laryssa’s podcast to be on point, honest, kind, realistic, and with a good sense of humor.” Thank you. I’m glad someone appreciates my jokes besides just me. I really appreciate that review. If you leave a review, I might read it on a future episode. So please let me know what you think about this episode, or about any other major takeaways you’ve had recently. I also am so excited to let you know that starting January 8, 2023, I’ll be launching a free, six month program. It’s going to be called Jewelry Marketing Jumpstart, and it will be your weekly guide to move you one step closer to reaching your business goals for next year and beyond. So for each new episode of the podcast, there will be a companion download that will have actionable steps and tips that you can implement in your business beyond when you’re just listening or watching. So I’m really excited about that.

3:51
In this segment of the podcast, I give out my Sparkle Award for the week. So during the segment I highlight a jewelry brand that’s impressing me with their marketing. The Sparkle Award is also interactive, so visit sparkleaward.com to nominate a jewelry brand that you’re loving these days, and I might feature it on a future podcast episode. So this week’s Sparkle Award goes to a brand called Awe Inspired. I’m recording this episode on Giving Tuesday, which if you’re not familiar, it’s held each year the Tuesday after Thanksgiving. And it’s often described as a global day of giving or a global generosity movement. And what I particularly love about this day is seeing all the ways that jewelry brands are giving back with a portion of their profits or even sometimes with all of the revenue they make on this day. So one brand in particular that stood out to me is called Awe Inspired. It was founded in 2018 by three time cancer cancer survivor Jill Johnson and her son Max to make meaningful gifts and tokens of strength with exceptional quality. So in honor of this day, the brand is donating 100% of proceeds from their jewelry sales on Giving Tuesday to the National Alliance on Mental Illness and this is the second year that this New York based brand will be giving all of its Giving Tuesday proceeds to the nonprofit that focuses on mental health awareness. Since the brand was founded, philanthropy has been front and center for them, a part of their core values. They’ve contributed more than $700,000 to their charity partners, which includes the NAACP and Planned Parenthood. If your brand did something special for Giving Tuesday, I want to know about it. Let me know either in a YouTube comment or a podcast review, or even DM me on Instagram, I want to know what you all did for Giving Tuesday. As I mentioned, you can visit sparkleaward.com to nominate a jewelry brand that’s inspiring you these days, and I might feature your submission on a future podcast episode.

6:11
So let’s discuss some recent news related to jewelry or marketing. Each week I share my thoughts about three relevant articles. Check out the show notes for those links. Two articles this week actually come from Women’s Wear Daily. The first one is called “Why Own a Diamond Ring When You Can Rent One?” Hmm, so this first article if you can’t guess from the title is about the jewelry rental market. Younger consumers particularly millennials and Gen Zers are more likely to treat fine jewelry like the latest “it” bags and decide that they would rather rent rather than invest in a purchase. So over the past few years, a number of jewelry rental services have been entering the marketplace to serve these younger customers. But even though there are these new comers, there aren’t really like a ton of companies truly fulfilling this need. And this really good quote from the article says, “The occasion-based model, emotional connection to jewelry, insurance nightmares, higher logistics costs and lower margins are among the hurdles the category faces.” It’s also really tough to scale with this rental model. So even though there are some jewelry entrepreneurs out there seeing the need, seeing the demand in the market, it’s just too difficult to execute on a business model in this space. So the article asks the question, how can the industry how can the sector engage customers monthly or occasionally and make them return beyond just like a party or a ceremony? That they have a strong offering in the right price range and speedy high-end service all contribute to turning the experience from once in a while rental to a monthly treat to oneself. There were actually a few quotes in this article from the co-founder of the jewelry rental service Switch which I’ve highlighted on this podcast before, and I’ll put the link to that episode in the show notes. But just as an example, Switch says that their platform’s core clientele is between the ages of 22 and 40, lives in metropolitan cities, and appreciates convenience, efficiency and attentiveness of the service. But then there’s like the other side of this where, as we all know, I don’t have to tell you this jewelry is a really emotional and can be a sentimental purchase. And in that way some people don’t want to rent their jewelry because they want to have their jewels as a token, or as a reminder of whatever event that they wear the jewelry to so there really are these two sides of the of the coin. Let’s say my main takeaway from this article is that it’s kind of unclear what the future holds for the jewelry rental market. There seems to be some demand, but it also seems to be very difficult to execute on. But I think it’s something to keep an eye on. Whether you as a company want to rent jewelry or not, you should be aware of consumer preferences and consumer behavior out there in the marketplace.

9:38
This second article is also from Women’s Wear Daily, and it’s called taking the temperature of a growing jewelry market. So this was a little bit of a roundup of Q&A that Women’s Wear Daily did with some owners of popular independent jewelry retailers throughout the US, and these owners and leaders were reflecting on the past year of being in the jewelry industry. So I’ll just read three that really stuck out to me and then kind of say my takeaway from that. So hopefully I say her name right, Alysa Teichman. She’s the VP of Business Development at Ylang23 says, quote, “We haven’t seen a slow down in jewelry purchasing — quite the opposite actually. People had such a bottleneck of joyful occasions to celebrate after the pandemic that we’re now seeing our clients come in and buy jewelry for everything that paused during COVID-19 like weddings and vacations.” So that’s one perspective, seeing the opposite of what other companies are seeing now due to inflation, due to fear about economic uncertainty. So there’s that perspective. Then we have Paul Schneider, who is the owner of Twist, quote, “It seems like our customers are less interested in trunk shows as they used to be. At one time, a trunk show was the only way to see new work or complete collections. Now we are doing more intimate events. We are having dinners on the sales floor and cocktails almost any time. It’s also quite satisfying to see the depth of relationships we have developed with some online customers.” I love hearing Paul’s perspective on events, moving away from the more traditional trunk show model and getting creative with that in store experience, and looking for ways to extend it to online customers as well. And then the last quote I want to highlight comes from Laura Freedman, who’s the founder of Broken English. And she says “The most significant change that I have seen in purchasing since the pandemic is most clients don’t ponder the purchase as much as before. It’s more spontaneous.” Really interesting, especially I know Broken English has some higher price points. So that is really interesting to hear about. My main takeaway is it’s kind of just fascinating to hear from different retailers about consumer purchasing behavior and how it’s different in different parts of the country with retailers that sell at different price points. There’s no one universal experience, no matter what the economic conditions are, what’s happening in the world. So I recommend that article. I’ll put the link to that in the show notes for you.

12:45
And then the last article comes from Business of Fashion, and it’s called “Competition in the Jewellery Market Is Heating Up”. So it starts off by talking about Mejuri. Okay, we’re always talking about Mejuri. But it’s interesting because Mejuri kind of led the way for other direct to consumer companies that followed. So they entered the marketplace in 2015. They kind of turned the traditional model of jewelry sales on its head, moving to more of this like drop format, which means they were releasing new styles each week. It was something that had traditionally been used in sneaker selling, and now they were bringing that to find jewelry. So this way of selling online really encourages customers to come to the site more regularly to see what’s new. It’s all about the newness and the novelty. And now a huge wave of direct to consumer jewelry brands who are promising consumers attractive and on trend designs at affordable price points are flooding the market. This is a really great quote from the article. “Jewelry brands flourished during the pandemic as consumers looked for ways to spend the cash they saved by not being able to travel. But airports are busy again, and a global economic downturn is likely to further reduce spending on non-essential items – including gold bracelets.” So now there’s a huge battle for market share among these direct to consumer brands. And the question remains are consumers shopping for price? Are they shopping for brand prestige? Are they shopping for having the personal connection with the brand? For the lifestyle that the brand represents? It’s a little bit unclear to be honest, these upstart direct to consumer brands are trying to appeal to the young female self purchasing shoppers. They’re emphasizing values like diversity, sustainability, and accessibility. So it’s kind of to be seen, will these fine jewelry brands have to be competing on price? Go up market, lean into storytelling? What’s going to happen? At some point, the market might be too crowded for it to make sense for anyone else to enter it. And it will just be a red ocean, which is something I’ve talked about on this podcast before. So my main takeaway is only time will tell what consumers want. And whether or not these upstart brands will be able to fight for market share. To get these articles and check them out for yourself, please visit the show notes, and I’ll have all the links there.

15:54
Okay, let’s get into the main content of this episode. So first, I just want to briefly recap the predictions I had for 2022. If you want to listen to that full episode, I’ll put the link in the show notes. I don’t want to spend too much time on it. But my five predictions from that episode were one social listening. So really, what that means is looking to your customers, what they say on social media, how they respond to your posts, what they say in the comments, what they DM you, looking to that to kind of shape the future of your brand, letting your customers be trusted advisors. My second prediction was a greater focus on brand storytelling. I for sure, stay true to that. I think that’s going to be even more important in 2023. As I just talked about, with that Business of Fashion article I shared and how brands that don’t want to be competing on price point or be in a red ocean, need to lean into brand storytelling. Well, if that’s what you want for your business, you cannot ignore the storytelling aspect. So I hold strong on that one. Number three, adding more entertainment, more fun to the shopping experience. I definitely think that one panned out in 2022, with more brands experimenting with leaning into live shopping, more interactive elements in that digital shopping experience rather than just having this like static ecommerce website that’s never updated, never changes doesn’t have anything fun going on, doesn’t have any elements of a hybrid in person online shopping experience. So 100% that one. My fourth prediction was brands would be looking for new creative ways to build and nourish community and engagement. Beyond social media platforms like Instagram. Yes and yes, I think Instagram in 2022 became ever increasingly more frustrating for jewelry brands of all sizes and all followings. And they really are looking for ways to not be so dependent on the social media platforms to create engagement with customers. And number five, consumers are looking for content not that’s not just like an aesthetically pleasing picture. So they want the brand to really showcase its personality through content, to feel like the brand is building a personal relationship with customers, sharing behind the scenes stories, transparent stories, workforce, sourcing materials, styling videos, etc. So I definitely saw a lot of jewelry brands get much more creative with the types of content that they’re sharing.

19:12
Okay, so now that I have recapped 2022, I want to share my five marketing predictions for 2023. Number one, I think the lines between marketing and customer experience will continue to be blurred even further. And I’ve talked about customer experience in a number of episodes recently. So just to recap that refers to the perceptions that a customer has about your jewelry brand, after they interact with it. Do they feel annoyed by the poor usability of your ecommerce website? Or are they delighted by the fun and easy online shopping experience? So that’s just one example. But all these interactions that customer has with your brand. And the feelings they have. Whether they’re aware of those feelings or not associated with that experience, kind of all add up together to customer experience. Marketers have it pretty tough these days. They have to compete with mountains worth of brand messaging from other jewelry businesses along with shortening consumer attention spans. So publishing a pretty Instagram post now, and again, just won’t cut it. More than ever, marketers are now focused on providing an excellent and inspiring customer experience through their marketing, because one positive interaction can be the differentiating factor, help your brand stand out in the marketplace, and it represents added value. So if you can be a brand, with exceptional customer experience, you can distinguish yourself in the marketplace. And that really can be your marketing, attracting customers again, and again, with with very little extra effort.

21:10
My second prediction is that direct mail marketing will complement digital marketing in a really major way. So this year, I dedicated a lot of podcast airtime to the growing popularity and effectiveness of direct mail marketing. So this to recap refers to any marketing asset that’s physically delivered to your target customer’s mailbox. So some examples would be postcards, catalogs, flyers, letters, etc, etc. So even though email marketing will remain a highly effective form of digital marketing in 2023, it definitely presents a challenge when it comes to earning attention. Your target customer is extremely overwhelmed by their inbox. But they likely don’t receive as many pieces of physical mail as they do email. So through direct mail marketing, you really have a chance to stand out and personalize your messaging.

22:10
Prediction number three: more brand collaborations. So we’ve talked about this a little bit with the Instagram algorithms in 2022. Most jewelry brands found it difficult to achieve reach on social media. So reach refers to the number of people who are likely to see your social media posts or other messaging. And due to these constant changes in the algorithm, reach is becoming a metric that is harder and harder to kind of reach your goals with them. Reach the reach. One way to expand your reach, especially if you’re a newer jewelry brand you’re entering the marketplace is to partner with other brands, collaborate with them. They don’t necessarily have to be in the jewelry industry. By collaborating with brands in verticals like apparel, lifestyle, home goods, beauty and more, you and the other business can mutually benefit from sharing your audiences. And you won’t be competing with one another.

23:18
Prediction number four: more interactive marketing content. So it’s one thing to get a customer to look at a photo of your jewelry, and it’s another to encourage them to interact with your brand. If you can “stop the scroll” as they say, then you’ve inspired your customer to make a micro commitment to your brand. And that’s more powerful than a lot of people realize. So examples of interactive marketing content that will be popular in 2023 and beyond include online quizzes, surveys and polls, games, virtual events that encourage audience participation, and more.

24:03
And my fifth marketing prediction for 2023 is live streaming will only continue to grow in popularity. During the COVID pandemic, consumers really became accustomed to shopping from the comfort of their own homes. Many of them have now even come to expect a high level of service while they’re sitting on the couch in their pajamas. So the in-store experience will never not be important. I definitely believe in store matters. But some consumers still really enjoy the experience of window shopping, interacting with a salesperson again while they’re like sipping a glass of wine on their couch. Who can blame them? That sounds great. So live stream shopping provides opportunities to tell the story of your brand and products. Connect with your customers in an intimate way, and offer them an exceptional experience.

25:05
So how are you going to prepare yourself for 2023? I have a few tips. Well first, keep listening to this podcast of course. Choose your SMART goals. Smart is specific, measurable, attainable, relevant, and time based. Took me a second there. Make sure you have goals because without these specific goals, you’re not going to know where to focus your time and attention. And then once you have the goals, have a plan in place. How are you going to get from point A to point B, at least for six months, if not the full year? Know also what you’re going to be measuring to ensure that you’re staying on track to reaching your goals. Listen to your customers, and pivot. Make decisions. kind of change course based not on your own feelings and whims, but what your customers want and are telling you with a strong focus on the customer experience. Don’t be afraid to pivot if you have to make changes over the course of the year, do it. But do so strategically, intentionally, and with patience because you have to remember that you need to let things take time to work. Trying something for three weeks and deciding it’s not working is not a good strategy in marketing. You need to give it three months, six months maybe more to really reap the benefits of whatever it is that you’re trying.

26:43
So again, if you want the free ebook companion to this episode, go to JoyJoya.com/2023 and you can download that and study it and get totally set for the year ahead. What did you think? Do you feel ready? You can always email me Larissa that’s laryssa@joyjoya.com. If you love this podcast, please share it with a friend who’d appreciate it. And don’t forget to subscribe as well as leave a review on Apple Podcasts. To purchase a signed copy of my book “Jewelry Marketing Joy”, visit joyjoya.com/book for more information. Thanks for listening. Remember to subscribe so you never miss an episode. For more information about working with Joy Joya, visit joyjoya.com where you can sign up to download our free eBooks about various topics in jewelry marketing.

Transcribed by https://otter.ai