How to Pivot Jewelry Marketing For Rising Gold Prices

Laryssa Wirstiuk 0:00
Ready to break free from algorithms, vanity PR, and money-sucking ads? My name’s Laryssa Wirstiuk, and I’ve learned in 8 years of jewelry marketing that content is the crown jewel. My agency Joy Joya takes a holistic approach, leading with laser-focused storytelling, impactful content creation, and strategic content distribution. This method has worked for the solopreneur as well as the multi-million-dollar company, and now I’m sharing these systems and tactics with you. Here’s to standing out in the Sea of Sparkle.

Welcome to Episode #302. I want to talk about gold prices! As I’m recording this episode, the price of gold is over $2,500 per ounce. With gold prices continuing to soar, fine jewelry designers and small brands are finding themselves at a crossroads. Do you stick to your roots, crafting luxurious pieces in the traditional solid gold your customers love, or do you pivot to keep your creations accessible and your business thriving? The good news is, there’s no need to choose just one path. In fact, the rise in gold prices is the perfect opportunity to flex your creative muscles, offering fresh, innovative solutions that not only meet the market’s demands but also elevate your brand’s allure. Imagine transforming the challenge of rising costs into a golden opportunity—literally! By embracing out-of-the-box marketing and merchandising strategies, you can continue to dazzle your customers with the magic of gold, all while staying true to your brand’s unique identity. Whether it’s mixing metals, introducing new materials, or simply reimagining how you tell your brand’s story, the possibilities are as limitless as your creativity. So in this episode, I’m going to dive into some fun and inventive ways to navigate these golden waters and come out shining brighter than ever. In our “Gold Mine” segment, I just want to share some fun things that have been happening on JoyDeck this month – and how you can join our new jewelry marketing support platform if you’re interested.

But before we get to the solid gold, I’d like to take a moment to remind you that this podcast has both audio and video – so you can either listen on your favorite podcast platform or watch on YouTube by searching “Joy Joya”. You can support the podcast for free by taking the time not only to subscribe but also to leave a rating and review on Apple Podcasts. Also, if you didn’t know, I co-host another podcast called “Success With Jewelry” with my friend Liz Kantner, who’s also a jewelry marketer and the founder of the Stay Gold Collective. We have a free version of the podcast, available everywhere you listen to podcasts and on YouTube as well as a membership community with extended episodes and additional resources. Last week on the podcast, we featured Xarissa from “Jewel Boxing,” a popular jewelry influencer on Instagram and TikTok. She shared insights on how to effectively use these social media platforms and discussed her strategies for building and engaging with her audience. Personally, I loved this episode! I invite you to check it out if you’re hungry for more content!

Also, you’ve probably heard me talk about this, but our FREE “Content Repurposing” masterclass is still available for a limited time! By the end, you’ll walk away with: A simple content plan for an entire month. One full-length, SEO-optimized blog post. Four email campaigns inspired by the blog post. Twelve social media posts repurposed from the blog post and emails. Joy Joya fan Laura shared her feedback: “I just finished watching the masterclass! SOOO good!! I can’t wait to brainstorm blog topics and start to implement the strategies you showed for repurposing a single blog post into multiple pieces of content. I’ve heard of this before – many times in fact — but with your examples, I feel it finally clicked with me.” Feeling overwhelmed with content creation for your jewelry brand? Learn how to save time and work smarter, not longer, by repurposing content efficiently and confidently using my proven methods. Don’t miss out—visit myjoydeck.com/masterclass to access the masterclass now. The link is also in the show notes. Get ready to transform your content creation game, but hurry, it’s only available for a limited time!

Okay, let’s get into today’s episode, my Sparklers! At the NYC trade shows, I had so many conversations about the rising gold price – it’s kind of hard to ignore if you’re a fine jewelry designer! And as I mentioned in last week’s Gold Mine segment, different brands are handling it in different ways: some are offering mixed metals, alternative metals, or even 9ct gold options to make their pieces more accessible. On the other hand, some designers remain true to their brand identity by continuing to work in high-karat gold, which is equally impressive. I briefly mentioned this topic in episode #299 when discussing how to communicate changes in your business. But now, it’s time to address it directly. In this episode, I’ll share tips and tactics for adjusting your marketing and merchandising strategies in response to high gold prices. These tips can also be applied to any situation where you’re dealing with rising material costs, not just gold.

First of All, Understand Your Customer Base and Their Feelings About Gold Prices

When Price Sensitivity is Low Focus on Desire and Value: If your customers aren’t particularly price conscious, avoid drawing attention to the rising cost of gold. Instead, focus on creating desire by highlighting the value, craftsmanship, and exclusivity of your pieces. Luxury Positioning: Position your products as luxury items where quality and uniqueness are more important than price, enhancing the perceived value. Limited Editions & Exclusives: Offer exclusive, limited-edition pieces that emphasize rarity and luxury, making price a secondary consideration to uniqueness. Experience-Based Marketing: Engage your customers with experience-based marketing, such as private viewings, virtual try-ons, or personalized consultations that focus on the emotional and experiential value of owning a piece of your jewelry.

When Price Sensitivity is High Value-Driven Messaging: For more price-sensitive customers, emphasize the long-term value of gold and how it can be a sound investment as well as a beautiful piece of jewelry. Comparative Pricing: Highlight how your products offer more value compared to competitors by focusing on quality, craftsmanship, and unique design elements. Promotional Offers: Consider offering time-limited promotions or discounts that give price-sensitive customers the opportunity to purchase high-quality gold jewelry at a more accessible price point. Personalizing the Customer Experience Customer Segmentation: Segment your customers based on their buying behavior, preferences, and price sensitivity to tailor your messaging and offers accordingly. Loyalty Programs: Implement or enhance loyalty programs that reward repeat customers, offering them exclusive access to new collections or special pricing on gold pieces. Feedback Loops: Regularly collect and analyze customer feedback to understand their evolving preferences and perceptions about gold pricing, allowing you to adjust your strategies in real-time. Building Trust and Loyalty Transparent Communication: Be honest and open about why prices might be increasing, focusing on the quality of materials and craftsmanship, which justifies the cost. Sustainability & Ethics: If applicable, emphasize your commitment to sustainable and ethical practices, which can justify higher prices and resonate with values-driven customers. Storytelling & Brand Connection: Deepen the connection with your customers by sharing stories about the inspiration, design process, and artisans behind each piece, making them feel part of the brand’s journey. Enhancing the Overall Customer Experience Seamless Online and Offline Integration: Ensure a seamless shopping experience whether customers are browsing online or in-store. High-end service should reflect the luxury positioning of your brand. Personalized Follow-Ups: After a purchase, follow up with personalized messages or offers that make customers feel valued and encourage future purchases. Educational Content: Provide content that educates customers about the history of gold, its value, and how to care for gold jewelry, adding an extra layer of perceived value to their purchase. Now here are some tactical, merchandising approaches. Please don’t @ me if these suggestions don’t directly apply to your brand; I’m just trying to share ideas to perhaps inspire you to consider something new or adjust your current approach.

Innovative Marketing and Merchandising Strategies Leverage the Narrative of Exclusivity Highlight Limited Editions – or Create More Limited Editions and OOAK: Frame solid gold pieces as exclusive, limited-edition items. Use the scarcity principle to create a sense of urgency and luxury. For these pieces, share stories about the craftsmanship and the rarity of materials, focusing on the timeless value of gold. Promote Mixed Metal Designs – or Experiment With Mixed Metal Designs, even as Limited Editions or OOAK Emphasize the versatility of mixed metal pieces, showcasing how they can be paired with both gold and silver jewelry, catering to a broader audience. Educational Content: Create content that educates customers on the beauty and benefits of mixed metals, including how they can elevate personal style. Introduce Gold Alternatives Other Karat Alternatives: Launch a more affordable line using lower karat gold and promote it as a smart and stylish choice for budget-conscious consumers who still want the allure of gold. Focus on Customization Custom Gold Accents: Offer customization options where customers can choose gold accents (like bezels, settings, or chains) while the main piece uses more affordable materials. Tailor marketing efforts around personalized, custom pieces, creating a stronger emotional connection with potential buyers.

Engage in Creative Collaborations Collaborate with Other Designers: Partner with designers who work with alternative metals to create hybrid collections that merge luxury with affordability. Limited-Time Pop-Ups: Host pop-up events or virtual shows that highlight the new collections and educate consumers about the value of mixed or alternative metals. Emphasize Smaller, Everyday Pieces Promote Gold Accents: Focus on smaller, everyday pieces like gold-accented earrings, rings, and pendants that use less gold but still offer a luxurious feel. Stackable Collections: Encourage stacking and layering by creating collections of smaller, lower-gold-weight pieces that customers can mix and match. Flexible Payment Options Installment Plans: If you know that your particular customers are price conscious, offer financing or installment plans that make higher-priced gold pieces more accessible to a wider audience. Leverage Digital Tools Virtual Try-Ons: If you primarily sell online, use augmented reality (AR) technology to allow customers to virtually try on gold pieces, making it easier for them to make purchasing decisions. Custom Product Builders: Implement online tools that let customers design their own pieces, choosing from different gold types and karat levels. What do you think? Above all, rising gold prices are an opportunity to innovate and connect with your audience in new and meaningful ways. If you’ve had challenges navigating these changes in the market, let me know in a comment on YouTube or DM me on Instagram what you think. I’d love to help!

Okay, let’s get into the GOLD MINE. Welcome to another edition of THE GOLD MINE – a segment where I get personal and share insights on entrepreneurship, mindset, success, growth, and all things business. THE GOLD MINE allows me to share topics and insights close to my heart. In this week’s GOLD MINE, I’m excited to share some of the amazing things we’ve been doing with our clients on JoyDeck! We’ve already received some early feedback from Agnes, one of our clients, who said, “What Laryssa and the team organized with this platform is so wonderful, I love it!” JoyDeck members get access to two really exciting features: our Monthly Collaborative Challenge and our Monthly Exclusive Masterclass, both of which take place within our community. This week’s Monthly Collaborative Challenge is all about writing an SEO-optimized blog post. We provide resources and tips to help you succeed. Plus, everyone who completes the challenge and shares a screenshot will be entered into a drawing to win a Brand + Ecommerce Audit by me—a premium service that clients typically pay for. One lucky winner will be randomly selected, and as a bonus, you’ll also have a blog post ready for your website! Additionally, this month I’m hosting a Live Masterclass, which will also be recorded for members. The topic is “How to Write and Edit a Perfect SEO Blog Post,” so you’ll have all the tools you need to tackle the Monthly Challenge and a chance to win a premium service. Whether you’re a beginner or looking to refine your skills, this session will provide valuable insights into effective blog writing. And this is just the beginning! JoyDeck is a complete jewelry marketing support platform, offering everything you need to succeed in marketing your jewelry business. Interested? Visit myjoydeck.com for more details.

Did you have any questions about today’s episode? Don’t forget to check out our new FREE Content Repurposing Masterclass, which you can access by visiting myjoydeck.com/masterclass. It’s only available for a limited time. If you want to reach out, you can always email me Laryssa at laryssa@joyjoya.com. And if you loved this podcast, please share it with a friend who’d appreciate it. Don’t forget to subscribe as well as leave a review on Apple Podcasts. If you’re completely new to digital marketing, then you’ll want to purchase and read a copy of my book JEWELRY MARKETING JOY. Visit joyjoya.com/book for more information.

Transcribed by https://otter.ai