A successful jewelry making business starts with knowing your customer. Your ideal customer may love jewelry, has some discretionary funds for spending, and has specific likes or dislikes. Knowing the market from all perspectives is one of the best ways to achieve sales goals.
We have three women here, each with different styles and jewelry preferences.
This doesn't mean you need to design jewelry that doesn't appeal to you. It simply means you need to find a compromise between what you want to make and what potential customers are looking for.
Identifying Your Target Market
The internet and social media make it easier to conduct marketing research. Plan on spending some time here.
#1 Your ultimate customer is the one you need to keep in mind. Have some flexibility, as the ideal customer may not be what you imagine. This may come to light after conducting intensive market research and actually selling your jewelry.
#2 Identify the retailers your ideal customer tends to buy from. Get to know this group's likes and dislikes, demographics, cultural trends, and demographics. Record the findings of these various influences on buyer behavior, it's important to revisit this information so you can remain fluid instead of stagnant in this ever changing industry.
#3 If the number of stores the potential customers will shop at is limited, try to search for similar stores. When you have identified more options, record those as well. You don't want to limit your research to what's on the surface.
#4 Browse through social media for profiles of the retailers, clubs, and publications associated with the customers you want to target. Find out more about who is following the retailers, clubs, and media. Gathering information in this step is critical, so it pays to spend some time on this task. By learning more about the lives of potential customers, you will be able to target them in a way that is meaningful and engaging.
#5 Make note of trends, such as which colors are trending, which are less popular, how the target audience may react to specific products from their favorite retailers, and what they are likely to share with friends. Develop a clear picture of their likes and dislikes, as well as fashion sense, spending habits, and lifestyles.
#6 Revisit the previous steps regularly until you believe you have enough to know your potential customers very well. Then you will want to schedule time to revisit again quarterly to make sure you stay on track. It's important to know exactly what types of products will appeal to this target group. By following these steps in conducting your own market research, you will be better equipped to make decisions about the business, based on how real customers will react.
#7 Get busy making products you know members of the target group or groups will want. This can help improve sales giving you a strong start or reboost your current state.
Find more tips for jewelry business owners here.