Marketing Plan for Jewelry Stores
As a retail operation, your jewelry store marketing plan must address everything from pricing, to how to generate traffic to your physical store as well as your online store. Remember the four Ps in your marketing plan: product, price, place and promotion. You will write an overview of the market situation but give more detail under each of these sections. Your plan will also outline threats and opportunities. Doing the necessary research and organizing it into a plan helps you stay on track with your marketing goals.
Provide a summary of the market for jewelry stores; specifically, a store with your strengths. For example, if you want to be known as a luxury store with products that are more expensive than others, provide justification for why you think the market will respond positively. Mention a brief history of your store and some detail about your competitors. You should be able to highlight the most important market points in three or four brief paragraphs.
SWOT stands for strengths, weaknesses, opportunities and threats. Based on your assessment of the market, briefly summarize how it works for or against you. For example, if economic conditions have recently changed and research points to a trend of more luxury jewelry purchases, that is an opportunity for you. A reputation for high-quality items is a strength. A wholesale jeweler two blocks away may be a threat, and a small network of manufacturers that sell to you may be a weakness.
The product section not only details the types of jewelry you sell, but also any services you offer. For example, many jewelry stores offer custom design and manufacture services, jewelry repair and battery replacements for watches. Explain how these services are important to generate traffic to the store even though they don’t generate significant revenue.
This section explains your pricing strategy, which needs to cover your expenses and still make a profit. According to Allen Majefski of Allen’s Jewelers in Jacksonville, Florida, jewelry stores need to mark up products based on how much they plan to discount to make a sale. This way, when you don’t discount you make more profit on those items. Remember that pricing may not have anything to do with a nearby jewelry store that is positioned differently; for example, a retail chain store known for affordability is targeting a different consumer than you are.
Place is your distribution. This includes you retail store and also your online presence, whether it’s your website, partnerships or auction sites. You will also explain your order processing system, particularly for online purchases, as well as your inventory management strategy.
In your promotion section, write how you will communicate about your store to get customers. This includes advertising, public relations, sales promotions, social media and special events. For example, a store anniversary event is a promotion, as is a pre-vacation sale for travelers or an event to welcome tourists.