Digital Marketing for the Jewelry Industry

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  • Incredible content guys. I've been working digital jewelry marketing for some time now and you've done a really great job, you've comprehensively covered the most important themes. However, I don't quite agree with your comments on direct mail, I can understand why direct mail marketing is falling out of favour (mostly because it's seen as a tad old-fashioned and usually not done well) but when you look at the actual numbers (not perception of), direct mail, when done correctly can be incredibly profitable. I'd also strongly suggest those in the jewelry industry to use online catalogs in their wholesaling and B2C digital marketing strategies (we have a great online catalog builder here: www.bit.ly/nowinstoreapp). Digital catalogs provide a one-shot glance at lines and products - an experience that’s usually unmatched on online stores.
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  • 1. Wednesday, April 09, 2014 Digital Marketing for the Jewelry Industry
  • 2. Wednesday, April 09, 2014 CONFIDENTIAL 2 Today’s jewelry landscape is facing stiff headwinds at the macro level Globalization Consolidation Productivity A global market has led to a hyper-competitive marketplace - one where jewelry manufacturers face margin erosion from low-cost offshore providers. You are no longer competing against your neighbor, but rather against the world Large jewelry retailers have swallowed up smaller establishments in an effort to vertically integrate, leaving fewer opportunities to sell – each at-bat is now a home run opportunity, but there are fewer opportunities for singles and doubles Increases in the number of product lines a buyer needs to manage have led to a decrease in each buyer’s available time to manage new accounts – complicating the new business development process for any jeweler The end result of these trends is a challenging environment that calls for new, more innovative ways to grow your business
  • 3. Wednesday, April 09, 2014 CONFIDENTIAL 3 Traditional jeweler marketing techniques are diminishing in effectiveness Retailer consolidation has made sales opportunities less frequent, and when they do occur, your sales team has limited time to make a lasting impression due to buyers managing too many lines Face-To-Face Sales Trade shows show diminishing returns for jewelers, continue to get more expensive to attend each year and are becoming dominated by gorillas vs. a healthy stable of potential opportunities Tradeshows Print Advertising/ Catalogues Print advertising is becoming less and less effective for all parties, is difficult to quantify and is competing with an explosion of less expensive online tactics and channels
  • 4. Wednesday, April 09, 2014 CONFIDENTIAL 4 Across all industries and verticals, statistics show that marketing is broken 18%Of TV advertising campaigns generate a positive ROI 54¢ Is the average return in sales for every $1 spent on outbound marketing 40%Of CMOs feel unprepared to meet consumer expectations about marketing in the future 7%Of companies have achieved leading edge performance with digital marketing 79%Of marketing leads are never converted into sales due to poor lead nurturing The old ways of marketing just aren’t working anymore, and jewelers are ill prepared to capitalize on newer, more targeted marketing tactics Sources: Connected Marketing (Kirby & Marsden), Turbulence for the CMO (Accenture), MarketingSherpa, MarketingProfs.com 9%Of marketers describe offline direct marketing as providing an “excellent” ROI
  • 5. Wednesday, April 09, 2014 CONFIDENTIAL 5 Recent data indicates how marketers are moving away from traditional “push” channels Source: IDG Enterprise 2013 Lead Generation Marketing Trends Digital “pull” marketing tactics – where you bring customers interested in your products to you – continue to demonstrate returns… …while traditional “push” marketing through traditional channels continues to fall out of favor with marketers
  • 6. Wednesday, April 09, 2014 CONFIDENTIAL 6 Given this background, what is a jeweler to do? Maintain the status quo Embrace digital marketing Continue to market traditionally, view marketing as an expense that can be cut on a whim, and continue to be frustrated with lackluster results Develop quantifiable digital marketing tactics that embrace “pull” techniques designed to source new opportunities and strengthen existing client relationships
  • 7. Wednesday, April 09, 2014 CONFIDENTIAL 7 There are two distinct ways to embrace digital marketing in the B2B space As an avenue to strengthen existing client relationships As an avenue to prospect for new business opportunities Utilize online tools to build better relationships with suppliers, distributors, and provide additional options for resellers to purchase wares Develop tools to connect with additional customers, such as online storefronts and B2B online marketing campaigns 21
  • 8. Wednesday, April 09, 2014 CONFIDENTIAL 8 Digital resources provide jewelry manufacturers with the tools to “pull” in customers Marketing Automation Social Media Your website should be both the face of your company as well as a tool for your customers Automate your marketing efforts, gather additional customer intel and maximize your sales efforts Leveraging LinkedIn and Pinterest to strengthen your online presence and outreach to your audience Building a Better Website Paid Search Allows you to target customers who are already likely to be interested in your products Tools to show your ads to anyone who has visited your website up to 30 days after their visit Remarketing Out-of-the-Box Outreach Efforts to develop new leads based on thought leadership and external outreach
  • 9. Wednesday, April 09, 2014 CONFIDENTIAL 9 Most manufacturer websites are limited in design and functionality Limited engagement, no way to connect with brand Photography does not highlight quality of products Nothing to help build a first impression with first-time buyers
  • 10. Wednesday, April 09, 2014 CONFIDENTIAL 10 Jewelry retailers offer a prime example of what a manufacturer’s website could be Sleek and modern design / navigation High-quality photography Customer tools
  • 11. Wednesday, April 09, 2014 CONFIDENTIAL 11 Building calls-to-action and tools for engagement into a website is critical Clear phone number and links to connect with TribalVision Video testimonials to highlight client success stories Engaging messages on rotating “hero” images Relevant and engaging content is crucial to building a strong SEO presence
  • 12. Wednesday, April 09, 2014 CONFIDENTIAL 12 SEO efforts can help you maintain high visibility in searches without requiring ad spend SEO efforts such as content generation, social media, optimizing page tags, and more will help return your website at the top of organic search results Note that SEO is an ongoing effort and requires extensive maintenance, as well as a ramp-up period to generate credibility in the eyes of Google
  • 13. Wednesday, April 09, 2014 CONFIDENTIAL 13 Remarketing can help keep your name in front of buyers who have visited your site Visit to NYT.com as a non- subscriber Remarketing ad served that encourages subscription
  • 14. Wednesday, April 09, 2014 CONFIDENTIAL 14 Marketing automation software adds capabilities to strengthen sales touch points Lead Tracking: Track which leads are primed for contact and where your best sales opportunities lie Website Leads: Understand more about who’s visiting your website, when, and how often to proactively reach new customers Customer Relationship Management: Places leads into a centralized system where you can monitor interactions with your prospective customers
  • 15. Wednesday, April 09, 2014 CONFIDENTIAL 15 Only select social media tools demonstrate real returns for B2B sellers 0.39% 0.67% 2.60% Facebook Twitter LinkedIn Visit-to-Lead Conversion Rate for B2B Companies Making use of the proper tools helps make sure your marketing dollars and resources are well utilized Source: MarketingProfs.com
  • 16. Wednesday, April 09, 2014 CONFIDENTIAL 16 LinkedIn’s powerful search tools provide opportunities to find new leads Use LinkedIn’s advanced people search to research relevant leads for your business. You can also ask for introductions from mutual contacts to improve response rates Step 1: Contact existing connections from events, business associations, alumni groups and more using InMails Step 2: Identify appropriate criteria to research new leads, targeting by industry, company size, job title, location and more
  • 17. Wednesday, April 09, 2014 CONFIDENTIAL 17 LinkedIn Groups provide a means of networking with other professionals in your industry Left: An example of a LinkedIn “International Jewelry and Accessory Designers, Manufacturers and Suppliers” group Joining and contributing to relevant LinkedIn groups can help increase your exposure to potential new clients
  • 18. Wednesday, April 09, 2014 CONFIDENTIAL 18 InMails provide a way to reach out directly to any prospects you identify InMails are limited to 2000 characters, but remember to be concise. Be sure to reference your contact’s profile and their specific interests, as well as why your InMail is relevant. NOTE: InMails are 5x more apt to receive a reply vs. a standard email. Hi Al, My name is [Name] and I work for TribalVision, a marketing consulting firm helping small and midsized businesses. I noticed from your profile that you manage your own small business in the area, and you are currently looking for a new marketing VP. As an outsourced marketing department for hire, TribalVision could be the flexible, cost- effective and comprehensive solution your business needs. If you’re interested, I’d love to speak with you and answer any questions you might have. I only need a few minutes, so please let me know when might be a good time to talk. I look forward to hearing from you. [Name] Filters: Location – RI/ MA Title – Owner and/or CEO Industry – All Industries Employees – 11-50, 51-200, and 201-500 Relationship – All LinkedIn Members
  • 19. Wednesday, April 09, 2014 CONFIDENTIAL 19 LinkedIn premium accounts increase the tools at your disposal to create connections • 3 InMails per month • 15 Introductions • 300 Profiles per search • Up to 4 advanced search filters for leads • 10 InMails per month • 25 Introductions • 500 profiles per search • Up to 4 advanced search filters for leads • 25 InMails per month • 35 Introductions • 700 profiles per search • Up to 8 advanced search filters for leads Business $19.95 Business Plus $39.95 Executive $74.95 A LinkedIn premium account can help you research and contact more leads, with a higher count of InMails and access to more advanced search filters and results
  • 20. Wednesday, April 09, 2014 CONFIDENTIAL 20 Paid search ads on LinkedIn can build exposure even when customers aren’t looking for you Ad packages can help supplement general paid search outreach Can be highly targeted to viewer, by industry, position, experience, and more
  • 21. Wednesday, April 09, 2014 CONFIDENTIAL 21 For jewelry manufacturers, Pinterest can be an effective awareness tool Being a B2C focused channel, Pinterest won’t likely generate leads directly, but can help spur demand from consumers leading to indirect demand from your customers while also being a practical vehicle to showcase your products on your website
  • 22. Wednesday, April 09, 2014 CONFIDENTIAL 22 A properly managed paid search campaign search can help bring traffic to your site Traditional paid search advertisements Google places ad
  • 23. Wednesday, April 09, 2014 CONFIDENTIAL 23 Search-specific landing pages can help increase conversion rates for your marketing spend Paid search click Specialized landing page with call-to-action
  • 24. Wednesday, April 09, 2014 CONFIDENTIAL 24 Out-of-the-box online tools can help cement your company as a marketing leader Blogger Outreach Strategy Identifying key influencers in the industry (e.g. fashion bloggers) and providing product samples, giveaways and more Online Webinars Get in front of buyers with content and innovative new product development ideas that pulls in interested prospects and existing clients White Papers and Content Generation Provide information on your website that is related to the jewelry market to provide additional on-demand industry information for prospects
  • 25. Wednesday, April 09, 2014 CONFIDENTIAL 25 Leveraging digital marketing to strengthen existing client relationships Resource Library Video tutorials, podcasts, e-catalogues, digital sell sheets and distributor tool kits for your clients and distributors to access and leverage in their own purchasing/sales process Email Drip Campaign Long-term outreach strategy to stay in front of customers with scheduled and structured digital touchpoints Website Tools Specialized communication and data storage tools to facilitate communication with your customers
  • 26. Wednesday, April 09, 2014 CONFIDENTIAL 26 Developing materials behind a login for your clients can help them conduct better business An inconspicuous login portal can help serve up a customized product catalog that is unique to your customers’ ordering habits – helping them to interact with your company in a seamless way
  • 27. Wednesday, April 09, 2014 CONFIDENTIAL 27 A resource library can help your clients learn more about additional products and services Related Products Showcase the products your customer has ordered in a custom catalog alongside products that fit in with past order to strengthen their lines Forms and Information Necessary forms and information to cut down on service calls and make ordering painless for customers Frequently Asked Questions Summary of questions that come up often to clear up common issues like shipping logistics, billing, and more
  • 28. Wednesday, April 09, 2014 CONFIDENTIAL 28 Tools can be added to your website to strengthen online client collaboration Allows you to track internal documents, share project tasks, and coordinate sales team materials across your entire team and with your clients Allows you to centralize all documents in the cloud and maintain a high level of “corporate memory” Screen capture tools you can use to share ideas while collaborating with partners
  • 29. Wednesday, April 09, 2014 CONFIDENTIAL 29 Developing an email outreach schedule can help keep your products and company top of mind The welcome email will be sent to subscribers after they sign upWelcome Email Sent to the entire subscriber list once per monthMonthly Email Provide specialized emails for sales, limited-time promotions and more Quarterly updates on trends in jewelry design and ways your products fit in Sales /Promotions/Special Events Quarterly Design Updates
  • 30. Wednesday, April 09, 2014 CONFIDENTIAL 30 Various email tools can help automate your reseller outreach campaigns Autoresponders A/B Testing Price per Month (< 10K subscribers) WYSIWYG Editor Reporting & Tracking          $66.60/mo.   $75/mo. $75/mo. $100 setup fee, $75/mo.   X*   User Friendly   X
  • 31. Wednesday, April 09, 2014 CONFIDENTIAL 31 Advanced digital marketing techniques are within your reach Most jewelry manufacturers can make small investments in the tools we’ve explored here today Each tool is built for was of use and accessibility for all levels of technical expertise Despite simplicity and cost, proper implementation is still key – the only way these tools will succeed is if you believe in them and spread them through your organization Tools are inexpensive Tools are simple Execution is key
  • 32. Wednesday, April 09, 2014 CONFIDENTIAL 32 Thank you “Because the purpose of business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.” – Peter Drucker
  • 33. Wednesday, April 09, 2014 Thank You To download Market Smarter, visit TribalVision.com