Throughout ancient history and especially in modern times, people have sought out the best ways to accessorize and adorn themselves. If you have a passion for designing jewellery, knowing there’s a constant market demand out there will be a great encouragement to founding your startup. However, here in the UK, you’ll also be facing a lot of competition, so how can you differentiate your brand?
Innovate with design
In the jewellery industry, despite the vast field of competition, there can often be a feeling of sameness when it comes to design. Over-emphasis on marketing research can lead to different businesses achieving the same results by looking only at what’s trending, or by placing too much emphasis on labour cost reduction.
By taking a different approach, you can innovate through unique jewellery designs. New processes or technologies such as 3D printers can open up rich possibilities; you can set yourself apart from all the other London stores with your intricate gold-painted details, while still improving efficiency by printing your casting patterns.
Whether you’re competing for market share online or amid the dozens of retailers in Birmingham’s Jewellery Quarter, becoming a specialist will help your business stand out and forge an identity. Specializing in materials, you could become the go-to store for titanium accessories meant to withstand years of heavy wear. Or you could specialize in earrings and offer unusual fashions which are hard to find elsewhere. There are downsides, of course – chiefly, missing out on a broader share of the market – but lower costs and the value of a regular customer base can be well worth it.
Cater to a specific audience
Another way you can establish a niche without becoming too narrowly specialized is to target your offerings towards a particular audience whose needs may be under-served. For example, many stores already sell an extensive range of wedding or engagement rings, but long-married couples might be looking for pieces with ceramic elements or pearls for their 20th or 30th anniversaries. Second- or third-generation immigrants here in the UK could be shopping for jewellery whose design or craftsmanship traces its origins back to their country of birth. You can tap this demand without restricting your range of merchandise.
Establish ethical sourcing
To this day, the jewellery industry is straddled with issues related to the traceability and sourcing of precious gemstones. Diamonds are only one high-profile example of this problem. In a world where consumers are increasingly seeking transparency and accountability for the sourcing practices of businesses seeking their support, you can distinguish yourself by taking the effort to vet your supply chain and provide documentation which helps to show that your materials have been procured through fair labour and environmentally sustainable practices.
Share your story
Offering custom designs and specific items, or maintaining ethical sourcing standards, are worthy practices for your business – but you still need to make an effort to connect with your customers and share your story. Direct your marketing and publicity campaigns through the channels where you’re most likely to reach your ideal customer, and engage them with the content showcasing your originality and innovation.
In the competitive jewellery business scene, there are still many ways by which you can set yourself apart from the rest. Use these methods and keep looking for others so that you can reach out to and retain the customers who will help your business thrive.