Wednesday, 29 August 2012
How Big is your Market?
If grocery stores stopped advertising, people would continue to buy groceries. If we stop promoting jewellery in our local market consumers will start spending their disposable money on other things. This begs the question. If you accept the premise that people would buy less jewellery if we advertise and promote it less, then the opposite must be true. That is, unless you feel like we’ve saturated our markets with the messages, “jewellery is the ultimate expression of your love,” and “a diverse jewellery wardrobe is essential to adorning yourself fashionably.”
Sometimes it seems like we throw advertising dollars out there and we get very little in return. Never stop pushing the message of jewellery. Have the furniture stores slowed-down? Have the car dealers eased-off on promoting the benefits of a new car? Tooth whitening, plastic surgery, travel, home renovations, electronics are all screaming at the tops of their advertising budgets to take away jewellery sales.
Keep up the good fight. If you’re not sure where to best spend your advertising dollars, FIND OUT. Read advertising books, talk to experts, hire experts, monitor results during advertising campaigns, take full advantage of marketing coops, and find ways to spend time and energy along with spending money to further promote jewellery. Have a comprehensive marketing plan and use it to guide all of your advertising and promotions throughout the year.
How big is your market? If you turn the tide of gift and luxury spending towards jewellery instead of other items, there’s a bigger market to be had. If you began to attract jewellery shoppers from neighboring towns, cities, provinces or states, the sky is the limit.