marketing for growth

Marketing for Growth

Tuesday, May 2, 2023 CONFIDENTIAL 2

Agenda

Today’s Jewelry and Marketing Landscape

Six Steps to Develop a Marketing Strategy

Tactical Food For Thought


Three key trends influence the macro environment of today’s jewelry industry

With consumer appetite for jewelry growing, annual global sales are expected to grow 5-6% annually. With the industry changing rapidly, however, jewelers must be aware of and prepared for the trends affecting the market.

Globalization and Consolidation

Growth of Branded Products

Reconfigured Channel Landscape

McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”


Globalization and consolidation are putting pressure on smaller, local jewelers




12%

Market Share (2013)24%

Market Share (2020)In 2013, the 10 biggest jewelry groups captured only 12% market share, and only Cartier and Tiffany & Co. were listed in Interbrand’s Top 100 Global Brands list. By 2020, however, this number is expected to double through the acquisition of smaller, local players while national and regional brands continue to grow globally.



Branded products are becoming increasingly popular due to the purchasing power of Millenials




The market share of branded jewelry doubled from 2003 – 2013 to 20%, and this figure is expected to grow to 30-40% by 2020. Millenials are using branded jewelry more to show off newly acquired wealth. Future growth is also likely to come from other industries, including apparel and high end leather goods. Ultimately, this will be hard on small artisans who lack the marketing power of larger jewelry groups.



Online sales are continuing to grow, and online engagement is still on the rise




Online jewelry sales are 4-5% of the market today but are expected to grow to 10-15% of total sales by 2020 (depending on region, brand and product type). It is nevertheless critical for jewelers to use online channels to share information, shape brands, and engage customers to form long-term relationships.

66% of luxury shoppers conduct online research before making a purchase.

30-60% of customers turn to social media for information

or advice.McKinsey, “A multifaceted future: The Jewelry Industry in 2020.”


Brand manufacturers are increasingly going digital

Marketers are increasingly prioritizing mobile and social over traditional ad channels. There is also increased focus on owned and earned media over paid.

Booz Allen Hamilton Strategy& 2013, “Reimagining shopper marketing.”


Across all industries and verticals, statistics show that traditional marketing is broken

18%Of TV advertising

campaigns generatea positive ROI

54¢Is the average return insales for every $1 spenton 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 digital 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


Given this background, what is a jeweler to do?

Maintain the status quo Develop a strategic marketing plan

Continue to market using a bucket shot approach that is neither holistic nor

comprehensive in manner

Develop a robust strategic plan that establishes a solid and actionable foundation for your growth objectives. Conduct research,

solidify marketplace positioning, select appropriate tactics, and chart out a detailed

implementation plan

Tuesday, May 2, 2023 CONFIDENTIAL 10Thursday March 29th 2012 10

Traditional marketing is broken.Build out marketing assets and compelling content versus paying for

traditional marketing tactics that interrupt

Marketing is not taglines, logos and brochures.

EarnedOwned Paid

Before kick-starting your marketing plan, let’s first understand the new marketing paradigm


“At the end of the day, customers no longer separate marketing from the product - it is the product. In the era of engagement, marketing is the company.”

- McKinsey Quarterly, July 2011

Marketing is not just a department – it transcends the walls of your company

Marketing must be integrated into every aspect of your business – call center, sales force, receptionist, shipping, operations

Leading companies today view marketing as something much larger than a department or campaign

Thursday March 29th 2012 11


At its core, marketing is about generating business

Like any other department in your company, you must judge your marketing efforts based on results, not awards.

With new capabilities to quantify marketing success, you must hold your marketing department accountable for producing bottom-line results and generating business


Agenda


Six Steps to Develop a Marketing Strategy



Developing a strategic plan can be broken down into six steps

Research1

Messaging & Positioning2

Tactical Deep Dive3

Asset Development4

Marketing Dashboard w/ KPIs5

Tactical Implementation 6


Step 1: Execute in-depth research to direct your strategy

Detailed audit and discovery

In-depth strategic market research

Conduct an in-depth discovery of your business. Talk to internal employees, key stakeholders, current customers and past customers. Deep dive into past and current marketing campaigns, analyze your existing assets and identify your core competencies.

Audit key players and competitors in your industry to identify opportunities and threats along with key points of differentiation.

Competitor research

Gather and process secondary data from free and paid industry research reports and online research to develop a clear understanding of market segments, partnership opportunities and market sizing.

Rigorous research enables you to have a much clearer understanding of your market positioning and the short and long-term opportunities that you find most attractive to pursue.


Step 2: Define your messaging and positioning based on your market research

Your partner in achieving professional excellence

Access to Expertise

Network of Suppliers

Advocacy and Industry Support

Upon the completion of research, arrive at a value proposition that defines the primary reason(s) why a customer should buy from you. All team members should understand their role in delivering value


Segment your message by market or audience

Messaging created for specific attribute groups can be featured in group-specific assets, such as brochures, landing pages, and flyers. In the era of engagement, consumers expect a personalized experience.

Segmented messaging will appeal to different types of prospects.

Jewelry manufacturersJewelry designers

Jewelry hobbyistsRetailers


Step 3: Identify and narrow the list of marketing channels you will pursue upfront

Once you’ve defined the message and value of your product, you will need to outline how you will communicate this using different marketing tactics, and how you will distribute your product over multiple channels.

Deep dive into a comprehensive list of marketing channels you could implement.

Explore strategic partnerships to achieve online and global scale.

Don’t forget about exploring online properties, not just tactics or partnerships

Google Ads, SEO, Email, Social Media, Events, Direct Mail,

Traditional Media, Online Display, Content Marketing

Amazon, eBay, Alibaba

Omni-brand vs. multi-brand, online vs.

offline partnerships, affiliate vs. direct


Make sure that you define specific goals for each of your channels and partnerships

Website Optimization

Social Media Marketing

Events

Tactics How will Company X increase leads?

- Content production & sharing- Search Engine Optimization

- Profiles optimization- Display ads

- Content sharing (speech…)- Meeting booking + follow up

What’s in it for Company X ?

- Higher web traffic- More relevant web traffic

- Company X brand boost- Automated lead generation

- Thought leadership exposure- Access to a global audience

Paid Search- Support to web optimization- Short term promotion support

- Low cost intelligence => higher landing page conversion

Cadenzza, YOOX Group

- Strategic partnership- Use of mono-brand services

- Increased volume of traffic to multi-brand site

- Improved collateral from mono-brand support

By setting goals per channel, you will be able to track and benchmark your success while staying on track (as other marketing opportunities will inevitably come up).


Step 4: Develop assets with your new message to support your marketing channels

Website & Messaging

Improving design and incorporating new messaging to transform your company’s current site into a dynamic platform for fresh content and a lead generation tool

Videos Leverage client testimonial and overview videos to strengthen relevancy and prospect conversion

Case studies & white papers Build out white papers and case studies to position your company as a thought leader

Email Templates

Sales pitch decks Design and build out modular sales deck with Company X branding and story to strengthen credibility and to communicate value proposition

Custom trade show booth panels

Leverage custom booth panels to improve relevance to target audience

LinkedIn

Build out custom email templates to strengthen e-newsletter credibility and any client touch point

Build out LinkedIn company page with associated service offerings and company information


High quality, specific assets will be needed as a foundation for each channel


You can’t always judge the ROI of your assets, but that shouldn’t stop you from investing

59% According to Forbes, 59% of executives would rather watch video than read text

69% According to Cisco, Internet video traffic will comprise 69% of all global consumer Internet traffic in 2017

1200% Videos are shared 1,200% more times than links and text combined (Orion 21 Reports)

Videos may be some of your most expensive assets, but they drive engagement and are quickly becoming one of the most important marketing tools.


Step 5: Develop key metrics to track and measure the impact of your marketing initiatives

# of Marketing Generated Leads

Number of In-Person New Business Visits

Lead Close Time

# of Self Generated Leads

# Leads Closed

Lead/ Closed Ratio Ratio of marketing generated leads to the number of actual sales

Total number of new customers brought on for each month

Track the leads your sales team is sourcing through personal outside contacts

Amount of time from lead sourcing to lead closing, lower measurement is better

Number of times a salesperson goes out to meet with new potential leads

Total number of leads by marketing tactic

Without KPI’s that are set ahead of time and continuously monitored, marketing campaigns will fall short.

KPI Description


Identify general KPIs as well as specific metrics by channel


Step 6: Create a detailed implementation plan to ensure execution takes place

Without setting a detailed timeline for your growth plan, you may have grand ideas that are never implemented.


Creating a unified marketing calendar for your team will help ensure proper project management

30 1 2 3 4 5 6

7 8 9 10 11 12 13

14 15 16 17 18 19 20

21 22 23 24 25 26 27

28 29 30 1 2 3 4

EXAMPLE – June 2015

Product Feature Email

= Email= Event= Social Media

Networking Event

Calendars were developed for all major marketing activities to tie

activities to deadlines and launch dates,

ensure the organization is on the same page for all lead

generation projects

TBT

Product Feature Email

TBT

TBT

TBT Networking EventFacebook post

Facebook post


Be careful to avoid these myths about execution

Harvard Business Review, Why Strategy Execution Unravels – and What to Do About It

Execution equals alignment

While most businesses are aligned within each unit, the alignment breaks down across functions and business units. It is important to provide structure when coordinating cross-functional work to prevent time delays and waste.

“Just over half of all top team members say they have a clear sense of how major priorities and initiatives fit together.” Ensure your employees understand your messages well enough to communicate them in their own words.

Communication equals

understanding

“Concentrating power at the top may boost performance in the short term, but it degrades and organization’s capacity to execute over the long run.” Execution should be driven by middle managers, and guided by the top.

Execution should be driven from the top

Myths Solutions


To summarize: the six step process

Research1

Messaging & Positioning2

Tactical Deep Dive3

Assets Needed4

Marketing Dashboard w/ KPIs5

Implementation Schedule6

Tuesday, May 2, 2023 CONFIDENTIAL 29Thursday March 29th 2012 29

Ultimately, the success of your marketing strategy will depend on your team

Instill a client-centric culture

Take note of your favorite sports team

Surround yourself with ‘A’ players

Happy employees = happy clients

Surround yourself with employees who are motivated, who truly believe in marketing and who exceed client expectations


Agenda


Six Steps to Develop a Robust Marketing Strategy



Here’s a taste of the B2B and B2C tactics that are working

In a recent survey of both B2B and B2C professionals, email, SEO and paid search were listed as top revenue generators.

Statista.com


Email marketing can be a consistent source of lead generation and retention

2013 State of Inbound Marketing Report, MarketingSherpa.com, MarketingProfs.com, ContentMarketingInstitute.com

Email marketing was the third overall lead generation source for marketers in 2013, producing

13% of all leads.

In 2014, email marketing was cited as the most effective digital marketing channel for customer

retention in the United States.

50% of B2B marketers and 66% of B2C marketers say email is the most effective channel for

generating revenue.

SEO may drive traffic, but email drives conversions: although just 22% of marketers cite email as their largest web traffic generator, 25% say those visits

convert at the highest rate.


Paid search (SEM) can be highly effective for both B2C and B2B marketers

Although paid search can be highly effective, don’t do it because everyone else is. Evaluate the average cost per acquisition you can expect – depending on the cost of your products, this may not necessarily make sense.

ContentMarketingInstitute.com, Wordstream.com


Social media success depends on your audience, but these channels can generate more than awareness

Hubspot, The Ultimate List of Marketing Statistics, ContentMarketingInstitute.com

43% of B2B and 77% of B2C companies have acquired customers from Facebook.

43% of all marketers have found a customer via LinkedIn in 2013.

36% of all marketers have found a customer via Twitter in 2013.

83% of marketers indicate that social media is important for their business for lead generation, but the social media channel of greatest importance varies greatly depending on the audience.


Embrace and develop non-traditional B2B marketing campaigns

Outbound 2.0 Customer Tool Kits Customer Advisory Groups

Create a specific list of targets based on LinkedIn research. Depending on the target, you can even use LinkedIn jobs.

Leverage cross-channel outreach via LinkedIn inmails, phone and email follow-up to improve cold outreach response rates.

The goal is to setup a meeting or phone call for your sales team. Ask contacts to join your email database if they aren’t ready to close.

Identify your top B2B partners, and invest time in developing tool kits for them.

Create customized materials such as sales presentations, sales collateral, how-to videos, resource libraries, and more.

Watch your customers better sell your business with the right tools, messaging and assets.

Empower your customers to provide feedback and have a voice in your company.

Assemble 5-10 key clients to offer bi-annual feedback, help refine existing offerings and participate in product development.

Improve marketing engagement using direct customer feedback while rewarding your VIP clients.


And don’t forget about exploring strategic partnerships and co-marketing opportunities

Mono-brand & Multi-brand eBay & Amazon Marketplaces Blogger Outreach

Identify potential multi-brand partners, including YOOX Group, Cadenzza, TheCorner, and more. Potentially work with more than one.

Leverage multi-brand partners to post new designs or products, alongside national or global suppliers.

Lean on partners to support your own brand materials, with high-end mono-brand website support.

Create a seller account on Amazon and eBay. Depending on the volume of product you’re selling, get a better price as an individual.

Ensure that you are prepared to comply with all terms for shipping, customer invoicing, etc. – otherwise bad reviews could jeopardize credibility.

Optimize your profile with keywords, and solicit customer reviews from past customers. Strong reviews will improve your chance of future orders.

Make a list of bloggers or other online influencers that discuss jewelry, or other items relevant to your business.

Conduct outreach to them for an article, potentially sending samples or press releases.

Lean on tools such as Bloggers Required to get a host of bloggers to bid on your content.


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

Tuesday, May 2, 2023Tuesday, May 2, 2023

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