Question

Topic: Strategy

Who Are My Power Partners And Target Markets

Posted by Anonymous on 125 Points
I am a fashion director for Park Lane Jewelry. While we all know my "target market" is mostly women who want to purchase jewelry, I am in a networking group and want to be connected with those that might be great "power partners" for my business. So, besides women in business, I am wondering who else may be a good target for me.

We have a line of Bridal jewelry and I am considering placing my flyer's with different wedding planners, etc. I am wracking my brain to find other avenues to broaden my scope of clientele...

Help!!!
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RESPONSES

  • Posted on Member
    One possibility is clothing retailers, however I suggest you first work on narrowing the definition of your target market. "Women who want to purchase jewelry" is very broad; by making the definition more specific, you will have better focus on potential partners, as well as evidence that partnering with you may be successful for them as well.

    Good luck!
  • Posted by Jay Hamilton-Roth on Accepted
    Think occasions: weddings, anniversaries, engagement, graduation, births, etc. Then tie your specific offerings (that ideally are unique in the marketplace) to those in your area who are the trusted "go-to" people in the community.
  • Posted by CarolBlaha on Accepted
    What you are finding is that you need to be lazar sharp in marketing your jewelry. For example, the person who buys jewelry at Claire's is a very different buyer than the one who buys at Macy's. Your challenge is to find your sweet spot and market to them.

    When I sold floor coverings, I could look out my window and know every building I see is a buyer of my product. But I had to do exactly what I'm advising to be lazar sharp. Not all professional women care about jewelry. You want those that accessories are important to them.

    Then you have to choose tactics that are assertive, not passive. Putting a brochure in a bridal shop is passive. And, the shop probably already offers jewelry, that they can sell and turn a profit of 50% or more.

    Bridal shows draw brides. Fusion market with a Mary Kay lady or other providers so your marketing dollars go farther. For example, when I was engaged I went to a show and won a Mary Kay basket. It had MK samples, but she also fusion marketed with a florist (I also got a certificate for a throw away bouquet).

    I love fashion. I was in a grocery store and a jewelry designer could see it. She walked up to me, complimented me on my outfit and handed me her card. Don't let opportunities like that escape you.
  • Posted by mgoodman on Moderator
    I hope you know more about your primary target audience than that they are "women who want to purchase jewelry." There are millions and millions of those, and there's no way you can reach and serve them all.

    You are almost always better served to define your target audience as narrowly as possible. That way you can focus your message and have a shot at a market share of 100% (among that target audience). Otherwise, you're just one more retail jeweler who is not-quite-right for everyone.

    Further, some women like jewelry, but they don't want to purchase it at the moment. Maybe they want a gift, or maybe they don't like the shopping process. You've just excluded those women by your definition of the target audience.

    You need more work to zero in on your primary target audience. Where do they live? What brands do they prefer in other categories? What is on their minds when they decide they need new jewelry, or is it usually an impulse purchase? Do they usually buy for themselves, or do they buy for others? Are they typically young teens, or 18-24, or 25-44, or 45-59, or 60+? Are they buying for a special occasion, or are they just buying because they love to buy jewelry? Etc.

    If you're serious about this, you need to understand your target audience much better than "women who want to purchase jewelry."
  • Posted by peg on Accepted
    I want to pick up on Carol's point about laser-targeting your market.

    Your company is a direct seller, so you might want to connect with those who groom women in your target market -- for example, those who spend on manicures would be more interested in rings and bracelets; those who spend on hair salon services would have an interest in earrings and necklaces -- as these are the items that show off their point of focus, the manicure or hairstyle. Hairstylists and manicurists are often looking for ways to increase their income while not increasing their labor hours -- you seem to have a potential solution.

    Another avenue might be weight loss counselors, who spend a lot of face-time with clients. Generally, women who feel good about themselves on a given day, do better with their diets on those days ... and yet they're hesitant to spend on clothes because they hope to be a different size. Jewelry is an ideal mood booster -- makes a woman feel good while not having any calories and still fits once the weight is lost. Often these programs encourage dieters to give themselves a reward at certain levels, but it's hard for that reward not to be "a meal out." Again, you would have a potential (and tangible) solution. So, weight loss counselors could be another strong target for you.

    And this might seem funny, but since you're a designer of jewelry, you might consider an ancillary line for pets. Pet groomers have a lot of contact with clients and can make powerful suggestions ... particularly groomers who specialize in high-end neighborhoods or purse-size dogs. Again, this is a person who usually likes to make additional money, so there's a plus-factor for you if direct sales in this category could work for you.

    I hope these ideas help you to envision new ways of distributing your jewelry directly by targeting on those who serve distinct markets.

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