Hi Jared, I can see the appeal of trying to reach the luxury fashion customers, but having had some experience in the jewelry industry, I know that price is a major factor. From what I've seen on your website, the pricing structure seems to coincide more with mid-level jewelry a la something you'd find at an independent jeweler or an upscale department store. To truly capture the luxury market, the prices have to match, since the people buying luxury items see the cheaper items as not as valuable.
It's a sad trend, but since the luxury jewelry market targets vanity and specifically wealthy vanity, the prices generally need to reflect that.
Personally, if I were to market KEZA, I would focus on the mid-high range jewlery, then try to get it distributed in at independent jewelers. The pricing structure is affordable to the majority of middle America, but still connotes a quality product (as opposed to something found at Wal-Mart).
The other idea I had was to market different lines to different groups. The $40 necklaces and the like could be extremely popular on college campuses focusing on students who may not have much money, but are very socially conscious.
Set up a line of mid-range products for the independent jewelers as I described above, and lastly have a line of luxury products that get shown off on the runway, and are targeted price and style-wise to the luxury market.
That method requires much more framework and leg work, obviously, but I think it will raise more awareness to the KEZA brand in the long run without having to resort to advertising.
While I'm a huge proponent of the Internet and purchase a great many things off of it, I'm cautious about the concept of selling jewelry online. While I've seen it work and don't think it should be ignored, jewelry is a very personal thing and people will often form an emotional attachment to a piece when they buy it. Touching and seeing it in real life allows the person to develop that connection.
Jared N Miller said:Our products are geared much more towards smaller boutiques. A lot of the lure of KEZA is that it is very exclusive, small run products, which says "I am not likely to see this on anyone else when I go to a dinner party". That's part of the brand and the attraction to it. We have a pretty specific demographic that we're trying to reach, and that is of the luxury fashion market. That's sort of the point we're trying to make; that luxury fashion products can derive from developing nations.
Thank you for this suggestion. This is a great idea, and we're researching it now. I am not familiar with 31. Do you have a link for them? I did find Premier Jewelry and I'm trying to figure out how to contact them now. They don't have contact info on their site.
These are great suggestions, and we'll check out more like this. If anyone knows more companies like this we can tap into, please pass them along. Thanks!
Jeff Jones said:Jared,
Hopefully I will think of more, but a quick thought. What about asking some reps from some existing companies like "31" and "Premier Jewelry" etc... about tagging these on to what they currently do, but really make the commission sweet enough to justify it. This may or may not be a conflict of interest, however, due to the charitible nature of the organization, it might be preceived as ok. I'm always hearing about these parties going on everywhere.
I have a couple local stores that are interested in selling. How can I help?