By Tim Malone
Posted on December 15, 2010 in Memo to Merchandisers
Old habits die hard and so it is with approaches to marketing for many jewelry marketing managers. What will it take to implement real change and to take advantage of more customer-focused marketing strategies and nontraditional media? Is it really rational to expect improved performance using the same traditional marketing strategies the company has always employed?
What might we learn from the famous conquistador Hernán Cortés? You may remember Cortés; he was the explorer who sunk all of his ships to force his men to accept that there was no turning back—only moving forward. There is a sense of security that many managers get by maintaining the same approach to managing the functions the business. Leaving past marketing strategies behind for new and unproven marketing strategies is similar to Cortés burning his ships. The challenge of change keeps the status quo in order. However, Cortés saw no alternative but to press on. That should be the message jewelry marketing managers accept about changing strategies in 2011.
There is freedom to be gained by challenging the tactics and strategies of what has always been done before. What programs and current marketing approaches should be sacrificed to free up funds to implement more effective marketing strategies? How can a jewelry company objectively evaluate the real value created by the added value services it offers to customers? It is so easy to start to offer services and then just assume that the company should only add new services and not delete or change or modify existing services. In this economy, all added value marketing services should be open for review.
Most marketing managers are being asked to do more with less. That is nothing different for jewelry marketing managers. The best approach is to realign the investment in added value services to free up funds to be reinvested to create greater perceived customer value. Challenge the use of traditional media—especially yellow page/phone directories and print media to free up more funds to be invested into social media marketing. All jewelry companies can benefit from more return in marketing investments. How are your approaches to marketing opportunities going to change in 2011 in order to create more return on marketing investments?