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It's time to work on your business, not in it. Join us for this fast paced session as we cover changes in the marketplace and how you can turn them into keys to your success. Be prepared to come and talk about trends, market opportunities, online e-commerce, and learn how you can make your business attract the next generation of jewelry customers. UNI also offers several no charge resources to help Iowa Jewelers grow their customer base. A short overview of some of these unique programs like Advance Iowa, IASourceLink, the business Concierge, and Resource Navigator will be included.
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Business IS your Business!
Rob WilliamsUniversity of Northern Iowa
Iowa Jewelers Conference | June 2014 | Dubuque, IA
Today’s Agenda
• The Current Market• The Emerging Market• E-commerce, So what?• Marketing Tactics for Emerging Market• Marketing Examples– Facebook– E-Commerce Website– Online Advertising
• UNI Programs• Additional Resources
Let’s Talk About...
Bubba
Who is YOUR Bubba?• Lots of travel - frequent flyers• Read newspapers (most cases multiple), books, and luxury
magazines• Members of business and social clubs• Exercise and rec: golf, ski, tennis• Classical, news and talk radio• Well educated (college+)• All well insured- $500,000+ plans• Shop and research online frequently (book travel, manage
investments, purchase goods)• Well connected with many top-of-the-line technology gadgets• Many are Baby Boomers and Generation X (34 to 68)
Source: ESRI Tapestry L1 Common Types
Some additional research...1. Older with High Incomes (45 to 64)2. Younger Getting Married (20 to 30)
80/20 Rule
Target Market 1: High Income Households
Source: IBISWorld
• Divorce rates (per 1,000)
Target Market 2: Folks Getting Married
• Marriage rates (per 1,000)
Source: IBISWorld
The Emerging Bubba• Millennial Generation
– Aged 18 to ~33• 80 Million Millennials v. 76 Baby
Boomers (25% of total pop)• $1.3 Trillion in Consumer
Spending1
• Young consumers (25 to 34) have the 2nd highest per-household jewelry expenditures in the U.S., driven by rings and gifts2
Video Break! 1. Source: Verizon Millennial’s and Entertainment Market Research Study2. Source: International Diamond Exchange Research
The Emerging Bubba• What about Values?
– Diversity– Digital Natives– Cost Conservative (think recession,
living at home, recycling) – Independence– “Educated” Spenders– Leery of Traditional Marketing
• “Getting it” is Hard; Low Trust to Start!
– Brand Loyalty• Once earned to firms that “get it”,
will share with their peersSource: Pew Research, Millennials in Adulthood
Marketing Tactics - Emerging Bubba• Messaging (Must Tie Closely to Values)– Eye Catching, Buzz Generating– Authenticity– Engagement (online & on-site)– To the Point (short attention)– Good deal or socially conscious
To the left, Artisan Jewelers in DSM reviews on Facebook (also have mobile app!)
Above, Don’s Jewelry in Clinton Iowa
Marketing Tactics - Emerging Bubba
• Direct Mail (yes, snail mail)– ~86% of Gen X & Y Bring in the Mail; ~70% have
used coupons received1
• On-Site Engagement– Focus on Experience– Expert Staff– Mobile Focus• Foursquare, QR Codes, Apps
• Word of Mouth– Parents & Friends (more on this later!)
1. Source: Vertis Customer Focus Study, USPS
Image Credit: Fashion of Philly
Online Marketing - Emerging Bubba• Web Tactics– Search Engine Optimization– Search Engine Marketing– Website– E-Commerce
• Online Engagement– Review Sites– Social Media– Coupons
Fiscus Diamond Mobile App
E-Commerce, So what?• According to the National Retail Federation,
wealthy consumers are more likely to shop online
• Forrester research suggests that the general online population will grow to represent 84% of the adult population by 2016
IBISWorld E-Commerce Sales Report
Who is Buying Online?
What about Products?• What kind of Jewelry goes with a tattoo?• What kind of Jewelry matches Yoga Pants?• What kind of Jewelry has a story?
Source and Image Credit: Marketplace, What kind of Jewelry goes with a tattoo
Key Places to Reach Emerging Generation Consumers Online
• Facebook• E-Commerce Website• Online Advertising
Left: Iowa Diamond, Des Moines on FoursquareTop: Revell Jewelers example PPC ad created in Facebook
Facebook Page
• By the Numbers– Total: 802M Active Daily– Iowans?
• ~1,700,000 Total– Who like luxury goods?
» 260,000– Who are interested in jewelry?
» 480,000– Who are interested in homemade jewelry?
» 20,000• And who live in Des Moines?
• 3,000Source: Facebook & Facebook Advertising
Image Credit: McGivern’s Jewelry and Fine Gifts Facebook Page
Quick Tip: Add a link to your Facebook Page from your website for better visibility
Facebook Page
• Edge Rank– In a Nutshell:• Recent Posts = Higher Boost• Posts with “Likes” = Even
Higher Boost• Posts with Comments or
that are Shared = Highest Boost
– Perfect Recipe: Recent, Liked, Commented/Shared
Source Credit: What is EdgeRankImage Credit: Grunwald & Kiger Fine Jewelers Facebook Page
E-Commerce Website• Online Sales Platform• Online Learning Options– Demonstrate Knowledge– Allow Millennials to Research for Self
Online Advertising• Google AdWords
UNI Resources for Jewelers
IASourceLink• 320+ Providers in Resource Navigator• Business Licensing Information Center• Hundreds of resource pages for doing business• Access to Webinars & Business Concierge
Business Concierge
• ‘Ask us Anything’• Database Resources• Find Grant/Loan Programs• Make Key Connections• Mailing Lists
http://bizhelp.myentre.net
Good morning M,
Back in October, you posted a message on my bulletin board on MyEntre.Net (http://www.myentre.net) asking for assistance in potentially exporting to Africa and Liberia. I left you a voicemail, but did not hear back from you. We recently did a webinar with Patricia Cook on Exporting Essentials for Small Business and I thought this might be especially relevant to you. You can find a full copy of that webinar here: http://www.myentre.net/tabId/75/itemId/759/Export-Essentials-for-Iowa-Businesses.aspx.
More importantly however, I'd like to give you a personal referral to Patricia Cook. Patricia serves as an International Trade Specialist at the Des Moines office of the U.S. Export Assistance Center (http://www.buyusa.gov/iowa/). This email should serve as an introduction for you to contact her; I've copied Patricia to make it easy for you to follow up. Patricia's office provides free one-on-one consulting to small business owners like you who would like to get into exporting. Please give her a call or follow up with an email to set up a time to learn more about how they can help you get into exporting.
Patricia Cook, International Trade SpecialistU.S. Department of Commerce
Business ConciergeConnections
http://bizhelp.myentre.net
Business ConciergeDatabase & Market Research
High Rent & Target Market Map
Advance Iowa• Medium Size Firms• Specialist Teams• Database Resources• Clients– Sterzings– Northern Filter Media– EmbarkIT
Business Webinars
• Free Online Seminars• Bi-Monthly• Expert Speakers• Topics:– Social Media Marketing– Accounting/Tax– Hiring & Finding Talent– Search Engine Optimization
• Hundreds to watch on-demandhttp://webinars.iasourcelink.com
Dream Big, Grow Here• $5,000 Semi-final Business Grant Contests• $10,000 Statewide Grand Prize
http://www.DreamBigGrowHere.com
EntreFEST Conference• Attracts Hundreds of Iowa Business Owners
http://www.EntreFEST.com
Other UNI Programs• Strategic Marketing Services• Iowa Waste Reduction Center
Bonus: Further Reading
• Jewelry Shoppers: The Next Generation• IDEX Magazine: Who Buys Jewelry?• IDEX Magazine: Demographic Data Helps Targe
t Jewelry Shoppers
• What Kind of Jewelry Goes with a Tattoo?• Case Study: Engage the Next Generation• Case Study: Hearts of Fire– Images and critique more here!
