Identify Your Unique Selling Proposition

An important step in promoting your reputation is to identify your Unique Selling Proposition (USP) – the factor that most makes you the “jeweler of choice.” This is especially important as the retail landscape evolves with new players, products, services, store formats and marketing concepts. Competition has never been greater, and it’s going to stay that way.

According to a JWT study on the retail landscape, jewelers aren't providing the same fun, expertise and excitement as other luxury retailers. Jewelers were rated only “average” by consumers, compared with retailers of high fashion, electronics and upscale home décor. Consumers love diamond jewelry, but do not believe that the shopping experience often matches the allure of the product. They see jewelry stores as unexciting and “all alike.”

Yet the battle isn't lost. Jewelers can leverage their unique advantages to create a distinctive shopping experience. It is crucial to differentiate yourself from your competition and make your brand name memorable.

Strategies To Define Your "USP"

• Specialize – Carve out a niche in terms of the type of diamonds you offer or the categories of merchandise you promote. For instance, focus on designers from certain countries or styles that suit a particular consumer target (like Baby Boomers or Young Professionals) to set yourself apart.
• Offer access – If your suppliers can ensure access to hard-to-find diamond sizes, qualities, shapes or colors, make that known.
• Be exclusive – Carry super-elite brands and try to have exclusive rights in your area. Use that exclusivity to enhance your USP, driving traffic to the store.
• Focus on design – If you carry award-winning designs or collections from new designers, leverage this to drive your business.
• Highlight uniqueness – Custom designs, unique cuts and extraordinary craftsmanship are distinguishing. Convey this information to your customers and watch the halo effect on your other inventory.
• Provide unusual service – Services such as on-site restoration or appraisals are just the beginning. Knowledgeable, committed and highly trained staff can set your store apart, as can offering a comfortable place to rest, creative distractions for children, or privacy for selection and purchasing.

Promote Your Niche

Conveying your USP is one of the most critical steps in developing a retail niche. This means promoting your unique products, services, training and positioning in all marketing materials. Everything from in-store signage to sales receipts to your website should reinforce the unique value that you add to the shopping experience.

So, too, should the training you provide for your salespeople and your involvement in community activities. Everything about your business should be presented within a consistent, integrated marketing program to convey your brand message to the consumer.

Continue to Leverage Your Reputation to Build Relationships >

Use the extraordinary qualities of diamonds, your services and your store to create a niche and differentiate yourself from your competition.