September 23, 2020  
 
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Marketing an Identification Jewelry Business

The value and earning capacity of an identification jewelry business largely depends on the quality of its marketing efforts. But great marketing takes a lot more than hanging a shingle and hoping for the best.

Marketing is much more than classified ads, business cards, and brochures.

Today's small businesses operate in a dynamic sales and marketing environment. Core marketing concepts offer touch points to help small business owners navigate uncertain markets.

Loss Leaders

Like many businesses, identification jewelry businesses understand that more customers will walk through the door if a few products are priced at less than full retail value. Moreover, a loss leader marketing strategy can compensate for dead periods when customers tend to making purchases. But to be effective, loss leader marketing requires planning, especially in product selection and price points. For the majority of identification jewelry businesses, the real benefits of loss leaders emerge through the careful marketing of other products, usually offered at a much higher margin. Whenever possible, piggyback a loss leader approach with the purchase of bulk merchandise that can be bought at a discount.

Multichannel Marketing Strategies

Multichannel is an important buzzword in today's marketing circles. Today's consumers engage with brands in diverse ways. That means brands need to demonstrate similar diversity in the channels they employ to connect with customers.

In today's marketplace, it simply isn't possible for identification jewelry businesses that funnel the bulk of their resources toward a single marketing channel to maintain a noticeable presence in the marketplace. In practice, multichannel means embracing a mixture of online and offline message pipelines, based on the places your customers go for information. The acquisition of reliable mailing lists from proven providers can expedite the transition, but ultimately your efforts to go multichannel may require the assistance of a marketing professional.

Consider New Advertising Channels

The number of advertising options to choose from can be overwhelming. Traditional advertising mediums like print ads, billboards, TV & radio commercials, are still popular in many industries and business sectors. When it comes to identification jewelry businesses, it is mission critical to identify the advertising vehicles that are most likely to meet the specific marketing goals your business is facing right now. These days, identification jewelry businesses get solid marketing results from online channels capable of streaming high value content to a large, yet targeted customer base.

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