Brands occupy a special place in our minds and hearts. Many brands are associated with a known and trusted set of benefits and values that satisfy our rational and emotional need. They can help us distinguish between products, recognize the promise of an understood experience, choose and create preference, and target the people who are going to exercise that choice and preference.
Branding in the Jewellery Industry:
There is a revolution taking place in the jewellery industry and it is the emergence of branding as a powerful force for the future. Jewellery brands only account for a small percentage of total retail sales. Yet, brands are just as important in generating consumer choice in the industry as they are in other luxury goods categories. There are 4 key reasons why there is huge opportunity for jewellery brands in the future.
a) The diamond jewellery industry is a big business worldwide.
b) The retail market is fragmented.
c) The global jewellery market is largely unbranded.
d) Industry players do not spend significantly to support brands.
The big question - How do you build a BRAND?
Creation of Brand Identities:
Brand has to be built with time. It depicts company’s value and beliefs. Brand identities illustrate and maintain close connection with that perceived image. Taking a step forward to begin branding exercise, it needs to begin with creation of BRAND IDENTITIES. Brand Identities are set of tools, which brings immediate attention and recognition. Hence, it is significant that these identities are created and communicated appropriately. Brand tools can appreciate or depreciate the market value/share of a company. A very close at home example is of TBZ- the original who came up with multiple chain stores in July 2011 when the company proposed its first IPO. The iconic Zaveri Bazaar store dates back to 1864. With 149 years of consumer patronage, it was a challenge for the group to keep the same warmth and feel with its other stores. Apart from the legacy, décor, jewellery designs and warmth of the salesperson, it was the identities that did the magic. Identities such as logos, brand colors, signatures, brochures, packaging, corporate stationary, advertisements, tv commercials, etc. contributed in empowering TBZ – The Original as the brand.
Branding in the jewellery industry is more than a legacy. It is the core essence of the identity that a jewellery brand creates in the minds of its consumers. To know more, read our next article about Creation of Brand Identities.