Local Jewellery stores in Goa need Branding for more shine.....only all that glitters today, SELLS
Few days back i had written an article on the electronic stores in Goa and their need to be prepared for competing with big national brands. link pasted below.
Like Electronic stores, you find our local jewellery stores are also facing similar need for adopting branding tools to stay and compete in their business today, especially due to the entry of big national players in Goan markets.
Brands like " Waman Hari Pethe", "Tanishq", "Gitanjali" have entered Goan markets and are already scaring local players who till now traditionally survived on ZERO -marketing pull factor to get their business.
The Zero Marketing pull factor is available for all businesses up to a certain stage of market growth. Once the overall market conditions undergo changes one needs to adopt branding and advertising.
Some of the signs to realize market conditions are changing have been listed below.
- Up-liftment in quality of life of the consumers.
- Increase in number of competitors (assume increase in count of local jewellery stores)
- Changes in the tastes and preferences of customers
- Information flow in media around.
- Change in the INFLUENCER (are the young educated daughters influencing the purchasing decisions?)
Market conditions in Goa have certainly changed, and most of the players are not prepared for this change. The only player in Goa who have prepared itself for future is " ULHAS JEWELLERS".
As the old saying goes " Better late then Never", all the local players have to fight back and get themselves in tune with the need of the hour.
Some of the below pointers could be useful for our local players to sail through this change.
- Benchmark a established player and note down the key influences of this brand. For eg. In jewellery biz, having hallmark gold recognition is today the first step to be a brand.
- Improve on both your product as well as your service. Strive to offer the latest trends in jewellery designs (in today's information age it is an easy task), for service set quality parameters and processes.
- Get a logo, brand name and other branding material in place. This will help your business to be recognized as a brand, shall give you consistency and shall influence your brand recall.
- Identify your current strengths and build the "Perceptions for your Brand" around these strengths. for eg. number of years of existence, expertise in areas like design, number of satisfied customers etc etc.
The above listed are only few pointers, if you have the vision and deep pockets, go in for engaging a professional branding consultant and involve yourself with at least a year long brand transformation activity.
I am sure if you put efforts to get glitter your brand, you will definitely succeed.
Article by: www.brandingingoa.blogspot.in
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