Ex. Heerawala and Sonawala Jewellers are a family-owned business is a suburb of Mumbai. The brothers started the business about 25 years ago and their children manage the day-to-day business.
Big national and regional chains have recently opened jewellery stores to cater to “their” audience.
Even a local jeweller from another suburb is planning to open a new store, opposite to theirs.
Is your business similar to this too?
Today, let us discuss our favorite sporting moment and how you as a family jeweller can increase your business, with a better connection to your potential customers.
Sometime back Ranveer Singh uploaded his pic from the film 83 where he acts the role of Kapil Dev who won the world cup in 1983.
Kapil’s Devils(India) as we called them after winning the World Cup wasn’t the favorite when the tournament started. They were the underdogs.
The favourite was the mighty West Indies who won the previous two World Cups in 1975 and 1979.
But whom do you think people rooted for during the final of the World Cup?
Everyone was rooting for India as people usually want an UnderDog to be triumphant instead of seeing the same winner again.
So, how can you use this to your advantage in Marketing?
If you’re not able to win against mighty giants like Amazon or Flipkart, position yourself as an UnderDog who can give a superior customer service locally in your city.
People want to work with people and get a more Intimate experience and they will be willing to even pay a premium price for it if you position it properly.
How to improve your business in these Post Carona times?
Having worked with the successful national Tanishq brand as their Head of Merchandising & Training, I am aware of the strengths and challenges such chains stores face.
I am also aware of the strengths and challenges of family-run jewellers face as I have been a consultant and trainer for over 350+ family jewellers since starting Retail Gurukul in 2012.
Jewellery purchases are a planned purchase decision for most middle-class families.
Typically consumers are women, often about 30 + years and are comfortable in their own language (Gujarati, Hindi etc) and the “culture” and “feel of a family” business.
Often, these customers would like to chat with the owner, discuss their family wellbeing and even the relationship between their parents, children, etc.
Even the chai and the snacks served are very “local”.
Khakra and chai is offered to a Gujarati Customer.
Why, even the discounts are very personal, and many times these are well kept secrets.
Some time, even credit is offered to the buyers. We Indians love bargaining and enjoy the victory of getting something extra.
Compare this with an “efficient company store with employee management and strict discount structure, even publicly displayed.”.
Customers love to connect with the “under-dog” and support local business, who connect and understand their needs and wants. An extended family experience.
Yet, the opportunity to generate more business can come from new ideas, new marketing, better and efficient merchandising and a smart and motivated staff.
Often, these are the weak areas of family-run businesses. (I would know this, as I have worked with over 350+ jewellers all over India) so far.
If you like to learn how to increase your strengths and improve where there are weaknesses, connect with me by sending a WhatsApp message on 9036036524 and let us chat.