There is a lot wanting in the men’s jewellery space. Manufacturers and marketers have been so consumed with the women’s jewellery segment that the gents’ has been quite neglected. This has unfortunately cost heavily in terms of business. So, what can one do to grab opportunities at a retail level, and to grow the sector at a macro level?
Retail Presentation & PoP Efforts: The most important step needed to grow the men’s jewellery sector is to have a separate section in retail stores. Departmental stores are already doing this. We all know that men are in jewellery stores a lot – they accompany women. We also know they spend a lot on jewellery.
Statistics also tell us that men purchase jewellery, watches, etc, more based on on-the-spot-decisions, while women do so after a lot of research. This makes PoP (point of purchase) efforts very important. Making sure the products stand out, rather than being lost among women’s jewellery in a space where men are not even paying attention or in a frame-of-mind to purchase for themselves will go a long way in helping sales and growing the segment. Women also purchase men’s jewellery a great deal, for gifting. Having the jewellery stand out in a separate section would help here too.
One could take a leaf from the book of Thomas Sabo’s flagship store in London, which has opened a dedicated men’s jewellery suite dubbed the ‘Rebel Room’. While an entire room may not be plausible, a largish counter or two would be enough.
Some point-of-sale advertising displays targeted at men are also a good idea!
Improving the Product: Whether with regard to creative efforts, sheer numbers, or brand creation & building efforts, overall, the product needs to evolve better. Market surveys would help to understand the kinds of products and designs men belonging to various market segments would like. As with any, the products need to gel with the consumers’ sensibilities. Since it is a comparatively less beaten path, there will have to be some experimentation.
Looking into the history of some of the most popular designs in men’s jewellery is bound to shed some light. Some brands to follow in the space include Armenta, Buccellati, Cartier, David Yurman, Deakin & Francis, Deam Harris. Of course, there are many more international brands, and so, research effort is needed.
Correct Market Positioning: The industry needs to the right marketing category of men as well as women gifting to men in their lives.Men’s jewellery should mainly be targeted at the “Metrosexual male” – concerned with fashion and grooming. This profile would typically already be spending a significant amount of time and money on shopping. The task would be to get jewellery to enter their radar, or become a larger chunk of their spending.
Fine jewellery would naturally target the wealthier segment, while fashion jewellery could target a younger segment, or even the elite. Think of here a parallel of say Swarovski. Designs, raw materials and price points would naturally have to correspond with the buyer profile.
Marketing Spend: It’s easy to fall prey to the mentality that one should only spend if the money is coming in, but, do things right and the money will follow. It’s not enough to get things going at the PoP. It’s all-important for customers to be aware of offerings. A certain amount should be allocated towards advertising and marketing of men’s lines. Don’t neglect to remember that attracting more men into the stores will definitely also mean more sales even in the ladies’ segment!
While the men’s jewellery market is never going to be as large as women’s, it’s easy to see why jewellers have been missing the mark when it comes to doing well in the sector. Retailers need to stock up more; They need to dedicate a separate section to the category and encourage more spontaneous purchases; They need to market smarter; Manufacturers need to create more, and more quality pieces that hit the bulls-eye on what men really want. Let’s start looking at the men’s jewellery sector as the big opportunity it is and grab it head on!
|- By GemAtlas Team|