MOST JEWELERS ARE allotting the same portion of money to advertising that they did 10 years ago – less than 6% of revenue. However, those that tend to invest heavily in advertising and marketing are spending more than ever, according to the latest, INSTORE Big Survey. Ten years ago, fewer than 14% of jewelers spent an amount equal to one-tenth of their revenue on advertising. Now that figure is up to 22%.
How that money is being spent has also changed markedly with a lot more going to online channels.
More than a quarter of jewelers are now directing the lion’s share of their ad budgets to online efforts via paid search (PPC, Google Ads, etc) and social media channels. 10 years ago, print was still the No. 1 recipient of ad dollars.
As for effectiveness, direct mail was ranked No. 1 among traditional channels and Facebook top for social media.
One thing that hasn’t changed over the money years we’ve asked jewelers about their advertising efforts is the “one word they want to own in the minds of potential customers” – it’s Trust. Almost three-quarters of the recipients chose trust, far ahead of “quality” and “value”.
The 2022 Big Survey was conducted via an anonymous online form from late August to early October, attracting more than 750 responses from American jewelry-store owners and managers. The full results will be published in the November edition of INSTORE.