Jewelers: Do you know what your position is?-Fortune-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Fortune > News Content

Jewelers: Do you know what your position is?

4/8/2009 4:53:30 PM

Ellen Fruchtman is founder and president of Fruchtman Marketing, a full-service agency and a member of the American Gem Society, headquartered in Toledo, Ohio, representing U.S. independent jewelers, jewelry manufacturers and trade organizations.

If there was ever a time for organized strategic thinking, it's now. And that organization begins with positioning.

The concept of positioning was communicated best by two marketing pioneers, Al Ries and Jack Trout, who wrote a book that I recommend to every one of our clients titled Positioning: The Battle for Your Mind.

Ries and Trout began their crusade on positioning in 1972. The concept is very simple: Positioning is what you stand for in the mind of the consumer--and the most important component of that sentence is the word "consumer."

It makes no difference what you want to stand for or what you think you stand for. It only matters what the consumer already thinks you stand for. And figuring out what that is begins with a grasp on reality.

According to a study conducted in April 2008 by the Harrison Group, jewelry retailers are still considered to be the brand that consumers think of when they are buying fine jewelry. Consumers think about the stores they frequent first--not actual brands as we know them. That makes what you stand for in the mind of the consumer (or your position) all the more important, and that is good news.

But the bad news is that most fine-jewelry consumers have several negative preconceived notions, overall, when they think about jewelry stores. For some 37 percent of the respondents in the study, two words came to mind when they thought about jewelry stores: "overpriced" and "expensive." Combine that level of preconceived notion with your individual lack of a unique position in your own marketplace and you've got "trouble in River City."

And that's exactly where most retailers and the overall industry are at this very point in time.

As a storeowner, you need to invest time and effort into establishing a qualified position in your marketplace. It isn't easy. For our own clients, we run through a positioning exercise that is often eye-opening and enlightening. You need to simplify your own message in this very over-communicated society.

What one thing can you stand for in the mind of your customer that is valid, true and that you can own?

In an old advertising example, Avis car rentals knew that they were not the leader in the car rental business. In fact, research told them that they were ranked No. 2. The reality: More people obviously chose Hertz. The perception: Avis was a good car rental company, just not as great as Hertz. So Avis built its position on being No. 2. And the advertising to back up its position was summed up in its tagline: "We try harder." If Avis would have come out and said "more people chose Avis" or described itself as "the best car rental company in the business," it simply would not be valid or true. And consumers would see right through it.

Begin the strategic journey of setting your own position right now. Once you do, everything in your advertising and marketing needs to follow within those guidelines. For example, Volvo stands for safety in the mind of the consumer, so you would never find them sponsoring extreme wrestling, would you?

On the overall industry, I can only say that when you see data stating that most people think of you as overpriced and expensive, perhaps it's time to stop burying your head in the sand. Consumers are telling you to make some changes. They don't flock to the Internet because it's a wonderful "experience"--albeit convenient. They head online because it is a transparent, approachable and comfortable way of doing business. Do you want them back? It's time for a new position.

Editor's note: This story first appeared in the March 2009 print edition of National Jeweler. Look for more of Fruchtman's columns in National Jeweler's Your Store section.

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