MRS. ADEDOYIN RHODES-VIVOUR, SAN, C.ARB
INTRODUCTION
In today’s global jewelry market, leading jewelry companies have launched more design-oriented jewelry collections, adopted a new marketing language, invested in the legal protection of their jewelry designs and invested more in digital channels, including e-commerce and social media to increase the visibility and growth of their jewelry brand. This innovative rebranding assists jewelry brands establish new growth areas while maintaining their core values, strengthening their connection with consumers, and ultimately achieving sustainable business success.1
INTERNATIONAL BRANDING IN JEWELRY
International branding is the process of increasing business growth by establishing and building a brand identity within global markets. Building a global jewelry brand involves defining your jewelry brand’s personality and shaping how you want customers and the public to perceive your jewelry brand.2 The purpose of global branding for a jewelry business is to assist clientele from variety of countries and cultures recognize your jewelry brand and international jewelry branding can be established through advertising, media, website content, word-of-mouth, and interactions with products or services.3
BRIEF HISTORY OF LUXURY BRANDING
Luxury branding has a long history. The idea of luxury goes back to ancient times when wealth and luxury defined power and status. From the extravagant lives of European nobles during the Renaissance to today’s famous brands like Louis Vuitton and Chanel, luxury has always been about more than just items, it’s about an experience, a story, and a promise of topnotch quality. In the old times, fancy stuff always meant that it was rare and very showy. This can be seen from the time when Egyptian kings wore gold and jewels to show their status and affluence. The Roman Empire also showed off their greatness by building amazing buildings and having big parties. Chinese kings during the Tang and Song times chose to show their great taste through fancy clothes, pottery, and big palaces. The way people viewed fancy “stuff” changed a lot during the European Renaissance, especially in Italy under the rule of the Medici family. This was a time when a lot of beautiful art and culture were created, like detailed jewelry, beautiful wall hangings, and carefully made clothes. By the 17th and 18th centuries, France had become the place that everyone thought of when they thought of fancy stuff. The French king, Louis XIV, made sure that his court at Versailles was the most showy and fancy, setting a standard that people still think of when they think of luxury today. The Industrial Revolution of the 1800s brought a major shift. It became simpler to produce luxury items, but they still remained exclusive and high-quality. Famous names such as Louis Vuitton, Cartier, and Chanel emerged during this period, blending tradition with innovation to captivate wealthy customers. As the 1900s rolled in, these prestigious brands expanded globally to cater to an increasing number of affluent consumers. Overall, you can say that luxury is about more than just having something fancy; it’s about treating yourself to a special experience, feeling like you’re part of a “cool story”, and having something that’s top- notch and one-of-a-kind. Moving forward, factors such as environmental consciousness, technological integration, and personalization are redefining our perception of luxury, ensuring that high-end products and experiences remain captivating and desirable4
IMPORTANCE OF INTERNATIONAL BRANDING IN THE JEWELRY INDUSTRY
Local jewelry brands generally small and medium enterprises (SMEs) aspiring to face the biggest jewelry groups and compete worldwide, need to plan, implement their international marketing strategies and understand the importance of International branding in the jewelry industry.5 The importance of international branding in the jewelry industry includes:
a.) International branding offers more consistency: Jewelry brands and consumers can benefit from the consistency of global branding. While jewelry brands can spread their message across all continents, consumers can be sure they’re getting the same quality of product whether they’re in, for example, Nigeria or Brazil.
b.) International branding increases customer awareness: When jewelry brand sells products around the world, more people may become familiar with the jewelry brand’s product. This familiarity may cause consumers to search for your jewelry brand products instead of one they haven’t seen as often.
c.) International branding reduces marketing costs: Rather than changing your campaign based on local markets, your jewelry brand can save money on marketing by keeping your advertisements and messaging consistent around the globe.
d.) International branding saves production costs: When you can keep your package design the same across the world, this can save your jewelry brand money on production costs. Along with saving money, this can contribute to less waste, which might be good for the environment.
e.) International branding improves your jewelry brand value: Engaging In global branding can potentially increase the monetary value of the jewelry brand.
f.) International branding offers more economic stability: Jewelry Companies that sell to a variety of markets tend to have more financial stability. Even if one of their markets provides economic challenges, other segments in that company’s diverse audience base may continue to market at the same or faster pace.
g.) International branding optimizes profits: Ultimately, using an effective global branding strategy can increase your overall sales, which may boost revenue.6
BRANDING STRATEGIES
International branding of any jewelry business will require a business owner to build brilliant strategies to enable the business owner achieve the business aim of building a brand identity to enable people from variety of countries and cultures recognize the jewelry brand. Here are some strategies that can be adopted when building a global jewelry brand:
a.) Be aware of translations: When developing a global jewelry brand, strive to be aware of different cultures across various regions and countries. The way an audience interprets your marketing in one region may differ greatly from another. When creating your campaigns, devise content that’s likely to appeal to consumers all over the world. Along with your marketing, think of how prospective customers might interpret your actual brand name in different countries. Do some research to see how it translates in different languages
b.) Learn about global competitors: Alongside competing against other global brands, try to be mindful of local brands you might encounter. Have your team conduct extensive research about all of your competitor’s unique selling points, comparing your own to each one. Get to know what advantages your brand has and think of ways you can position yourself to be the best option in each Instead of trying to be a niche brand, consider ways to reframe your branding to make it broader. Rather than capitalizing on one product you sell, for instance, you may want to release several products that cater to different parts of the market. As an example, soda brands tend to sell different variations of their products to meet the wants and needs of different types of consumers. They may sell diet soda for those who want a zero-calorie option, fun flavors for those who like to try new things and regular soda for those who prefer a classic taste.
c.) Research customer behaviors: The way customers act can vary around the world. The factors that encourage consumers to choose one brand can be drastically different from region to region. By getting to know consumers’ preferences in different markets, you can make more successful branding decisions. Get to know where people in your new. International markets like to shop and why they choose to support brands. Likewise, get to know what kind of marketing messages are more likely to capture their attention and convince them to take action.7
d.) Set clear objectives: Establish clear and measurable goals. Your objectives should align with your overall business plan and serve as benchmarks for evaluating international
e.) Maintain social responsibility: Integrate ethical and sustainable practices into your strategy to appeal to conscious consumers and build credibility on a global scale.
f.) Develop an internal global communication strategy: Ensure internal teams across diverse regions are aligned with the brand’s objectives, values, and messaging. An internal global communication strategy fosters cohesion and consistency
g.) Assess global product positioning: Carefully consider how products or services are positioned across markets. Adapt and fine-tune product offerings, pricing strategies, and content marketing to align with local preferences. 8