Brands in the Uk Jewellery Industry
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Most Brands are machines, some fine and sexy, some not so fine and ordinary, but machines nonetheless. If we though explore the origin of the brand and go back to the source it always comes back to creativity, craftsmanship, ideas and innovation or in the best an authentic mixture of all of these. These are largely opposing statements, so for me it is not a surprise that there is much discussion and controversy around the subject.
As we face the continuance of our economic crisis, I believe we should ask the question – the real question – “What changed?”
Pre crisis, in the heady capitalistic, all consuming, insatiable brand days, not more than 3 years ago, traditional independent retail was already in a chronic situation. Department stores, chain stores, online stores, discount stores, outlet stores and super markets had already turned attention the category and had eroded sales significantly. So consumers both then and now have amazing choice and an ever-increasing ease to buy the things that they do not need (luxury goods). But now we have absolutely and categorically entered a new era in retail! So THIS is what really changed :-
The only successful model of the future for retail is a seamless hybrid between on and offline offers. Look at the biggest retail winners this Christmas if you need any convincing. This will only increase in fact.
Luxury (in fact all) retail is going to be all about value and experience both current and future wise. Less of higher quality is far better than more of lower quality.
Customer experience is the only reason for any modern shopper to visit a store. Therefore the customer experience has to be worth travelling for – expertise, conversation, service and advice.
Now like retailers, brands have suffered and are suffering – even very successful brands in the last three years have an increasingly ferocious list of problems, material costs, bad debt, redundant stock, angry share holders and fulfilling promises to name but a few. Most of the brands are trying new ways to stabilise and re establish their strengths and inevitably some are tempted into new channels. If you want to know a particular brands strategy take a look at its structure (the people it employs) its Vision (what is says it stands for) and carefully take a look at its communications. These elements will give you a very firm indication of what is wants to achieve and what it will do (or not do) to achieve it. Oh and why not have a meaningful conversation with the CEO – they are often quite frank about what they want and how they are going to achieve it. However as I am sure everyone knows Brands have the tendency to change direction so this remains a volatile and vibrant place to be.
A vital strategic question to ask as a retailer is why does a brand need me?
“I know