The jewelry industry is in the midst of sweeping digital transformations as advances in technology and infrastructure continue to reshape how, where and when content and information are consumed.
ICRB drafted a media strategy for a leading jewelry brand. Social, psychological and physical aspects were researched. Based on in-depth study of different mass media tools, a detailed report was drafted elaborating upon different mediums, Return on investment and their effectiveness.
Ethnography was employed to understand the Consumer Trends and Preferences, Media consumption pattern, Factors that affect Buying Decision and barriers to new Product Adoption. In depth interviews were also conducted with industry experts to understand product benchmark and brand awareness initiative.
Quantitative research was used to gather data and construct statistical models in an attempt to estimate various market variables, industry and media trends and forecast offline and online market growth, along with growth for each material type i.e. gold, diamond, silver etc. in shop and online.
Number of cases related to the interplay of media consumption and shift in consumer attitude including the role on internet were thoroughly studied in order to draft media strategy.
Publicly available data i.e. Annual Reports, Product line for various companies was analyzed. Over 30 executive at fine-jewelry, fashion-jewelry companies and industry associations were interviewed.
Trends in jewelry industry, types of consumers driving the growth, the market Share of branded vs unbranded Jewelry along with sale growth in online and brick and mortal set up in tier 1, Tier 2 and tier 3 cities were analyzed to suggest upon different mediums, Return on investment and their effectiveness.
The Study provided an interesting template for how the jewelry industry might develop in coming year. As an outcome of the study, the Client’s media strategy underwent a 360 degree change. Investments were made to grow the brand online. A new more targeted media campaign was launched that led to 25%-35% growth in sales