Promotion and Marketing Research
Entering the new market is a challenging task for any company. It has to conduct in-depth study of the market trends, customers’ preferences and their main characteristics, choose the appropriate chains through which its products will be sold. According to Harison (2014), US market is considered as the most challenging to enter, especially for the companies representing developing countries. Therefore, Runjhun Jewellery should choose a focused approach to marketing its products to US retailers and distributors emphasizing the high quality of pearls jewellery, the uniqueness of its design and original materials as well as its reliability as the supplier.
According to the Euromonitor International (2016) local US consumption continued to stay strong due to the growth in employment level and per capita disposable income. The US jewellery market remains very competitive and fragmented. A broad range of domestic and international businesses that promote their jewellery through diverse retail channels having different retail prices operate at this market. There are no dominant players, and the potential for growth is significant.
It is needed to state that, according to the Runjhun Jewellery Official Website (2016), the company specialized in pearl jewellery. It proposes the wide range of necklace sets, earrings, waist belts, bangles, finger rings and other accessories. For the US market the origin of the products especially in high prices category is a critical factor. The company has to create a positive world-of-mouth in the US market, as one of the powerful tool in marketing a product into the new market. Naturally, such famous retailers as Mikimoto and Tiffany are not the correct choice for Runjhun Jewellery. To start, the company should cooperate with middle-sized local retailers. The right choice is to appeal to a retailer that has presence in all states, for instance, Macy’s.
In dealing with retailers and distributors, Runjhun Jewellery should highlight its long history of operations, current market position, financial stability. On its website as well as Facebook, the company should clearly articulate the origin of its products, with the development of video manuals from factories, the process of jewellery production, as well as provide all the possible certifications and licensing. Jankowski (2013) underlines that “of users on Facebook, 58% liked a brand page in 2011 and 41% shared content about that brand on their wall”. He states that sharing content with friends online has achieved even greater importance than verbal word of mouth.
If to consider the inexpensive way to promote jewellery to US market, it will be a need to attract famous bloggers writing about jewellery. The perfect choice for Runjhun Jewellery will be: Danielle Miele, a blog creator. She documents jewellery that she has discovered during her journeys around the world. She covers variety of topics such as celebrity jewellery, jewellery trends and in-depth designer interviews. Moreover, Runjhun Jewellery should develop fascinating catalogue of its products that will be given to the retailers and distributors.
The further promotional activity should include the development of the series of in-store posters …
