Pandora has become the signature brand for its production of fine danish jewellery, in particular, for its charm bracelets. High end pieces feature fine craftsmanship of gold, silver and crystal bracelet charms which have been a great success worldwide, but especially in the United States. Although their production of charm bracelets has elevated the company to phenomenal heights of success, they’re trying to promote their other products as well. In essence, they’re making the attempt to become as successful in sales of their other jewellery accessories.
How it all got started
The Pandora company was established in 1982 in Copenhagen, Denmark and opened its first retail shop. By 1987 they added their first in-house jewellery designer and began the manufacturing of their products. Within two years the company was manufacturing to Thailand, the world’s largest export country at the time. In 2000, the first charm bracelet concept was introduced to customers in Denmark and it met with great popularity and acceptance. Currently, Pandora has a tremendous presence across eighty countries and six continents in the world but is well known for its’ production of high end charm bracelets and charms. It is this label that the company wishes to continue to embrace while helping to establish their reputation for other products in their fine jewellery lines as well.
Advancing beyond charm bracelets
In-house marketing teams are hard at work to alter the public perception of Pandora to include the gamut of their hand crafted jewellery pieces. The campaign has taken to use of social media in this massive promotional effort. So far, the team has secured somewhere around a hundred and forty two thousand followers on Instagram on their Pandora jewelry promotion aimed at young English women.
The video which is also used on YouTube and the Pandora website has some decent shots with voice over discussion about the pieces. They didn’t really want it to hit home like an advertisement, but rather more as a look at what is currently in vogue to make it more natural and interesting. They’re not really pushing the brand at this point so they can give people a chance to become accustomed to seeing the pieces and communicating the attractiveness and benefits of the style that the jewelry imparts. The main focus is on building credibility in this sector a foundational phase of the campaign. Their use of influencers during this stage is brilliant.
The use of social media was perhaps one of the best transitions for introducing their lesser known jewelry lines to the attention of their intended audience with models that will be influential on their decisions to give it a try.
What is changing in Pandora’s bottom line
There is no getting around the fact that Pandora is a luxury company, but they have lowered prices on some items to make them affordable to a larger segment of the population. This was necessary because recent marketing trends have shown a marked decrease in luxury jewelry sales. This is no doubt economy driven and companies who want to remain competitive must make some type of effort to increase sales. Discounted prices is one way to accomplish this.
The diversification of the jewelry manufactured by Pandora has helped to increase overall sales with an annual revenue for US sales at $797 million alone. The global revenue was enhanced with their ring sales being responsible for twelve percent of the total revenue in this market. This reflects a seventy three percent increase over the previous year for revenue generated by the sale of rings. It appears that Pandora is making headway in promoting their other product lines.
Other strategies for driving sales diversity
Pandora is using some great strategies for drawing attention ot other products with attractive incentives. For example, the current year is emphasizing a focus on earring and necklace sales. You can easily find one of many of their earring promotions which feature ways to get a pair free. This is certainly an appealing tactic and we’re expecting Pandora to make even more strides towards its ultimate goal with this multifaceted campaign.
They’re also tapping into the mobile access industry, offering mobile points of sale systems with inventory trackers built into the apps so finding products will be done at the touch of a button. The company is also offering a more interesting customer experience in their mall settings. They’re placing an in store tech to craft items to give customers a visual concept of how pieces are made. This tactic is an excellent way to impress branding and relate it to the type of jewelry being crafted at the time.
Where is Pandora heading from here?
Pandora has a great interest in maintaining its solid reputation of the production of popular charm bracelets and charms. There would be no good reason for interfering with a successful product line that is bringing in revenue. The main goal is to draw attention to other products without minimizing the thriving market area simultaneously. Do we think that they can do it? We’re fairly certain that they’re on the right track as we speak. We’re seeing proof of the success of the ring promotions with an increase of seventy three percent in revenue generation over years’ time. It definitely shows that they’re doing something very right in their promotions.
What’s coming up next
Pandora’s new focus on the necklace and earring market is off to a good start. We like the approach that they’re taking with the use of influencers over social media and free earring promotions to quickly grab the attention of what could well turn out to be fast and easy conversions online. Influencing product opinion and beliefs is a process that takes time. Pandora may always be best known for its magnificent charm bracelets, but we’re seeing that more people are showing an appreciation for other product lines as well. If the marketing staff continues in the direction that they’re currently going, we believe that they’ll achieve the popularity in a greater diversity of the their pieces as time goes by. So far, they’re progress is impressive.