Challenge: Showing how market’s consumer spending can overcome competition

The Goodway Group’s Kyle Savage is a newer user of AdMall, having used the product for less than a year. In that time, Savage quickly learned how he could successfully leverage the consumer spending market intelligence report when he approached a local jewelry store.

“The [jewelry store] owners are very traditional in their marketing,” said Savage. “[They faced] competition and an ever-​changing digital landscape.”

Solution: AdMall’s Competitive Analysis and Consumer Spending Reports

Savage partnered with one of his co-​workers and combined multiple data points from numerous AdMall reports to help overcome any objections the jewelry store might have had.

“I collaborated with my Account Director, provided her with competitive data from the Digital Audit and I created a custom consumer spending analysis for Hoboken NJ to show the advertiser where the opportunities are in their DMA,” said Savage. “The Housing Market Data also backed the intel on the affluent area that the jewelry store serves.” 

Savage said that AdMall’s ability to show consumer spending and competitor trends is what swayed the advertiser to approve his all-​digital campaign proposal that consisted of display, social media, and search advertising.

Result: A huge win in a short amount of time

It didn’t take long for Savage to get up and running with AdMall.

“It took me two days to be comfortable with the tool,” said Savage. “I do attend webinars [and] I am certified.”

Two days, a consumer spending report, and a competitive analysis led to a $40,500 sale with his local jewelry store. For Savage, using AdMall has become routine.

“AdMall is an amazing tool on all fronts,” said Savage. “Pre-​call research, competitive data, and the Digital Audit is now used for every meeting.”

AdMall’s Local Account Intelligence Report is available for over 400+ business types and provides a myriad of research from the local, state and national level. It is the baseline report a rep should run before their first sales call that will put them on a level playing field with a potential client.

Everything from market demographics, consumer spending, marketing/​budget figures, top products sold, industry challenges and opportunities, and more can be found in this report. If you’d like to learn more about the Local Account Intelligence Report, feel free to register for the next AdMall 101 webinar in AdMall’s Learning Center.

Jewelry store retailers sell metal and gemstone jewelry, watches and clocks. The market is divided into precious and fashion segments. Many of these business owners also offer repair and appraisal services. Jewelers may target a specific market segment, or they may try to serve all levels of the market.

High-​end jewelers with a national presence include Tiffany & Co., and mid-​range jewelry chains include Jared and Kay Jewelers. Small independent jewelers must also compete with department store jewelry departments, such as Macy's and Nordstrom. Consumers are also indicating a willingness to purchase jewelry through alternative channels such as online and through television shopping networks.

Jewelry stores buy from wholesalers, and there is some branding and co-​op support in the precious jewels and metals market. Other jewelers may engage in custom craft and employ artisans to create unique designs for clients.

The jewelry industry is considered cyclical, and revenues generally rise and fall with general economic trends. There are approximately 57,130 retail jewelry establishments operating in the United States that report revenue of $34 billion. Note that specifically, online sales of jewelry and watches total about $8 billion.

In all, the total jewelry and watch market was approximately $76 billion at the end of 2020, an increase of 0.4% from the prior year. The industry average annual growth rate is 2.3%.