“Go with your gut” – a common phrase people use to make decisions. Most of us have had to make some extreme decisions that have the potential to have a big impact on our lives. Each of the decisions we make in our lives present one major dilemma – do we chose the easy way out, the safest choice, or do we take a leap of faith and do something with that risk factor that makes our heart nearly beat our of our chest with fear?
Business and Instinct
A lot of entrepreneurs start their business based on instinct, not data. That leap of faith that they feel in their gut is the courage they need start a company. However, in the long run, this gut-driven approach to decision making will narrow their horizons and create a close-minded company culture within the organization.
Katie Diamond started her career crafting engagement rings and jewelry gifts for friends in her spare time. Her unique pieces were inspired by world travel and selected by her husband on ventures to India and Hong Kong. In 2007, Katie Diamond took her leap of faith, and launched her own Jewelry line which features unique gemstones and styles that are classified as both bohemian and luxe.
It is now time for Katie Diamond to increase brand awareness for her boutique located in New Jersey. This is where my team steps in; we make data driven decisions to build off of the leap she took with her gut instinct and use the facts to conceptualize media strategies to promote her brand, located in New Jersey.
At Katie Diamond, we aim to be the preferred jeweler for working, millennial women interested in bohemian luxury and custom-made jewelry. We believe that women should flaunt unique pieces that reflect their personal style. For this reason, we offer a variety of worldly designs made with high quality materials that set us apart from others.
Only we can provide working, millennial women with high-end jewelry, while giving them jewelry that reflects their unique style.
Why Is It All About The Numbers?
There is a surplus of data available for people to use to their advantage while making business marketing decisions. It wasn’t until recently that businesses began performing analytics on data that they realized their own databases stored. This information includes consumer trends, demographics, media reaches, and more. As companies strive to stand out in this data-driven world, it is important to keep these things in mind while launching a new marketing campaign.
This is exactly what the Katie Diamond media team is working with.
University Reporter is a database that provides users with consumer product usage data, with several options to sort data reports that I would recommend people using to construct data reports before selecting a defined target audience, and creating a media strategy. For those interested, I found this article that discusses how to use and read this database correctly: http://libguides.wwu.edu/c.php?g=308150&p=2061784
Our studies of the jewelry industry show that women in the 25-34 age group are more likely to purchase diamonds due to the high index.
We also researched the amount of women who purchase their jewelry from an independent jeweler. Although the 25-25 age group didn’t have the highest index as compared to the 45-54 age group, there is still a high number of this age group buying from independent jewelers (more than 900,000). Therefore, we made the data driven decision to target the 25-34 age group of women for Katie Diamond’s new media strategy.
We will be targeting the Experiencer: young, enthusiastic, and impulsive consumer who seeks variety and excitement. Spends substantially on fashion, entertainment, and socializing.
Numbers Can Be Creative, Too.
I would like to take this time to thank the tech-savy experts of the databases who are able to provide these numbers to people such as the Katie Diamond media strategy team. The decisions made from these numbers are the foundation of our creative media plans.
The Experiencer consumer profile highlights their media consumption habits. Their media engagement is mainly on social media, active searching, blogging, and mostly takes place on handheld devices such as iPhone and iPad. Therefore, the layouts of the media must correlate with the resolution and screen size of these devices.
We will aim to implement curated content on Instagram for reliable fashion bloggers to showcase because it will reach our target audience and create a positive reaction. We also plan to increase Search Engine Optimization for the brand name and landing page. Snapchat is also a popular media outlet for our consumers, so implementing creative content on the app will reach the target and promote the brand.
Here are some tips for other teams like us:
- Use demographic data in your campaign planning – it is important to notice things about your consumer to predict future habits that will lead them to your brand.
- Don’t spend all your money on risky ventures – data includes the numbers you need to ensure success before investing your first dollar
- There is always room for improvement – data research and analytics keep this process continuous. The market always changes, do not fall behind because your media strategy is matching the current consumer trends.
Written by: Katherine Braver – Group 1