In the last in a series of guest columns, Shannon Mugford of Joshua James Jewellery pens a third piece for Professional Jeweller, this time turning her attention to the advantages a small business can derive from working with multiple brands.
There are, however, some brands that may match with your own more than others, warns the content and SEO executive.
There are multiple benefits to working with multiple brands, especially as a small business.
For instance, by working with a wide selection of brands, both larger companies and small independents, our customers are given a varied offering, no matter their budget.
We are able to avoid the overheads that are associated with producing a too broad selection of products. Overheads that may require high minimum order quantities which can drive costs up; an unrealistic target if, like us, you’re a small business.
So, instead, we have the foundation to target a more specific audience with our chosen brands, making for a stronger relationship between store and consumer. And at a price that suits us both.
It also helps us to keep a varied profile and stay up to date with trends, capitalising on the production abilities of other brands, giving us the scope to focus and perfect our own brand through the creation of timeless core collections as opposed to fast-fashion pieces.
Additionally, other brands can support you financially whilst you spend the time developing your own brand range, and they may even open up new opportunities that you may not have been able to consider without that financial income e.g., hand-crafting your jewellery strictly in the UK.
In order to reap these benefits, you must choose your brands wisely. For example, we have chosen the likes of ChloBo and Nordgreen as they share the same vision as ours through their sustainable efforts and high level of quality in their jewellery which make for a good investment.
Every business must have a checklist that they stick to to ensure that who they choose are relevant, complimentary, and won’t steal the spotlight from their own line of products but instead encourage an all-around customer experience.
Each of our brands were specifically selected as they keep in line with our brand image and goals in the industry. Allowing us to uphold our reputation and customer promise of affordable designer jewellery.
This should always be the main basis when choosing the brands that you work with. It needs to be a mutually beneficial partnership that supports both businesses in achieving its short and long term goals. As with any company, there are always aims that need to be met, so you shouldn’t shy away from this extra support.
Some of the brands that we stock are also independent (i.e. Little Star), which gives them a platform to help them grow, as we grow with them.
Other brands can support you financially whilst you spend the time developing your own brand range.”
Alongside, we stock our own range as this will help Joshua James grow, create a lasting impression on customers, and open up doors for us when expanding in future. It also gives us a certain level of confidence that we’d be able to operate as a standalone business.
If you’re considering becoming a holding company, make sure that you’re choosing brands that celebrate yours and vice versa. No matter your brand values, there will always be other brands who share those values in some way. Working with them can help you both in achieving your goals and that is why working with other brands is so important.
Shannon Mugford is content and SEO executive for Joshua James Jewellery.