Online Marketing vs. Traditional Marketing:
Know which is the best method to
promote Jewellery Business

It is challenging for Jewellery Business Owners to decide on the right budget for marketing their jewellery efficiently. The other challenge is determining the budget that a business can optimally allocate to traditional and Online Marketing. Is it better to concentrate on one form of marketing, give weightage to one method or pay equal attention to both? The question is how to allocate the right amount of financial resources for each form of marketing. Let’s discuss what Traditional and Online marketing means, the effectiveness and limitation of both, and find the best method to promote products. It will help to decide on the best marketing method for the jewellery industry.

What Does Traditional Marketing Mean?

Traditional marketing means using different forms of communication such as newspapers, magazines, tabloids, flyers, billboards, TV advertisements, and radio ads to inform., educate and persuade people to buy your products.

  • Benefits of Traditional Marketing:
  1. Easy connect with the prospective customers.
  2. Easily Accessible with mass communication methods such as TV and Radio.
  3. Paper ads work as reminders.
  4. Proven marketing method.
  5. No technical knowledge is required.

  • Disadvantages of Traditional Marketing:
  1. No direct contact with the customer- mass communication involved.
  2. Higher Operational Costs.
  3. Difficult to gauge the success of the marketing campaigns.
  4. The younger generation does not connect well with the traditional marketing methods.

What does Online Marketing refer to?

A large number of people use the Internet. At the beginning of the year, there were 4.66 billion active internet users. So, you can imagine the reach it has, and therefore it needs to be optimally used to connect with the target audience. It is an ideal platform to promote goods and services. It reaches out to prospective customers through websites, social media sites, and other platforms like YouTube. With various digital marketing activities, businesses can reach out to prospects spending considerable time on the Internet.

  • Benefits of Online Marketing:
  1. Customer Convenience remains a top priority.
  2. Connect with the domestic and global audience quickly.
  3. Direct Contact with the Customers.
  4. Minimal Investment, less infrastructure, and expertise required.
  5. Businesses get measurable results.

  • Disadvantages of Online Marketing:
  1. Excess promotion/ Digital overload can turn customers away.
  2. Real-time complaints can impact other customers’ opinions on the products.
  3. Online reputation damage by miscreants/ competitors- has an immediate negative impact on the brand image.
  4. Trained and well-informed personnel required that remains highly competitive.
  5. Customers need to understand Digital platforms to know and buy the products advertised online.

  • Conclusion:

1. The winner in Online Marketing vs. Traditional Marketing

It would be ideal for the jewellery business to invest prudently in both Traditional and Online Marketing. If the business depends on one form, it will lose customers who rely on another method. For example, the millennials who prefer online shopping- would prefer buying online rather than visiting the store. The older generation might be sceptical about online payments or are not comfortable using the online platforms would choose to visit the physical store and buy the physical products. So, as a business owner, you would not want to lose any customer just because they prefer the traditional method of shopping to Online shopping and vice-versa. If a business ignores either of the marketing methods, it would be a loss for the company as it would not be able to tap the customer base with a particular preference for a buying method.
2. Hire Experts to Leverage the Power of Digital Media
Hire a reputable digital marketing firm that will use the latest digital marketing tools to enhance the online presence in the online world. Carve a niche in the digital world with proven online marketing methods that will help you reach out to the target audience. Let your prospective clients find you on social media, website, and through other online marketing methods. Increase sales, maximise profitability and get more revenue for your jewellery business.

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Author

Pathik Shah

CISA, FCA, CS, DISA (ICAI), FAFP (ICAI)

Pathik is a Chartered Accountant with more than 22 years of experience in jewellery industry. Be it accounting, auditing, compliance, business process reengineering, software development, or digital marketing, he possesses all-encompassing diversified expertise.

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