Segmenting retail approach to boost business performance

Vedant Anand, Managing Director of Punjabi Saraf Jewellers based in Indore, has experience working in the marketing space before handling operations of the reputed jewellery brand. In conversation with The Retail Jeweller, he shares about activities carried out under his counsel ranging from in-store tweaks to expansive campaigns.

Bifurcation for strategic jewellery placement

One of the key decisions I orchestrated in recent years has been the full-fledged revamp of the jewellery display at our store. Prioritizing customer convenience, we have sectioned our store into two categories – Mass Consumer and Boutique. The mass consumer section employs staff catering to more conventional customer needs such as gold exchange, small quantity purchases, post-sales services and more.

“Our campaigns deviate from the industry standard practice of setting price-related incentives such as discounts to be the cornerstone of marketing campaigns. Instead, we have launched several educational campaigns
to raise customer awareness and encourage informed decisions”

– Vedant Anand, Managing Director, Punjabi Saraf Jewellers

On the contrary, the Boutique section is directed to provide a more personalized experience to our customers with assistance from our well-trained personnel. We have recognized the upsurge in interest with regards to diamond and polki jewellery which has prompted us to further our efforts to deliver a customizable product of the highest quality. We have 2 floors at our retail store which are allocated to separate sections.

Campaigns at the forefront

We have adopted principles of value delivery in our campaigns to provide impetus for our customers to opt for us over rivals. Any sort of compromise in product quality and exclusivity in attempts to be price-competent is a route we wish to overlook. Our campaigns deviate from the industry standard practice of setting price-related incentives such as discounts to be the cornerstone of marketing campaigns.

Instead, we have launched several educational campaigns to raise customer awareness and to encourage informed decisions. We recently launched the old good exchange campaign to make customers fully cognizant of the value of their fungible jewellery. Our commitment to deal out 105% value on old gold is aimed at cementing the authenticity of our brand within customers. The Ring Campaign is another initiative to inform customers about the intricacies to keep in mind while purchasing rings and small ornaments.

Exhibition of more than jewellery

We serve about 50,000 families in Indore forging relationships with our customers based on integrity and trust. With blueprints to expand our brand further within the country, we are organizing exhibitions to promulgate our brand among a vast audience. As a matter of fact, we recently did an exhibition this year from 29-30th June in Ujjain which was a huge success. We have already arranged 6 standalone exhibitions across many northern cities too.

As told to Amaan Kasu