It appears that one of the world’s top brands, Coca-Cola, may be in trouble.
According to this article, consumer preferences for sugary drinks has been shifting for quite some time and Coke may not have been adapting itself to the changes:
I think one of the best observations in the article is from marketing guru Seth Godin.
He says about Coke:
“They’re not in the sugary-water business. They’re in the storytelling business. They think their assets are bottlers, shelf space and futures contracts on sugar. But the real asset is trust, share of mind and a story. So they should obsess about making something new, creating services and experiences and interactions that people will happily pay for that have zero to do with beverages that make people obese.”
I can say from having worked with many jewelry designers that it is VERY easy to fall into the trap that Seth talks about here.
Many jewelry designers define their businesses based on materials and techniques.
The problem with that is clients are NOT interested in materials and techniques.
Simply, they want to know what your jewelry is going to do for them, for example, make them more beautiful, make them stand out from the crowd, etc.
That’s the storytelling that Seth is referring to and it is a MUST if you want to build a thriving handmade jewelry business. Storytelling that appeals to your target customers gets them involved in your jewelry designs EMOTIONALLY and that’s where you can get clients to “happily pay” for what you are offering.
Remember Coke’s example as a reminder of how easy it is to start focusing on internal issues of your business that have NOTHING to do with making your clients happy. That temptation is always present and you must make sure to constantly remind yourself that the real value of your business is not in the materials that make up the physical “assets” of your business, but instead is in your company’s brand image that you help build in the minds of your clients.