Amity University Noida

DIGITAL MARKETING PSDA 1

Business Model For Savan Jewellers

Submitted by group 3 (Section-B)

Astha parmar(M&S)
Sudeep santra(M&S)
Navya S (M&S)
Amartya Srivastava(M&S)
Varun lalwani(M&S)
 Introduction
Savan is a jewellery brand of India. Savan’s headquarters is at Mumbai in
Maharashtra. The company was founded by Varun Lalwani , in 2010. The
company started off as an online retailer before opening physical stores, with its
first store opening in Mumbai. Indian jewellery, its craftsmanship and variety is an
amazing showcase of India’s heritage, culture and diversity. With a deep
understanding of local tastes and preferences , Savan jewellers offers an array of
traditional and contemporary jewellery designs in gold, diamonds, precious stones
stones and other precious metals.

Business Model for ‘SAVAN JEWELLERS’

Value proposition
The value proposition is a clear statement of the benefits your customer gets from
buying your product or service. No value proposition is complete without a
compelling story – one that will make people sit up and take notice of you or your
business, your products or services.
 With an inclination towards traditional and contemporary Jewellery designs in
gold, diamonds, precious stones and other precious metals Savan jewellers surely
touched down upon each of these touch points. The Jewelleries can be customized
according to the customer’s preference.
From Birthdays, anniversaries, weddings, festivals one can find a variety of
designs . A customized note is added to ensure personal touch. The packaging is
done beautifully as , the customer first approach with our products. The jewelry
packaging therefore, is your business card: if you make a good impression, you are
halfway through!
Nowadays, more and more jewelers are realizing the importance of the brand
identity, which is important not only for products but also for the stores.

Market Opportunity

The Jewellery industry is a huge industry employing a large number of people. In

fact with over a million an organised small scale stores and more than 2000
organised or semi organized stores. Gold is the most popular metal used for
making jewellery across the world. It held the largest market share and was valued
at USD 117.1 billion in 2018 due to an increase in exports and imports of gold.
Increasing the GDP of developing countries like India and China is one of the
major reasons for the growth of gold jewellery.

Recently , diamonds are becoming increasingly popular due to the increase in

disposable income. Diamonds are considered to be one of the earth’s most
impressive natural materials due to their stunning attributes. People consider
having diamond jewelry to be a personal indication that they are tough like the
gem itself. It is also perceived as a symbol of financial success to possess a
diamond because their shortage makes them a classy commodity.
Also, Platinum is a popular material used in jewelry making. However, platinum
is heavy and is more expensive as compared to gold and diamond. Additionally,
platinum can easily get scratches and dents as compared to gold but it can hold the
diamond and other precious stones very securely. This is expected to keep the
market demand for platinum jewelry constant. Other types of materials include
silver, steel, and copper. These metals are often used in fashion and imitation
jewelry.

Competitors
Some of the top competitors of Savan Jewellers , who are doing great work in this
industry are as following:

Titan Company Ltd (Tanishq)

Hari Krishna Exports Pvt Ltd.
Kalyan Jewellers India Ltd.
Kiran Gems Pvt Ltd.
Malabar Gold Pvt Ltd.
PC Jeweller Ltd.
Asian Star Company Ltd.
Rajesh Exports Ltd

Competitive Advantage

From Birthdays, anniversaries, weddings, festivals one can find a variety of

designs . A customized note is added to ensure personal touch. The
packaging is done beautifully as , the customer first approach with our
products. The jewelry packaging therefore, is your business card: if you
make a good impression, you are halfway through!

Nowadays, more and more jewelers are realizing the importance of the
brand identity, which is important not only for products but also for the
 stores
Our website:

 The customers can pre-place their orders through our website which is user
friendly and easy to operate. The customers can rate their orders on the
website and can go through FAQ’s in case of any doubts.

 The customers can easily get in touch with us through the facility of ‘chat
with us’ option that is provided on the website and can easily get in tough
through phone numbers mentioned in the website as well!

 The Social media handles are mentioned on the website too.

Marketing Strategy
A marketing strategy refers to a business's overall game plan for reaching
prospective consumers and turning them into customers of the products or
services the business provides. A marketing strategy contains the company’s
value proposition, key brand messaging, data on target
customer demographics, and other high-level elements.

1. Optimizing blog content

One of the key factors towards the success of any business these days, especially e-
commerce businesses, is social media. Some social media campaigns they carry
out in order to further increase their following are #WomenOfMettle wherein the
brand posted creatives and pictures of women they paid an ode to. This was carried
out to celebrate their 7th anniversary in 2015. This campaign trended on Twitter in
the #1 spot for quite a while! Savan jewellers even created a separate microsite for
further elaboration of this campaign. This website featured statistics and nuggets of
information about women in India and a Twitter plugin that succeeded in
displaying all posts under the #WomenOfMettle tag on Twitter on the website as
well. Savan jewellers Digital Marketing Strategy was found to be very successful.

2. Prioritizing User Experience on the blog

Today’s consumers have high expectations when it comes to online experience. If
your site’s not up to scratch, you can be sure you’re not getting the results you
could be.

"We doubled down on user experience this year. Focusing on improving our user
experience has been incredibly useful in our SEO strategy in 2018 and helped us to
triple our traffic as we placed a larger emphasis on the experience of our users.

3. Collaborate with influencers.

Another way to gain a new audience and extend brand awareness is by
collaborating with the top influencers in your industry. Ambassador star couple -
Akshay Kumar and Twinkle Khanna said, “It has been an absolute pleasure to be a
part of the PCJ family and we are happy to be associated with the brand known in
the country for its jewellery, design, captainship and trust. We look forward to
being a part of its fascinating growth journey in India”.

4. Let customers interact.

No matter the product or service you're offering, your customers want to interact
with your company, or at least other customers. AMC, for example, created an
online tool that allowed you to Mad Man Yourself. American Express connects
small-business owners to each other and helpful resources through its OPEN
Forum.

5. Participate in or own a Facebook group

Facebook groups are online communities that Facebook users can join. These
groups are usually based on shared interests, so it’s best to join and contribute to a
group that’s relevant to your industry and target customer.

The key is to add value through your participation, not jump in and start selling
your products. Over time, you can nurture those relationships and establish your
credibility in the group, and other members will naturally become interested in
what you do.
 6. Enable shopping on Instagram

One of the biggest challenges for brands on Instagram is linking. And when the
main goal is to drive traffic and, ultimately, sales, that can be a big hurdle. One
way to work around this to boost online sales is to add products to your Instagram
posts and stories.

7. Instagram Ads

Tell your story through a clean, simple and beautiful creative canvas. Photos can
be square, landscape or portrait. Get the same visually immersive quality as photo
ads, with the added power of sight, sound and motion. And now, you can share
videos up to 60 seconds long. Add another layer of depth to campaigns, where
people can swipe to view additional photos or videos in a single ad.
Ads on Instagram Stories provide a creative, engaging and immersive full-screen
ad format built to drive action and powered by Facebook's advanced people-based
measurement solutions that you know and trust.
Reach people in a discovery mindset by extending your feed ads to audiences who
are looking to expand their interests beyond the accounts they follow.

Organization development (OD)
Organizational development is the study of successful organizational change and
performance. OD emerged from human relations studies in the 1930s, during
which psychologists realized that organizational structures and processes influence
worker behavior and motivation.

1.Cost Leadership

A cost leadership management strategy involves being the lowest cost provider of
your products. Overall Cost Leadership is a strategy that strives to produce goods
or services at lower prices than competitors. According to Miller (1986), it
includes efficient facilities, efforts to reduce manufacturing costs by minimizing
R&D costs of products, services, sales and advertising.

2.Differentiation

Organised jewellers have become more design oriented. ... Unique, theme based
jewelry designs are created to cater to this new customer requirement. Also, certain
organised jewellers have successfully built separate brands to cater to different
segments of customers

Revenue Model
A revenue model is a framework for generating financial income. It identifies
which revenue source to pursue, what value to offer, how to price the value,
and who pays for the value. It is a key component of a company's business
model. It primarily identifies what product or service will be created in order to
generate revenues and the ways in which the product or service will be sold.

1. Gold's broad appeal as a safe haven investment in India

Nevertheless, investment+adornment consumption of jewellery is commoditized
and standardized so there is limited scope for retailer differentiation. Product
design and marketing still has to fit into the gold retailing straitjacket model.

Essentially, retailers can only sell their gold products at 8 to 18 percent margin no
matter the creativity of designs and attention to detail. Nonetheless, this is very
limiting for growth options and the way to increase revenue is to grow volumes

2. Retailer margins for precious jewellery

Retailers at the frontier of change are working hard to pull consumers away from
the investment+adornment mindset of jewellery. They hope to push them towards
the adornment-only mindset of jewellery consumption

3. Higher business costs...same margins

Modern jewellery stores are not sustainable with the current standardized selling
model, especially for gold jewellery. You are only increasing your business costs
without a boost to the bottomline.

For creating a long-term sustainable business model, it is necessary to move away

from price-based competition. It is ultimately about getting to the point where
customers do not ask, “What are the making charges for this piece of jewellery?” –
the point where you do not even have to display them.

However, realistically, it is not possible to move away from the price-based model
for gold jewellery. The investment dynamic is insurmountable. Therefore, the
solution is to introduce diamond jewellery products that provide scope for higher
margins in addition to the low margin gold jewellery products.