This is a big decision for Nash Jewellers as times are changing as they always do, and with a company history that stretches back 82 years they have had to adapt over time; be it by expanding the downtown location or opening the new location in the Masonville area or when they survived the “Great Depression” in the 1930’s. Short Term (0 – 4 months): Nash Jewellers should go with Alt 1 where they would establish a website for the company and use it strictly for online advertising of the company’s current stock products and their ability to create stunning custom jewellery pieces.
They will also need to look at Alt 2 as these would work hand in hand with each other to make this a website in the 4 month timeline that was put forward by John C. Nash. On the website the customers will be able to use the DJOL program to design custom jewellery to fit their tastes as well as browse the current stock items Nash’s is selling. Other than the advertising function the website offers, the company should do a section on the website to promote their remarkable history through articles that have been written about them over the 82 year history of the company. The company should also do a “Time Line” section which would display pictures of the downtown London location and the changes it has been through over the last 82 years. The company should keep in mind that a simple web address such as www.nashjewellers.ca would be easier for the customers to find when they are looking for the website.
Medium Term (4 – 8 months): Nash Jewellers should look to implement Alt 3, which would be how they would get the message out about their new functioning website by advertising in the John Labatt’s Center and to use the company’s relationships with Lazare Diamonds and the CJA and have links placed on their websites directing the web viewers to www.nashjewellers.ca in hopes of generating in store sales from what they see there. To increase traffic on the website, Alt 4 should be put into motion; it would take a while to gather all of the customer information needed to create an e-mail newsletter (personalized). This would increase sales because of the promotions the newsletter would be offering to the customers; the company will have the newsletter personally addressed to each customer which should add to the feel of the e-mail and create a good rapport with them, improving the relationship between the company and its customers.
Long Term (8 month – 2 years): Nash Jewellers is well aware of the 70+ jewellery stores in London which service the city and the surrounding area. Acting on Alt 5 in the coming near future with the exposure they should be expecting from www.nashjewellers.ca is to expand into another area of Southern Ontario within reasonable distance from London (e.g. Hamilton, Kitchener-Waterloo, Windsor, etc.)
Implications Short Term (0 – 4 months): Nash Jewellers may have a lot of lost sales due to the fact that this is now a global market and people around the world would be able to access the website, yet would not be able to purchase anything without going to a store. That being said about the world being a global market, other websites which customers are able to purchase products from would now compete with Nash Jewellers in London, Ontario.
Medium Term (4 – 8 months): Choosing these streams to advertise through would be expensive and they may not draw the usual customers that Nash Jewellers is used to. Getting the websites to link back to the Nash Jewellers website may prove to be difficult especially if they are currently not linked to any other sites due to the fact that this may set a precedent for the companies they do not want to have. Getting the customers to give their personal information for a newsletter email may prove difficult, as well as the newsletter being seen as junk mail (spam) and dismissed by the customers receiving it, proving to be a waste of time and money for the company. Long Term (8 months – 2 years): Expanding into a new market with no past history is a risky move that can prove very costly to the company’s reputation and finances, most likely, if it fails due to the fact that there are already established jewellery stores in that market.
Justification New technology (the internet) has emerged and it is being used to sell and promote products. Nash Jewellers needs to setup a website to promote the products they sell as well as what they can make for custom jewellery. With this being a product that is subjective to the buyer and is a high end product, the most common sense solution would be to touch, feel and see the product you are purchasing in person, so in store sales seems to be the only viable path for the company.
Through the website, the company is looking to gain more promotion for their products and posting more advertising on specific websites and in sporting arenas would attract a higher end customer to Nash Jewellers, which is what their products are geared towards. The gathering of the personal information of the company’s customers will allow the company to better know their customers and to generate sales with existing customers, which is something all companies want to do as it is cheaper to maintain a customer then it is to gain a new one.
Expanding into a new market will allow Nash Jewellers to create more profits by penetrating the new market and in turn will put the company’s name into more places. Contingency If the website does not work just as an advertising engine Nash Jewellers will have to look at changing the interface of the website so that customers can purchase jewellery from the website to try and increase the sales. If traffic on the website is low then advertising the website on the social media sites will have to be invested in.