We develoed an App including global backend server structure and a fully working hardware for smart jewelry or accesory like necklace, bracelets, watchs etc.
It is ready for plug and play at any wearable - hardware, charging devices, battery, OLED-Display etc.
The only missing thing for us a partner with an existing accessory, jewelry or watch supply chain, an existing customer base, shops, brand etc.
Do you have any recommendations how we can find those or how we can approach those potential partners? Of course cold contact is always an option but not the most efficient...
Advantage for potential partners is that they get easy and instant access to the smart jewelry and wearables market without any development efforts...
Thanks for your support and inputs,
I understand it's programmable, but compared to the cost of fixed jewelry options, even ones that are a frame you could swap out image "cards" like an insert, the price is much too high for most dealers. I'd think this was good for the promotional items market, maybe if the cost were in the $5 range, but at $99 retail, you've likely priced yourself out of consideration. It comes off as an impractical expensive gimmick. Even digital picture frames are a small fraction of this cost (I could buy five 7-inch frames for the same price). I believe the issue is that you're trying to fit into the jewelry market, and the jewelry market isn't ready for digital jewelry. There's no intrinsic value to a digital "gem" so there's no sense it's actually jewelry. That leaves gimmick. People will spend less on a set of custom printed smartphone cases and it's more likely they'll be flashing those cases more often than this necklace.
Is there anything you can do to the materials to get out of the jewelry business and into the promotional gimmick business? There you'd likely have a bigger market, but the price has to be much, much lower. Difference is, promo companies order by the great gross (cubic dozen).
Christian, I would have to look at your business plan and evaluate who your competitors are. Strategy with approaches is always good. Its been a few years, but I talked to one of the Swarovski family about a side jewelry venture. I would be open to considering approaching them with your company, although it would likely involve strategy for their own designs. And of course it would depend on if anyone else had approached them, and if I could spotlight your company in a light of "this is something different" either in current approach or in strategic approach.
But to answer your question, because I know some did not. I would look at your strategy and brand. Your company could go different ways. On the one measure, I could see this appealing to a more urban buyer. Think the buyers who think it is cool to leave tags on their shoes or hats. Think the "bling" demographic. Your marketing currently leans a bit more classy and traditional though. I think there is a market for teenagers as well. In fact that could be bigger than the adults. To be blunt, there are going to be older adults who just think digital jewelry is kind of tacky.
I am not suggesting changing your target market, but for me anyway...based on how I see people dress...I don't really see the working class in suits wearing this, at least not the designs I saw, and it may be a bigger hurdle getting that sector with an existing line to integrate.
And I don't say that to diminish your product. There is more market in them most likely because they are foolish enough to waste money on material eye candy, whereas the working adult likely is going to put that money toward health insurance, or retirement..etc. Having someone say "Your focussing on a demographic that is too old, and you can focus on the 13-21 demographic" is not bad.
At the very least, I would have a line that does focus on kids. Consider wearable emojis.
Other partnership applications. Consider anything that can lead to community. Remember the pokemon phenom? Pro Sports teams. I have access to the owner of one pro team. But that could be cool in terms of if a lot of people had them in the stadium and the lights were turned down. Owners get part of the royalties..they win. Or as simple as "wear your New England Patriots stylable and get 10% off" whatever. Again, not trying to prostitute your jewelry line. But when you are talking about partnerships, I think you have to look at who is most likely to have buy in.
Sports fans for example...blow money. Its pretty sad actually, because the same person who will go spend $200 for a ticket and $100 on bear and nachos, will be the first to complain that they can't pay their doctors bills. So $99 is not out of range, so a fan can wear a gimmicky light up necklace. It can still be qaulity though.
College teams...wear the light up emblem.
Think partnerships with any kind of venue where it can be used as more than jewelry and you can create additional revenue streams.
But if you just want jewelry industry approach, then I think your cold contact approach with well thought out strategy to the approach is a good way.
Feel free to connect if you want to discuss further.
Hi Joe and Paul,
thanks for your comments and answers.
Yes, the video is from our Kickstarter campaign where we are currently collecting market insights.
The final sales price that we are testing during the campaign is one thing, but we are offering a different service and this is why I was asking the question above.
Your comments are correct and there is nothing to add...
But, my questions above stays:
We have a completed hardware, app and server structure (forget the frame, the design and the price in the video) and we would like to offer this as a plug and play solution to others - jewelry brands, accessory brands, etc. who want to offer such a solution quickly and easy to their existing customers - in their design, etc.
And my question was, how to get in contact to them and how to approach them in the best way.
Thanks for your support.