Investment – What We Promised, Delivered & Still Hope to Achieve
As our second round of investment on Seedrs continues, we are talking about what we promised last time, what we delivered on and what we still hope to achieve.
This update will cover three specific areas of our company: marketing, sales and product delivery.
Many investors asked us how we would achieve marketing scalability. Since last year we went from being in the top 10 google search results for bespoke engagement rings to now being number 1 for both “bespoke engagement rings” and “custom engagement rings”. We also entered into the top 10 search results for “diamond engagement rings”.
Now, we are on the verge of entering the top 10 search results for “engagement rings” which has over 160,000 searches a month. We are committed to achieving this goal in the next year by working with a specialised SEO company that has managed to get companies into the top results in the highly competitive gambling industry.
When we first launched, we knew that as a new company selling such a high value and sentimental product online, we would face a unique set of challenges. We set out to build a brand that is both trusted and desirable through social proof and media endorsements.
By focussing on our digital PR strategy, we have been featured in several publications including The Guardian, The Daily Telegraph, Elle, Glamour, The Next Web and Professional Jeweller. Our customers have given us an average 9.7 review rating on TrustPilot and we won the Best New Jeweller Award from the British Jewellers Association. We even made the top ten in the Virgin Media Business Pitch to Rich competition.
All of these contributing factors have helped to establish Rare Pink as a reputable and trusted brand and going forward, our PR strategy will start to focus more on the US market which has 25% of the global market share of diamond jewellery.
Since our last round of investment, we promised that we would grow sales. We achieved this by multiplying sales seven times from £110,000 to £781,000. We have also almost tripled our conversion rates from 0.17% to 0.43%.
Not only have we increased sales, but we have established an existing customer base for repeat purchases, relationships with large jewellery and diamond manufacturers and a growing list of talented designers.Our long term goal is to keep improving towards a 1% conversion rate.
In 2014, we were selling engagement rings for which the designs we did not own and our manufacturing costs were high.
Since then we have gone on to own all the intellectual property of our designs and we have built the first version of our proprietary online platform, the Design Studio. This tool allows our customers to access their design where they can brief and give feedback directly to their ring designer.
Our next challenge is to get to a level where manufacturing bespoke designs is as cost effective as manufacturing ‘off-the-shelf’ pieces. This would give us a defendable position against other competitors who are only just considering entering into bespoke.
With this second round of crowdfunding, we are looking to raise up to £1 million in investment to further expand our business into the U.S. and China and to continue growing our sales and marketing teams.
Take a look at our Seedrs profile and grab your share in something rare.