Rare Pink is a bespoke jewellery manufacturer that's trying to reach comparable costs as ready-to-wear jewellery. The startup is this week's pick to join The Investibles.
1. Describe your business in one sentence.
Rare Pink is a fast-growing online retailer of bespoke engagement rings and fine diamond jewellery, with a service tailored to you.
2. How did you come up with the idea for your business?
Having been in the diamond and jewellery industry prior to starting the business, we had noticed the very high emotional value which bespoke products carry. Since then we have strived towards our vision of offering custom-made jewellery available online in every country in the world.
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The internet seemed like the best way to bring bespoke to market and we wanted to make sure we kept a personal touch. We decided to create a hybrid of the two, giving customers the ability to come to our
showroom and design a stunning bespoke ring while our low overheads ensure our products are attainable while maintaining our high quality standards.
3. What have been your key challenges and how have you overcome them?
Shopping for an engagement ring online requires a great deal of trust. It took some time to get the positive reviews, awards and media mentions that customers look to for social proof.
An ongoing challenge is to innovate in ways that can reduce the costs of bespoke. Our aim is to reach comparable costs and delivery time-frames as that of ready-to-wear jewellery.
4. How have you funded your startup?
We self-funded for the first year and a half and then we went on to crowdfunding on Seedrs in 2014, raising £195,000 investment. Now we have decided to once again turn to crowdfunding for our second round of investment which is currently live here.
5. How do you market your business?
Word of mouth is a major driver of sales. We also focus on online marketing channels like search engine optimisation, Google pay per click and social media channels like Twitter, Facebook and Instagram.
6. What are your plans for the future?
We want to be known as the House of Bespoke – and to do this we are developing the Rare Pink Design Studio, a platform where customers can interact directly with designers to create stunning bespoke designs in a seamless and convenient process.
7. If you started again, is there anything you’d do differently?
I would focus on clarifying what makes us unique from day one – there is a lot of noise in the market and while you may think you know what makes you stand out, it is not always obvious to customers. Find your niche and tell people you own it!
8. What advice would you give to entrepreneurs based on your business experience so far?
Don't focus on making money, instead, focus on adding value. Our business decision to have a physical location where customers can come in to see our products and get to know the brand, and our decision to offer customers bespoke designs instead of just off-the-shelf pieces has given our customers far more value than other regular jewellers.