CrimeApr 24, 2024
Jewelry Crime Declines Significantly, But Dollar Losses Remain High A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
IndependentsJul 19, 2016
Column: If You Want Better Results, Make Better Offers
There is an art to crafting offers clients and prospects won’t refuse just as there is an art to crafting stunning jewelry, Jim Ackerman writes.
Jim Ackerman is a retail jewelry marketing expert who has spoken to jewelry retailers at JA New York, JCK, The Smart Jewelry Show and others. He can be reached at 800-584-7585, ext. 3 or by email at mail@ascendmarketing.com.
If you’re advertising isn’t working, it’s a good bet you’re not making a compelling offer.
Look, I know you don’t think you should have to make any offer at all. People should just come in because they need your product and you’re the best jeweler in town.
Trouble is, you don’t buy that way and neither do your customers.
People need to be enticed, cajoled, persuaded. And if you’re not making offers that do that, well, they’re not going to buy.
A lot of jewelers don’t want to face this reality. I’ve had them tell me they don’t want to make offers, they don’t want to offer discounts, they don’t want to be “salesy.” And they’re not … until their going-out-of-business sale, where they discount the heck out of everything, clear down to the fixtures.
“But Jim, I shouldn’t have to give away the store and all my profits with it to get a sale!”
Correct. But you’re making the mistake of thinking the words “discount” and “offer” are synonymous. They are not.
“But Jim, I don’t want to be seen as a pushy salesperson.”
Right. That’s why you have offers. They do the pushing for you. They’re your excuse to ask people to buy.
To make better offers, begin by determining the reason for the offer. (It doesn’t have to be a sale.)
Here are eight reasons for offers:
Lead generation (you should be doing a lot more of this);
Lead conversion;
Initial trial;
Straight purchase;
Repeat purchase;
Up-sell/add-on;
Client reactivation; and
Referral request.
There are others but the point is, you begin to craft your offers with a specific end in mind.
Don’t Discount … Add Value
Generally speaking, as a consumer, which would you rather do, pay $80 for a $100 value, or pay $100 for a $140 value?
All else being equal, the answer is obvious; pay $100 for the $140 value.
Why is this so hard for jewelry retailers to figure out? If you’re willing to give somebody a 20 percent discount, you are taking $20 out of your pocket for every $100 in value rendered in your product. Why on earth won’t you take the same $20 and pay--at wholesale price--for an additional $40 worth of value for the client, but collect the full $100 in doing so.
It costs you the same $20 either way but the perceived value to the client is enormously different and twice as compelling.
If this isn’t the normal
Editors' Picks
Sponsored by
way you craft offers, you either can’t see the forest for the trees, or you simply haven’t taken the time to think it through, especially from the customer’s point of view.
Right Time, Right Place
There are, of course, times to discount.
Major inventory reductions are one example. Anniversary events are another, perhaps. But while you could argue the value of discounts even in these circumstances, there is one time and place where discounting is a no-brainer--add-on selling.
The resistance I get to this never ceases to astound me!
Think about it: You’ve already paid for the advertising, rent, utilities, fixtures, personnel, computers, systems, cleaning, signage, training and everything else it takes to run your business when you got them in the door in the first place.
If you get them to spend an extra $100 at this point, the only additional expenses are cost of goods and spiff or commission. The rest is pure profit. It’s just silly not to entice them to get a little something extra, with a discount that makes such an addition a no-brainer. And it’s literally free money for you.
Of course, you ask, why don’t I just offer them the extra stuff without a discount? And you can! And if you’re a really good salesperson, and your sales staff also really good, you may be fairly successful. But by making your add-on offers extra appealing, you could see up to a 30 percent “yes” rate, and perhaps even more. This is difficult to achieve without the compelling offer.
There is an art to crafting offers your clients and prospects won’t refuse, just as there is to crafting a stunning and irresistible ring.
Candidly, if profit is your goal, you’re better off learning the craft of offers, and let others make your jewelry.
Jim Ackerman has spoken to jewelry retailers at JA New York, JCK, The Smart Jewelry Show and others. He has teamed with Shane Decker for the Ultimate Jewelry Sales & Marketing Boot Camp, to be held this September. National Jeweler readers can get more information about the event and download a free report here.
Right Time, Right Place
There are, of course, times to discount.
Major inventory reductions are one example. Anniversary events are another, perhaps. But while you could argue the value of discounts even in these circumstances, there is one time and place where discounting is a no-brainer--add-on selling.
The resistance I get to this never ceases to astound me!
Think about it: You’ve already paid for the advertising, rent, utilities, fixtures, personnel, computers, systems, cleaning, signage, training and everything else it takes to run your business when you got them in the door in the first place.
If you get them to spend an extra $100 at this point, the only additional expenses are cost of goods and spiff or commission. The rest is pure profit. It’s just silly not to entice them to get a little something extra, with a discount that makes such an addition a no-brainer. And it’s literally free money for you.
Of course, you ask, why don’t I just offer them the extra stuff without a discount? And you can! And if you’re a really good salesperson, and your sales staff also really good, you may be fairly successful. But by making your add-on offers extra appealing, you could see up to a 30 percent “yes” rate, and perhaps even more. This is difficult to achieve without the compelling offer.
There is an art to crafting offers your clients and prospects won’t refuse, just as there is to crafting a stunning and irresistible ring.
Candidly, if profit is your goal, you’re better off learning the craft of offers, and let others make your jewelry.
Jim Ackerman has spoken to jewelry retailers at JA New York, JCK, The Smart Jewelry Show and others. He has teamed with Shane Decker for the Ultimate Jewelry Sales & Marketing Boot Camp, to be held this September. National Jeweler readers can get more information about the event and download a free report here.
More on Independents
The Latest
CollectionsApr 24, 2024
Pippa Small Announces ‘Venus’ CollectionInspired by the Roman goddess of love, the designer looked to the sea for her new collection.
FinancialsApr 24, 2024
Kering’s Jewelry Brands a Bright Spot in Tough Q1The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Events & AwardsApr 24, 2024
JCK Industry Fund Announces 2024 Grant RecipientsThe selected nine organizations have outlined their plans for the funds.
Weekly QuizApr 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
SourcingApr 24, 2024
Rio Tinto’s Q1 Production Drops Amid Pause to Honor Lost Colleagues The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
WatchesApr 24, 2024
These Are Rolex’s New Watches for 2024 The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Brought to you by
How Jewelers of America Represents Your BusinessFor over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
ColumnistsApr 23, 2024
The Smart Lab: Advanced Email Marketing Strategies for Mother’s DayEmmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
SourcingApr 23, 2024
Lucapa Sells 3 Diamonds for $10.5M in First Lulo Tender of 2024A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
GradingApr 23, 2024
GIA Has a New Book About William RuserRuser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
CollectionsApr 22, 2024
Jacquie Aiche’s New Campaign Stars Adam Levine, Behati PrinslooThe “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
EditorsApr 22, 2024
The 22 Best Quotes from AGS Conclave 2024 Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
SourcingApr 22, 2024
Virtual Diamond Boutique Rebrands as ‘VDB’The overhaul includes a new logo and enhanced digital marketplace.
MajorsApr 22, 2024
Signet Raises Nearly $9M for St. Jude Children’s Research HospitalThe money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.
CollectionsApr 19, 2024
Piece of the Week: Retrouvaí’s Treasure NecklaceA new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
CrimeApr 19, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
MajorsApr 19, 2024
Unique Designs Acquires China PearlThe move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
GradingApr 19, 2024
AGS Ideal Report Now Available in Printed FormFrom now through mid-May, GIA will be offering the reports at a 50 percent discount.
SourcingApr 18, 2024
Diamond Trade Remains Cautious Amid Economic UncertaintyDe Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Supplier BulletinApr 18, 2024
Discover History’s Hidden Gems at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry & Watch Show
WatchesApr 18, 2024
Watch E-tailer Collectability Hires Kelly YochThe Patek Philippe expert will serve as personal curator for the brand-focused company.
WatchesApr 18, 2024
TAG Heuer Opens Its Largest Standalone Boutique at SeaThe 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
Policies & IssuesApr 17, 2024
NDC Prevails in U.K. Case Over Lab-Grown Diamond AdvertisingNDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
Events & AwardsApr 17, 2024
And the 2024 Winner of the Shipley Award Is … John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
FinancialsApr 17, 2024
LVMH’s Q1 Jewelry Sales Fall 5%LVMH said the company performed well despite an uncertain geopolitical and economic environment.
MajorsApr 17, 2024
Stuller’s B&D Opens New HeadquartersB&D Sales and Service held a ribbon-cutting event for its new location in Cranston, Rhode Island.
