The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.
Marketing Minute: For Best Results, Plan
Dissatisfied because your “throw-it-at-the-wall-and-see-if-it-sticks” approach to marketing isn’t working? Try this five-part plan from Jim Ackerman instead.
Most jewelers, frankly, are dissatisfied with the results they get from their marketing approach. But, is this surprising given the “throw-it-at-the-wall-and-see-if-it-sticks” approach they take?
Ask the typical jeweler about his marketing budget and he’ll quote you a percentage of gross sales to be “thrown” at marketing. Ask about a marketing plan, though, and you’ll get a blank stare.
If you want to see the results of your marketing and advertising efforts improve, you’ll need to take a more advanced, scientific approach to planning for your own success.
Every jeweler should have a marketing plan and Q4, despite the business of the holidays, is the right time to create it.
A solid marketing plan consists of five key sections. Here they are.
1. Situation Analysis. This is the place where you look at where you have been and where you are. Take a look at your current revenue levels, closing rates, market trends, potential for growth and so forth. This is also the place to perform an introspective SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). In other words, get a good snapshot of where you are today.
2. Objectives Report. Once you know where you are, it’s time to figure out where you want to go. This is where you set goals for revenue, market share, image and reputation, awareness in the marketplace, lifetime profit value of a customer and cost of acquisition. And these goals should be set for the first six months and second six months of the year, along with second- year goals, five-year goals, and even 10-year goals. Of course, such long-term forecasting isn’t much more than a guess for the first few years you do it, but over time you’ll find yourself getting markedly more accurate.
3. Strategies Report. So you know where you are and where you want to go. The strategies section is where you lay out the roadmap for getting there. You should consider your Unique Purchase Appeal, or UPA--the one sentence that describes how you’re different from the competition in a way that appeals to your target customers. Also look at a strategic approach to pricing, compensating your sales staff, customer service, media advertising, increasing average transaction, getting existing customers back in more often, reactivating dormant clients, securing referrals and more.
4. Budgeting Is Next. Again, declaring that you’re going to spend 5 percent of revenue isn’t a budget. It’s a benchmark. A budget is determined
5. Finally Is the Schedule. By planning out your entire year in advance, you’ll be able to see, week-by-week, what your marketing expenditures are going to be. You’ll be able to anticipate them and plan for them accordingly.
Interestingly enough, you’re likely to experience two favorable phenomenon when you plan your marketing this way.
First, you’ll actually have greater freedom and flexibility to react to market conditions. As opportunities or challenges present themselves, you’ll find you can react and adjust with greater confidence because you’ll be able to evaluate options in terms of your overall strategies, and you’ll also know the resources are available (or not) without upsetting your entire plan.
Secondly, you’ll find yourself much more motivated to track your marketing and advertising efforts, and hold them absolutely accountable to the bottom line. This will help you make better marketing decisions going forward in your quest to “genetically engineer” your marketing for ever-increasing success.
Marketing speaker Jim Ackerman has addressed jewelry retailers at the nation’s biggest trade show including JA New York, JCK and The Smart Jewelry Show. He is offering National Jeweler readers a free Marketing Plan Template, valued at $97. Send an email request to mail@ascendmarketing.com.
The Latest
The redesigned boutique features interactive displays and a workshop space for hands-on learning about watchmaking.
There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.
The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Ho Brothers offers scalable solutions for the future of custom jewelry.
The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.
Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.
The former WJA executive director is MFM’s new managing director.
DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.
Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.
Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.
The retailer previously turned down an $8.4 billion offer in 2018.
The Florida store’s owner Miguel Gonzalez is retiring.
The lab stresses the importance of accurate identification, as the difference in price is “substantial.”
The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.
One is reserved for a NAJA member, the other for a non-member.
Longtime employees Carie Lehrke and Megan Mattice have received promotions.
Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.
Chris Clipper and Robert Lepere join the company with 50 years of combined experience.
The trendy, metallic earrings wink at classic spring colors.
JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.
The miner’s March auction generated $19 million.
Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.
“Chopard x Julia Roberts” showcases the first gems cut from the 6,000-carat-plus “Insofu Emerald."