MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
IndependentsNov 28, 2016
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.
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.
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
by defining all the tactics you’re going to use to implement your strategies. That means identifying all the events and promotions you’re going to do in each of the three business-building categories--getting more customers, increasing average transaction and boosting frequency of purchase. Each project should be identified and categorized according to the primary objective (which of the three business-building categories it is targeting) and priority. The top priorities get fully funded. When you get toward the bottom, if you must make cuts, cut entire programs rather than semi-funding all of them.
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.
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.
More on Independents
The Latest
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
