Daily Jewelry Tips from JA

Get Golden in May

May is Gold Month and the World Gold Council has put together a more than $3 million ad and marketing campaign with leading retailers to excite consumers about gold jewelry.

Women purchase more than half of gold jewelry for themselves, so try these suggestions from the WGC to tie into the promotion this month:

• Spotlight Popular Pieces: The most popular items women buy are earrings, chains and fashion rings. Set up a display that puts these items front and center – be sure to include yellow, white and rose gold.
  

Gear Up for Graduation

The school year is drawing to a close and graduation is rapidly approaching. Help your customers and community make the association between graduation and gifts of fine jewelry. Jewelry Information Center (JIC) recommends gearing your marketing and consumer outreach toward the symbolism of fine jewelry. Gifts of fine jewelry or precious timepieces help mark life’s accomplishments and are something they will always have to remind them of the special occasion. Try JIC's low-cost suggestions to increase sales this month:

Sensory Store Branding: It should be subtle, singular and relentless

The Tiffany & Co. blue packaging … the fragrant scent of a Bath & Body Works store ... the taste of rare chocolate proffered by some luxury retailers.

What do all of these experiences have in common? They appeal to your senses. Using sensory marketing to make consumers think of your store’s brand is all the rage, according to brand expert Martin Lindstrom, author of Brand Sense, who recently spoke at the AGS Conclave in Seattle.   

Store Events: It Takes Two (Stores) to Tango

‘Tis the season for the weather to heat up, while the business tends to slow down. But that doesn’t mean you can’t generate excitement -- and yes, sales, at your store. Join hands with a non-competitive business that can help you promote an in-store event.

Prepare for Prom Season

May is prom season across America. Limos, dresses, shoes and flowers are just a few of the things accounting for a huge prom business. According Christa Vagnozzi, editor for PromSpot.com, over $1,200 per couple is spent on each prom...$1,200!  Now, it is your turn to get a cut of this big business.

Get a Responsible Diamonds Edge

Consumers’ search for evidence of responsible and ethical business practices has become a major part of how they choose their products today. In fact, the recent BBMG Conscious Consumer Report found 9 in 10 Americans say the words “conscious consumer” describe them well. Those consumers want to know that when they buy a diamond from you, it’s backed up with a responsible diamonds policy.

Don’t shy away from sharing this information, in your store and on your website, since:

Customer Relationships Matter, But Be Sincere

Do you know when your customers’ birthdays, anniversaries or other special events are taking place? If you haven’t created a special database with this information, start now. Even in a downturn, consumers will celebrate special times with their loved ones.

How to Thrive with Customer Relations:

Inventory Turn: A Key to Profitability

The 2007 Jewelers of America Cost of Doing Business Survey indicates that the most profitable jewelers turn their inventory 1.2 times per year, versus low profit jewelers who only turn inventory once. If your numbers are closer to low profits, brainstorm with your team on ways to improve your inventory turn – our survey shows even a slight improvement could improve your bottom line.

How to Thrive with Inventory:

• Create display cases near the point of sale featuring inventory you’ve had at least three months or more, at impulse price points (based on your clientele).

Focus on Bridal

Even during tough times, people get married.

How to Thrive in Bridal:

• Differentiate your store with non-traditional settings. Have good examples of rings with colored gems (left), for instance, and rings that offer more than the traditional solitaire diamond. Be open to brides who might choose a gem-set  band as an engagement ring (right).    

Reel in the Tax Rebates

Create a display of jewelry options that fall into the $100 to $500 range and promote it.

With American consumers poised to receive their tax rebates over the next few months, jewelers need to ignore all those surveys that say the money will be used solely to pay down debt or for savings. We’re more inclined to believe industry analyst Ken Gassman’s take. He writes on IDEX Online: “American consumers, being the consumption addicts that they are, will view their answer [of paying down debt, spending a little and saving the rest] as virtuous, and ... will reward themselves with a shopping trip to the mall where they will blow their entire tax rebate and maybe a little more.”

Realistically, Gassman predicts that most households are likely to spend in the range of $100 to $300, which just happens to be the “sweet spot for ‘fine’ fashion jewelry.”

How to Thrive in Rebate Season: