The JA Report: News, Tips & Trends from Jewelers of America

Capitalize on the Power of Online Pre-Selling, Part Two

The days of web marketing are here to stay. Don't waste time bemoaning the fact that traditional print ads and radio spots may no longer be only way to grab consumers’ attention. Instead, in Part One of "Capitalize on the Power of Online Pre-Selling," Larry Chasin, president & CEO of Ideal Diamond Solutions, explained why you should embrace the web for the excellent pre-selling tool it can be.

In Part Two, Chasin offers tips on how to maximize Internet tools to most effectively pre-sell your jewelry product and close more sales in-store:

Capitalize on the Power of Online Pre-Selling, Part One

We all know that attitude is a major component in sales. The more upbeat you are, the better are your chances of closing a sale. But if, like many retailers, you feel that the Internet has distorted the way jewelry businesses are run, Larry Chasin, President & CEO of Ideal Diamond Solutions, suggests you revisit that thought.

As a jewelry sales veteran and head of a company that provides a ground-breaking technology platform to the industry, Chasin understands both sides of the great "Internet vs brick-and-mortar sales" debate. To reconcile traditional sales with the power of the Internet, Chasin suggests thinking of your website and web tools as avenues for pre-selling your jewelry merchandise.

If you've been in the sales business for any length of time, you understand the power of pre-selling merchandise. It's a lot easier to close a sale with someone who already has real interest in something, versus someone who doesn't.

Use Chasin's tips to start treating the web as a pre-sell tool and thrive with in-store sales:

Create a Cohesive Jewelry Collection

"Is my collection cohesive?"

This is the one-billion-dollar question that jewelry designers should be asking themselves. By definition cohesiveness means well-integrated or unified. 

To make sure your collections thrive each season, Helena Krodel, Jewelers of America Director of Media and Special Events (and Jewelry Information Center spokeswoman), says you need to take a close look at your designs and ask the following questions:

TIPS IN ACTION: RETAILERS WHO THRIVE

Be an Engagement Event Destination
Jeweler Cindy Lis, Diller Jewelers, West Reading, PA, shows how

Jewelry Information Center’s recent Ultimate Proposal Contest received an outpouring of jewelry proposal stories at JIC.org. They show what a special, memorable – and universal – moment the wedding proposal is to a man and woman.

As retail jewelers, if you aren’t capitalizing your unique position to be a key part of these special moments – you are missing out on an invaluable customer-relations opportunity. You should not consider yourselves in the business of only selling the jewelry – but should become a part of the engagement event.

Jewelers of America member Cindy Lis, owner of Wm H Diller Jewelers, in West Reading, PA, understands the importance of capturing the engagement moment with her customers. The independent specialty jeweler is the oldest jewelry store in its county. Since 1914, it’s thrived by building personal, and lifelong, relationships with its customers.

Lis shares how Wm H Diller Jewelers not only becomes the setting for the engagement ring sale – but the engagement event as well:

Be a Jewelry Resource with Email Marketing

Keeping an eye on marketing ideas from other companies is critical to your own success, whether you’ve fully integrated email marketing into your business, or you are just getting started. Some of the best ideas can be found when we think about our own customer experiences.

Lauren Thompson, Communications Manager for Jewelers of America, shares how shoe brand Geox is getting it right when it comes to email marketing:

For Christmas, I bought a pair of Geox shoes as a gift. While I went to the retail location, during the rush of the holiday season, I found it easier to buy the shoes online – which featured the same services and discounts that I would have received in store. Ever since I made the purchase, Geox has sent follow-up emails. As JA’s communications manager, I have been impressed with the brand’s soft sales approach and customer service in their direct email marketing. These emails remind me that for future shoes/gift purchases, Geox needs to be on my list of retailers to visit.

Research Before You Lower Your Processing Costs

Among the lessons learned from the downturn is that saving money can be equally important to increasing revenue. In looking to cut costs, jewelers must be creative -- and careful. If you are considering switching to a new service provider, like that for credit card processing, do your research before you leap into what looks like a great cost-cutting deal

According to Matthew Focht, president of Tru -- a consulting firm specializing in payment processing -- it is important to take a few precautionary measures to insure that the great deal you are promised is what you will get.

Use these simple steps to negotiate the best rates on services, like processing fees:

Stock Hot Summer Jewelry Trends

As the weather warms up and the clothing gets paired down, there is more body real estate on which to park jewelry! Helena Krodel, Jewelers of America's Director of Media and Special Events, offers a sneak peek at the hottest jewelry styles and colors for the sizzling summer season.

Be smart with your jewelry merchandising this summer and stock your jewelry store with these jewelry trends:

Build Your Brand, Part 2: Brand Promotion

In Part 1 of our "Build Your Brand" tip, Jewelers of America Director of Marketing and Communications Molly Fallon explained the core elements to conceiving your brand. Once you've determined your audience, your mission and your brand's personality -- it's time to consistently incorporate the brand into your marketing, store experience and staff training.

Use Fallon's tips to maintain consistency execute an effective brand presence that builds customer loyalty:

Build Your Brand, Part 1: Lay the Foundation

There is a common misconception that branding is merely a logo. While visual identity, including your company name and logo, is a large part of branding, there are a host of other elements to consider. Consistency between these elements is key to maintaining an effective brand presence.

In Part 1 of this branding tip, Molly Fallon, Jewelers of America’s Director of Marketing and Communications, shares a few basics to build a strong brand:

Promote the Holidays Early

While the conventional wisdom is that holiday shoppers don’t start looking until the very end (Black Friday or later), a new study begs to differ. According to “Gift Reporting 2010: The Ultimate Guide to the Consumer Gift-Giving Market,” a new report from Unity Marketing, two-thirds of all shoppers who give Christmas gifts started their shopping for the 2009 season before Thanksgiving. The study also found 22% of shoppers look for Christmas gifts year-round and that those who shop early spent twice as much as consumers who started on Black Friday or later.

Pam Danziger, president of Unity Marketing, offers the following takeaways from the report:

Cut Marketing, Advertising and Promotions Costs Creatively

Getting your brand “out there” is essential – but are you spending your marketing and advertising budget wisely, or watching dollars go down the drain? If you’ve been reaching the right demographics and seeing measurable results, you probably don’t need to alter much, if anything. On the other hand, if old promotions and ad buys have gone stale, it may be time to freshen up your marketing mix.

David Peters, Jewelers of America’s resident education and management expert, shares the following tips to cut your budget, while improving your marketing results:

Analyze Your Store From The Inside

In looking to where your business needs to go (and grow), outside factors like the economy can have an impact, but you also have to look within. As we've noted earlier, identifying your strengths and weaknesses is a critical component of success. David Peters, Jewelers of America’s resident education and management expert, says you must put your business under a microscope.

Peters recommends taking the following steps to analyze your business: