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

Advocate for Your Business

Whether it’s happening in the U.S. Capitol or the State House, it’s important to stay abreast of legislative activity that can impact the jewelry business. Jewelers of America has a number of tools to help members and non-members have a voice when it comes to government affairs.

JA has expanded its online Legislative Action Center  -- the only advocacy of its kind in the jewelry industry -- to help jewelry businesses have greater influence on issues that affect them. Through a generous grant from the JCK Industry Fund, we’ve developed the State Legislation Tracking Center in the "Legislation & Regulation" section of www.jewelers.org. Visitors can quickly see whether or not legislation on sales tax fairness or jewelry product-related issues (such as limits to cadmium in children’s jewelry) have been introduced in their state. The Legislative Action Center now also includes state-level capabilities so users can contact federal and/or state officials.

Some quick tips to help you make the most of our expanded legislative offerings and to get involved on issues that matter to your business:

Don’t Be Afraid to Switch Providers

Do you have services or business providers that you want to change but you worry that your current provider will make this difficult? If another company is offering you a great deal and comes highly recommended by several sources, don’t let your current company push you around while making the switch.

Matthew Focht, president of Tru®, a consulting company that negotiates credit card processing rates for jewelers, says to be wary of tactics used by companies who want to keep your business, even if you feel forced into the decision.

He suggests using the following tips to avoid getting stuck with a difficult service provider:

Defuse Unhappy Customer Comments

Whether you’ve embraced the web or not, your business can still feel the impact of a negative customer review on websites such as Yelp.com. According to BIGresearch, a consumer market intelligence firm, 92.5% of adults say they regularly or occasionally research products online before buying them in a store.

For this reason, it is imperative that you control your reputation on the wild wild web. In “How to Take Control of Your Online Reputation,” Mikal Belicove offers tips from Neal Creighton, co-founder and CEO of RatePoint, which provides online review services to businesses. Creighton shares ideas on how to address unhappy customer feedback before it negatively affects your brand online. 

Use Creighton's tips to make sure your reputation thrives online -- and on Main street:

Get Value From New Hires

Successfully hiring a new employee is a process that starts well before a staffer’s first day at work. In “Get Immediate Value from Your New Hire,” Amy Gallo shares ideas on how to best integrate a new employee into your business.

She identifies three key components to to have new hires thriving immediately:

Live From Las Vegas: Retail Masters of Promotion

Smart marketing is a key component of your business, but how do you create great, affordable promotions that work? Amanda Gizzi, Jewelers of America's director of consumer communications, will seek the answers to these and other questions as she moderates the JCK Show panel, “Retail Masters of Promotion.” Savvy promotional experts will share insight into the marketing puzzle. The panelists include Cathy Calhoun, of Calhoun Jewelers; Kristen Darrow, of Fred Meyer Jewelers; Dan Schuyler, of Lily & Co.; and Ryan Berg, of Lee Michaels Fine Jewelry.

Attendees of the session will take away great marketing tips including:

Live from Las Vegas: Diamond Dialogue

As you scan the Las Vegas jewelry trade shows for holiday gems in June, don’t forget to take advantage of the myriad of educational opportunities available. There will be sessions taking place throughout the week, at both the JCK Show and Couture.

One seminar not to be missed, “Diamond Dialogue: The Kimberley Process and Consumer Confidence,” is set for Thursday, June 3, at 12:30 p.m. The session will be hosted by the World Diamond Council (WDC) and is sponsored by the Diamond Information Center (DIC). Director of the Diamond Development Initiative International Dorothee Gizenga will moderated a panel of experts, including WDC President Eli Izhakoff, U.S. State Department representative Brad Brooks-Rubin, Jewelers of America President & CEO Matthew A. Runci, Jewelers Vigilance Committee President & CEO Cecilia Gardner, and representatives from non-governmental organizations among others.

Plan For the Las Vegas Jewelry Shows

The Las Vegas jewelry trade shows are right around the corner. Are you prepared to make the most of your product purchasing and networking time this year? With more than 2,500 exhibitors at the JCK Show and over 200 exhibitors at Couture, planning your visit to Las Vegas is more than essential.

Amanda Gizzi, Jewelers of America Director of Consumer Communications, offers smart planning tips so you can maximize every dollar and minute of your Las Vegas trip:

Think Twice When Cutting Costs

When reviewing how to save money in your retail business, it’s important to carefully consider how each cost-cutting decision you make will impact your business. David Peters, Jewelers of America’s resident education and management expert, shares his insight on how to analyze cost-cutting decisions.

Use his tips to review your cost-cutting options to see how they will affect key areas of your business: 

Successfully Negotiate With Partners & Customers

In order to survive in today’s challenging and competitive business landscape, you need to brush up on your negotiation skills. Whether dealing with suppliers or customers, being a good negotiator can help you achieve your goals. At the 2010 American Gem Society Conclave, held in April, attendees learned negotiation concepts from Harvard Law School Professor Guhan Subramanian.

Use these tips to thrive with your business negotiations:

Boost Your Jewelry Profits

As the economy starts its slow recovery, businesses still need to be cautious when it comes to spending. However, there are opportunities out there to grow.

David Peters, Jewelers of America’s resident education and management expert, offers the following action items to increase your profitability:

Revolutionize Your Business Through Change!

At the 2010 American Gem Society Conclave in April, William Taylor -- a best-selling author and entrepreneur -- presented a keynote speech titled, "Practically Radical: Unleashing the Big Change in Tough Times." He encouraged jewelers to create a revolution of sorts and do things differently in these challenging economic times. Taylor offered clever ideas and posed some thought-provoking questions to the audience.

Taylor is the co-founder of Fast Company, one of the most irreverent and iconic business magazines in history. Never one to be satisfied with “playing it safe,” he feels hard times separate leaders from the pack -- if you can summon the leadership skills to take risks.
 
Taylor was clever, and posed some thought-provoking questions to the audience. Here are just a few of the business savvy ideas he shared:

Use Creative Financing To Gain More Sales

In this tight credit marketplace, getting a potential customer to walk in the door is not always the biggest obstacle. Often, the main hurdle is actually getting the customer approved for a loan.

“Most jewelers do not even realize there is an incredibly easy way to offer short term financing, requiring no credit check, which has little or no cost to the jeweler and to the customer,” says Matthew Focht, president of tru.

Focht explains how modern check processing can achieve this short-term financing:

Summer Event Idea: Lights, Camera, Jewelry!

It’s been two years, but the fashion-forward gals from the television series “Sex and the City” are back with the sequel to their hit 2009 film. Sex and the City 2, opening nationwide on May 28, "Carries" on the tradition of friendship, fun and yes -- fashion. Just one look at the movie’s trailer (even the logos sparkle!) makes it clear that Carrie Bradshaw and her pals are still accessorizing big-time, and that includes jewelry. (Even Mr. Big gets in on the action, with Carrie gifting her husband of two years a new watch.)

Whether it’s on the red carpet or the big screen, women will want to emulate the looks they see this summer. Take advantage of the buzz by promoting Hollywood-inspired jewelry in your store.

Some movie pitches (and key release dates) to give you ideas: