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

JA Featuring Cruise Giveaways, Members-Only Lounge @ JA New York Show!

You don't want to miss a visit to the Jewelers of America Booth #1582 at the JA New York Summer Show, Sunday, July 24-Tuesday, July 26. We're featuring even more exciting member perks, giveaways and show specials than ever before.

Cruise Giveaway!

• The first 200 booth visitors will receive a 2-for-1 voucher for a Norwegian Cruise Lines cruise!
• You can also enter our special raffle to win a 4-night cruise for two to the Bahamas*, courtesy of Capital Marketing Concepts!
• Meet Denise Horton from Denise Horton of Capitol Marketing Concepts, who can show you how your staff can increase sales with your own Norwegian Cruise Line promotion.

Live From JA New York: If You Have Only $5,000 Left...

As the global recession has worsened, foot traffic has dwindled and consumer spending has plummeted. If you’re feeling panicky, you’re not alone. But independents who stop marketing now are making a shortsighted – and potentially fatal – mistake, according to Rafael Mael, marketing strategist for Brand Launcher.

At his JA New York Winter Show seminar, “Market or Die: 5 Ways to Grow Your Jewelry Sales in a Challenging Economy,” Mael suggested that instead of cutting promotional budgets, which will inevitably hurt sales, retail jewelers should concentrate marketing expenditures where they count most.

But what should you do if you’re down to your last $5,000 in promotional spending? Hold an event, said Mael. When executed well, this can inject an immediate cash infusion into your store.

Live from JA New York: Maintain Regular Contact With Customers

While the economy may seem like a barrier to success in these challenging times, don’t give in! With the right tools and attitude, you can still thrive. According to David Peters, director of Member Services for Jewelers of America, regular contact with customers is a key component of retail success during good times, and its critical now.

In his JA New York Winter Show seminar, entitled “Selling in Challenging Times,” Peters maintained that the relationships you build with your customers are among the most important resources you have to make it through these tough times.

He suggested retailers use the following tips to thrive with customer relationships:

Live from JA New York: Create an Unforgettable Shopping Experience

In the age of “retailtainment,” your store needs to provide consumers with not only product, but a great shopping experience. One way to achieve this is by creating an interactive sensory experience that inspires the customer to buy again and again, and to share the experience with their friends. 

 

In his JA New York Winter show presentation, “Make Your Store Stand Out – Presentation Techniques and New Trends,” Andy Macaulay, director of business development, independent jewelers for Chippenhook, offered ideas on how your store can give customers an interactive shopping experience break through the visual clutter of today’s retail marketplace.

Macaulay said some key components to thrive with sensory shopping include: 

Display Based on Product Categories: Set up display windows and showcases by major merchandise classification to tell one complete and easy-to-understand story. For example, display a diamond story, a color stone story, etc.  Merchandising by major classification creates visual impact and simplifies the selection process for the customer.

Live from JA New York: Move Customers From “Just Looking” to Buying

A great sales presentation isn’t about what you can tell the customer, but what you can get the customer to tell you. That’s why asking the right questions is critical to your ability to successfully move the sale toward the cash wrap.

Brad Huisken, principal of IAS Training, offered insights on the Seven Essential Questions to get the maximum amount of information from a customer at his JA New York Winter Show seminar, “‘If I’m Just Looking is the Answer,’ It’s Time to Change the Question!”

Huisken said these are some dead-end questions or phrases jewelry retailers should avoid to keep the sales presentation thriving:

Live From JA New York: Control Your Quality

In these challenging economic times, your service department is a crucial component of your jewelry business. That’s why you need a comprehensive quality control system in place to ensure high levels of customer satisfaction and to protect your reputation as a professional jeweler.

Arthur Skuratowicz, president of Jewelry Training Center, presented a Jewelers of America-hosted seminar entitled, “Quality Control Issues in Jewelry,” at the JA New York Winter Show on Sunday, January 18th. He said that communication between the bench jeweler, sales associates and managers is an important component of quality control.

Among his suggestions for improving the flow of information, Skuratowicz had these suggestions for retailers:

Use Incentives to Capture Customers

Consumers are thinking just a little bit harder these days before they purchase, especially when it comes to luxury items that aren’t essential (versus gas or groceries). A little nudge in the form of an incentive can make the difference between the consumer who’s “just looking” and the one you ring up at the register.

In a recent presentation at the JA New York Show, Rafael Mael, marketing strategist for Brand Launcher, described how jewelers can use “irresistible bait” as part of an overall marketing plan. When implemented with style, incentives attract new customers, motivate them to buy, keep them coming back, and encourage them to refer their friends and families.

Here are Mael’s primary types of “bait”:

Live From JA New York: Buy Smart, Think Retail

This week we are featuring tips culled from the expert presenters at the upcoming JA New York Show. If you are attending the show, don't miss the Jewelers of America-sponsored education seminars held Sunday, July 27-Tuesday, July 29.

One of the main challenges facing jewelers today is too much cash tied up in non-performing inventory.

By drilling into the details of inventory, you can discover patterns that will help you improve the way you buy. Abe Sherman, CEO of Buyers International Group (B.I.G.), will offer a session at JA New York Summer Show on “Inventory Out of Control! Solutions for a Changing Market.”

Sherman says a few simple steps diligently applied can have you planning your inventory to get the results you desire; he offers these tips to thrive with your buying patterns:

• Next time you are ready to buy, think about the retail price first.  Most of us buy based on cost, and mark up the piece and wonder if we can sell it for “$x.”   Why not work backwards from retail?  It's how the Majors do it.
• Before you start buying, look at what your customers have bought over the past year so you can start planning your inventory based on what product and price points sell.

Live from JA New York: Maximizing Marketing Effectiveness

Marketing your business is more essential today than ever before.  It is during uncertain times that marketing and public relations must become a priority.  However, without spending millions on a marketing campaign, how do you go about effectively marketing your business?  Before you even begin to market business, take a good hard look within.

During the Jewelers of America Education Seminars at the JA New York Show, Jewelry Information Center’s Amanda Gizzi will be leading “Maximizing Marketing Effectiveness:  Preparing You and Your Business for Marketing Success,” where she will discuss the following tips to get you on your way to thriving in marketing:

• Identify your store’s unique selling perspective (USP.)  Sit down evaluate what makes your store special.  What separates you from your competitors? Why should someone purchase from you instead of anyone else?   Assess if your answers are truly unique and special to your store.  Your unique selling perspective should be communicated in one or two sentences.  Your USP should be articulated in all of your marketing efforts.

Live from JA New York: Go with the Cash Flow

This week we are featuring tips culled from the expert presenters at the upcoming JA New York Show. If you are attending the show, don't miss the Jewelers of America-sponsored education seminars held Sunday, July 27-Tuesday, July 29.

Are you operating your business by looking in the rearview mirror? While reviewing your monthly financial statements can provide valid information—such as where you spent your money and what your margins are, they don’t provide the full picture of where your business is going. That’s why progressive owners use budgets and cash flow projections, keeping their eyes on the road ahead.

Tom Shay of ProfitsPlus Inc. will provide a road map for retailers during “Black Ink: Cash Flow Management Secrets” at the JA New York Summer Show. He shares these suggestions for getting started:

• Review your monthly profit and loss statement and balance sheet to understand what has transpired financially in your business. As the business owner, it is your responsibility to know how to read the financial statement as well as understand how each of the segments interacts with each other.

Live from JA New York: Market or Die

This week we are featuring tips culled from the expert presenters at the upcoming JA New York Show. If you are attending the show, don't miss the Jewelers of America-sponsored education seminars held Sunday, July 27-Tuesday, July 29.

Take a weak economy, add skyrocketing oil prices and mix in plummeting consumer confidence. Add an onslaught of competition from big box retailers and e-tailers with razor-thin margins and no inventory, and you’ve got a serious problem. Eight-hundred independent jewelers closed their doors last year, and many more are feeling the pain. 

It’s not all doom and gloom. Experts expect almost $70 billion in jewelry sales in 2008. But how can you capture your chunk of that goldmine? In the upcoming JA New York Show session, “Market or Die: 5 Ways to Grow Your Jewelry Sales in a Sinking Economy," marketing expert Rafael Mael will share five specific marketing strategies that you can use to drive in new business to your jewelry store. 

 

Live from JA New York: Pricing Repairs for Profitability

This week we are featuring tips culled from the expert presenters at the upcoming JA New York Show. If you are attending the show, don't miss the Jewelers of America-sponsored education seminars held Sunday, July 27-Tuesday, July 29.

Rising precious metals costs and growing pressures to increase your store’s service department productivity have made accurate pricing of repairs crucial to your bottom-line success.

You can increase your service department profits by using a professional repair pricing guide. Tom Weishaar, JA Certified Master Bench Jeweler with Underwood's Fine Jewelers, Fayetteville, AR, will offer a session at JA New York Summer Show on “Pricing Repairs for Profitability—How to Develop a Comprehensive Repair Pricing Guide,” and he offers these tips on how to  increase repair profitability:

• Profits from repair work are made at the take-in counter, not at the bench.
• When it comes to repair work customers value quality more than price.