New Year's Resolutions for The Independent Jeweler

New Year’s Resolutions For The Independent Jeweler

So…you’ve made it through yet another holiday season, paid the bills (hopefully), reviewed what worked and what didn’t and are ready for a fresh start in 2013!  Maybe you’ve had a wonderful season and wouldn’t change a thing for the coming year or perhaps you’re like a lot of jewelers I’ve talked with and are left scratching your head, wondering what to do for 2013.  Here are a few ideas:

·         Start collecting customer info to use in direct marketing including name, addresses, telephone numbers, email address, birthday & anniversary dates, children’s info

·         Get actively involved in social media most especially Facebook (I recommend a personal page for yourself and a fan page for your business)

·         Use the email addresses you’ve been collecting and start sending a weekly email blast to your clients with specials, new arrivals, repair specials, etc.  In case you’re afraid you might offend a customer, know that the larger jewelry chains send daily emails to their clients!

·         Have your staff as well as you make a point to reach out and contact at least 5 customers per day via telephone just to say, “Hello” without a hard sales pitch.  People like to know you’re human and not just trying to sell them something.

·         Make a commitment to send every customer who makes a purchase a thank you card or note along with a gift certificate for them to spend later (you choose the amount).

·         You’ve put it off for years, but this year is the time to get involved in local community civic affairs so that you can meet people and they can get to know you and what you are all about…it reaps benefits!

·         To increase your average ticket sale, train and retrain your sales force to develop a process of upselling or adding on to each transaction…it’s the quickest way to get to a higher ticket sale overall!

·         Increase the amount of times you touch your customer list (you do have one?).  Agree to touch everyone on your list via telephone, direct mail or email at least six or more times per year.  In my store, we reach out to our clients in some form almost monthly.

·         Host more events for your store rather than just another sale.  Events create buzz in the community and allow for more profit than when you just do another sale.

·         Look at what your customers are requesting as well as buying.  Do you have the right inventory and enough of it?

·         Remember to reorder your fast selling items weekly, not monthly…you’ll make more money if you do!

In the last week, many jewelers have told me about their holiday results and they’re both good and bad.  Amazingly, the one thing I noticed above all was that those who promoted their store actively thru the entire year, did better than those jewelers who only did it once in a while. 

My friend George Prout with Gems One and I have been exchanging emails discussing the changes taking place within our industry.  One thing is for sure, today’s jeweler simply cannot afford to sit on their duff because they won’t make it much longer.   

The piece of pie is getting smaller for each of us and I plan to get my store’s fair share…how about you?  The ideas above are only a few things that you can do today to impact your business in a positive way…think about it, meditate on it and then put them into implementation!  Your staff will thank you and more importantly, your thicker pocketbook will thank you!

Until Next Time,

Bill Warren, DDJM (Doctor of Dynamic Jewelry Marketing)

828-729-1020

Email:  goldman86@bellsouth.net

STULLER'S BRIDGE EVENT - A Must See for the Jeweler of Tomorrow

Yes, normally I write columns on the subject of marketing, but this one will be a bit different.  What does Stuller’s Bridge event have to do with marketing?  Maybe nothing and maybe everything... you decide!

At Stuller’s invitation, I decided to fly down to Lafayette to their Bridge event which showcases not just tools or mountings, but technologies enabling the jeweler of today to become the “Jeweler of Tomorrow.”

Upon arriving at the Lafayette, LA airport, Stuller employees were waiting to pick myself, my store manager and my goldsmith up and transport us to our hotel room (all of which Stuller had paid for).  These Stuller employees had a big smile on their face, enthusiasm in their voices and bright blue shirts on with the Stuller logo.  Their friendliness was beyond belief and it was very easy to see why Louisiana is one of the happiest places in the USA.

After arriving at a brand new first class hotel and resting for a bit, we were invited to a beautifully appointed banquet room to enjoy some wonderful Cajun cuisine.  Several Stuller employees addressed the group that evening, including Matt Stuller himself.  It was interesting to note that they told us exactly why they had brought us there, what they hoped to show us and how it would benefit our stores.  They demonstrated considerable passion but more importantly showed us how much they cared about the industry and how they could partner with independent jewelry stores to help us grow and become “The Jeweler of Tomorrow.”

The next morning, we were picked up once again by our enthusiastic, smiling friends in the blue shirts and transported to the Stuller facility.  Folks, please understand something, I come from an area that has some of the biggest factories in the world (including a large Google facility), what I saw was a very modern jewelry manufacturing facility (the largest jewelry manufacturer in the USA to be exact) and this building measured 1/3 of a mile long in one direction!  It was absolutely an amazing sight to see and I really appreciated where Matt Stuller had come from after having watched his company grow for the near 30 years I’ve been in the industry.

Stuller served each of us a wonderful Cajun breakfast in their very own cafeteria and then it was off to the races.  Of course, touring the facility was great, but Stuller’s people are probably what impressed me most.  Never once did they try to sell something directly, but instead they showed each of us in this group of 100 jewelry store owners how they could benefit our biz with the latest technology and products.

While there, I met a few of our friends off the Polygon Jewelry Network, Curtis Miller and his lovely wife Mary Margaret who were an absolute delight.  Curtis and I, who are versed in CAD/CAM and other jewelry technologies, were absolutely amazed by the “Jewelry Store of Tomorrow” which was actually set up within the facility.  Modern cases, lighting, flat screen televisions, iPads and various other technologies showcased how the jeweler of tomorrow could interact with their customers.  It actually made each of us rethink how we could operate our business.  One of the biggest lessons I took away is that there is more than one correct model to run a jewelry store.

My staff was blown away with the prototype models that could be offered to our customers and how it could also interact with our CAD/CAM programs.  When Matt Stuller stood up to speak to us again, he mentioned a concept that I found most interesting.  He simply said, “Jewelers today need to start thinking SMOL” (pronounced just like small).  SMOL stands for “Sell more, own less.”  Simply put, with precious metal prices being what they are, why would we want to stock all of these mountings, bands, etc. when we can show customers by using prototypes and then have the mounting shipped overnight for your customer to pick up the next day.

Admittedly, I have not been a big fan of selling prototypes until now.  Once you get comfortable with the concept it becomes quite easy and your customers will love the idea of showing prototype mountings that look and feel like the real thing that can be custom made just for them.

Again, what does all of this have to do with my regular marketing column?  OK, here you go!  Matt Stuller actually didn’t try to sell us a thing, but he and his staff showed us how Stuller’s products and capabilities could easily benefit our stores.  Every employee we met was absolutely “Up” and displayed genuine enthusiasm for their job.  The excitement was quite infectious as my employees came back and started setting the world on fire in our store.  Did I mention nobody tried to sell me a thing? But by using a gentle and genuinely helpful approach, I’m sure much business was done to the benefit of all parties (I made a laser welder purchase while there!)

As one attendee stated, “Why would anyone want to do business anywhere else after having an experience like this?”  Words cannot describe all we experienced while at Stuller, but let me ask you a question.  What are you doing to “Wow” your clients and what are you doing to make “Evangelists” of each by giving them an experience to remember and not just always going for the “Hard Sell?”  I’ll never think the same way about my business after having been to an event like this.  Are you doing things for your customers that would make them say, “After having experienced that, why would I want to go to any other jewelry store?”  Think about it.

Customer Reviews Help Market Your Biz

You read the title correctly, customer reviews of your business does help in marketing to new clients!  The reason is simple, so many folks check Google, Yahoo and other online places often before making an initial visit to your store!

It continually surprises me at the businesses who do not try and cultivate reviews on Google of their operation.  If you own a jewelry store, do you realize that couples under 30 rarely ever look at a telephone book but go straight to the computer and "Google" local stores?  Its true and statistics prove it...

So how do you go about cultivating good reviews for your business?  Simply ask your customers when you've completed a sale with them is one easy way.  Why not?  While the experience is fresh is often times the best time to ask a bit of good will from your client.

Another thing that I do is to ask fans of your facebook page to post a review online.  When they do, send them a small gift as a token of appreciation such as a giftcard/certificate etc.  You'll be surprised how many reviews they might do when you reward them.

Go ahead, give it a try..you'll be glad you did!

'til next time,

Dr. Bill Warren, DDJM (Doctor of Dynamic Jewelry Marketing)
828-729-1020
goldman86@bellsouth.net

My Secret Weapon

If I had to start my jewelry business over tomorrow and could only keep one asset from my prior business, what do you think it would be?  What is the one most important and critical element to every businesses success?  Why nothing other than your in-house, customer mailing list of course!  You do have one don't you?

Ok you might say, why is your customer mailing list so important?  First of all, its ultimately much easier to sell to customers you're already served than trying to sell to new customers who have never been in your store.  These customers are predisposed to buy from you!

The second reason is that its much cheaper to market to your in-house mailing list with affordable direct mail and postcards than it is to do what I call "Spray and Pray" mass marketing such as newspapers, billboards, etc.

Thirdly, its easy to segment your in-house mailing list (mine numbers aprx. 14,000) by any demographic you choose.  For instance, I suggest you mail special offers, notifications of new lines, events to the "Top 20%" of your mailing list.  In other words, the 20% who have spent the most with my store, hear from me more often!  You may also choose to mail to only married couples or customers with a birthday during the month of October as other examples.

Its also critically important that you reach out and "Touch" your clients at least six or more times per year...if you are not, you are missing the boat my friends!  Why do you think the big box stores (you know who I mean) mail special offers and catalogs to their clients every month or more?  SIMPLY BECAUSE IT WORKS!!!   If it didn't work, do you really think the mass merchandisers would keep sending you their direct mail offers?  Of course not!!!

Yes, my secret weapon that spells success, is my in-house mailing list!  It repeatedly churns out a great return on investment that no other form of advertising/marketing can even come close to!
If you have not started your own customer mailing list, let me give you a few tips:

1.  Above all else, start collecting the name, addresses, telephone, email, birthday and anniversary dates of each client you serve.

2.  Tell clients that you'll put them in your "VIP CLUB" and send them a card with a gift certificate to spend  in your store on their birthday and anniversary.

3.  At least once a week, email a special offer to those you've collected email addresses from.

4.  Send special direct mail or email offers to the "Top 20%" of your customer list more frequently.


Bill Warren is president of The Gold Mine Fine Jewelry & Gifts, Inc., a successful jewelry store in the western NC town of Hudson.  He recently formed Warren Marketing Systems, a company dedicated to helping small to medium size jewelers achieve success through innovative marketing.  He regularly speaks at jewelry shows and conventions and also is a member of the Marketing Wizards Alliance.  If you would like to receive more money making ideas like those in this article, consider subcribing to the Marketing Wizards Alliance Newsletter. To do so or to  contact Bill, call 828-729-1020 or email at goldman86@bellsouth.net
Visit Bill's Jewelry Store website at:  www.hudsongoldmine.com

Do You Take Time To Think About This?

I often wonder if my fellow business owners really take the time to do one very crucial thing...and that it, "Do they really spend any time thinking about new ways, new revenue streams and anything else that will improve their business?"  Its the truth...many don't!!!

You see, I learned many years ago to at least take 30 minutes a day during a time in which I'm uninterrupted and think about the systems that make my business run.

During this time, I often think of how Earl Nightingale once said that this time is like mining in a vein of pure gold!  After one of these thought sessions, I came up with a complete new way of thanking my customers while giving them an offer to come back in my store.  I was also able to obtain a phone number of a competitor who was going out of business and use it to my store's benefit by gaining many new customers from my former competitor.

I urge you, take a few minutes each day...get off to yourself and with a notepad, start jotting down any ideas that come to you..no matter how silly they may seem.  Then prioritize them and put them to work in your store.  You'll be surprised at the results and just like myself, you'll find that it lights your fire!

Success,

Bill Warren
www.warrenmarketing.blogspot.com
828-729-1020
hidden69@charter.net

Remember This Or Your Business Will Die!

A good friend and mentor of mine, Jim Ackerman of Ascend Marketing taught me something many years ago that I wish to share with you and that is...

There are only 3 ways to grow any business!

1. Get More Customers
2. Get Those Customers To Spend More Money
3. Get Those Customers To Spend More Often

Yes, as a business, we do need new customers everyday so thats where the "Getting More Customers" comes in.  But it is equally important to get your new and existing customers to spend more money, more often!

How do you do that?  You get them to spend more money by what some would call "Add Ons or Bump Ups".  Its very important to have a list of things you can add on to each sale, value added offers, or counter specials to which you can increase the amount of each sale.  Now, lets talk about getting your customers to spend more often.

How do you do that?  By sending them special timed offers on a regular basis to get them back in your store more frequently.  Too many business owners are simply waiting around for their customers to come to them but they're not giving those customers a good reason to do so!  Make a phone call, let them know about a new line you've received, send them a coupon, send them a gift certificate for their birthday or anniversary.  Most importantly, just do something!!  Those who are waiting to do business will be waiting simply to go out of business!

Truly Yours,

Bill Warren

828-729-1020

www.warrenmarketing.blogspot.com 

goldman86@bellsouth.net

goldman86@bellsouth.net

A Word From Your Sales Prevention Department

I'll bet you didn't realize that most retailers truly have a "Sales Prevention Department" did you?  Yes, its true my friends, many of you are staking a claim there almost daily or at least some of your employees are!

Hear me out ok?  Whenever we let the telephone ring for too long...we're a part of this department.  Whenever we don't return our calls promptly, yes, we're visiting this department.  

Every person in your organization is also a part of your marketing team.  Regardless if they actually sell or if they're a bookkeeper...how they present themselves, handle clients or your product speaks "Marketing" or lack there of to everyone!!!

Please make sure you and your employees are not taking a "Carefree" attitude of your business and pay attention to how customers might perceive your business.  Please don't be a part of the "Sales Prevention Department!"

Success,

Bill Warren

Warren Marketing Systems

828-729-1020

www.warrenmarketing.blogspot.com