If there’s one thing outside of your control that could wind up determining the success of your holiday selling season, what will it most likely be?

• The state of our national economic condition (i.e., inflation, the war in Israel and the Ukraine). Online sales also can hurt. — Gene, John and Krista Poole, Hudson-Poole Jewelers, Tuscaloosa, AL
• My health. I’m experiencing a health challenge I hope to be resolved soon! — Kas Jacquot, Kas A Designs, Jefferson City, MO
• WEATHER!! Especially on or near 12/20 and later. A bad storm can ruin us and make me puke … — Tom R. Nelson, Nelson Jewelry, Spencer, IA
• I need more sales staff who are substantively knowledgeable about jewelry. I need more people on the floor who can sell diamonds. I need to clone myself times three. The success of holiday relies almost solely on the number of good people I have on the floor. — Andrea Riso, Talisman Collection, El Dorado Hills, CA
• We’ve had a lengthy search for another jeweler. There’s a limited pool, and the vast majority have low level skills. The top level jewelers have mostly aged out or are about to. This will impact our growth. — Debbie Fox, Fox Fine Jewelry, Ventura, CA
• Snow: When it flies, we get busy. Smiles: If our farmers are happy, so are we! Wine: The more it flows, the better the holiday celebrations have been (and everyone is in a good mood!). — Erika Godfrey, Hawthorne Jewelry, Kearney, NE
• One of my competitors just announced her retirement sale. It appears that she hired a professional sales company and they have brought in a lot of cookie-cutter merchandise. I expect sales will be off as much as 50%, but in the long term, I will survive because I own nothing and have a fully stocked store and a cash cushion. My biggest challenge will be keeping the staff from becoming too disheartened. — Edwin Menk, E.L. Menk Jewelers, Brainerd, MN
• The same financial nervousness that has affected my selling success all year. I’m hopeful that gift-giving will open some wallets. — Janne Etz, Contemporary Concepts, Cocoa, FL
• The health and wellness of our sales team and our customers. Our city is experiencing an uptick in COVID and flu, causing the store to be short-staffed during busy sales days and customers fearful of shopping in-store. — Beth Greene, Conti Jewelers, Binghamton, NY
• Our weather. If we get ice, it can be brutal. The snow doesn’t really slow things down too much, but you can’t get around on the ice. — Sherrie Schilling-Devaney, Sherrie’s Jewelry Box, Tigard, OR
• Lab-grown prices this year. — Gene Arthur, Arthur’s Jewelry, Reidsville, NC
• Weather can sometimes be a factor that affects sales, for better or for worse. If it feels like Christmas outside, then people are in a buying mood. But if it feels too cold like the North Pole outside (or too hot like Santa’s beach house), people seem like they are less in the buying mood. — Kyle Bullock, Bullock’s Jewelry, Roswell, NM
• Media casting doom and gloom. — Willa Dickens, Herteen & Stocker, Iowa City, IA
• The weather and scheduling of the NFL. — Cindi’s Diamond & Jewelry Gallery, Foxboro, MA
• How much people want to spend. People are tightening their belts now, so I’m pretty sure that will impact us during the holidays. — Rick Sanders, Sanders Jewelers, Gainesville, FL
• Customers’ attitudes toward the holiday. If the feeling is upbeat, happy holidays! If things feel dark and moody, it will be reflected in holiday sales. Lucky for us, we realized the folly of living all year for a make-or-break holiday years ago. We do our best, but it never rocks our boat because we are always busy with the next project. — Jo Goralski, The Jewelry Mechanic, Oconomowoc, WI
• Government. Yuck!! Don’t get me started! — Rick Nichols, Nassau Jewelry, Fernandina Beach, FL
• Re-re-re-birth of COVID? Maybe a tsunami from Lake Michigan? Asteroid showers? After the past couple three years we are prepared for anything short of the Big One. — Cliff Yankovich, Chimera Design, Lowell, MI
• I think the unrest in the world has a lot of people nervous. — Patty Gallun Hansen, Dorothy Gallun Jewelry, Cedarburg, WI
• War. It has already impacted our sales. — Gregory Fliegauf, Fliegauf Jewelers, Washington, NJ
• People telling their friends and family about where to shop for jewelry. — Dave Fadel, Fadel Enterprises, Bountiful, UT
• That’s easy: the whimsical, irrational, entirely pattern-free inclinations of online jewelry buyers. — Gretchen Schaffner, Eytan’s Designs, Sherman Oaks, CA

The post Out of Your Control? Our Brain Squad Tells What Could Affect Sales This Holiday Season appeared first on INSTOREMAG.COM.

What effect are the dropping prices of lab-grown diamonds having on your diamond sales?

• We finally established an in-house protocol for lab diamonds trade-in policies so both the store and the customers are treated fairly. For trade-ins, I will give you the going market rate on lab-grown diamonds. With this policy in place, I feel good about selling and educating my customers on lab diamonds. Many millennials come in with a juicy diamond budget, but lab buyers are looking for SIZE with smaller spending margins. Quality is not an issue, most shapes are available. We do custom anything, so realistically the only sticky wicket is being up front about trade-in value. I like presenting my clientele with a smorgasbord of options to fit their particular idea of the perfect ring! — Denise Oros, Linnea Jewelers, La Grange, IL
• Sales of lab-grown continue to outpace natural diamonds. We now sell more labs in count and total dollar amount (sales AND profit) than naturals. — Jim Tuttle, Green Lake Jewelry Works, Seattle, WA
• They are making me glad I never sold lab-created diamonds. I don’t have to explain why lab-grown diamonds are like used cars … — James Doggett, Doggett Jewelry, Kingston, NH
• Total sales dollars are less because of it, but it seems like the demand is up — so it evens out. — Cathy Miller, Caleesi Designs Jewelers, Austin, TX
• None at all. It actually gave us an opportunity to make more profit. As the prices dropped, we were able to hold the line onto our pricing and then make more profit doing so. — Alex Weil, Martin’s Jewelry, Torrance, CA
• We’re selling more with added disclosures about lab-grown being for beauty and savings, with no guarantee of future appraisal/replacement value. We also stopped trade-up offers. In one case, we had a lab-grown center on memo, we returned it to the vendor, we called it back within four weeks for another viewing and the price was half. That is hard to explain. — Jill Keith, Enchanted Jewelry, Danielson, CT
• It is very frustrating since customers are finding prices online that are hundreds of dollars less. That is why we do not buy them and only memo them. — Karen Hollis, K. Hollis Jewelers, Batavia, IL
• Jewelers are the only ones worried about it. — Ragnar Bertelsen, Ragnar Jewellers, Vancouver, BC
• Customers are becoming more informed that lab diamonds have no real value. We are seeing more clients buying natural. — Elizabeth Saba, Presley Co. Fine Jewelers, San Diego, CA
• We’ve noticed a marked uptick in requests for nontraditional engagement rings featuring sapphires, dirty diamonds, or heirloom old-cut diamonds; we think this is an inevitable result of lab diamonds. — Gretchen Schaffner, Eytan’s Designs, Sherman Oaks, CA
• Younger people love the look and price of the lab-grown diamonds. Older generation want the tried-and-true “grew in the ground.” — Mary Jo Chanski, Hannoush Jewelers, Rutland, VT
• To me, lab-grown diamonds and mined diamonds are two separate product categories and attract different types of customers. Therefore, the price does not become an issue. — Patty Gallun Hansen, Dorothy Gallun Jewelry, Cedarburg, WI
• Lab-grown diamonds have killed the sale of our lower color and blurry natural diamonds. Mined diamonds are very slow right now, overall engagement rings are slow. — Nicholas Pronko, Steve Pronko Diamonds, Dickson City, PA
• They are dropping enough I don’t feel comfortable with the value for more than a week. Mined has a much steadier value. — Valerie Goodwin, Vaughan’s Jewelry, Edenton, NC
• It just leaves people confused. the diamond, once the main focus of the jewelry industry, is taking a back seat. — Steven Wardle, Forest Beach Design, Chatham, MA
• The number of diamond sales has risen, but the average ticket price has gone down. Lab-grown sales are up and mined diamond sales are down. The price divide is growing, and it’s hard to find a mid-priced option. — Dianna Rae High, Dianna Rae Jewelry, Lafayette, LA
• Steady on. Customers don’t know that gold used to be $250 an ounce, not $2,000, just like they don’t know what diamonds cost before they needed one. We sell both, but labs are super easy with my older ladies. — Jo Goralski, The Jewelry Mechanic, Oconomowoc, WI
• We are seeing an increased demand for natural diamonds. There have been fewer customers asking for lab diamonds, The growers and distributors have ruined the lab market by overproducing; there was room for everyone to make money. Tom Schowalter, Miner’s Den Jewelers, Royal Oak, MI
• Rapidly decreasing prices are making some clients more intrigued with lab-grown diamonds, while an equal number are shying away as they are not viewed as an asset. End result is equal to date. I expect lab-grown sales to soften. Steven B. Goldfarb, Alvin Goldfarb Jeweler, Bellevue, WA
• We’ve started carrying some since the price drop. I was skeptical until the price has seemingly stabilized. Gene Arthur, Arthur’s Jewelry, Reidsville, NC
• It is lowering our average sale and gross dollars in the door, but profit percentage is up. It has created new buyers in the category that weren’t before. Joel Wiland, J. David’s Jewelry, Broken Arrow, OK
• It hasn’t had an effect yet, but it’s pretty clear the manufacturers put out too much supply and killed the market. There is almost no value left in lab diamonds. At this rate, they’re going to be virtually worthless. Sydney Nusinov, Charles Nusinov & Sons, Parkville, MD
• Sales volume and demand are still strong, but margin and bottom-line dollar profit have deteriorated. It won’t be long before we stop offering lab-created diamonds because there is no way to make profit. Jeremy Auslander, Roxbury Jewelry, Los Angeles, CA
• Interesting. The dramatic drop in lab diamond prices has created an entry point for some who didn’t feel they could afford a nice-size diamond. And at the same time, we’ve seen customers who were considering a lab diamond decide on a mined diamond because of its price stability. Bill Elliott, Ross Elliott Jewelers, Terre Haute, IN
• Prices of lab-grown diamonds have only been dropping. The real question is how are sales of lab-grown diamonds affecting cash? The jeweler that is enamored with lab-grown because the margin is higher may be missing the critical piece: cash in hand. Bob Goodman, Robert Goodman Jewelers, Zionsville, IN
• Lab is easy … almost lazy. We still make a beautiful margin, so it’s difficult to have the desire to push natural. There was a time when I never sold lab-created stones (color), never stocked sterling, never even entertained alternative metals. All of those have a place in my store today. So does lab. It’s viable for the customer and for us. I mean, in small-town middle America in selling 5-carat lab diamonds. In my 25-plus years, I’ve only done that a handful of times for natural. It’s fun to see the client’s eyes twinkle! And again, I get to make money, and that makes my eyes twinkle. Erika Godfrey, Hawthorne Jewelry, Kearney, NE

The post How Dropping Lab-Grown Prices Are Affecting Diamond Sales, According to the INSTORE Brain Squad appeared first on INSTOREMAG.COM.

Do you hold sales contests for your staff?

Yes: 35%

• Fun contests, no serious competition but good reward. I don’t want to create a more stressful environment for my staff. — Nathan George, Joshua’s Fine Jewelry, Russellville, AR
• We play “Pass the Honey.” On a busy Saturday, I give $100 bill to the first person who makes a sale, then they have to pass it to anyone who makes a sale larger than theirs. At the end of the day, the salesperson with the largest sale keeps the “honey.” — Dianna Rae High, Dianna Rae Jewelry, Lafayette, LA
• To motivate them and to have some FUN. One of the many contests we are doing is Christmas Bingo. This one is held with six other jewelry stores around the USA. Big prizes here (NOT). Just bragging rights. Just a small sampling of the bingo squares include, “I’m a Good Customer”, “Day Drinker”, “Jewelry Licker” and “Smell them before you see them” … It’s a lot of fun. — Doug Meadows, David Douglas Diamonds & Jewelry, Marietta, GA
• We do, but in specific, sporadic and fun ways with special thought to try not to create unhealthy competition between our team members. — Jennifer Hornik Johnson, Miller’s Jewelry, Bozeman, MT
• We have bingo cards where each square represents a service or a sale in a different area of the store. It trains and keeps all areas top-of-mind and staff earn money filling out their bingo card! — Debbie Fox, Fox Fine Jewelry, Ventura, CA
• Some extra incentive to reward them for their creativity and hard work. — Georgie Gleim, Gleim the Jeweler, Palo Alto, CA
• Our staff is highly competitive, and they have a lot of fun with contests. — Dorothy Vodicka, The Gem Collection, Tallahassee, FL
• Sometimes I put “bounties” on old or slow-moving items to move it. — Krystal Shiklanian, Radiant Fine Jewelry, Plymouth, MI
• We do Customer Bingo to make the days fly by and line their pockets. I got a finger licker today! The laughter and the banter are worth the day it takes to design and print the random square cards. $100 to whoever wins. Then we start again … so much fun and great rivalry. Never saw employees try so hard for the goofball clients. Add-ons — that will add on to your check with a loftier percentage commission bonus. Be creative, have fun, be the best team because you can be. Make it so No. 1! The holidays are supposed to be F U N! — Denise Oros, Linnea Jewelers, La Grange, IL
• We run five different contests! Total sales, team sales, gross profit margin, most aged, appointments. — Tom Duma, Thom Duma Fine Jewelers, Warren, OH

No: 65%

• I should, but I neglect this part of my business. This question reminded me to get to work on running a sales contest. They are motivating and fun. — Howard Knopf, Robert Irwin Jewelers, Memphis, TN
• I pretty much am the sales staff. Sometimes I look at a piece and say, “This week, you must find a new home.” — Ellie Thompson, Ellie Thompson + Co., Chicago, IL
• I want them to be a team, not competing with each other. Do not “steal” a customer that is known to be seeking a particular staff member. — Gary Richmond, Van Horne & Co., Granger, IN
• It’s a family business, so we don’t compete with each other. — Arturo Carrera, Eclipse Jewelry, San Diego, CA
• My team does not do well with individual spiffs — they get sharky or scared about it. Team commissions and rewards have always done better if we did anything like a contest. — Kyle Bullock, Bullock’s Jewelry, Roswell, NM
• I’ve tried contests several times. No positive results. — Peter Tims, White Mountain Jewelers, Show Low, AZ
• From a consultation with Shane Decker, I learned what motivates me as well as staff … competitive sales contests were not on the list. We’re helpers and doers. And I’m much more spontaneous, so I’d rather surprise them with a gift card or time off for a business goal I couldn’t have achieved without them. However, our daily goal is to sell more as a team than last year, celebrate every sale and give each other feedback often through each day … things like, “I love how you shopped for this customer while I was meeting with them… I can’t wait to show them the diamonds they wanted to see as well as surprise them with a gift you found (which we brought in in memo) that he may want to give before the engagement ring is ready for pickup.” Setting daily goals, learning from each other, celebrating our collective success, giving an in-store customer experience like no other they’ve had … that’s our motivation to excel. — Jill Keith, Enchanted Jewelry, Danielson, CT
• It’s very important that the staff works together. In my opinion, a contest would pit the staff against each other. Can’t have that. I worked in a commission-based store and hated it. We were all against each other. Team atmosphere is very important. — Michael Kanoff, Michael’s Jewelers, Yardley, PA
• I am the sales staff! I would appreciate a simple high five for my custom sales closings from my business partner, but even that rarely happens. — Jo Goralski, The Jewelry Mechanic, Oconomowoc, WI
• We don’t, mainly because I don’t want a competitive environment behind the scenes that could potentially create an uncomfortable situation for a client. — John Thomas Mead, John Thomas Jewelers, Albuquerque, NM
• We act like one big family where everyone helps everyone. No commission, no fighting, no empty paychecks. It is a much less stressed environment. — Ellie Mickey, DBS Fine Jewelers, St. Michaels, MD
• They don’t need a contest to produce more sales; they want the end-of-month commission check. — Greg Tidwell, Bell Jewelers, Murfreesboro, TN
• We all wear many hats and fill in various positions throughout the store. It would be unfair to offer a sales contest that would favor whomever spends more time on the floor versus making jewelry in our workshops. — Rebecca Larson, Barry Peterson Jewelers, Ketchum, ID
• Just me and my wife, so of course I would let her win. — Rick Nichols, Nassau Jewelry, Fernandina Beach, FL

The post Only 1 in 3 Surveyed Jewelers Hold Sales Contests appeared first on INSTOREMAG.COM.

For decades, Smith’s had been known in the local community for giving back at local charity events. Through these philanthropic efforts as well as a prominent presence on local radio stations, they built a strong following of younger bridal customers. Their name was synonymous with having the largest selection of engagement rings throughout their markets, but they also curated a selection of fashionable jewelry, catering to diverse tastes and occasions.

While they built their business on in-person relationships, they also understood the importance of embracing new technology that would help them keep in touch with clients. As their stores passed through generations, they made a promise to uphold the ideology that retail stores should adapt to changing times in order to maintain their success. Eventually, they discovered a new software that could integrate with their existing POS system and help them nurture the relationships they had fostered over the years. The stores could stay in touch all year round, building relationships beyond buying and selling. The automated setup helped collect client information and turned into a way to effortlessly keep customers feeling close. Clients received warm wishes on their birthdays and anniversaries and were provided gentle reminders of the store’s presence during important moments.

It was at a cancer awareness event that a young couple named Scott and Kayla initially met the Smith family. Kayla felt an instant bond with the Smiths once she learned they had a shared experience, having both lost loved ones to cancer. She admired the family’s generosity in donating jewelry to the charity. This event wasn’t an isolated incident; it represented the store’s broader commitment to supporting their community.

After five years together, Scott and Kayla discussed the idea of marriage and taking the next big step together. Remembering the bond Kayla had formed with the Smith family, they chose Smith’s Jewelers as the store where they would search for the perfect engagement ring.

Upon entering the store, they immediately felt the love when they were welcomed by multiple family members, greeted by name, and offered refreshments. This personalized treatment extended to each guest who entered, whether making a purchase or not. The atmosphere was one of affection and comfort. Beyond the showcases of beautiful diamonds reflecting the store’s commitment to workmanship and quality, they sensed a familial atmosphere. What they discovered was that Smith’s Jewelers wasn’t just a jewelry store; it was a haven of stories, connections, and meaningful contributions to the community.

It was the day every girl anticipates: a chance to try on diamond engagement rings. Kayla’s eyes lit up with excitement as she slipped on different options. Their sales associate, Shelby, suggested that Kayla create a wishlist of her favorite pieces, which included three stunning engagement rings and a diamond pendant. Unbeknownst to Kayla, Scott discreetly made note of the ring that had stolen her heart – the ring that would soon symbolize his unwavering commitment. As they left the store, Scott made a promise to himself to return and make that cherished ring his own and began crafting a surprise proposal.

After the couple left, Shelby diligently entered Kayla’s wishlist into the Smith’s CRM system. However, a minor oversight in the system’s configuration would later have unintended consequences. Kayla’s contact information was listed as the primary contact for the wishlist, with Scott as the secondary. The system was programmed to send out automated text messages to primary contacts upon the completion of a purchase.

As a result, when Scott returned and covertly purchased Kayla’s favorite ring from the wishlist a few days later, the automation system sent a text message to Kayla asking for her feedback on her shopping experience. The system that had been intended to enhance the customer experience, uncover valuable feedback and streamline operations had disastrously spoiled what Scott had hoped would be the surprise of a lifetime for Kayla.

Kayla was devastated to break the news to Scott: She knew he had bought the ring, and the element of surprise was now lost. Fueled by frustration, Scott took action. He called the store and expressed his anger at the untimely text message that had undermined the surprise he had worked so diligently to create. He informed the store’s manager that if they couldn’t fix this, he would return the ring and would not be returning to do business in the future.

Stuart T.
Reisterstown, MD

The problem is, how do you put the genie back in the bottle? The young lady already knows about the ring purchase, so how do you make it right? This is a chance for the store to come out smelling like a rose. Come up with a great idea for Scott to give the diamond ring to Kayla. One idea would be for the store to organize some type of event for Scott to give her the ring. A flash mob could do a musical proposal with Scott at the center of it, along with photographers and Scott’s and Katie’s family. This is all done with Scott’s permission. Admitting to creating the problem as well as trying to correct it could be a big win for everybody.

Jacqueline S.
Russell, KY

Unfortunately, we are humans using CRM and mistakes happen. You cannot fix this mistake or truly do anything to make it right. The customer is rightfully upset, but how do you rectify this? You simply can offer an apology. You can’t turn back time. How about offering something exceptional as a way to fix this. Maybe, give them $5,000 towards their honeymoon or offer to provide them with free wedding bands. There are many things you can do, but it will never turn back time nor technology.

J. Mason C.
Chapel Hill, NC

Perfect example of the critical nature of online security. My business has not relied on artificial intelligence any more than absolutely necessary. Although a small oversight can cause problems, it is far more likely to occur in digital technology. No one deserves the aftermath, but it could’ve been avoided. I would never allow digital technology to automatically contact my customers. Such activity clearly reveals how vulnerable business is in the world of digital communication.

I would forgive the salesperson immediately and have them compose a humble apology to the customers. The customer would be completely justified in posting a scalding review. The salesperson would not have called the wrong person.

Brad L.
Duncan, BC

Don’t use CRMs; use people! We don’t, haven’t and never will use computers, social media or the like to express what we have taken years to understand. Online sales are, even with the use of chat, video, etc., impersonal. If you believe in rapport, you must make the effort to engage. AI can’t tell the story like someone with many years of experience can.

Shery F.
Scottsdale, AZ

Always verify where the e-mail should go after each sale. An account should have been set up under Scott’s name.

Amanda L.
Canada

This is so unfortunate. We have changed our system not to automatically send communication for this very reason. Sometimes customers want the purchase under the recipient’s account for ease of warranty or adjustments. Tech is great, but there are still limitations. We have since moved to a manual system for texting or emailing thank-yous. All you can do is apologize and ask the client what could make it better.

Ronnie G.
Thomasville, GA

Has happened here. Tough. All you can do is apologize sincerely. Honest mistake. No way to “fix it,” only to call the fiancée and apologize as well.

Peter T.
Show Low, AZ

The very first thing that needs to be done is to reset the computer to NEVER contact a customer without specific input from an employee. And of course, that employee should be made aware of the importance of only sending appropriate messages.

It is difficult (more like impossible) to un-tell the girl that he bought her a ring. I would apologize to the customer, explain the situation, and ask him what I could do to make this right in his eyes. If his request is reasonable, I’d do it. If his request is unreasonable, I would suggest a solution that I could live with. If he does not accept that, I would accept a return on the ring and focus on helping future customers — you can’t win them all.

Ralph H.
Connersville, IN

How about this: Get ahold of several of their friends and her. Come up with an amazing deal for a ring from her to him. Get all together for a surprise party for both future spouses, at an expensive local restaurant (you may be giving away the groom’s ring). Use store name, with sheepish grin on boss’s face, all on a big banner with the message, “OOPS.” They present each other with the “known, unknown rings” and all ride off happily into the sunset. It’ll cost you, but think of the free publicity (well, not free). Give each other the annual “foot in mouth” award. When all else fails, “watch this.” Just ask Viv … if you could. (In Memorium: Viv Himelick.)

The post Retailers Offer Their Solutions to ‘The Case of the CRM Calamity’ appeared first on INSTOREMAG.COM.

This is a little out there but points to where the future of crime might be headed: Be suspicious of browsers with an extra prosthetic finger. According to a post on X (Twitter), it may be a shoplifter looking to mess with videotape evidence, as an image showing six fingers could be claimed to have been digitally enhanced and would therefore be inadmissible in court.

MARKETINGBusinessperson Bump

Don’t underestimate the post-December selling season, notes Robert Borneman, owner of Diamond Jewelers in Centereach, NY. “There are lots of opportunities for people who shop this time of year. Many businesspeople drop big bucks after their busy season when they finally have time to shop.” Get on the phone!

STRATEGYBrainstorm Naturally

It’s a new year, time to come up with some big ideas. The key is not to force yourself, says OpenAI boss Sam Altman in his playbook for founders. Instead, he recommends getting into the habit of noticing problems (faced by your customers) and following what interests you. “At some point, ideas will naturally emerge,” he says, adding that you should be aim for simplicity in your ventures. “Complex ideas are almost always a sign of a made-up problem.”

TIME MANAGEMENTDon’t Say “Yes” Quickly

Daniel Kahneman, the Nobel Prize-winning psychologist, has a rule where he never says yes to anything immediately. According to the Brain Food Newsletter, people-pleasing had him making too many commitments, so now he says something to the effect of: “Thanks for the invite. I don’t say yes to anything on the spot, but I’ll let you know if I’m interested.” Turning the choice into a rule lowers the pain of rejection for others and makes the decision easy for you as well.

HEALTHGo Out in the Cold

To be sure, there’s nothing quite as nice as that first spring morning to inspire you to get and enjoy the glory of the outdoors — or even just a walk around the block. But, according to recent studies, there are benefits to be had from heading outdoors even when it’s not so balmy. A brisk walk in the cold, it turns out, is akin to taking a bracing cold shower that raises alertness and stimulates thinking, according to INC magazine.

PLANNINGPay Now, Enjoy Later

To get the most out of yourself in 2024, you need breaks. And to get the most out of your breaks, book them way in advance, like right now! You’ll enjoy it more because of the distance between the pain of paying and the actual experience of the holiday, and you won’t spend all your time thinking, “Am I getting my money’s worth?” Make it all-inclusive, and it will just be a great, relaxing break, says behavioral economist Dan Ariely in his latest book, DOLLARS AND SENSE.

INVENTORYParty Like It’s 2024

“Physical inventory” and “party” are two words that don’t always go together. But they do at Purrrfect Bark, a pet shop in Columbus, NC. Owner Laura Backus told our sister magazine PETS+: “We do physical inventory on January 1st with lots of food and drinks, music and laughs. Everyone participates, and we get it knocked out in a day.”

OPERATIONSRun Better Meetings

One of the best ways to improve meetings is to get everyone on the same page, literally. Before your scheduled get-together, write up a Google Doc (or even an email will do) for participants to read. According to syndicated columnist Marcel Schwantes, this sets the agenda, gets brains thinking about what is to be discussed and “creates a sort of ‘team’ feeling among co-workers that allows you to get to critical thinking faster.“

The post Why You Shouldn’t Say ‘Yes’ Too Quickly, and Other Tips for the New Year appeared first on INSTOREMAG.COM.

A diamond is an investment into a relationship, a lasting love. Diamonds were never meant to be sold to put into a 401K account. They are NOT that kind of an investment, and never should be sold as that kind of an investment.

The real value is in the gift itself. Diamonds come in a very small box, and when given to someone you love, nothing says or does what a diamond says and does.

Around the world, a diamond is the ultimate “I love you.” It speaks every language and has incredible sentimental value. I have my mother’s engagement ring that she received in 1945. She’s been gone more than 50 years, and it’s one of my family’s most important treasures.

A diamond is a visible and powerful representation of a relationship … and that’s what should matter to us. After all, we’re not actually in the “diamond industry” — we’re in the relationship industry. The relationship your client builds with the loved one they’re giving the diamond to, and the relationship they build with YOU.

And that relationship should never be taken for granted. Of all the places they could buy from, they chose your store and YOU to take care of a special occasion in their life or a just-because moment. What an honor. Make sure these clients coming in FEEL special.

There’s nothing in the “I love you” gifts that ranks higher than diamonds. They’re full of wild and untamed light, and they are forever.

When you give someone a diamond, you just said, “Will you marry me? I will spend the rest of my life with you.” Or it says “I’d marry you all over again” after you’ve been married 30 years. Diamonds celebrate life. Forever. Never forget. Family. Tradition. Beauty. The moment it was given. Achievement. Lifelong memories. Heirloom. History and stories.

A diamond stands for love, and that’s the business we’re in.

So learn to romance the reason your client came in. If you become awesome at this, the price of the diamond becomes insignificant and the closing ratio goes way up.

Over 90% of clients coming in have never held a loose 2-carat diamond, so be sure to show one to every client that walks in your door. Clients love to be wowed. Plus, it’s free advertising, it’s a silent compliment, and it plants seeds for upcoming special events in their lives.

The tradition of the diamond engagement ring actually all started in 1477 when Archduke Maximilian of Austria gave a diamond ring to Mary of Burgundy. Keep the tradition going, and happy selling!

The post Here’s How to Present a Diamond as an Investment into a Relationship (Not Someone’s 401K) appeared first on INSTOREMAG.COM.

Elevate In-Store Events

In-store events are proven to account for up to 10% of small businesses’ annual revenue when executed effectively. To harness this potential, begin by mapping out your event calendar in January. Analyze past events to understand crucial metrics like average sales, product performance, and customer demographics. Engage vendors to participate or ship products that can serve as event exclusives. By giving due diligence to in-store events, you’ll create memorable shopping experiences that leave a lasting impression on your clientele.

Shine with Platinum Engagement Rings

By focusing on selling platinum engagement rings, you have the opportunity to increase your average sale value. Despite having a similar customer base, the higher price point of platinum translates to a more substantial transaction. Train your sales team to effectively communicate the benefits of platinum and consider enlisting experts like Platinum Guild for comprehensive training. Strategically positioning platinum alongside 14K gold options empowers your team to upsell, ultimately driving revenue and building customer loyalty.

Optimize Marketing and Referral Strategies

Dive into your 2023 marketing expenditures and assess their effectiveness. Identify channels that yield the highest returns and consider reallocating resources to maximize ROI. Additionally, leverage your existing customer base by incentivizing referrals.

Encourage Reviews

Online reviews shape consumer perceptions and influence purchasing decisions. Take a critical look at your online presence from a customer’s perspective. Actively seek out reviews by implementing automated systems that prompt customers to share their experiences. Provide convenient avenues, such as QR codes on business cards, to make leaving a review a seamless process.

Use a Loss Leader

A loss leader is a pricing strategy where a product is sold at a price below its market cost to stimulate other sales. Consider negotiating bulk pricing with a trusted vendor for a half-carat total-weight engagement ring priced at $1,499. Promote this special offer through various channels, including billboards, catalogs, and social media ads. The volume-based discount from the vendor will entice customers with an irresistible deal and increase the likelihood of add-on sales.

Expense Optimization

Scrutinize your expenses, paying particular attention to displays, packaging, and promotional materials. Create a spreadsheet to compare current costs and actively seek out alternatives to reduce expenses. Armed with this information, you’ll be in a strong position to negotiate favorable terms when attending trade shows.

The post Here Are 6 Strategies to Boost Your Store’s Success in 2024 appeared first on INSTOREMAG.COM.

A “Good” Jeweler …

Runs the store by the seat of their pants. They buy lots of inventory because they like pretty things without thinking too much about price points and how well they turn in a year. They hardly ever get rid of years-old inventory, thinking they’ll make a killing as gold rises — it’s their retirement plan.

Inexpensive items are left in the showcase at night covered with bedsheets. This invites criminals to break into the store windows, taking worthless jewelry but causing $25,000 to $50,000 in damage.

They expect that if they hire a salesperson, they should already know how to sell. Ha!

They are still using handwritten receipts.

A “Better” Jeweler …

Has a point-of-sale program and looks at a Daily Activity report, including how much money they took in and how much was sold by each sales staffer.

A Better Jeweler might be on a jewelers Facebook group, responding often to questions or even asking questions and deciding which answer coincides with their beliefs.

They might even have a commission plan, but it’s so weak, the staff yawns at it.

A “Best” Jeweler …

Ah‚ the Best Jeweler. A delight. Runs a report each week of stock items sold last week that were in the store for less than six months and reorders this item until it doesn’t show up on the report anymore. This gives them a yearly turn of TWO! An awesome number, easy to achieve and it gives us more money.

In addition, a Best Jeweler knows inventory over 12 months old becomes stale, for customers and for cash flow. Over a year old increases accounts payable debt, credit card debt, loans from the owner and banks. It lowers our bank account balance as well, but a Best Jeweler uses many tactics to get rid of it.

• Returns it to vendor after 12 months
• Doubles commissions on aged inventory or gives spiffs.
• Puts it on sale.
• Sells it to other dealers.
• Takes it apart and makes new designs.
• If it reaches 18 months, scraps it.

A Best Jeweler has incentives for the staff, has bi-monthly sales training and even joins jewelers mentoring groups to enhance their ability to run a top-notch store and train themselves to be a better manager to their staff.

They also use advertising media that matches how sales came into the store. Consistently, not blowing big bucks only at year’s end.

A Best Jeweler is not a workaholic, giving more time to their family and the families of their staff as well.

Here’s hoping you had a cash-positive 2023, and here’s to an even better 2024.

The post Are You a Good, Better, or Best Jeweler? appeared first on INSTOREMAG.COM.

Fortunately, there are several actions you can take to help reduce the impact.

Look at your refinancing options. Your current arrangement may not be the best deal you can get, and it could pay to shop around and assess whether there are better options, at more attractive rates, that can meet your needs.

Pay down debt. December and January can be the best time for a business’s cash flow. If you’re confident you have surplus money available, then it could be a good time to reduce your debt by making additional payments.

Look at your fixed vs. floating options. If your current debt is fixed at a lower rate than current market, then it’s good news, especially if there is some time to go on the fixed period. If it’s going to end soon, then you need to decide whether you should revisit that fixed status earlier or wait for it to finish. This will depend on whether you feel rates may rise further or if the top has been reached and rates will either hold or come back down.

Negotiate with lenders. In some cases, lenders may be willing to negotiate terms, especially if you have a history of timely payments and a strong credit profile. You can explore better options without necessarily having to refinance with a new lender. Even if rates are higher, an extension of the loan length can lead to lower regular payments, taking pressure off cash flow.

Accelerate payments. Aside from lump sums, a small increase in your regular payment can have a huge impact over the long term in reducing your total liabilities and payments for the life of the loan.

Facing rising mortgage interest rates requires a strategic and proactive approach from jewelry store owners. Regularly reassessing financial strategies and staying vigilant to market trends will be essential in adapting to the evolving economic environment.

The post With Interest Rates Up, Here’s What You Need to Do appeared first on INSTOREMAG.COM.

TECHNOLOGY Showcase popular Valentine items on your homepage, with a special emphasis on items that are exclusive to your store. You may even want to create a dedicated gallery that will show all your V-Day items on one page.

SALES FLOOR If you hand out roses to customers, buy them this week. Roses bought from a florist won’t start to wilt for at least five to seven days if they’re properly cared for (a night in water helps). Prices for roses, however, will most definitely spike — often by as much as double — as Valentine’s Day nears.

FINANCES If your fiscal year ends in December, you should have your financial statements finalized by Feb. 29. Make an appointment to see your CPA.

Feb. 11-17

DISPLAY Write a “designer profile” for each designer you carry. Put on “cue cards” left near the appropriate line of merchandise.

DATA SECURITY It’s the time of year to back up all customer and store data and other important files. (Most small business networks can be backed up to a single external hard drive.)

MARKETING In the wake of Valentine’s Day, things start to slow. Identify your top customers and make yearlong plans targeting them. Have your sales staff research what, when and how their best 15 (or more) customers buy. Use this information to target their needs and deliver better and more personalized service. Input this information in your customer management database.

Feb. 18-24

FINANCES If you haven’t updated your props and fixtures for five years or longer, they’re sure to be showing their age. Amortize and depreciate fixtures and props as you do other equipment. Set a budget and schedules to acquire new fixtures and props routinely. Elements should be discarded at the first sign of overuse. To a consumer, faded, frayed, or dirty elements speak volumes about a store and affect perception of its brand.

EDUCATION This is a good time to broaden your business and gemological skills. Check out what courses GIA and JA are offering. Can you send your jeweler somewhere to sharpen their skills?

Feb. 25-Mar. 2

STRATEGY Embark on a strategic review. Look at what your competitors are doing and learn from them, both the good and the bad. Visit their stores and websites, subscribe to their newsletters, and assign someone on staff to clip or screenshot every one of their ads (not just specialist jewelers), and create a scrapbook. With such knowledge, you’ll be able identify what areas to compete in and how to differentiate your store in your ads.

LEGAL Get your legal ducks in a row for 2024. If you don’t already have one, contact your attorney — or hire one — for a template “cease and desist” letter you can have ready to go if a disgruntled former employee or customer begins to unfairly bash you on social media.

The post The Best Way to Promote Valentine’s Day on Your Website, Plus More Manager To-Do Items for February appeared first on INSTOREMAG.COM.