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5 Tips for Getting More Out of Your Social Media

Think of it like a long and winding text exchange with a friend.

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TEN YEARS AGO, it was hard to fathom anyone buying a $6,000 diamond engagement ring online. Fast forward a decade, and Sotheby’s and Christies are selling million-dollar diamonds in online auctions, and e-commerce websites and shop-able social media platforms have become primary revenue drivers for many fine jewelry retailers.

But though modern jewelry consumers are tech-savvy, smart retailers understand that they will be more likely to buy, and spend more per transaction, when they’re acquainted and aligned with a company’s mission and ethos.

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That’s where having a cohesive online strategy—one that prioritizes social media growth—comes in. Jewelry shoppers have been migrating online for years, but never has the mandate to connect with them on a personal level been more pressing than during the COVID-19 pandemic. U.S. online sales increased 42% year-over-year in August, and 55% year over year, according to data from Adobe Analytics.

It’s more important than ever that retailers create a robust social presence—not simply for brand-building (marketing), but to directly boost online sales.

How does social media support website transactions? Think of your website as an empty, unmanned store—because really, that’s what it is. It would be nice if building a beautiful website and populating it with photos and product descriptions was enough to increase your bottom line. But the rate of abandoned online shopping carts in the U.S.—which hovers around 70 percent, according to several studies—tells a different story. In 2020, it simply takes more than great merchandising to do brisk business in jewelry.

Social media, on the other hand, is akin to a long and winding text exchange with a close friend. Instagram, Facebook, Twitter, and other networks are informal by design, allowing businesses to connect with new and existing consumers in more informal ways.

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Social media opens the door to creative expression, which results in better and more memorable storytelling. A standard product photo on a website is elegant, yes. But you’ll have a better shot of selling that sku by showing it in motion—ideally on a person—in a video posted to Instagram. An emailed invite to a trunk show is great. But a slideshow of the designer’s latest looks posted to Facebook will stoke more excitement for the event.

Some tips on how to use (and think about) your social media channels:

Post Frequently

Ideally once a day, which is great for the algorithm, especially on Instagram. If you don’t post for more than couple of days in a row, Instagram can shadow-ban all your future posts. For Pinterest, at least five posts a day is ideal, but you don’t need to create all five posts by yourself—repining Pins works, too.

Post of a Variety of Content

Flat-lay photos are great, but your audience also wants to see how jewelry looks and moves on a person, so aim for a mix of content types. Also, remember that Instagram ranks videos higher than photos in user searches. And currently, Instagram is promoting a new feature, Reels, Reels are ranking higher on Instagram Explore pages, where users discover new feeds and content creators.

Explore Paid Advertising Tools

Spending marketing budget on magazines is great, but in the digital era you should also have budget social media ads. Facebook ads is a great way to promote your account, increase reach and visibility of the brand, and as a result drive traffic to your website.

Don’t Focus on Follower Count

Smart marketers now understand that the number of followers and likes on a post don’t mean much. Social media best practices are always evolving, and what was working couple of years ago doesn’t necessarily work now.

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Hashtags, for example, are still good to use, but aren’t as impactful as they used to be.

You could have 100,000 Instagram followers, but if your engagement is low, you’re not making much of an impact. The most important metrics to watch are engagement rate, impressions, and reach, which show how invested your followers are in your brand.

Reconsider Pinterest

The main goal of social is to convert, and Pinterest is one of the best platforms out there for bringing traffic directly to your site. Don’t underestimate it! You can check Google Analytics to see where your web traffic is hailing from.

Thankfully, there’s little guesswork involved in measuring how social media is fueling sales. Thanks to the sophistication of modern analytics, accessible on all social platforms and website CMS systems, the results are clear. Even in the midst of the COVID-19 pandemic, the outcomes of our efforts have been favorable.

Daniel Dabakarov is president of Lūvente. His favorite New York restaurant is Barbounia, his favorite travel destination is Aruba, and his favorite meal is a tomahawk ribeye. He loves John Varvatos and 50 Cent, his favorite movie is “The Usual Suspects,” and he would most like to have dinner with Martin Scorsese.

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If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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