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Digital Corner: 4 Tips for Creating and Understanding Digital Reports for Your Store

It’s time to reflect on Q4 2018.

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IF YOU’RE INTERESTED in doing better in 2019, then January is a great month to understand what happened in Q4 2018. As a jeweler, you likely did more advertising, made more sales and had more website traffic in this quarter than in any other. So let’s take a look at four tips to help you create and understand digital reports for your business.

Video: Gene the Jeweler Thought He’d Heard It All … Until This Tardy Employee Told His Story
Gene the Jeweler

Video: Gene the Jeweler Thought He’d Heard It All … Until This Tardy Employee Told His Story

Video: Take Advantage of These Tools to Improve Your Digital Marketing
Jim Ackerman

Video: Take Advantage of These Tools to Improve Your Digital Marketing

Video: Gene the Jeweler Sells a Diamond — and Gets Back a CZ
Gene the Jeweler

Video: Gene the Jeweler Sells a Diamond — and Gets Back a CZ

1. Focus on These Numbers

There are a seemingly endless amount of things to measure with digital marketing. To make things simpler, we’ll share of few of the metrics that we typically pay attention to for Paid Search and Social Media advertising. Include each of these numbers in your report broken out by campaign, so that you can tell how healthy your bridal campaigns are doing versus your fashion jewelry campaigns (etc.).

Paid Search. For ads that we show on Google or Bing, we usually keep track of the number of Clicks, the Cost Per Click (CPC), and the Click-Through Rate (CTR).

  • Clicks – The clicks give you an overall idea of how many people visited your website for the particular campaign. It’s a good general number to know about.
  • Cost Per Click (CPC) – Your average cost per click can go up and down based on a number of factors. Some are in your control like the quality of your keywords, ads, and landing pages. Some are out of your control, like the amount of competition.
  • Click-Through Rate (CTR) – Your click-through rate is how often people click on your ad after seeing it. There are a lot of choices on a Google search results page, so something like 2% – 3% is generally healthy for a jewelry campaign.
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Social Media. For social media platforms like Facebook, we usually focus on the Results, Cost Per Result, and Frequency.

  • Results and Cost Per Result – The “result” on Facebook depends on the goal of the campaign. It can be a click if that’s the goal, but for most Facebook campaigns, the goal is “engagement”. This can take the form of a like, comment, or share.
  • Frequency – The Frequency metric tells you how often on average your ad was seen by an individual in a given period of time. A healthy number for a jeweler here is between 3 and 5 for a quarterly report. This is because Facebook doesn’t like too much repetition of the same ads and will add new people to show it to over the quarter.
2. Look for the True Meaning Behind the Metrics

As you track these numbers from report to report, you’ll find that you’ll instinctually judge the health of your advertising based on whether they go up or down. Understand that when the numbers look off, you always want to look deeper. Don’t simply assume that the ads aren’t working or that you shouldn’t advertise on that platform. Here are some questions to ask to help you dig deeper.

  • How do my numbers compare to the same period the year prior?
  • Were there any major differences between this year and last year that could affect these numbers (website was down, ran a major sale last year, etc.)?
  • What are some other metrics that I can look at to corroborate what I think is happening?
3. Make Your Reports Look Beautiful

You’re more likely to be interested in your reports if they look nice. You could do this by using a nice looking reporting template. We use Google Data Studio which makes it easy to make nice looking reports with lots of features.

4. Do Reporting Quarterly

We recommend quarterly reporting. It’s important to give your ads enough time to show results before making dramatic changes or killing them altogether. Quarterly reporting helps you to gather enough data to make the proper decisions.

Conclusion. Use these four tips to reflect back on your Q4 2018 digital advertising this month and every quarter thereafter. You’ll gain a better understanding of the quality of your ads and how to do even better in 2019!

Charles Pobee-Mensah is the director of digital marketing for Fruchtman Marketing. Contact suits@fruchtman.com.

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VIDEO HIGHLIGHT

Wilkerson Testimonials

New York Jeweler Picks Wilkerson for Their GOB Sale

Jan Rose of Rose Jewelers, located in Long Island's famous Hamptons beach district, explains how she chose Wilkerson for her closing sale. Jan's suggestions: reach out to jewelers who have been in similar situations to find out what worked for them, and look for a company with experience in going-out-of-business sales. Once you've done that, the final step is to move ahead and trust the process.

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Dave Richardson

Why Flip Charts Are Superior to Whiteboards

This could be extremely important to your sales performance.

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WHY IT IS TRUE: Many powerful ideas are shared in brief meetings with your sales staff prior to opening the store. Traditionally, these ideas are recorded on an erasable whiteboard in the training room or office. Once erased, the ideas may be lost forever.

PLAN OF ACTION: Invest in a flipchart and marking pens, and use them generously to record sales training conversations, discussions and commitments during your staff meetings. At the conclusion of the meeting, post the valuable information recorded on the chart to prominent locations in your office or training room. Refer to these in future daily meetings, focusing upon ongoing value to your store and your customers.

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Editor's Note

We’re All Quitters Someday

A successful ending to your retail career requires planning.

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ALL GOOD THINGS must end. Yet every ending is a new beginning. I could keep going with the clichés, but you get the point: everyone eventually has to move on from jewelry retail. When the time comes, you want to go out on your own terms.

Podcast: Holiday Sales These Jewelers Will Never Forget
Over the Counter

Podcast: Holiday Sales These Jewelers Will Never Forget

Podcast: Get Your Employees to Act Like They Own the Damn Place
JimmyCast

Podcast: Get Your Employees to Act Like They Own the Damn Place

Podcast: A Classic Holiday Poem is Reimagined in a Jewelry Store
Over the Counter

Podcast: A Classic Holiday Poem is Reimagined in a Jewelry Store

With that in mind, our lead story takes you inside the transitions of six different jewelry retailers and explains why business expert Seth Godin says that one of the secrets of successful organizations is “strategic quitting.” Everyone reading this issue will leave the industry one day; now is the time to begin planning for it.

That said, many of you aren’t ready to retire, you’ve just lost your inspiration. You’re down and out, dejected, or maybe just bored. We’ve got just the thing for you to help you get your mojo back: our second lead story, “Mojo to Go.” It includes 12 different action items guaranteed to bring the excitement back to your business life.

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If that weren’t enough, we’ve also got what group managing editor Chris Burslem calls “lots of fun and interesting side bits” throughout, including why you shouldn’t discount shop labor, how to sell more safely, what your inventory management strategy can learn from dieting, and of course much, much more.

So remember, it’s not the quitting that matters — it’s how you plan to quit!

Trace Shelton

Editor-in-Chief, INSTORE
trace@smartworkmedia.com

Five Smart Tips You’ll Find in This Issue

  • Have your kids or your employees’ kids make Valentine’s Day cards and use them as props in your displays. (Manager’s To-Do, page 26)
  • Hold office hours for an hour or two a week for staff to talk to you. (Mojo To Go, page 44)
  • When role-playing sales with your staff, always take the role of salesperson first. (Ask INSTORE, page 58)
  • Renegotiate everything from your lease to Internet, cable, phone and even garbage pickup to save money. (Evan Deutsch, page 52)
  • Use an open-to-buy calculation to balance what you’re buying with what you’re selling. (David Brown, page 53)
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Commentary: The Business

Want to Survive? Go Custom

Tapping into jewelry customers’ desire for individuality is the key to retail success.

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YOU OFTEN HEAR THE words “it’s custom made” when referring to jewelry, but is it really? We all know there is a difference between “off-the-rack” and “custom-made” when it comes to clothing — jewelry isn’t any different.

The magic starts when the customer meets the maker. Each custom piece of art (which is what jewelry really is) should start with a conversation. Then the information provided — including style ideas, desired gemstones, personality traits and tastes, hobbies, work and social environments, favorite colors, you name it — should be incorporated into hand-drawn or 3D CAD rendered images for the client to choose from. Once a favorite design has been chosen, the creation and fabrication processes can begin.

Video: Gene the Jeweler Thought He’d Heard It All … Until This Tardy Employee Told His Story
Gene the Jeweler

Video: Gene the Jeweler Thought He’d Heard It All … Until This Tardy Employee Told His Story

Video: Take Advantage of These Tools to Improve Your Digital Marketing
Jim Ackerman

Video: Take Advantage of These Tools to Improve Your Digital Marketing

Video: Gene the Jeweler Sells a Diamond — and Gets Back a CZ
Gene the Jeweler

Video: Gene the Jeweler Sells a Diamond — and Gets Back a CZ

This specific value-add and brand differentiation is where clients realize the importance of knowing your jeweler. You have to trust the individual making the piece for you — that is paramount.

People are tired of sameness. From rampant copying to boring, uninspired designs, jewelry clients are becoming wise to seeing the same thing over and over again. The jewelry they are seeing does not speak to their individuality because these products are made for the masses on a gigantic scale. The anonymity behind fast fashion and easily consumed products that break or lose stones in a short amount of time after purchase don’t help the cause. Customer service only goes so far; the product has to have its own legs to stand on.

If you are creating one-of-a-kind pieces, you do not have the carrying costs associated with pre-fabricated designs and styles. You do not have to have liquidation sales of old, tired merchandise. You are creating exactly what the client is looking for. Being a specialty shop does not limit you to only creating custom pieces. It empowers you to design out-of-the-box and far-out jewelry that pushes the boundaries of style and uniqueness.

Seth Godin said that “survival is not the goal, transformative success is.” It is not always the strongest that survive, but those most responsive to change. Change is an opportunity that many see as a threat. It all boils down to our individual creativity. There is no competition when you create.

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