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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.

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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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Editor's Note

Why Excuses Are The Enemy of Learning

To get better in business and life, you must first embrace failure.

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“If you continue to be defensive every time I give you constructive criticism, you’ll never learn anything.”

I was in my mid-20s when a mentor and former employer said those words to me, and I’ve never forgotten the lesson. When you make excuses, you lose the opportunity to learn from failure and improve yourself.

It’s more difficult than it sounds. Human nature is to look outside oneself for a source of blame. No one wants to be thought of as “a failure.”

And yet, if you’re willing to bow to the requirements of wisdom, your confidence can only rise as your quest for improvement moves forward.

Our magazine is all about education, and we figured there’s no better teacher than failure — thus, you hold in your hands, “The Failure Issue.” Inside, you’ll find stories from successful businesspeople who aren’t afraid to admit how they failed, and how that failure was transformative.

For example, check out columnist David Geller’s story of how he went from near-bankruptcy to profitable through a cash-flow crucible. And read about David Nygaard’s odyssey from multi-store owner to personal jeweler and city councilman through bankruptcy and divorce.

It all starts with a willingness to learn — and if you didn’t have that, you wouldn’t be reading INSTORE. So read on, and prepare to get the most from failure!

Trace Shelton

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

Five Smart Tips You’ll Find in This Issue

  • Have employees wear white cotton gloves when moving product around to keep skin oil off jewelry. (Manager’s To-Do List, p. 30)
  • Hold “failure reviews” when anything goes wrong in your business. (The Big Story, p. 40)
  • Keep a Failure Wall in a back room where you and your staff can share “growth lessons.” (The Big Story, p. 40)
  • In job postings, describe your company, your reputation and your goals. (Ask INSTORE, p. 62)
  • Reward your clients through a Brand Ambassador program that compensates them for sharing their enthusiasm for brands. (Cool Stores, p. 78
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Dave Richardson

Why Ignoring Young Customers Could Come Back to Haunt You

Sales trainer David Richardson says this is an opportunity to make a client for life.

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WHY IT IS TRUE: The 12-year-old spending $25 today might be back for an engagement ring in 10 years.
PLAN OF ACTION: Put him or her at ease and ask questions about the gift recipient. Treat them as though they were an adult, show them respect, and you just may have a customer for life.

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Commentary: The Business

How Failure Leads to Growth

If you don’t try, nothing will change, says growth expert Elle Hill.

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WHY ISN’T SHE breathing?” my mom asked the doctor, her eyes darting back and forth between the syringe and me. An injection and a few moments later, my breathing returned to normal, but my childhood never did. Instead, I began my carefully curated asthma life.

Everything I was allowed to do was designed to avoid the risk of failing. I was swaddled tight and never allowed to push beyond what we knew I could safely do.

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After university, I sat in my first apartment in New York City and made a decision that changed everything: I would run the New York City Marathon.

I’d go out every night after work, in the yellow light of the street lamps, armed with my inhaler and my steroid pills. And I would run. I would run until I heard the first wheeze. And continue until my breath became too shallow and I couldn’t run anymore.

That first night, I ran for four minutes. I stopped. I took my inhaler. I walked back home.

I had an ache in the pit of my chest, not from the wheezing, but from the fear of failure: I might do this night after night, and still not be able to run. I had never done anything I wasn’t sure I could do before. But if I didn’t try, nothing would change.

So, I repeated this for three weeks until I could run for 10 minutes. And five more weeks until I doubled that. In November of 1999, five months later, I ran the New York City Marathon in four hours and 35 minutes.

What I learned is how important failure is. It’s not a byproduct of success — it is the road to success. If you never fail, you’re playing it too safe. If you only act when you know you will succeed, you will never learn something new or reach your potential.

In the years after my marathon finish, I have had a new philosophy: I choose what I do next based on what intimidates me most. It’s why I started my own jewelry store, discovered it was a bad business model, and overhauled it. Each painful failure was a hard-won lesson that made me better, smarter, faster. And ultimately, I brought my company public in a $10 million IPO in less than five years.

Taking a leap when you can’t guarantee success is exactly what you must do to learn, to grow.

To succeed, you must first aim to fail.

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