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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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That Weird ‘Diamond in a Diamond’ Isn’t for Sale. It Will Go Here Instead …

Alrosa revealed the find in September.

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RUSSIA’S ALROSA DIAMOND mining company announced Thursday that the curious “diamond in a diamond” revealed on social media in early September has been added to its collection of rare finds — and is not for sale.

In early September, Alrosa surprised its Instagram followers with a video that seemed to show a tiny rough diamond moving freely in the cavity of a larger one (pictured above). The caption read, “A diamond in a diamond? We couldn’t help but share this very special find with you.”

At the time, Alrosa wasn’t quite sure what to make of the phenomenon. Nobody at the mining company had ever seen anything like it. Five weeks later, Alrosa scientists confirmed that both the host and smaller crystal were diamonds.

They named the double-diamond “Matryoshka” because its strange configuration is reminiscent of the popular Russian nesting dolls. The specimen, which weighs only 0.62 carats, was discovered in Yakutia at Alrosa’s Nyurba mining and processing division.

Matryoshka joins Alrosa’s ever-growing collection of diamond wonders. These include crystals that resemble a soccer ball, a Valentine heart, a skull and a fish.

Interestingly, some of Alrosa’s most unusually shaped diamonds have come to light at the most opportune times.

Credits: Diamond images courtesy of Alrosa Diamonds and via Alrosa/Instagram. Soccer ball image by Pumbaa80 (Self-published work by Pumbaa80) [GFDL or CC BY-SA 3.0 ], via Wikimedia Commons.

For instance, an Alrosa discovery in July of 2018 had us wondering out loud if Mother Nature was a World Cup soccer fan. Just three days prior to the Russian national soccer team’s exciting quarterfinal match against Croatia in the 2018 FIFA World Cup™, Alrosa discovered a diamond that looks amazingly like a soccer ball.

In February of 2019, Alrosa revealed a 65.7-carat rough diamond that had an uncanny resemblance to a Valentine heart.

“Diamonds of a distinctive shape that resemble some object or symbol are extremely rare in nature,” Alrosa’s deputy CEO Evgeny Agureev said at the time. “Most rough diamonds are octahedron-shaped or do not have a particular shape at all. The appearance of a heart-shaped rough diamond, especially on the eve of Valentine’s Day, seems to be a symbolic gift of nature not only to our company, but also to all loving couples.”

Credits: Diamond images courtesy of Alrosa Diamonds and via Alrosa/Instagram.

Alrosa noted that a 24-carat, skull-shaped stone was unearthed prior to Halloween in 2018.

In August of 2019, the company posted to Instagram a photo of a rough stone resembling a fish. It had been discovered back in 2002, and was revisited to help promote the firm’s ecology efforts, which include releasing hundreds of thousands of fish into the rivers near its mining operation in Yakutia.

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Upping the Game: Why Dubai Watch Week is the Perfect Example of How to Run a Fair

A key factor: There’s no pressure to buy or sell.

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WATCHMAKING CLASSES TAUGHT by Swiss masters. Luxury hotel rooms at the new Waldorf Astoria. Daily gourmet breakfasts. Seven limited-edition timepieces being released. Three-course lunches in a Cipriani pop-up. Thirteen education panels featuring world-renowned speakers. An international press squad representing over 45 media titles. And Jean-Claude Biver dropping knowledge and signing books. Any one of these would be enough to raise the level at most watch-related trade shows or fairs, but when you combine them and place them into a setting like Dubai, the result is almost unfathomable. Unless, of course, you lived it, which is exactly what I was privileged enough to do just over a week ago.

For the third year in a row, I was invited by the team at Ahmed Seddiqi & Sons and Dubai Watch Week to attend a horological event they were organizing. Two years ago, it was to visit the third edition of Dubai Watch Week in Dubai as a member of the press. Last year, it was an event they were holding in London in collaboration with Christie’s Auction House called “Horology Forum.” I was asked to be one of five panel moderators for that event; an honor which I never thought could be matched. That is, until this year when again I was invited by DWW to moderate the final panel, entitled “Hot Potato.” Each of my experiences has been extraordinary.

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The No. 1 characteristic that separates Dubai Watch Week from any other watch fair (or jewelry event, for that matter) is that there is no pressure to buy or sell. In the U.S., the closest we have to that experience is the American Gem Society Conclave, which I’ve often compared to Dubai Watch Week on an education level. But in terms of pulling in a worldwide audience that includes watch brands, retailers, collectors, journalists, scientists, speakers and skilled artisans, there is no other fair that can hold a candle to this one, and the other watch fairs know it.

In 2017, I left Dubai thinking to myself that I had just left the most organized event I’d ever attended. In my mind it was flawless, leaving very little room for improvement, and yet when I stepped onto the impeccably pristine grounds of the DIFC this year I was flabbergasted. It was not just grander from a visual standpoint, but the program itself read like perfection. Panel topics at the “Horology Forum” covered everything from how smart watches are affecting today’s watch sales, to what really happens when you’re put on a waiting list for a watch, to how women come to power in fields largely dominated by men, to how industry outsiders (like award-winning actor Aldis Hodge and quantum physicist Michael Biercuk) are finding their place in the watch community. Attendees were also treated to events held in the “Creative Hub,” where several watch brands discussed their histories and where some even released new limited-edition timepieces in conjunction with Dubai Watch Week. Watchmaking classes were taught in a separate pop-up venue, as well as classes on watch design, dial painting, engraving and more. Christie’s even had its own auction room on premises where one could attend talks on topics such as the restoration of timepieces and why vintage Patek Philippes are so sought after. And, because DWW gets it, there was a children’s program. Yes … an actual children’s program! Because let’s face it, kids will eventually determine the success of the watch industry, both as future buyers and as future artisans, so why not teach them how special watchmaking is now, right?

As the days turned into nights, the festivities didn’t slow down. There were cocktail events by Tudor, Grand Seiko, Ulysse Nardin, HYT, Bell & Ross, Roger Dubuis, Girard Perregaux and others. Oh, and if you tired of any of those, Chopard pretty much had its own nightclub set up, complete with a well-known Dubai D. J. and plenty of industry personalities.

These days, as an almost-47-year-old woman, I feel that the older I get the harder I am to impress. I’ve done a lot in my life, and I’ve seen even more, so when something comes along that is special – truly special – I sit up and take notice, and often will do my best to tell the world about it. This is exactly what Dubai Watch Week makes me want to do. Everyone from their smiling security guards, to their wonderful public relations and press teams, all the way up to Hind Seddiqi – the director general of Dubai Watch Week – went out of their way to make sure that every person in attendance was taken care of, and that everyone had an experience unlike any other. Hind and her entire team succeeded in accomplishing that, yet again, which makes me wonder how the 2021 edition could possibly get any better. Although, seeing what the DWW organizers have been capable of so far, I’m sure it will be otherworldly.

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Editor's Note

For Jewelry Retailers, Being With Family Often Means Being At Work

But most say they enjoy spending so much time with relatives.

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FOR MOST PEOPLE, the holiday season means spending time with family. For most independent jewelry retailers, the holiday season means spending a whole whole lot of time with family.

That’s because being in the jewelry business frequently means being in the family business, with retail stores passed on from generation to generation. Brothers, sisters, cousins, in-laws, parents and grandparents all work together on a daily basis.

The average layperson might think that these jewelry families would be at each other’s throats since they’re around each other so often. But we’ve found that most in jewelry retail say they not only work well with family members, they enjoy it.

That’s why we thought it would be fun (and instructive) to do a photo essay on jewelry retailers who work with family members. Now, the story is not exhaustive by any means! After all, since you’re reading this, there’s a decent chance that you work with at least one relative yourself. But in reading about other families who work together in a small business like your own, we hope you’ll see yourself in them — and hopefully pick up some tips to improve relations in your own store along the way.

Being part of a family isn’t always easy. But being part of a family that also works together can be especially stressful — although many of you make it look easy. We hope your family has a fabulous holiday season, and we’ll see you on the other side of the new year!

Trace Shelton

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

 

Five Smart Tips You’ll Find in This Issue

1. Launch three new Pinterest pages: Last-minute gift ideas for her; Last-minute gift ideas for him; Gift ideas under $100. (Manager’s To-Do, p. 28)
2. Post photos of two best-selling jewelry pieces on Facebook each day, one when you open and the other around 3 p.m. (Manager’s To-Do, p. 28)
3. Limit the number of pieces that can be presented to a customer to between one and three pieces of jewelry or watches at a time, and post signage of this policy. (Ask INSTORE, p. 52)
4. Add one or two new descriptive words to your sales presentation, and then add more as you become comfortable with them. (Ask INSTORE, p. 54)
5. Always include some of the relevant search keywords you determined for your business in your social media posts. (Maccaroni, p. 53)

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