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Do You Keep Tabs On Local Competitors? Here’s What Our Brain Squad Said

The results were split 50/50.




Do You Keep Tabs On Local Competitors? Here’s What Our Brain Squad Said

Yes: 48%

    • I have sent paid people to secret shop to get prices and see what repair services are recommended. — Josh Rider, Dylan Rings, Montgomery, AL
    • I click on every ad and check out all the social media and website of every online diamond engagement ring seller/promoter. I experience their vibe, accessibility, shopping features, value add-ons, education, etc. and use the experience to ask our guests where we can improve and then start making those improvements. It’s a constant work in progress, but well worth it as so many guests find us online and then realize we’re their neighborhood jeweler. — Jill Keith, Enchanted Jewelry, Danielson, CT
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    • I have the other area jewelers in my Facebook insights. It lets me see when they post, what they post, and what the response from the public is. That said, there is more than enough work for all of us, and I deeply respect my competition. All good folks. — Jo Goralski, The Jewelry Mechanic, Oconomowoc, WI
    • We check Facebook, ads, Instagram, Pinterest and community activities. — Dale Robertson, Dale Robertson Jewelry, Loveland, OH
    • Always checking out the other stores. Local and far away when on trips. Always call on the new for-lease signs, even if I just signed a new lease. Must always be aware of your market. Moved my store one mile nine years ago. Knew the market turned down some other spaces. When this landlord called, I knew the market, the prices and how desparate he was. Got a great lease with a great landlord. — Stephen Ware, Ware Designs, Lafayette, CA
    • Our “covert operations” tend to be sending in friends or family to the other local jewelers with gold to sell or repairs to fix so that we can gauge whether our pricing is competitive. We want to get a feel for their pricing but especially the level of customer service because that is extremely important to us! — Mary Jo Chanski, Hannoush Jewelers, Rutland, VT
    • I follow all of their social media pages and I am always trying to go see what special events they have going on. Plus, I secret shop ALL THE TIME! It is vital to know what your competition is doing and how they are selling. Gotta beat the best if you want to be the best. — Erica Lorenz, Michael & Sons, Reno, NV
    • Talk to manufacturers’ reps and secret shop. Also participate in our state jewelers association. Word gets around. — Chuck Kuba, Iowa Diamond, Des Moines, IA
    • Keep watch for commercials and billboards, print ads … always pay attention to what they are advertising and how. — Kim Hatchell, Galloway & Moseley, Sumter, SC

    No: 52%

    • What others are doing doesn’t influence me. — Kelly Jensen, Plateau Jewelers, Sammamish, WA
    • I know who is around already. I know that I am one of the very few real goldsmiths in my area. I rely on word-of-mouth advertising and have an extremely high customer retention rate. — Catherine Dining, CG Designs, Lafayette, CA
    • If you keep looking in the rear view mirror, it is hard to go full speed ahead! — Jon Walp, Long Jewelers, Virginia Beach, VA
    • I think the answer is really somewhere in between. We do talk to sales reps and customers about their offerings. We do also watch their advertising, both traditional and digital. — Steve Floyd, Floyd & Green, Aiken, SC
    • I do keep tabs, but I don’t do much. Most of my “competition” is more what I consider “colleagues.” We’re friendly neighbors. But I follow them on social media, and they follow me. It’s as more to see what they’re doing so we DON’T overlap. But if you do find yourself in hardcore competition with others in your market, you better have Google alerts set up for them as well as yourself. — Casey Gallant, Stephen Gallant Jewelers, Orleans, MA
    • We don’t feel we have competition. The other stores are outdated in inventory, decor and customer service. I would rather worry about what we are doing right than what they are doing wrong. — Elysia Demers, Barnhardt Jewelers, Spencer, NC
    • Because other jewelers are not my competition — cellphone, computer and new technology sellers should be looked at as our competitors. As jewelers, we should all be colleagues! It should not be how I can beat out the jeweler down the street; rather, how as an industry can we get the public to realize that the gifts of technology are obsolete once they walk out the door whereas jewelry is a lasting legacy? — Patty Gallun Hansen, Dorothy Gallun Fine Jewelry, Cedarburg, WI

    What’s the Brain Squad?

    If you’re the owner or top manager of a U.S. jewelry store, you’re invited to join the INSTORE Brain Squad. By taking one five-minute quiz a month, you can get a free t-shirt, be featured prominently in this magazine, and make your voice heard on key issues affecting the jewelry industry. Good deal, right? Sign up here.



This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”

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