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How You Might Be Able to Sell Jewelry Through Podcasts in 2020

People who listen to them give them their attention in a way that they don’t to other mediums.

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A JEWELER WHO TAKES digital marketing seriously has probably run Facebook ads. They’ve probably run search ads on Google and possibly Bing. They may have tried display ads or dipped their toes into geofencing or YouTube ads. And when it comes to audio, they may have even tried running ads on Pandora or Spotify. But the one medium that they probably haven’t tried is Podcasts. And it could become accessible in a whole new way in 2020.

Why Businesses Run Ads On Podcasts

Podcasts are an amazing medium. People who listen to them give them their attention in a way that they don’t to other mediums. The average YouTube video was under 12 minutes in length in 2018. But the average podcast episode is about 37 minutes long. People who listen are buckling up for a ride.

They listen to podcasts while driving, doing dishes, jogging, biking and folding laundry. But they’re not multitasking in the same way that people do while looking at their phone while the TV’s playing. Instead, these activities take up a lot of time, but not a lot of mental energy. So they’re able to fully pay attention to what they listen to.

For this reason, some big successful companies have really invested in ads on podcasts and reaped big rewards.

Why You’ve Probably Never Run Ads On A Podcast

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If you’re a local jeweler, you probably haven’t run ads on a podcast because it’s hard to coordinate, tough to measure, limited in options, not built for your size, and not local. Until now.

Traditional podcast ads are read by the podcast’s show host. Big companies make big deals with big podcasts and roll out a slow and labor-intensive process of sending out scripts and communicating what they do and don’t want to be said. These ads don’t get a consistency of voice, because every podcast host has a different voice. They are powerful, however, because they benefit from the trust that the audience has with the podcast host.

But the future of podcast advertising has another option. It’s already started and could very well open up to local retailers in 2020.

Dynamic Ad Insertion: The Future of Podcast Advertising

A new technology called “Dynamic Ad Insertion” is adding new options for podcast advertisers. But more importantly, it’s making advertising on podcasts possible for new advertisers who wouldn’t have been interested in the past.

Lex Friedman from Art19 talks about it in an episode of the Reword Podcasts which questions the ethics of the new practice. But Friedman is comfortable discussing and defending the new practice. Here’s how it works:

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Today, most podcast episodes are uploaded to the internet and can be downloaded and listened to by anyone at any time in the future. The listener will hear the exact same recording no matter what time it is and where they are when they listen. Dynamic Ad Insertion makes it possible to insert a different prerecorded ad into the audio file based on the IP address of the person who is downloading the episode. That means that Sally in Milwaukee can hear a different ad on Thursday that Dan in San Diego will on Sunday.

This is a big deal because it enables ads to be location-based, time-based, and pretty much allows them to work a lot more like the ads that a jeweler might run on other platforms. If you have a limited time offer, you don’t have to worry about people hearing the ad after it has expired.

At the time of the recording, Art19 was selling these types of ads by invitation only. But they and many other podcast companies see Dynamic Ad Insertion as the future of podcasting and the technology exists now. That means that jewelers could see the opportunity to benefit from the cult-like following that podcasters have developed from their listeners as soon as this year. This is definitely one to keep an eye on in 2020.

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

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A Packed Store Like the Day Before Christmas? Wilkerson Makes It Happen

Deb Schulman says once she and her husband, Ron, decided to retire, she could feel “the stress start to leave.” The owners of B. Alsohns Jewelers in Palm Desert, California, the Schulmans had heard about Wilkerson over the years and contacted them when the time was right. Wilkerson provided the personalized service, experience and manpower it took to organize their GOB sale. “We are so impressed with the way Wilkerson performed for us,” says Ron Schulman, “I’d send high accolades to anyone who was interested.”

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Sales Truth

Why A Well-Told Proposal Story Could Help Close The Sale

It starts with getting the groom-to-be involved.

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WHY IT IS TRUE: He is in your store to purchase an engagement ring, a totally unfamiliar task for him.

PLAN OF ACTION: Ask him how he plans to propose. If this is something he has not considered, take this opportunity to share several beautiful proposal stories your clients have used. Ask him questions, get him involved, encourage him to share his plan, and help him embellish it in any way you can.

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Shane Decker

You’re Killing Your Own Sales By Talking About the Price

Romance the item and the reason they came in, and you’ll close more sales.

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DURING THE HOLIDAYS, we get into bad sales habits because the sales are so easy and customers are buying price-point items. We sell faster, we sell price and sometimes we don’t even really sell the item. Now that we’re into the new year, it’s time to get back into good selling habits.

The diamond season is about to start. Typically, it runs from April 16 through the end of September (although we sell diamonds all year, which we should). What can keep you from selling as many diamonds as you could? The price.

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Too many salespeople are afraid of the price, no matter which item they’re selling, which causes problems with closing the sale, among other things. When you try to justify the price or the client feels you are apologizing for the price, they start to believe that you think they can’t afford the item. They will feel pre-judged and leave.

Clients are coming in for you to spend their money for them; they’re paying you as a professional to do this. You do not need to decide how much they can spend. Let the client decide that (unless you’re wowing them with a $10,000 diamond while they’re waiting for a battery).

Instead of price, concentrate on selling with romance and knowledge. These two things build confidence in your product. Quality, technical information, craftsmanship, design, difficulty, brand, rarity, size, color, clarity, cut, and other factors all contribute to the value of the product.

That said, you have to understand when technical selling is appropriate, and how much to do. Some clients are not interested in this at all, so do not volunteer technical information if it’s not needed. You don’t need to impress the client, but if they have concerns or questions about technical aspects of the product, it’s up to you to answer any and all questions with authority.

Remember: The more money the item costs, the easier it is to close because the customer can afford it. The less the item costs, usually the harder it is to close. Money is just a tool the client uses to obtain what he or she wants. Always start high and go down — you limit yourself when you start low and try to work up.

Begin the sale with questions that encourage the client to tell you their story and why they’re in your store. And make it about the importance of the item. When you make it about them and the item and you learn to romance the reason they’re here, the price will become insignificant and the client will upsell themselves.

Don’t talk about yourself, and certainly don’t make the sale about price. They’ll forget how much they spend, but they’ll always remember the event and the item.

Millennials are changing the size of the starter set diamond — diamonds from 1.5-carats to 2 carats are selling like crazy all over the country. All of you should be selling big diamonds. Make 2020 the year of big diamond sales and high closing ratios in your store.

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David Geller

What You Can Learn From Insurance Companies to Make More Money in Your Shop

Charging more to every customer helps pay for damages that your store covers.

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REDOS, STONE LOSS and breakage are the bugaboos of any shop. Stuff happens, but who pays for this?

Do you think Allstate pays for a car repair when you wreck your car? No! All Allstate customers share in that repair, which is built into their premiums. We all pay.

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That’s how stone loss, breakage and redos should be paid in every store: by charging more for all repairs to cover these procedures.

Let’s talk profit-and-loss statements for a moment. As a reminder, here’s the breakdown:

  1. Sales minus cost of goods = your gross profit
  2. Expenses are paid out of your gross profit
  3. After paying your expenses, what you have left over is net profit

Let’s say you size a ring and months later the customer comes back and says, “Hey! You sized my ring I had for 12 years, and 30 days later, my 5-pointer fell out. Now take care of it!”

We’ll assume you will give her a new 5-point diamond at no charge. Your cost probably $30. Where on your P&L does the $30 cost come from? It comes out of your net profit.

The typical American jewelry store has a net profit of 5 percent. So, the “Allstate question” is, “Who’s going to pay and by how much?”

It’s simple really: Just divide the cost of this problem (the lost diamond) by your net profit percentage.

$30.00 divided by 5% (“0.05”) = $600.00

Your store will have to do an extra $600 in sales, above and beyond your goal, to have $30 left over to pay for the lost $30 diamond!

The easiest way to get this extra $600 is by charging customers an additional fee for the jeweler to check all stones, tighten any that are loose and guarantee them for one year against loss.

You charge this same fee if:

  1. All stones are loose when ring comes in.
  2. If just a few of the stones are loose.
  3. Even if none are loose, because we are still guaranteeing after we work on the ring that the stones won’t get loose or fall out in the following year.

Sounds like Allstate, doesn’t it?

Here are our current Geller Blue Book prices to check and tighten stones:

  • Up to 4 stones, no charge.
  • From 5 to 20 stones = $34
  • From 21 to 35 stones = $52
  • From 36 to 50 stones = $70
  • Each additional stone over 50 = $1 per stone

The typical store will take in an additional $18,000 to $40,000 with this extra income, whereas typical store losses in a year are less than $5,000.

Like Allstate, you’d make money on crashes. Imagine that.

Is your store in good hands?

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