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The Big Survey 2018: Operations

Recent renovations separate thrivers from strugglers.

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Social media is overwhelmingly delivering the most return on investment to retailers. Owners also reported cutting in-store costs and relying more on systems.

 

59. Which medium gets the largest portion of your ad budget, and which delivers the most return?

Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers

COMMENT: The results indicated a mismatch: Jewelers continue to spend heavily in radio, print and television and yet report their best returns from Facebook and direct mail. That’s not to say their traditional ad campaigns aren’t effective, but that in the current environment social media is outperforming in terms of bang for buck.

 

60. How long has it been since you last remodeled your store?

Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers

COMMENT: A recent renovation was a clear point of distinction between the Thrivers and Strugglers: 39% of the stores doing well had carried out work on their store in the last two years compared to just 24% for the struggling jewelers. Ruth Mellergaard of design firm GRID/3 says even a simple update can reap benefits, citing one client who wanted a visual refresh. “What we suggested led to increased space at the front of his store, which he used for events and better window display.”

 

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61. If someone in your area makes a generic search in Google for “jewelry repair,” does your store appear on the first page?

Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers

Comment: That first page landing helps!

62. Check the features your store has:

Sofa/sitting area
Overall
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 52%
Thrivers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers
58%
Strugglers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 40%
 
TVs used for promotional
Overall
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 49%
Thrivers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers
55%
Strugglers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 41%
 
Viewing window into the shop
Overall
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 42%
Thrivers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers
47%
Strugglers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 41%
 
Customer bathroom
Overall
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 42%
Thrivers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers
42%
Strugglers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 37%
 
Satellite radio
Overall
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 40%
Thrivers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers
44%
Strugglers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 29%
 
Bar/beverage area
Overall
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 32%
Thrivers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers
38%
Strugglers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 23%
 
Chandeliers
Overall
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 31%
Thrivers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers
33%
Strugglers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 34%
 
VIP diamond area/room
Overall
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 29%
Thrivers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers
27%
Strugglers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 27%
 
Store pet
Overall
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 24%
Thrivers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers
26%
Strugglers
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 27%
 
Kids’ room
Overall Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 8%
Thrivers Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 9%
Strugglers Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 6%
 

COMMENT: Get yourself a sofa and a bar, turn on the satellite radio and wait for the good times to roll. That’s not a promise, but thriving jewelers do seem more likely to have these features.

 

63. What have you found is the best way to drive word-of-mouth marketing?

Provide remarkable service and products
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 58%
Ask customers to recommend friends
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 13%
Community involvement
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 12%
Share customer reviews/testimonials
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 7%
Reward customers who refer a friend with discounts or gift cards
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 4%
Stage remarkable events that get people talking
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 3%
Share buttons on social media/Selfie walls
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 2%
Seek out local influencers such as journalists and prominent social figures
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 1%
Other (please specify)
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 1%

 

Which of the following forms of online marketing has received the largest portion of your budget in the past year?

Paid boosts on Facebook
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 41%
Other social media marketing
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 10%
Paid search (PPC, Google Ads, etc)
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 12%
Search Engine Optimization (including any paid-for content marketing such as blog services)
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 13%
Email marketing
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 8%
Re-targeting
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 3%
Banners
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 1%
Affiliate marketing
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 0.2%
None
Big Survey 2018: Recent Renovations Separate Thrivers From Strugglers 15%

 

What was the last tweak you made to the way you run your business?

  • Changed our opening time from 9:30 a.m. to 10 a.m.
  • Provided unlimited Klondike bars in the freezer.
  • Contracts with customers for custom, engraving, and other special orders.
  • We make our own glass cleaner (it all adds up).
  • Bought amazing chemical cloths for dusting and glass cleaning thus avoiding expensive paper towels.
  • Repricing higher the lower price points. Adding lab-grown diamonds.
  • Coming up with an employee handbook and protocol book.
  • Sticking to quarterly KPI’s for all employees.
  • Fully implementing Geller book into POS.
  • Turning more and more over to my young sons … and letting them mess up and learn. It’s costing me money but it’s cheaper in the long run.
  • Got rid of the coffee pot for clients.
  • Eliminated overtime.
  • More vendor in-store events.
  • We put our jeweler in our shop — he had been offsite before.
  • Increase sales commission.
  • Working on Shopify account and Pinterest.
  • Name change.
  • Incorporated profit-sharing instead of commission.
  • Asking for money upfront on repairs.
  • Less hands on. More evaluation of sales data.
  • Texting to clients.
  • Adding memo with the top vendors.
  • Opening 7 days a week during peak season.
  • New in-case displays made ourselves from “reconsidered goods.”

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