Connect with us

The Big Survey 2018: Operations

Recent renovations separate thrivers from strugglers.

mm

Published

on

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?

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?

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.”

 

Advertisement

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

Comment: That first page landing helps!

62. Check the features your store has:

Sofa/sitting area
Overall
52%
Thrivers
58%
Strugglers
40%
 
TVs used for promotional
Overall
49%
Thrivers
55%
Strugglers
41%
 
Viewing window into the shop
Overall
42%
Thrivers
47%
Strugglers
41%
 
Customer bathroom
Overall
42%
Thrivers
42%
Strugglers
37%
 
Satellite radio
Overall
40%
Thrivers
44%
Strugglers
29%
 
Bar/beverage area
Overall
32%
Thrivers
38%
Strugglers
23%
 
Chandeliers
Overall
31%
Thrivers
33%
Strugglers
34%
 
VIP diamond area/room
Overall
29%
Thrivers
27%
Strugglers
27%
 
Store pet
Overall
24%
Thrivers
26%
Strugglers
27%
 
Kids’ room
Overall 8%
Thrivers 9%
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
58%
Ask customers to recommend friends
13%
Community involvement
12%
Share customer reviews/testimonials
7%
Reward customers who refer a friend with discounts or gift cards
4%
Stage remarkable events that get people talking
3%
Share buttons on social media/Selfie walls
2%
Seek out local influencers such as journalists and prominent social figures
1%
Other (please specify)
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
41%
Other social media marketing
10%
Paid search (PPC, Google Ads, etc)
12%
Search Engine Optimization (including any paid-for content marketing such as blog services)
13%
Email marketing
8%
Re-targeting
3%
Banners
1%
Affiliate marketing
0.2%
None
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.”

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Wilkerson Helped This Jeweler to Navigate His Retirement Sale Despite a Pandemic

Hosting a going-out-of-business sale when the coronavirus pandemic hit wasn’t a part of Bob Smith’s game plan for his retirement. Smith, the owner of E.M. Smith Jewelers in Chillicothe, Ohio, says the governor closed the state mid-way through. But Smith chose Wilkerson, and Wilkerson handled it like a champ, says Smith. And when it was time for the state to reopen, the sale continued like nothing had ever happened. “I’d recommend Wilkerson,” he says. “They do business the way we do business.”

Promoted Headlines

Advertisement

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Facebook

Latest Comments

Most Popular