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Editor's Note

Want to Make More Money? Leave Your Product Comfort Zone

To have the right product for customers, you may have to leave your comfort zone.

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Last week, I was on the phone with our publisher, Matthijs Braakman, whose wife has recently opened an arts and crafts store in their hometown. We were discussing the various issues that confront retailers these days, and he said, “The bottom line is that if you don’t have product that people want, you’re not going to last long.”

It’s true: if you don’t have your product mix right, all the money and cool showrooms and genius social media strategies in the world won’t help you.

With that in mind, we bring you an issue chock-full of new product for show season. In our annual trend report, we show you the latest trends alongside comments from our Brain Squad regarding each style. 

But what will you do with this information?

I hope you’ll consider taking on some new product this season; something that doesn’t qualify as a “staple.” Sure, reordering top sellers is a must, but how do you keep clients coming back for more? You give them something new to look at and enjoy.

It doesn’t have to be expensive. There are more innovative, affordable lines than ever before as fine and fashion have merged into price points under $500. These are the lines that could provide sales growth for 2018.

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You don’t have to go in blind. Read the experts’ advice and ask your fellow retailers what’s proven successful in other markets. Make an educated decision and ride it through the end of the year. Get your staff excited, market your new product and see what happens. 

Hope to see you all in Las Vegas!

Five Smart Tips You’ll Find Inside This Edition

  • 1. Conduct “stay interviews” to find out what makes your employees most happy and productive. (Ask Instore, page 97)
  • 2. Close your store for a week so that everyone can vacation at once. (Brainstorm, page 92)
  • 3. Hire an employee to call past clients with an incentive to update their information. (Best of the Best, page 87)
  • 4. Use questions, not talk, to control the sales process. (Shane Decker, page 98)
  • 5. If a client is intent on a bargain, offer a discount on an older item. (One-Minute Mentor, page 96)

Trace Shelton is the editor-in-chief of INSTORE magazine. He can be reached at trace@smartworkmedia.com.

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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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Editor's Note

Why The Big Survey Should Be Invaluable to Business Planning

When 800 store owners talk, you should listen.

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WE CALL OUR ANNUAL survey “The Big Survey” because we ask so many questions of respondents, but it’s also big because so many of you participate — more than 800 of you, in fact. And that makes the results incredibly valuable.
They’re so valuable that when I’m asked to speak to industry organizations, I often use the results to illustrate any number of points. For instance, I recently spoke to a group about how millennials are disrupting jewelry retail. I went back to last year’s Big Survey to reference this fascinating result: 51 percent of stores who were thriving said that the rise of millennials has been good for business, while only 18 percent of stores who were struggling said the same.
It’s questions (and results) like these that make The Big Survey so indispensable when charting the future of your business. In this case, it’s clear that if your store doesn’t cater to the needs of millennials, you’re more likely to struggle.

This year’s survey includes results like:

  • the best-performing jewelry and watch brands
  • salary comparisons for owners and staff
  • the “dark arts” of streetwise jewelers
  • the most impactful tech for jewelry store owners

And much, much more! I hope you’ll read this year’s survey not only for the fun bits and responses that make you go “huh,” but also for the takeaways that could set you up for future success.

Trace Shelton

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

Five Smart Tips You’ll Find in This Issue

1. Remove store fixtures that are too tall to allow shoppers to look across and take in your store. (Manager’s To-Do, p. 26)
2. Make sure your staff is fully aware of what holiday promotions will run when. (Manager’s To-Do, p. 26)
3. Always ask prospective employees, “What was the best day at work you’ve had in the past three months?” (Ask INSTORE, p. 70)
4. After any holiday sale, ask the client, “How many others are on your list?” (Shane Decker, p. 70)
5. Attend local small-business meetings to search out possible cross-marketing opportunities. (Cool Stores, p. 76)

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Editor's Note

For Great Marketing Advice, Don’t Ask Our Editor-In-Chief

The good news is, your fellow retailers are doing awesome things.

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FIFTEEN YEARS AGO, before I started working at INSTORE, I worked in marketing. I wrote radio, TV and print ads, and after six years of doing it, I thought I was pretty good at it. I also did media buying and marketing strategy consultations. Heck, I even wrote scripts for on-hold phone messages.

Today, much of what I learned is obsolete.

4 Dead After Jewelry-Store Robbery Leads to Police Chase and Shootout (Video)
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4 Dead After Jewelry-Store Robbery Leads to Police Chase and Shootout (Video)

Truck Slams Jewelry Store in $200,000 Burglary — Watch the Video
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Truck Slams Jewelry Store in $200,000 Burglary — Watch the Video

Video: How to Achieve a $100,000 Day in Your Jewelry Store
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Video: How to Achieve a $100,000 Day in Your Jewelry Store

Sure, the bedrock principles of marketing are still the same (find a way to pique the consumer’s interest), but the methods of delivery are radically different. As a result, the messaging has changed as well. A radio or TV script just doesn’t work when you post it on Facebook.

Moreover, the techniques that worked back then don’t resonate as strongly with today’s consumer. That’s because people love to be surprised. And, they love an experience.

The good news is, many of you are innovating in ways that appeal to your customer base. We’ve collected 12 such ideas in this issue’s lead story (plus a few more online at instoremag.com) that will inspire you to create your own enticing approach. From unusual promotions, to modern takes on old concepts (like the catalog), to high-tech targeting, these strategies are the type of above-and-beyond concepts that cause people to stop and take notice.

So I hope you’ll find an idea in this issue that works for you. Just don’t ask me for advice: Those “guaranteed to work” Yellow Pages templates aren’t so guaranteed anymore!

Trace Shelton

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

Five Smart Tips You’ll Find in This Issue

1. Schedule your trunk shows in November to capture clients earlier in the holiday buying process. (The Big Story, p. 40)
2. Split your displays into “jewelry islands” within the showcase to allow for multiple clients to view items at once. (10 Jewelry Display Mistakes, p. 52)
3. Use your clients as models for your direct mailers. (Brainstorm, p. 62)
4. Buy low-priced items in limited quantities to use in “feeding frenzy” marketing promos. (Jim Ackerman, p. 64)
5. Partner with local bridal-related businesses on a “Bridal Box” giveaway to engagement-ring customers. (Cool Stores, p. 80)

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