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Want to Sell More Silver? Here Are 5 Ways to Do It

Female self-purchasers are key.

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SILVER HAS BECOME AN increasingly important category for many jewelers over the past several years both in driving sales and providing margin. To determine specifics on market performance and help support further growth, the Silver Promotion Service fields an annual market measurement study, and year after year, the results point to silver’s strength as a key category for sales.

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Waiter Donates $200 to Jeweler’s Fundraiser, Wins Billionaire’s Heart, Gets Dream Job

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Here are a few highlights:

1. Silver continually delivers the best inventory turnover, surpassing diamonds, bridal and gold. This presents an opportunity to keep your assortments fresh and try new collections. Plan a trunk show and advertise the fact you have new merchandise to offer.

2. The age group buying the most silver is 20-40 years old. Be sure that your marketing plan includes this target audience. Connect with them on social media. Share news about new collections, trunk shows and events. Most brands offer great images and marketing support — use it to your advantage!

3. Offer a silver collection that is unique to your area. Why offer the same silver collections that your competitors do — why not offer a unique collection that stands out from the crowd and thereby cultivate your own following? Why be “me too” when you can offer “exclusively at”? We showcase a range of silver collections at savorsilver.com; check them out and find one that works well for your store.

4. The female self-purchase customer presents a fantastic opportunity for sales, and silver offers the perfect entry price point. This customer can comfortably buy for herself and express her own personality and style. Like all silver customers, the female self-purchase customer shops often. She may drop in to celebrate a job well done or just to treat herself. Keep her informed about new collections and styles. Once you have created a great selection of styles to meet the needs of your target audience, you need to promote your news where they will see it and keep it fresh. You need to reach out weekly to this customer; a monthly flyer or newsletter won’t do the trick. Post, tweet and repost and find ways to make it automatic.

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5. Silver delivers the best margin consistently over all other jewelry categories. The majority of retailers surveyed confirm this statistic. So why not build your assortment to offer a range of collections, from classic to dramatic? Contact your clients when a coordinating piece or new collection arrives from their favorite designer. Learning to make additional offers will make the difference in growing versus just maintaining your silver business.

Gloria Maccaroni is director of brand development for the Silver Promotion Service, an international marketing organization dedicated to expanding and strengthening consumer and trade markets for silver jewelry. Visit savorsilver.com for more information.

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Travelers Should Be Super Careful with Their Jewelry — Here’s Why

Jewelers Mutual Insurance Group released a new survey.

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THE NUMBER OF travelers reporting lost or stolen jewelry has doubled over the past four years, according to a national survey conducted by Jewelers Mutual Insurance Group. The survey revealed that 20% of respondents suffered a jewelry loss while on vacation. That’s up from 10% just four years ago.

Jewelers Mutual reports the most risky place for travelers to wear fine jewelry is at the beach. And while the insurance company advises sun worshippers to protect their jewelry in a room safe or hotel vault before heading to the water’s edge, too many are choosing to tempt fate. The result: 27% of all travel-jewelry losses can be traced to where the surf meets the sand.

Still another pain point is that only 1% of the lost or stolen jewelry is ever recovered by their owners.

“Travel continues to be a vulnerable time to misplace or have jewelry stolen,” noted Don Elliott, director of claims at Jewelers Mutual. “Travelers can and should insure their jewelry, and there also are steps they can take to minimize risk.”

Elliot outlined these important tips…

  • Document: As you’re packing, take a photo of the pieces you’re taking with you. If you need to file a police report for any reason, this proof of ownership will be very helpful.
  • Carry It: Never put jewelry in a checked bag. Wear it or stow it in your carry-on bag and keep that bag in sight at all times.
  • Don’t Post It: Avoid being an easy target. Don’t share photos of your jewelry or where you are staying on social media.
  • Wear Wisely: Avoid wearing jewelry while swimming, especially in cold water where finger sizes can temporarily shrink.
  • Tuck Away: Never leave jewelry out in the open. Use the safe in your room or hotel vault.
  • Conceal Don’t Reveal: Tuck necklaces inside your shirt, turn your engagement ring to the inside of your hand and cover any bracelets or watches with a sleeve when in dangerous areas.
  • Button Up: If you’re packing earrings, fasten them to an extra button to avoid them being separated or misplaced.
  • Suck It Up: Thread necklaces through a paper straw. This will prevent them from being easily misplaced or lost, with the added benefit of avoiding a tangled mess.

Jewelers Mutual also introduced its new digital publication called “Your Guide For Traveling With Jewelry.” It covers packing, time away, and upon-return tips, as well as advice for buying jewelry on vacation and what to do if your jewelry is lost or stolen while traveling. Click this link for more information.

Conducted in May 2019 by Kantar Group, the Jewelers Mutual survey reflects the experiences of 1,044 adults, ages 18 to 64.

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Sales Truth

Never Be Afraid to Hop In a Car And Hand-Deliver An Item

You could make a customer for life.

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WHY IT IS TRUE: The resulting gesture will be phenomenal. The customer will be pleased, and will not only become a customer for life, but will tell all of her friends about this generous experience.
PLAN OF ACTION: Follow up with the customer by phone to make sure everything went well, and most importantly, to validate your action in this difficult situation. You now have a customer for life.

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Commentary: The Business

To Stand Out From the Crowd, Build a Real Marketing Plan

A scattershot approach won’t work.

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WHO CARES ABOUT fine wine and nice cars? We should all be drinking two-buck-Chuck and driving a practical car, right? It would be cheaper, and cloth seats are the new leather. And while we’re at it, forget about the Jimmy Choo stilettos. You can match a sensible pair of shoes from Payless with that skirt … think of the money you’ll save. So, why don’t we? Because you would never bring two-buck-Chuck to a dinner party. Nice cars are reliable and fun to drive. And Jimmy Choo stilettos … come on. What do all these things have in common? Image, reliability and brand recognition.

It wasn’t that long ago that people were adamant about being different, building their brand and separating themselves from everyone else. But now a dark shadow of complacency has settled upon us, fueled by cheap services. Most of this comes from the fast growth of digital media and the slew of small companies that have popped up offering services from social media to paid search and email marketing. With most jewelers still not fully understanding this “new media,” it all comes down to cost.

There are a couple of reasons for this; first is a lack of buy-in. Many retailers don’t really believe in social or digital media. They just know everyone else seems to be getting involved, so they probably should, too. As a result, they seek out resources who will do the work cheaply and with minimal marketing dollars behind those efforts. That’s also the No. 1 reason their efforts fail. The second reason is believing these services are all the same. They’re not. Posting on Facebook or managing paid search in and of itself is not marketing. Without a sound strategy with objectives, you could actually be doing more harm than good. You don’t really think you get that for a couple hundred dollars a month, do you?

It’s sad but true: you get what you pay for. Most of the time, it’s templates, spitball marketing, below average results and a lot of time on the hamster wheel. What does that say about your store and your brand? When we all get over the cheap services, cheap websites, cheap everything, we’ll realize that there is something about being different, building the brand and separating ourselves from everyone else. That’s the day we’ll look back on the Age of the Cookie Cutters, open a bottle of Chateau Margaux and say, “Let’s build a marketing plan.”

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