Tip Sheet - INSTOREMAG.COM https://instoremag.com/tips-and-how-to/tip-sheet/ News and advice for American jewelry store owners Fri, 04 Aug 2023 01:25:07 +0000 en-US hourly 1 https://wordpress.org/?v=6.3 The Compelling Logic of Anniversary Diamonds, the True Value of Effort and More Tips https://instoremag.com/the-compelling-logic-of-anniversary-diamonds-the-true-value-of-effort-and-more-tips/ https://instoremag.com/the-compelling-logic-of-anniversary-diamonds-the-true-value-of-effort-and-more-tips/#respond Fri, 04 Aug 2023 01:25:07 +0000 https://instoremag.com/?p=97894 SellingPrice First,Features Second When asked, “How much?”, the first digit of a number should always be the first sound out of your mouth. That’s the advice of sales pro Gene Chamberlain. If you start with a sales line like, “Sir, you have excellent taste in diamonds,” followed by a list of the features, then the […]

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SellingPrice First,Features Second

When asked, “How much?”, the first digit of a number should always be the first sound out of your mouth. That’s the advice of sales pro Gene Chamberlain. If you start with a sales line like, “Sir, you have excellent taste in diamonds,” followed by a list of the features, then the person stops listening. Start with the price, followed — without pause — by the features, and all those things you list make the price seem cheaper and cheaper.

MARKETINGMark the Milestones

For the last few years, the “Wizard of Ads” Roy H. Williams has been urging jewelers to invest more time, effort and marketing dollars in “anniversary diamonds.” The logic is compelling: There are only slightly more than 2 million weddings in the U.S. each year versus 62 million married couples who will celebrate some sort of anniversary. Couples are usually in a better financial position to mark such milestones as they grow older, and so it’s a chance for the ring-buying partner to say “I love you” twice, three times, six times as much as when they were married with a diamond six times as large, says Williams, who has even thrown in a radio segment that jewelers can use for free. It can be found here: mondaymorningmemo.com/newsletters/a-note-to-jewelers-worldwide.

salesTime to Tune In

Talk less, listen more. We know you’ve heard it before. But professionals who are smart and know what they are talking about are often the worst listeners — even those who write about communication for a living! Best-selling business author Tom Peters, for example, calls listening “the bedrock of leadership excellence,” but at the same time admits he’s a terrible listener and “a serial interrupter.” So, to help him stay focused on the other person, he writes the word “listen” on the palm of his hand before walking into meetings. “The focus must be on what the other person is saying, not on formulating your response. That kind of listening shows respect for the other person, and they notice it,” he says. Keep it in mind — or on your palm — the next time a young couple is trying to tell you what sort of ring they want.

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STORE DESIGNBrighten Up Your Office Space

Beige and gray are great colors to allow diamonds to shine, but they don’t make for the most invigorating mental environment for a meeting room, employee back room or your office. As John Brandon explains in INC, colors can affect how you feel and think. Blue stimulates your brain, yellow your emotions, red your body, and green your balance. “Ditch the gray. Add a poster or a splash of paint to brighten up the space and your ideas,” he says.

MARKETINGPerception Trumps Reality

Who should be paid more? A jeweler who takes 10 minutes to fix a bent prong, or one who takes two hours? Clearly, one is experienced and the other is not particularly skillful. But in such situations, consumers show over and over again that when it comes to paying for services, they tie value to effort. Capitalize by providing regular updates on the effort a job is requiring and using language that implies effort in the creation and sourcing of the jewelry. It’s why words like “artisanal,” “handcrafted” and “fair trade organic” resonate with customers.

HIRINGAsk What They Admire

In the sci-fi novel Engines of God, the codebreaker Maggie Tufu says, “Tell me what a person admires, and I’ll tell you everything about them that matters.” It’s profound and true, and a great interview question the next time you’re hiring.

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Make Your Customers Social Media Stars, Douse Flame Wars With the Rule of Three, and More Tips for July https://instoremag.com/make-your-customers-social-media-stars-douse-flame-wars-with-the-rule-of-three-and-more-tips-for-july/ https://instoremag.com/make-your-customers-social-media-stars-douse-flame-wars-with-the-rule-of-three-and-more-tips-for-july/#respond Mon, 17 Jul 2023 04:30:26 +0000 https://instoremag.com/?p=96838 And engage in some guerrilla marketing in your local diner.

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MARKETINGHomegrown Stars

Need social media models? Look no further than your customers. It’s worked wonders for Bullock’s Jewelry in Roswell, NM. “We get a big response from the ads because the model looks familiar to our customers and, as a bonus, we find out what the customers really like in our showcase because they pick out what to model,’” says owner Kyle Bullock. In exchange for use of their image, the models get pampering treatment in the store, their own glamour shots and local renown. “It’s been the best social campaign we’ve done and has helped humanize our brand as a store,” says Bullock.

OPERATIONSMeetings on Hold

Feeling like your meetings just aren’t that productive? Hold a moratorium for a week or month or however long and look for alternative ways to disseminate the information. Make a note for when things aren’t being communicated well and then reintroduce meetings for those instances.

MARKETINGCoast to Success

Cross marketing doesn’t have to be huge. Exclusively Diamonds in Mankato, MN, has found outsized success by placing ring-sizer coasters at a small chain of local restaurants. “The coasters really drive our bridal sales by making it easy for the customer to start the conversation about what his or her finger size may be,” says co-owner Maria Brown. (It helps that the restaurants are owned by the husband of Exclusively’s other owner, Sarah Person, but it’s a neat idea regardless!)

CUSTOMER RELATIONSUp Your Engagement

With the economy cooling, you should be looking to increase your online engagement with current customers, recommends Erich Jacobs, president of the Jewelers Board of Trade, explaining that it “becomes a cushion against a downturn because when pocketbooks tighten, they have an incentive to search for more affordable options if you’re not engaging with them.”

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MARKETINGHire a TikTok Intern

Marketers have long turned to young people to help them navigate new social platforms. TikTok is no different. But according to a story in the New York Times, it helps to cut them a lot of creative slack, and even allow these youngsters to become the face of your brand, given the direct nature of the channel, let alone its often confusing mix of voice snippets, song clips, and unique vernacular. “The best way to do it is just to hire college interns,” the report quotes one small business owner as saying. One such intern created a video for Claire’s that generated 1.5 million views and 20,000 new followers for the company’s TikTok account.

HIRINGExperience Doesn’t Equal Performance

When hiring, don’t mistake experience for past performance. Setting requirements like “three to five years of experience in a retail setting” is no guarantee of landing yourself a solid hire. The data is clear, says behavorial psychologist Adam Grant: “Past experience rarely predicts future performance. What matters is past performance — and current motivation and ability. It’s how well people can learn to do a job, not how long they’ve already
done it.”

PRODUCTIVITYThe Rule of Three

Want to improve the productivity of email and avoid flame wars? Use the “Rule of Three,” writes Jim Schleckser in INC: If you can’t resolve something in three emails or less, it’s time to pick up the phone. “It’s been my experience that this results in a 100 percent success rate in resolving the issue, usually within minutes of getting on the phone, while limiting unnecessary email,” he says.

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Pounding the Pavement, Building a Better Comment Box, and More Tips for June https://instoremag.com/pounding-the-pavement-building-a-better-comment-box-and-more-tips-for-june/ https://instoremag.com/pounding-the-pavement-building-a-better-comment-box-and-more-tips-for-june/#respond Mon, 05 Jun 2023 04:00:26 +0000 https://instoremag.com/?p=95551 And you can make your events even more enticing by focusing on an overlooked aspect: the invitation itself.

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WORK FLOWGet Unstuck

If you’re procrastinating, it’s often because you don’t know the next appropriate action. It can help to ask yourself what it is that you need to find out, decide or do. “Usually the roadblock is one of those three things,” productivity coach Liz Sumner told INC. “What information do you need to locate? What decision is up in the air and what are the choices? What needs to be done so that the rest of the pieces fall into place? These questions will get you moving again.”

PRODUCTIVITYHighlight Outsourcing Opportunities

If you suspect you’re not focusing enough on important tasks, Lauren Edvalson, CEO of Edvalson Marketing, suggests logging your productivity every day for a week. At the end of the period, take a highlighter and mark anything you can delegate for say $50 per hour or less via apps such as elancer and Upwork, she tells INC. “I like to do this exercise quarterly so that I can measure my progress and also have some accountability for letting go of time-sucking tasks that don’t serve my business goals.”

MARKETINGPound the Pavement

Summer means different things to different people. At Midwest Jewelers and Estate Buyers in Zionsville, IN, it means it’s time to pound the pavement. The store prints up marketing materials focusing on its estate buying services and then two staff members head out, targeting businesses that might be interested. “They called on local banks, insurance agents, nursing homes. When they walked in you could just see the employees thinking, ‘Oh no, not more solicitors,’” recalls owner Brian McCall. “But after the initial introduction, they were excited to find a business where they could send their clients. We saw a large uptick on the buying side of the business. When the sun starts shining, we will be back at it!”

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MANAGEMENTBuild a Better Comment Box

Lots of businesses have an idea or comment box. That’s great, but innovation consultant Bryan Mattimore, author of 21 Days To A Big Idea, suggests you take it to the next level by adding some structure. At his company, the Growth Engine, managers post an organizational challenge on a whiteboard and invite their co-workers to submit suggestions. “After a week’s time, the manager records (and then pursues) the best ideas/suggestions on the whiteboard. He or she then posts a new weekly challenge. It’s easy to do, doesn’t really cost anything, and it has created some huge productivity improvements/wins for our clients,” says Mattimore.

MARKETINGSought-after Invitations

Cooper & Binkley Jewelers’ annual trunk shows are keenly awaited events for its regular customers — although probably not as much as the actual invitations. Each year, the staff at the Brighton, MI, store try to top themselves with “invitations that are more unique, creative and surprising than the previous year,” says co-owner Barb Binkley. Examples include a three-part invitation that built anticipation over three weeks, a message in a glass bottle, a chocolate candy bar with the message on the wrapper, a jigsaw puzzle that had to be assembled and a cookie with the designer logo.

CUSTOMER APPRECIATIONBest Seat in the House

Do you live in a city that has a restaurant where it’s almost impossible to get a reservation? Impress your customers by booking a table (better yet, a prime table at the prime time of the night). You can do it far in advance. You can do it every week. Then give the reservations to a customer who purchases a big piece from you.

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Tips for June Include Adding Vendor Management to Your Training and A Baby Monitor to Your Diamond Area https://instoremag.com/tips-for-june-include-adding-vendor-management-to-your-training-and-a-baby-monitor-to-your-diamond-area/ https://instoremag.com/tips-for-june-include-adding-vendor-management-to-your-training-and-a-baby-monitor-to-your-diamond-area/#respond Mon, 01 May 2023 23:58:45 +0000 https://instoremag.com/?p=93638 Also, moving season is on the way. Get ready with a welcome offer!

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MARKETINGRoll Out the Welcome

Upcoming moving season in May is a great opportunity to introduce yourself to potential new customers. Burkes Fine Jewelers in Kilmarnock, VA, has it down with their welcome. “We acquired the county new tenant list, and each month, we send a personalized ‘Welcome to the River’ package to every new Northern Neck resident,” explains Sydney Moss. The box includes a welcome letter hand-signed by each staff member, as well as Burkes Jewelers branded koozies, jewelry cleaner, pens and stationery.

BUYINGPrioritize Relations with Suppliers

With the economy outlook so uncertain, this is not the time to “tick off vendors,” notes Erich Jacobs, president of the Jewelers Board of Trade, because when “things start to go south, suppliers will help their better customers by making inventory available or providing better terms.” It’s something that is baked into the training at Thollot Diamonds & Fine Jewelry in Thornton, CO, which includes how to work with suppliers and ensure their requests are handled promptly and invoices are paid on time or even early. “Everyone talks about customer service and taking care of staff,” says co-owner Troy Thollot. “We have discovered it is equally important to take care of our vendors.”

MERCHANDISINGReflect the Change of Season

As summer approaches, the world takes on a lighter, warmer air. Your merchandise should too, says Krystal Shiklanian of Radiant Fine Jewelry in Plymouth, MI. “If I have a large collection of a certain brand, I’ll switch out the heavier, darker stone pieces and display light and airy pieces for a spring/summer look.”

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INTERIOR DESIGNThe Kids Are Alright

Young kids can be a sales-killer in a jewelry store. Or, if you find a way to keep them engaged in your kids room, they can be something that draws people to your store. Carter’s Jewel Chest in Mountain Home, AR, has installed a baby monitor strategically close to their diamond island to allow parents to keep one eye on their kids and one on the fine jewelry in front of them.

PRODUCTIVITYBeans Mean Work

Want to know what white noise sounds like in 2023? Download Coffitivity, an app that creates the hum of a coffee shop to play as background music. (Choices include Morning Murmur, University Undertones and Brazil Bistro.) According to the makers, “Coffitivity recreates the ambient sounds of a cafe to boost your creativity and help you work better,” adding that the benefits are “proven and peer reviewed.”

COMMUNICATIONSPhone Form

When you meet with someone in person, make a point of shutting your phone completely off, says Chris Bailey, author of Hyper Focus. “(It) shows them they’re important to you, and that you’re ready to give them 100 percent of your attention,” he says.

COMMUNICATIONSShorten Your Emails

Email is great, but it often takes too long to respond to, resulting in continuous inbox overflow. The solution? Treat all email responses like tweets, but with a set limit of five sentences, web designer Mike Davidson told ENTREPRENEUR Magazine. Add the rationale in your signature — that your policy is designed to save everyone time — and you may find everyone in your email circle getting to the point faster.

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Staff Cars as Billboards, Free Bracelets for Kids, and More Business Tips https://instoremag.com/staff-cars-as-billboards-free-bracelets-for-kids-and-more-business-tips/ https://instoremag.com/staff-cars-as-billboards-free-bracelets-for-kids-and-more-business-tips/#respond Fri, 24 Mar 2023 02:01:05 +0000 https://instoremag.com/?p=92713 Plus a creative way to use your email auto-responder.

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MARKETINGGlad to Wrap

Dan Reitman of Dan’s Pet Care in New York views his staff as family, but also as potential mobile billboards. He offers his pet sitters and dog walkers the option to wrap their personal cars in his company’s logo, at his expense, and receive $200 a month in exchange. Ten employees have currently taken him up on the offer. Reitman told INSTORE’s sister publication PETS+: “We get so much business from it, and it adds to the perceived legitimacy of your business in the eyes of the consumer when they see you everywhere.”

MARKETINGGet Carded

Join the sales team at J. David Jewelry in Broken Arrow, OK, and you get a good job, training … and a company credit card. “Just another way we can empower them to serve our guests well by buying gifts, dinner, or just a little something special,” says owner Joel Wiland.

OPERATIONSClear to Neutral

When you enter a kitchen and find the sink piled high with dishes, you’re less likely to want to dive into cooking the day’s meal. The same applies to the workshop when tools and findings are scattered around, or even your office when you have to clear a pile of stuff off your desk to start working. Enter the idea of “clearing to neutral” — a ritual where “whenever you finish an activity, you [move] everything so [it] is in neutral position.” According to Thanh Pham, at the blog Asian Efficiency, when you return to such an environment, it eliminates all of the friction — both physical and mental — and you can quickly get started with what you need to accomplish.

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MARKETINGPlaying the Long Game

Get ’em while they’re young. Barnes Jewelry in Amarillo, TX, gives a special bracelet to every girl who comes in the store, and in doing so turns them into “a Barnes girl.” As owner Vess Barnes notes, “Barnes girls become Barnes brides.”

MANAGEMENTDeclare an Email Holiday

Need to hunker down to work on an important project? Set up an auto-responder saying you’ll be away for a couple of days, and then tackle whatever you need to get done, writes Chris Bailey in Hyper Focus. (Leave an alternate email address or even phone number for “genuine” emergencies.)

MANAGEMENTBetter Brainstorm

If you want to foster ideas from your staff, don’t tell them to “be creative.” They’re likely to freeze up. A better approach, according to a recent Businessweek article, is to say: “Do something only you would come up with — that none of your colleagues, friends or family would think of.” This has been shown to yield twice as many creative responses.

PRODUCTIVITYUse Your Boss Voice

Andy Frisella, the social media entrepreneur behind the “75 Hard” self-improvement challenge, recommends labeling negative inner monologues as your “bitch voice” and then replace it with your “boss voice” to take control. Here, “bitch voice” is the label for the voice that’s saying things like: “Not now,” “maybe tomorrow,” or “I’m not in the right mood.” Having a label like “bitch voice” makes it easier to recognize these thought patterns and turn them into more productive ones, says Frisella. “It allows me to greet them like an old friend (‘Oh hey, bitch voice’), smile, and do the exact opposite of what it’s telling me to do,” he says.

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Talk Back to Negativity, Overcome Procrastination, and More Tips From March https://instoremag.com/talk-back-to-negativity-overcome-procrastination-and-more-tips-from-march/ https://instoremag.com/talk-back-to-negativity-overcome-procrastination-and-more-tips-from-march/#respond Wed, 01 Mar 2023 23:13:45 +0000 https://instoremag.com/?p=91448 Plus tips on building a “capsule wardrobe.”

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MINDSETStay Optimistic

How to stay upbeat in tumultuous times? Nate Zinsser, director of the performance psychology program at West Point, told Bloomberg one of his favorite strategies is to “Flash a Stop Sign.” “When your mind throws you fear or doubt or worry, visualize an actual stop sign. You want to deliberately cease those thoughts and replace them with optimistic thoughts. Talk back to the negativity the same way you would talk back to your obnoxious brother when he’s talking garbage,” Zinsser says.

SALES FLOORIt’s Play Time!

Given the importance of the symbolism and the money involved, it can, at times, be easy to forget that the experience of buying jewelry should be enjoyable. That’s hard to do at Midwest Jewelers and Estate Buyers in Zionsville, IN. “We are fun! As a store we are very low pressure. One of our favorite phrases is ‘Let’s play!’ We encourage everyone who walks in the door to try on the $225,000 diamond ring. Hey, you never know, right? We are you!” says owner Brian McCall.

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PRODUCTIVITYThe 2 Percent

Can you achieve 2 percent of your goals for the year in the next week? Yes, it doesn’t seem much time, but that’s how the math breaks down. It’s too often fairly easy to punt a week — but when you think of it as 2 percent of a year — it changes the calculus a bit.

PRODUCTIVITYLeverage the Dread

One of the ironies of procrastination is that it often stems from the mildly discomforting things in life, such as doing taxes. In contrast, you don’t indefinitely put off a root canal. You want to get it over with. According to a trio of new studies out of the University of British Columbia, you can use this psychological quirk to your advantage when you find yourself avoiding a task: Tell yourself that it will be horrible, the absolute worst. “The key to getting tasks off your to-do list is to harness the psychological discomfort of dread, which is negative and unpleasant — and therefore a feeling that most people seek to relieve,” noted an article about the finding in Fast Company.

STYLINGBuild a Capsule Wardrobe

Does choosing an outfit for work take an inordinate amount of time every morning? Try a capsule wardrobe: a collection of a limited number of clothing items that complement each other and can be mixed and matched effortlessly. The benefits, according to sustainably-chic.com, are less decision fatigue and stress in the morning, while you also save money and lead a more environmentally friendly life.

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MARKETINGA Welcome to Remember

Quite a few jewelers give new customers a tour of their store. Perry’s Diamonds & Estate Jewelry in Charlotte, NC, takes it up one level by giving them a welcome bag as well. The staff is trained to ask everyone coming through the door if this is their first visit. If yes, the customer gets a brief tour of the store and a little bag of swag containing various Perry’s branded items such as lip gloss, nail clippers and hand-sanitizer or a $5 Starbucks gift card simply for checking out the showroom. “Potential clients love this small gesture, and it helps break down some of the defensive barriers that potential new customers sometimes come in with,” says owner Ernest Perry.

SELF-AWARENESSBetter Than Perfect

Perfection isn’t just impossible, it’s counterproductive, notes Adam Grant, an organizational psychologist and author of the bestseller Think Again. “Perfectionists are more likely to burn out and less likely to embrace new challenges. Success depends on high standards, not being flawless. The target is not perfection — it’s excellence.”

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Life Hacks, Sales Hacks, and More Tips for March https://instoremag.com/life-hacks-sales-hacks-and-more-tips-for-march/ https://instoremag.com/life-hacks-sales-hacks-and-more-tips-for-march/#respond Thu, 23 Feb 2023 05:00:53 +0000 https://instoremag.com/?p=90583 Forget the Covid period when looking at your sales comps, says JBT chief.

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As we start to move through the year and you begin assessing how you’re doing compared to previous periods, base your performance on pre-Covid times, says Erich Jacobs, president of the Jewelers Board of Trade. “2019 is a better benchmark to use for 2023 than 2020 and 2021. That period was an outlier,” he says.

TRAININGIntroduce “Desirable Difficulties”

The training paradox: Being challenged results in faster learning, but it also shows us how little we know, which makes us feel ignorant. A recent study of a Harvard humanities class found introducing such challenges upped test scores by 33 percent, but the students involved thought they were learning more from non-active lectures. The lesson: Introduce “desirable difficulties” into your training, despite the pushback you’ll likely encounter.

PSYCHOLOGYShare the Self-Love

It’s the month of Valentine’s Day, the perfect time for a reminder on the importance of sharing the love – with yourself. “The biggest life hack is to become your own best friend. Everything is easier when you do,” says mindfulness teacher Cory Mascara.

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MANAGEMENTInstitute a Progress Ritual

One of the biggest problems with being the boss is that few people will give you direct feedback on your performance or offer kind words to inspire you when things get difficult. And yet studies show that the single biggest motivator of performance is the feeling of making progress in a meaningful task. But if your underlings aren’t likely to do that, you have to go out and find the feedback yourself. And the best way to do that, says business author Dan Pink, is to establish a progress ritual. “At the end of every day, take just 60 seconds to record and memorialize what progress you made that day.” You may well be pleasantly surprised by just how much you get done.

OPERATIONSLog and Laugh

The healthiest work environment is one where people take their jobs seriously but can also laugh about and learn from the ups and downs of retail life. To support this, keep a “Daily Disappointments” booklet of funny things that happen throughout the year. As one of our Brain Squad members told us: “We go out as a team twice a year for a nice dinner. We review the booklet together over drinks and get some good belly laughs in!”

MANAGEMENTAim High, Settle for Less

If the “Door-in-the-Face” technique is in your bag of management tricks, feel confident in bringing it out — a group of psychologists from the University of Cologne has proven it works. According to the study, if you were to make a big request of staff (“Please work the next three weekends without a day off”) that is rejected, but then follow up with a request for a smaller favor (“How about this Saturday?”), you are 40 percent more likely to have the second request granted than if you hadn’t primed your employee. Devious? Perhaps. Luxury goods retailers do it all the time, positioning a very expensive item near the front of the store to make everything else look downright reasonable.

MANAGEMENTReward Small Victories

On the way to a grand goal, celebrate the smallest victories as if each one was the final goal, writes WIRED co-founder Kevin Kelly on his blog: “No matter where it ends, you are victorious.”

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Give Customers a Sneak Peek at What You Have Planned for the New Year and More Tips for January https://instoremag.com/give-customers-a-sneak-peek-at-what-you-have-planned-for-the-new-year-and-more-tips-for-january/ https://instoremag.com/give-customers-a-sneak-peek-at-what-you-have-planned-for-the-new-year-and-more-tips-for-january/#respond Mon, 09 Jan 2023 05:15:06 +0000 https://instoremag.com/?p=89787 Start a Log and Laugh book for all the low and high points that lie ahead.

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Need a motto for 2023? How about “Inventory should not have anniversaries.” That’s from business coach Bob Negen, co-founder of WhizBang! Retail Training. An optimal inventory turn rate for a jeweler is above 1. Any products that have been sitting on your boards for close to a year are draining life from your business and probably driving away bored customers. Reduce the price, bundle it or do a stock balance … do whatever it takes to move it on. Turn and earn!

INVENTORY

Kill Two birds with Small Stones

David Blitt, owner of Troy Shoppe Jewellers in Calgary, AB, does something similar to get a jump on wedding season. “I try to prepare some of my loose melee in small bands that I can use at blow-out prices. Gets rid of small goods and reminds clients it is wedding band time,” he explains.

MARKETINGNew Year Preview

Give customers a sneak peek at what you have planned for this year. Are you introducing new products? Have you grown your staff or expanded your services? Send out an email recapping the past year and let people know what you have planned for the New Year, recommends Constant Contact in their monthly marketing newsletter.

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GOAL-SETTINGKnow when to Quit

A little negativity can be a good thing, argues Annie Duke in her new book, Quit: The Power Of Knowing When To Walk Away. “Optimism causes you to overestimate both the likelihood and magnitude of success and stick to things too long,” she says. “Unchecked by realism, it prevents you from quitting when you ought to walk away.”

SALESShow and Tell

Keep a gemstone with super interesting inclusions handy to show under magnification, urges GIA-accredited jewelry pro John Nicolosi, adding that it doesn’t have to be flawless or even a diamond. “Flawless doesn’t really exist,” he says. “Because clarity is graded at 10x mag. Zooming in beyond 10x can reveal extremely minute characteristics, even in flawless diamonds. Remember, Mother Nature—or humans, for lab-grown—made every diamond different,” which is a powerful attraction to a potential buyer.

MANAGEMENTFeed it forward

Providing feedback has long been considered an essential skill for leaders. But according to executive coach Marshall Goldsmith, there are two problems with it: It addresses something in the past and it makes the recipient defensive. In its place, he recommends “feedforward,” which is suggesting a couple of things that could help one of your workers improve their performance. “It can be very specific and still delivered in a positive way. The manager can cover the same points without feeling embarrassed and without making the subordinate feel even more humiliated,” he says.

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MARKETINGA New approach

You may not be enamored with Valentine’s Day as a selling date but set aside money for advertising for the last two weeks of January and the first two weeks of February regardless. “It gets your name in the minds of guys who don’t want to propose on cliche holidays but want to propose soon,” notes Jennifer Farnes, owner of Revolution Jewelry Works in Colorado Spring, CO. “Like it or not, everyone is pitching Valentine’s to them, so they are thinking about it anyway. Just advertise it differently.”

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INSTORE’s Top Tips of 2022 https://instoremag.com/instores-top-tips-of-2022/ https://instoremag.com/instores-top-tips-of-2022/#respond Thu, 22 Dec 2022 00:18:24 +0000 https://instoremag.com/?p=89650 We share some of the best ideas and advice that appeared in our columns, Cool Store profiles, daily bulletins and elsewhere over the last 12 months.

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A TIP IS ONLY as good as it is timely. In that spirit, here are 20 tips from the pages of 2022’s INSTORE editions and instoremag.com that address some of the big issues of the year, including hiring, inventory, managing the sensitivities of staff, and setting yourself up for a great 2023.

1. Find better solutions by basking in the problem.

Planning season is here but don’t rush it, says Tina Seelig, a Stanford business professor and author of “Creativity Rules: Get Ideas Out Of Your Head And Into The World”. Rather, let yourself bask in the issues for a while. If you go straight to the solution, you will likely end up thinking too narrowly, whereas if you frame wider, you can often come up with a creative answer, she says. “Living in that problem space and falling in love with your problems is one of the most powerful ways to unlock really innovative solutions,” Seelig writes. (Note that this applies to creative issues: For day-to-day problems, we often know what to do straight away, and what we call “deliberation” is actually just dithering.)

2. Stretch your stretch goals.

Setting stretch goals of, say, a 5 percent improvement for employees may be attainable through extra hard work and efficiency. But what if you told your staff you’d like them to improve their performance in a certain area by 30 percent? Impossible? Yes, but that’s the point. They would have to totally rethink how they go about hitting their numbers. To kickstart innovative thinking, you often have to first destroy the old ways of doing things.

3. Test your prices weekly.

Once a week, in store meetings, pass around a number of items and ask your sales staff if the price is too high, too low or just right, based on the look and feel of the product and customers’ reactions. The idea, says former GIA president Bill Boyajian, is to use this test to see if more profit margin can be squeezed out of an item, or if you’ve hit the peak of what a jeweler can ask for it.

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4. Be nice to people who are leaving.

It’s no secret that staff turnover in the retail industry is high, especially right now. But that is no reason to treat departing workers the way you would an expired bottle of milk. On the contrary, handling them well has benefits for your business, HR magazine quotes Gail Gunderson of Ohio State University as saying. If you treat exiting workers with understanding and respect, they may decide to change their minds. They may also tell you the real reason they are leaving, which is important information if you suffer from high turnover. Parting on good terms potentially leaves the door open for them to return. And even if they don’t, they will have positive things to say, which could attract others. Finally, a cordial exit signals to remaining staff that you’re a decent boss who cares about his workers as people, which is good for morale.

5. The secret words to make an annual review productive

Employees generally hate reviews. Managers generally hate giving them. With the right approach, however, both sides can leave the meeting feeling they’ve been involved in something productive and looking forward to improved performance. In his book CULTURE CODE: THE SECRETS OF HIGHLY SUCCESSFUL GROUPS, Daniel Coyle recommends using these 19 words to deliver the feedback: “I’m giving you these comments because I have very high expectations and I know that you can reach them.” Why does it work? According to Coyle, it builds trust, signals belonging, and combines high standards with the assurance that people can reach those standards.

6. Offer complete rings – they are the ultimate unshoppable bundle.

It’s rare to see a customer try to price-shop a complete ring because there is more than one component and there aren’t any generic specs on the semi-mount portion of the ring like there are with a loose diamond. It can also simplify the process, particularly for the budget-conscious shopper, who can be interested in rings displayed in categories with signae such as under $1,500 or under $2,500, says Megan Crabtree, founder of Crabtree Consulting. Ask vendors for them or make them up yourself. It can be a way to turn aged merchandise, or to get even better turns from top selling semi mounts, she says.

7. Do less.

“The Underachiever’s Manifesto” doesn’t sound like a book you’d find on the shelves of the ambitious business owner. But it should be. Written by a doctor named Ray Bennett it advocates a path to a superior kind of achievement based on the idea that you need to leave some slack in your life to take advantage of the serendipity of the world, and to give yourself the elbow room you need to excel. He quotes that Spanish underachiever Pablo Picasso: “You must always work not just within, but below your means. If you can handle three elements, handle only two … In that way, the ones you do handle, you handle with more ease, more mastery, and you create a feeling of strength in reserve.”

8. Want to be a great boss? You need to have confidence — and doubt.

“The best leaders have ‘the attitude of wisdom’ — the confidence to act on their convictions and the humility to keep searching for evidence that they are wrong,” writes Stanford business professor Bob Sutton in a column for the HARVARD BUSINESS REVIEW. “Yes, you need to carry yourself in a way that shows you are in charge, but it’s vital to couple that strength with a humbleness that ensures you realize you will often be wrong, and which encourages people to suggest alternative ways of doing things,” he says.

9. Reboot your phone every week.

That’s part of the National Security Agency’s recently released “best practices” guide for mobile device security. While it won’t stop a sophisticated hacker, it will make them work harder to maintain access and steal data from your phone. “This is all about imposing cost on these malicious actors,” Neal Ziring, technical director of the NSA’s cybersecurity directorate, told the Associated Press. The reason is that the latest malicious software typically targets your phone’s root file system. But the newest phones can detect and block such malware during a reboot.

10. Force a real decision.

The next time you ask an employee or partner for their opinion on a business-related matter, say to rate a job candidate, a new line or a business proposition, ask them for a score between one and 10 but tell them they can’t choose seven. Seven is a fudge, says speaker and author Kyle Maynard. Force the person to choose between at least an eight, an indication that they’re genuinely excited by the prospect, and a six, which usually means they’d pass on it.

11. Always add, “which means…”.

To boost the impact of your sales presentations and really, REALLY ensure your prospective customer understands the benefits of what you’re selling, always add “which means…” after every feature you share, says “Wizard of Ads” author Roy H Williams. “You can add these words verbally, or you can add them silently, but this habit will bridge you into language the customer can see in their mind,” he writes in his weekly Monday Morning Memo. Williams provides the following examples: “This blade is made of Maxamet steel, which means you’ll never have to sharpen it” and “This is a 52-week schedule, which means your name will become the one people think of immediately and feel the best about.”

12. Preparing goodie bags for a ladies night or other end-of-year event? Put together more than you need.

The spares will appease unhappy customers or cap off a customer’s purchase experience in the future. “It smooths ruffled feathers, makes up for late or unexpected difficulties in a job, and makes customers really happy because along with a great present, they have an extra pre-sent,” says Denise Oros, owner of Linnea Jewelers in LaGrange, IL. Oros recommends filling the bags with store-branded cleaner, polishing cloths, nail polish, emery boards, hand lotion and handmade silver dangle earrings. “Customers RAVE over the bags,” she says.

13. When following up with customers, let the juniors listen in.

Bill Jones, the CEO at Sissy’s Log Cabin in Arkansas, aims to call 10 to 15 existing customers every day “just to check in with them and tell them thank you for doing business with us,” he says. “We do these calls with our salespeople listening so that they understand how important every one of our customers is; whether they purchased a 10-carat diamond or had a ring sized.”

According to Jones, the goal is not to sell the customer anything but to fulfill a promise of exceptional customer service and build a relationship as a lifelong jeweler and friend. It is something he wants both sides of the transaction to know.

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14. Sales ninjas need not apply.

There has been a trend in recent years to list available jobs using creative language, like describing a sales associate’s position as one for an “obsessed sales ninja,” but such language may actually deter some promising candidates, particularly anyone with outside obligations like children or elderly parents. According to a recent report in THE ATLANTIC, most small business owners would be better advised to go with more technically precise job description and focus your creativity on selling the workplace: “We’re a family-run progressive business in one of the city’s best neighborhoods that wants to grow in tandem with our staff. If that sounds like the kind of place you’d like to work …”

15. Include local businesses in events.

If you’re hosting a bridal-centric event, invite a wedding-related local business to participate, such as wedding photographer or a wedding caterer .

It’s a win-win, Jackie Johnson, VP of Crabtree Consulting: You’ll end up with free photos of your event, free food for your event, and the local business operators will get to meet people who need a wedding photographer or caterer. A plus? Your guests can sample their offerings, and it will keep them busy when you need to bounce from guest to guest.

16. When it comes to lab-grown diamonds, think beyond millennials.

Gen X and baby boomer women experiencing FOMO (fear of missing out) may turn out to be one of the biggest demographics for growth in the category of lab-grown diamonds in finished jewelry. They’ll be looking for eternity bands to studs and statement necklaces, says George Prout, president of Revelation Lab Grown Diamonds. Expand your demographics in your marketing and sales floor approaches. Show lab grown diamonds to more than just young women looking for 2-carat engagement rings.

17. Punishment sends a message … as does its absence.

The point isn’t that people need to be threatened in order to perform. “It’s that if you aren’t willing to go to the mat when people violate your core values, your organization and its culture lose their moral force,” says BYU management studies professor Kerry Patterson in his bestseller “Influencer: The Power To Change Anything.”

“You send a powerful message about your values when you do hold employees accountable,” writes Patterson, although he urges you “first take a shot across the bow to let people know what’s coming before you drop the hammer. ”When it comes to people being dismissed, there should never be an element of surprise,” he says.

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Start the Holidays Off Right with These Tips for December https://instoremag.com/start-the-holidays-off-right-with-these-tips-for-december/ https://instoremag.com/start-the-holidays-off-right-with-these-tips-for-december/#respond Thu, 01 Dec 2022 01:29:12 +0000 https://instoremag.com/?p=88584 And for the things that don’t go quite so well, we share a fun way to flush them away.

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SELF-IMPROVEMENTFlush Therapy

The end of year is a time to reflect … and then move on. To help with the process, business author Dan Pink recommends a small ritual based around a toy toilet (there are an astonishing number on Etsy). Simply bring the error, missed goal or disappointment to mind, and then hit the toy toilet’s trip handle and flush it away. “Extract lessons, but it’s also important we don’t wallow in those mistakes,” says Pink.

STAFFSpa Time

Dinner out is a tested and tried way to improve team bonding when you need staff to come together for a demanding period like the holiday season. But there are options, especially if you have a mostly female staff … or guys who appreciate a pampering. We’re thinking a trip to a spa. Apart from the fun, your entire team will go into the key selling season with immaculate fingers — all the better to show off your immaculate jewelry.

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SELF-IMPROVEMENTDo a Good Deed

Good deeds are good for the world, and the doing of them is surprisingly good for us. In his book, Give And Take: Why Helping Others Drives Our Success, organizational psychologist Adam Grant introduced the term “5-minute favor.” It is the practice of carving out five minutes of your day to do something that will benefit others: call a sick friend, go the extra mile in mentoring a seasonal temp, remember to compliment your neighbor’s storefront — without expecting anything in return. It will put you and your store in the right positive frame of mind for the holidays, which are, of course, about giving and celebrating sacrifice.

MARKETINGImages Work Quickly

The brain can process images at amazing speeds, with recent research measuring it at about 1/20 of a second. What does it mean for you? Images are a great way to get your message across quickly in your holiday email bulletins. The blog team at Constant Contact compiled a handy list of tools and resources for Christmas-y images (view it at rb.gy/eshg7i) to help you quickly create more engaging holiday emails and social media posts.

MARKETINGPartner with Micro-Influencers

If your holiday season marketing needs a late boost, consider a micro-influencer (fewer than 100K followers) to help get the word out in your local market. According to a recent article in Forbes, they work fast, can target a niche audience, and are “often considered more reliable by their followers as well.”

SALES FLOORBring the Joy

You’ve done everything you can to prepare for the holidays. Now your job is to enjoy the company of your precious friends and customers, urges Denise Oros, owner of Linnea Jewelers in La Grange, IL. “Bring your joy skills to the store every day. Create that overall experience, from the greeting to the festive employee atmosphere to the awesome-sauce exchange and perfect packaging pick-up. Customers have to feel loved. It’s time to be Santa!” she says.

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MARKETINGEschew Old Photos

In much the same way that glass smears can erode the allure of a case of jewelry, so can poor images in your social media channels. “Whatever you do, don’t post pictures on Facebook featuring old elements, not to mention poor photography,” advises Gene Spratford of Spratford Fine Jewelry in Overland Park, KS.

MANAGEMENTTweak Your Goal-Setting

2023 draws closer, and with it the tantalizing thought of what you might be able to achieve. The consultants at McKinsey recommend setting an “aspirational goal” and an “acceptable result.” An ambitious goal raises your odds of success. But it also boosts your odds of feeling like a failure. In contrast, if you fall short of the aspirational goal but hit the acceptable one, you haven’t failed.

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