36% of all respondents purchased the center stone separately.

Marketing tip: Perhaps you should have some more rings available in-case that are set, priced in full-view and ready to go?

More than 40% (but no more than 47%) trust their local jeweler more than any other retailer.

Marketing tip: How connected are you to this generation? Get involved in organizations and activities they’re interested in. Consider some key sponsorship’s – and if you’re too old, then hire some young people who will mingle, mingle, mingle!

Want to discuss these tidbits further? Email us at suits@fruchtman.com

Condé Nast to Close Modern Bride
and Elegant Bride.

1. Are you surprised?

2. Have your bridal designer partners signed you up for itty bitty store tags in these magazines?

3. These magazines have underperformed for years, obviously. Did you receive your money’s worth?

4. Why are designers continuing to use bridal magazines when the bulk of what’s left of their readers are already engaged?

5. Can someone stop the insanity?

Read more:
http://www.mediaweek.com

Consider the tone you want to set for your store. How are they greeted? How are your employees dressed? What music is playing?

With increased activity, it’s easy to let some things fall through the cracks. And, it’s those “little things” that really matter. Time to think about the following:

1. Same old holiday decorations? Granted, you may say to yourself, “Is this the year I should spend more money?” Great decorations take a little creativity and not necessarily a ton of money. Make your store the place to go to look at fabulous window decorations. Google “holiday window displays” under images and let your inspiration run! Need help? Run a contest with design students from your nearby college or university to come up with some ideas.

2. Store in a cold-weather destination? Have a coat rack available so people aren’t forced to wear heavy coats while shopping. Snow on the ground? Make sure the parking lot is cleared and as bone dry as you can get it. Have complimentary scrapers/brushes at the door.

3. Have a list of suggestions ready and available for those “I have no idea” shoppers. Guys really have no clue. They need you to give them an idea. Make it clever yet informative. And include pricing.

4. Consider setting up your cases this way too. Have a case designated for lower price-points. “Gifts under $200”. It’s less intimidating for those customers who aren’t prepared to spend more — and helps with add-ons.

5. Time to get your wish lists in order. Any customer walking in the store now should be shown some pieces they may love for the holidays. Fill out those cards with the customer and ask if you can send it to their spouse, friend etc. Have customers help. Have women fill out “Dear Santa” postcards to send to their significant other. You can have these on the counter or filled out during a Ladies’ Night

6. Use layaway to your advantage. Get LAYAWAY NOW FOR THE HOLIDAYS signs around your store and in your cases.

7. Consider hiring a greeter. They can be dressed in something special — even offer to brush off the customer’s car if there’s inclement weather. If customers have never been to the store before, give them a quick tour and make them feel comfortable.

8. Hire college students to take care of your beads and charms. Your key salespeople should not be bogged down with some of these lower price-point sales.

9. Throw in freebies. Consider offering FREE shipping; FREE in-town delivery by special store “elves”. And market this benefit in the store.

10. Make jewelry the one-stop gift. Have a rack of FREE holiday cards at the counter.

11. Capitalize on holiday traffic. Make sure that you have a way to capture data — get a name, address, email (birthday and anniversary, if possible).

12. Follow up immediately after the holidays. Have your follow-up thank-you note and a possible short questionnaire to each and every new customer ready to go in January. Include an incentive to return.

13. Get them back in your store right away. Consider a pre-printed offer and bag-stuffer with an incentive for the month ahead. This can be anything from a product, to repair, to an appraisal offer.

14. Keep the staff motivated. Have a “Holiday Kick-Off Event” for your staff — discuss ideas to make this holiday successful. Get them involved in the process. Get them energized about the soon-to-be long hours. Start now and develop a fun hourly, daily or weekly incentive program to keep them motivated — and meet every morning before the store opens.

You’re the captain of the cheerleading squad. Don’t forget it.

Ready to start putting you holiday plans into action? Email suits@fruchtman.com for more ideas and tips.

An average of 47.5% of all brides that were significantly involved or had some involvement in the engagement ring purchase said they used the Internet extensively for research prior to engagement.

Marketing tip: The bricks and clicks business model is extremely important. A robust Web site that is easy to navigate is critical.

Want to discuss these tidbits further? Email us at suits@fruchtman.com

Sixty-eighty percent of the brides had either some involvement (hinted or discussed what she wanted) or had significant involvement (was present when purchased or shopped together) in the ring decision.

Marketing tip: A minimum of 65% of your bridal marketing dollars needs to be targeted to women.

Seventy percent of brides that were significantly involved in the ring purchase (present when purchased or shopped/looked together) felt that it was important to see the ring in person before buying.

Marketing Tip: When someone comes to your store with a print out from Blue Nile use it to your advantage! They want to see the ring and came to your store for a reason. Make it part of your selling strategy.

Want to discuss these tidbits further? Email us at suits@fruchtman.com

These little nuggets are a great source of revenue, but they may be slightly hazardous to your business health. Although popular, every jeweler who carries one of these brands (or another) is questioning how long this fad will endure. Fashion is fickle. And trendy items are, well, just that — trendy, meaning up-to-the-minute, all the rage and “in” for now.

Women are drawn to this look for one reason: they are affordable. The DPS was a little off the mark when they thought women would flock to stores to self-purchase a right hand diamond ring. It was never going to happen and it didn’t. Keep it under the $350 spending limit and you have us. We’ll drop that on a purse or a great top. Tell us we can actually purchase a piece of jewelry that “tells a story of our life” and the journey can begin for about $100, and we’re there.

Kudos to the creators. They figured it out. But, let’s be honest. Most of you did not get into the business to hover over a wood box with 50 dividers spending an hour with some indecisive woman on whether they should get the Blowfish or Chicken Little charm with the Heart Beats spacer.

I love them and hate them, too. Mostly I love them because right now, they’re a great source of income and a great stress-reliever. However, I’m not convinced it’s right for everyone in the long-term. And, I’m really nervous that no one is looking at the pros and cons or seeing the forest from the trees. So, I’m dropping a few thought crumbs that will hopefully lead you back home. And on the path that’s right for you.

Why you should love beads:

• They are a hot product
• They are a great entry price point
• Higher product price points are not selling in your market
• They are driving new customers to your door
• They are generating repeat purchases
• They are an affordable product buy-in
• Their turnkey promotions drive traffic

Why you should hate beads:

• Every store or corner gift shop carries them
• They bring down your average sale
• They keep you from focusing on your core products
• Many bead customers will never be your typical “preferred” customer
• Staff time expenditures on a low average sale
• They have become your number one (or two) best seller
• Manufacturers are inflexible on unique promotions

Want to discuss your love/hate relationship? Email us at suits@fruchtman.com

P.S. As of this publishing, I have never purchased a bead.

Finally, DeBeers announced their exciting fourth quarter promotion on September 1, 2009 and after all the scuttlebutt, it turns out to be (drum-roll, please)…a knot. And worse yet, called the Everlon Diamond Knot. Everlon? Sounds like a new sauté pan from Emeril Lagasse.

Okay, I get the industry needs a big, audacious idea. I get that marketing “beacons” like Journey, Right Hand Ring and Past, Present, Future have shown the greatest growth in the diamond industry. Although, let’s not give anyone a big pat on the back for the Right Hand Ring concept. They may have sold in-store, but the premise of it being a female self-purchase item was definitely flawed. It proved that even the greatest marketing minds are sometimes very out of touch. Which makes me question this Everlon thing.

What I don’t understand is all the fear-mongering that has preceded this product debut. Confidentiality agreements aside, the truth is, pay for product and $3000 per store to “support marketing” and you’re in. There’s your selectivity. What was the criteria for being asked? Isn’t the goal of DPS to promote the diamond message for every jeweler? After all, they are the DIAMOND PROMOTION SERVICE. Is this really the time to not be inclusive?

To add insult to injury – aside from the very bad name, it’s being distributed at every major chain (of course) and Sam’s Club. What I find so ironic is this statement from the Rapaport meeting that just took place on the “New Realities in the Diamond World” reported by JCK Online September 11, 2009:

Suggestions for retailers came from bankers like Ellis, who advised jewelry store owners to differentiate products from chains…

Not so fast Everlon.

And what about the marketing? For those of you who have coughed up the $3000 per store plus product, you’ll be given the opportunity to “tag” the DPS national commercial. Not only will you probably have to pay for the commercial (even if it’s a small amount) and the production to tag it, you’ll be promoting 90% of their product and 10% of your brand with your own money. And in some markets where it’s really not so exclusive, it will look like the same commercial running on the same channels for other jewelers. It’s totally insane.

JWT (the advertising agency for DeBeers) will produce an advertising campaign that will ostensibly make having this knot design a jewelry must-have. So, I get why you want the product. I have every faith the creative will be beautiful and women all over the world will be delighted to receive one. I’m simply not understanding the process.

Times are not wonderful. The DPS should be out there developing a fabulous campaign; making sure all retailers have access to appropriate product; and dismiss this idiotic notion of selectivity.

As I see it, that’s their damn job. Sam’s Club. I just can’t get over it.

I’d love to hear your thoughts. Email me at ellen@fruchtman.com.

Note: Everlon was selling online as of September 2^nd – one day after the announcement.

After two weeks, I finally made a call to the surgeon’s office in the hope that they would tell me something breakthrough. After all, it was now two and half weeks since my stomach met the scalpel. And I am a great surgical patient. Hell, I was back at work two days after they removed my gall bladder and baking cookies after 48 hours of bidding adieu to my uterus. Something had to be terribly wrong. There wasn’t one more minute to waste. I have to get back to my A game. I spent at least ten minutes answering questions from a very polite nurse. I tried to convey my frustrations and concerns – in the very nicest way I knew how. And what I got back was this: “Well you’re older now and every surgery is different. The doctor will be in tomorrow and I’ll speak to him and get back to you”. I thanked her for her time. Even apologized for taking up her time. They never called me back. Which leads me to think that this surgeon’s office is on their B game. But, I doubt he’ll lose any sleep – or business over it.

July 13, 2009

Eighty percent of couples are not downsizing their engagement ring as a result of the current economy, according to The Knot 2009 Jewelry Study.

National Jeweler article titled:  “Bridal Revisited”

July 27, 2009

All the promotion in the world, however, can’t change the fact that bridal customers aren’t spending as much money as they used to, evident in the diamonds they are choosing as center stones.

Jewelers are convinced that no one will be buying diamonds or fine jewelry other than the one “recession proof” category– bridal. There have been a rash of articles (not just the ones above by any means) addressing this notion of putting all of your marketing eggs in the bridal basket, blah, blah, blah. All of which, lead me to ask this question:

How important is bridal to your business?

Now, before you immediately answer “very important”, or make a serious adjustment in your strategy that may turn out to be an impulsive decision, consider these facts:

The largest growing segment of the diamond industry (according to research conducted this past fall by the DPS) is diamond jewelry – which includes general diamond jewelry and what they call “Beacons” – specific marketing products such as the Three-Stone past, present, future concept, Journey and Right-hand Ring. It is not only larger, it is three times larger. It has also shown far more significant growth compared to other diamond jewelry over the last ten years.

The most important segment of your business (unless you are a true bridal-focused store) are Heavy Owners –core customers who have purchased a minimum of eight pieces; have the shortest purchase cycle; and are very likely to return to your store to purchase again. Yes, even in a recession.

If you look around your existing inventory, what percentage of current merchandise is bridal versus other diamond jewelry? If diamond jewelry is significantly higher, what will happen to this merchandise if your marketing dollars are focused on bridal?

What is your most profitable category? In a time when cash is king, is it smart to invest significant dollars in a category that has not shown the growth and has now become the battlefield for all jewelers in an already competitive landscape? Bridal is approximately 25% of the total fine jewelry market and is certainly less profitable than other categories. Heavier marketing efforts in this area can dilute important messaging needed to engage your core customer.

Before you impose a me-too marketing strategy based on impulse and a frantic need to get it right this holiday season, consider the facts; where your bread is truly buttered and what really makes sense for your business.

Maybe it is bridal. But maybe, just maybe, it isn’t.

1. They are by far the hardest working people in their store.
2. They hire slow and fire fast.
3. They lead by example.
4. They actually “lead”. They are knowledgeable about all aspects of their business, but tend to focus on what they do best, leaving the rest in the hands of capable individuals.
5. They believe in training and do it often.
6. They make decisions based on facts, trends a little intuition. But, they make them fast.
7. They are quick to admit their own mistakes and get on with it.
8. They are proactive not reactive.
9. They are extremely focused.
10. They embrace change.
11. They are not in love with their inventory (see #6).
12. They love their work.
13. They live by their own 4C’s: confidence, clarity, communication and charm.

Try a few.  And if you want to be successful, try all thirteen.