EditorsDec 23, 2024
My Favorite Piece of the Week Jewels of 2024Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
IndependentsAug 23, 2016
Marketing Minute: To Build Your Brand, Forget ‘Branding’
In Jim Ackerman’s opinion, jewelers should worry less about their image and more about direct response marketing.
Jim Ackerman is a retail jewelry marketing expert who has spoken to jewelry retailers at JA New York, JCK, The Smart Jewelry Show and others. He can be reached at 800-584-7585, ext. 3 or by email at mail@ascendmarketing.com.
“Branding” is the big buzzword in marketing today.
“You’ve got to build your brand.”
The term “brand” has become a substitute for company, business, service and just about any other way to describe a business function. The vast majority of people who use the term don’t have a clue what they’re talking about. They wouldn’t know what a real “brand” is if it hit them over the head.
Go ahead. Next time some hotshot millennial guru starts flinging the word around, ask him to define it. The answer is not likely to be gratifying but is likely to have little or no connection to success in business.
To build your brand, start by understanding this: No matter what you look like, your corporate culture, the “feel” of doing business with you, the awareness you have in the marketplace or how you may or may not be identified by your prospects and clients, the only real measure of a brand is … having boatloads and boatloads of happy, consistently buying and referring customers.
Anything and everything else is just window dressing.
So, what’s the best way to “build your brand?” Don’t. Instead, concentrate on selling more stuff to more people more often. And for the typical independent retail jeweler, that means focusing on direct response marketing instead of “image” marketing.
What is direct response marketing? It’s any marketing effort that is designed to get the prospective customer to take at least the next step in the buying process.
That doesn’t necessarily mean an immediate purchase, but it should at least be to surrender contact information so further marketing can take place.
If, for example, you offer a free report on the perils of buying gems online you are making a direct response offer, even though it’s not for the prospect to buy a specific item right away.
If you send them to your regular website to get the report, odds are they’ll struggle to find the report and downloads will be minimized. Or if the report simply resides on your website and you offer it for free--meaning you don’t even ask them to surrender their contact info to get it --your direct response has been wasted.
Better to send them to a “landing page” where they find out a little more about the report and are invited to download it. To accomplish that, they must give you contact information.
Once you have that, you can proactively
market to them, cultivate the relationship and eventually get the business, far less expensively than trying to do nothing but sell them up front.
And of course, all of these steps are testable and trackable, so you can “genetically engineer” your marketing for ever-increasing success.
Consider this: You run a bunch of radio ads that cost you $1,000.
Ten new prospects respond by supplying contact information. Each new prospect cost you $100 at retail to secure the information. However, to convert them to a new client, you can direct mail monthly for 60 to 100 months before you actually get that first sale and still break even, compared to the original cost of generating the lead. Email and telemarketing can be even less costly.
I confess this takes some getting used to, if you’re used to throwing marketing stuff at the wall and hoping something sticks. Of course, that’s why you’re frustrated with marketing and see it as an expense instead of an investment with a predictable payback.
If you’d like to say goodbye to the throw-it-out-and-hope approach to advertising and begin getting dramatic increases in response and conversions that will truly build your brand, shift to the direct response model.
Jim Ackerman has spoken to jewelry retailers at JA New York, JCK, The Smart Jewelry Show and others. He has teamed with Shane Decker for the Ultimate Jewelry Sales & Marketing Boot Camp to be held this September. National Jeweler readers can get more information about the event and download a free report here.
And of course, all of these steps are testable and trackable, so you can “genetically engineer” your marketing for ever-increasing success.
Consider this: You run a bunch of radio ads that cost you $1,000.
Ten new prospects respond by supplying contact information. Each new prospect cost you $100 at retail to secure the information. However, to convert them to a new client, you can direct mail monthly for 60 to 100 months before you actually get that first sale and still break even, compared to the original cost of generating the lead. Email and telemarketing can be even less costly.
I confess this takes some getting used to, if you’re used to throwing marketing stuff at the wall and hoping something sticks. Of course, that’s why you’re frustrated with marketing and see it as an expense instead of an investment with a predictable payback.
If you’d like to say goodbye to the throw-it-out-and-hope approach to advertising and begin getting dramatic increases in response and conversions that will truly build your brand, shift to the direct response model.
Jim Ackerman has spoken to jewelry retailers at JA New York, JCK, The Smart Jewelry Show and others. He has teamed with Shane Decker for the Ultimate Jewelry Sales & Marketing Boot Camp to be held this September. National Jeweler readers can get more information about the event and download a free report here.
More on Independents
The Latest
GradingDec 23, 2024
GIA Adds Filler Identification to Emerald ReportsLab clients have the option to request this addition on their emerald reports.
Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
SourcingDec 19, 2024
The Second-Largest Diamond Ever Found Now Has a Name The 2,488-carat diamond recovered from a mine in Botswana has been dubbed “Motswedi” while its 1,094-carat sibling is “Seriti.”
SourcingDec 19, 2024
Gemfields Reports Record Ruby Auction Results Despite Challenges at SourceThe average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
