The National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
Marketing Minute: For Best Results, Plan
Dissatisfied because your “throw-it-at-the-wall-and-see-if-it-sticks” approach to marketing isn’t working? Try this five-part plan from Jim Ackerman instead.

Most jewelers, frankly, are dissatisfied with the results they get from their marketing approach. But, is this surprising given the “throw-it-at-the-wall-and-see-if-it-sticks” approach they take?
Ask the typical jeweler about his marketing budget and he’ll quote you a percentage of gross sales to be “thrown” at marketing. Ask about a marketing plan, though, and you’ll get a blank stare.
If you want to see the results of your marketing and advertising efforts improve, you’ll need to take a more advanced, scientific approach to planning for your own success.
Every jeweler should have a marketing plan and Q4, despite the business of the holidays, is the right time to create it.
A solid marketing plan consists of five key sections. Here they are.
1. Situation Analysis. This is the place where you look at where you have been and where you are. Take a look at your current revenue levels, closing rates, market trends, potential for growth and so forth. This is also the place to perform an introspective SWOT analysis (Strengths, Weaknesses, Opportunities, Threats). In other words, get a good snapshot of where you are today.
2. Objectives Report. Once you know where you are, it’s time to figure out where you want to go. This is where you set goals for revenue, market share, image and reputation, awareness in the marketplace, lifetime profit value of a customer and cost of acquisition. And these goals should be set for the first six months and second six months of the year, along with second- year goals, five-year goals, and even 10-year goals. Of course, such long-term forecasting isn’t much more than a guess for the first few years you do it, but over time you’ll find yourself getting markedly more accurate.
3. Strategies Report. So you know where you are and where you want to go. The strategies section is where you lay out the roadmap for getting there. You should consider your Unique Purchase Appeal, or UPA--the one sentence that describes how you’re different from the competition in a way that appeals to your target customers. Also look at a strategic approach to pricing, compensating your sales staff, customer service, media advertising, increasing average transaction, getting existing customers back in more often, reactivating dormant clients, securing referrals and more.
4. Budgeting Is Next. Again, declaring that you’re going to spend 5 percent of revenue isn’t a budget. It’s a benchmark. A budget is determined
5. Finally Is the Schedule. By planning out your entire year in advance, you’ll be able to see, week-by-week, what your marketing expenditures are going to be. You’ll be able to anticipate them and plan for them accordingly.
Interestingly enough, you’re likely to experience two favorable phenomenon when you plan your marketing this way.
First, you’ll actually have greater freedom and flexibility to react to market conditions. As opportunities or challenges present themselves, you’ll find you can react and adjust with greater confidence because you’ll be able to evaluate options in terms of your overall strategies, and you’ll also know the resources are available (or not) without upsetting your entire plan.
Secondly, you’ll find yourself much more motivated to track your marketing and advertising efforts, and hold them absolutely accountable to the bottom line. This will help you make better marketing decisions going forward in your quest to “genetically engineer” your marketing for ever-increasing success.
Marketing speaker Jim Ackerman has addressed jewelry retailers at the nation’s biggest trade show including JA New York, JCK and The Smart Jewelry Show. He is offering National Jeweler readers a free Marketing Plan Template, valued at $97. Send an email request to mail@ascendmarketing.com.
The Latest

The 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.

Rio Tinto unearthed the diamond at its Diavik mine in Canada’s Northwest Territories.

Bench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.

The multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.


The virtual event will take place April 7 at 3 p.m.

The pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

Parent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.

Ronald Winston, son of Harry Winston, donated the diamonds to the Smithsonian National Museum of Natural History in Washington, D.C.

The educational event will take place in Charlotte, North Carolina, this May.

The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.

The debut event will take place in Miami’s Coconut Grove neighborhood this fall.

The roundtable will take place May 17 ahead of the trade show’s welcome dinner.

The “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.

Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.

Diamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.

The Utah-based company known for making wedding bands has acquired Doubloon Golf.

The longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.

Authorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.

Lotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.

The ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.

The Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.

However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.

The Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.

The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.

The “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.