MEDIA |
May 2023
5 Tips To Boost Your Jewelry Sales Success
Amanda Crabtree
Tradeshow season is just around the corner. While it is exciting to receive new products to showcase for your customers, if you donʼt have a plan for your assortments before they arrive, you could end up missing out on revenue. Here are some tips to make sure youʼre on the road toward maximizing profits.
Samuel B
Sterling silver stackables &
18k 7.5” malachite
“macha bangle” with double twisted cable
MSRP $359
516.455.1826
1. THE TREND IS YOUR FRIEND
Knowing what is trending in jewelry fashion will help you avoid getting stuck with aging inventory. Don’t rely on big box chains to keep you informed on the latest ‘it’ piece. Look towards brand influencers such as Stephanie Gottlieb, Ring Concierge, and Jennifer Fisher. Keep an eye on what celebrities are wearing on the red carpet. Or peruse platforms like TikTok, or Pinterest.
2. PLAN FOR YOUR WORK, THEN WORK YOUR PLAN
Does everyone in your store know what to do once a shipment arrives? If you answered ‘no’, you’re not alone! Many retailers don’t streamline across departments which leads to disconnects and unsuccessful launches. Create a standard operating procedure (SOP) in order to keep your inventory, marketing, and sales teams aligned. Your SOP should establish written instructions for properly performing a routine. An effective SOP will instruct all divisions involved on what needs to be done once inventory or a new brand arrives. It should also include deadlines that are realistic. Here is an example of what your plan should include:
• Set up brand training with the sales team for new inventory
• Discuss with inventory what attributes and data needs to be input (ex. serial numbers or collection name)
• Determine the location the brand will showcase in the store
• Decide on an incentive program to discuss with the team
• Add products to the website and schedule product images to post on social media
• Determine how to get pricing for special orders (whether there is a price sheet or a portal you need to set up a login for)
• Determine if they will do a trunk show and on what dates
• Determine a re-order process with the brand sales rep
• Set minimum and maximum levels in the system to notify the buyer when to re-order
As an added bonus, your SOP can serve as training material for new hires and a reference guide for current employees.
3. CREATE A POS STRATEGY
Decide how you will input product data into your POS system. Pieces should be entered in a way that can be easily associated with their identifying attributes such as hidden halo or criss-cross shank. Create a naming convention to capture important features and use it across all inventory. This way, when running reports to analyze sell-through rates, you can determine at a glance which pieces are selling along with their specifics.
Rare & Forever
Rose solitaire bridal
set in 14k white gold
Price Available
Upon Request
877.620.1333
RDI Diamonds
3CTW illusion tennis
bracelet in 14K white gold
Price Available
Upon Request
800.874.8768
4. CONNECT REGULARLY AND STAY IN TOUCH
Check in with the manufacturer on a regular basis. Keeping the line of communication open will give you insights into a wealth of knowledge that will place you ahead of the competition.
Discuss with the manufacturer how far you can go with special ordering their product. For example, do they offer the item in lab-grown, a complete set, or a semi-mount? And if they do, how can you get instant pricing on the available variations? Do you need to have a login on the manufacturer’s portal, do they have a retail-facing platform where you can find direct pricing while the consumer is in your store? And have them provide you with logistical information like an order time frame or how they handle a customer who wants a piece that isn’t in stock.
Jewelry Innovations
Innovations Rugged
Tungsten™ with abstract
design laser engraving
MSRP $153
800.872.6840
5. LEAN ON THE MANUFACTURER FOR HELP WITH MARKETING
Every good product has a story and knowing how to relay the brand story will help capture sales. Ask the manufacturer to provide you with a brand story. Find out if they offer in-store or virtual training. If so, set up training for your staff in advance of your product’s arrival so the minute the product hits the showcase your team is ready to sell.
Find out what other marketing assets you can leverage from the manufacturer:
• Do they offer a digital catalog you can use on your website?
• Are product images available in a high-res folder for your use?
• Can they share longer SEO descriptions to use for your website?
• Do they offer co-op dollars to help plan for local marketing such as billboards?
• What is the turnaround time if they offer customized marketing materials that include your store’s logo?
• Do they offer trunk shows where they bring their full product lines? If yes, can you set those dates now?
Alexander Graham Bell once said, “Before anything else, preparation is the key to success.” Although he wasn’t preparing retailers for a stellar year in diamond sales, his insights certainly apply. Which tip will you implement first?
Norman Silverman
Mixed shape diamond
bracelet in 18k white
gold 28.58cts
MSRP $65,000
213.687.3985
Megan Crabtree is an experienced and highly effective consultant to the jewelry industry. She’s on a mission to put motivated manufacturers and retailers on the fast track to incredible growth through her unique data-driven strategies. She is the Founder & CEO of Crabtree Consulting; a columnist for industry magazines, a LinkedIn influencer, keynote speaker, foodie, and world traveler.
More From The Jewelers Collective
What’s the Interest in Pinterest?
What’s Trending for 2025 on the Red Carpet and Runways
Not Your Grandma’s Pearls
Why AI Won’t Replace Your Team
Press Releases
RJO Announces 2024 Dividend of 5.38% for Retailers
Jewelry Innovation Unveils the Jurassic Collection™
