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How To Prepare Your Jewelry Business For Success In 2023 | December 12, 2022 (0 comments)
New York, NY--As 2022 draws to a close and we enter 2023, it’s imperative that you start today to plan for what’s ahead. The past few years have been difficult and much has changed, both in consumer buying behavior and within the economy. Just as you’d be foolish to take a long trip without having a map, the same goes for your jewelry business. To be successful you need to prepare now.
Here are the steps to take to make 2023 your best year ever!
Step 1: Review Your Past Results
Meet with your accountant and review all of your business statements from the past year. What was your profit and loss? What were your expenses? What was your budget? And how far did you stray from your original plan?
If things didn’t turn-out as you expected find out why. There’s a reason for the numbers being off. Your accountant will give you the data, but you need to do the detective work and uncover how your marketing campaigns performed and which jewelry styles sold best. Only by examining your past can you more accurately predict your future.
Step 2: Consider Your Vision & Long-Term Goals
With constant change, every marketing plan is by nature a short-term document. Typically, 1 to 2 years at most in the jewelry industry. Your vision is bigger than this. It’s what you see as your jewelry store’s greatest legacy. What role does your jewelry store play in the community? What do you want people to remember about you? What is your ultimate end-goal?
When planning your marketing you need to take into account what this vision is and how your daily sales activities will contribute to your jewelry store’s success. Your vision should be clear and compelling and drive you towards achieving your goals.
Step 3: Build A Strong Team
No one succeeds alone. It takes a team of dedicated employees to make any jewelry store successful. From the salesperson behind the counter to the bench jeweler setting stones in the back, each is critical to serving your customers.
To build a strong team you need to hire the right people. Interview candidates thoroughly and always check references. If you’re not sure about someone’s abilities, hire them on a trial basis and see how they perform. If they’re truly interested in working for you and confident in themselves, they’ll agree.
For your current staff, set clear goals and expectations. Create a positive work environment and encourage them to think outside of the box and be creative. Tell them you want their feedback. Better yet, encourage it by rewarding them!
Step 4: Learn From Your Past Mistakes
Every business owner makes mistakes. This is normal and part of the growth process. A mistake is only negative if you fail to learn from it.
You can turn a “tragedy” into “triumph” by acknowledging the mistake, analyzing what went wrong, reflecting how you can do better next time, asking for help from others, taking corrective action, and monitoring your results.
Every mistake can become an incredible opportunity if you look for it!
Step 5: Stay Digitally Relevant
The Internet changes fast. What was a popular strategy one year can quickly become outdated the next.
To succeed online, you need to stay updated as to the latest methods of advertising and traffic generation. Follow the trends. Read influential jewelry and technology blogs. Reach-out to industry insiders and get their opinion. What converts today can quickly fail tomorrow and cost you a fortune in lost revenue.
As a jewelry store owner you should be always looking ahead to see what comes next. Success or failure may be hiding around the next corner.
Step 6: Know Your KPIs
Understand the numbers that drive your jewelry business. What are your most important KPIs or key-performance indicators? Is it how many engagement rings you’ve sold? How many people visited your store? The total amount of traffic your website generates?
Of all the numbers you could measure, which is most important to you? Decide. Although anything can be measured, it doesn’t mean you should measure everything. Choosing what not to measure is just as important as choosing which KPIs to focus on.
It’s easy to get quickly overwhelmed with too much data. Avoid this. Measure what moves the needle and will make the most impact to your jewelry store’s success.
With 2023 soon upon us, now is the time to redouble your efforts. Start with these 6 simple steps and you’ll be well-prepared to ring in the start of a very prosperous new year!
About Smart Age Solutions:
Emmanuel Raheb is the Founder and CEO of Smart Age Solutions, a full-service award-winning digital marketing agency specializing in the fine jewelry industry. Smart Age’s mission is to grow independent jewelers and help them in their own backyard by running successful digital ad campaigns for clients and developing their web presence. Smart Age Solutions also advises, conducts webinars, and provides unpublished data from Google for its clients. Today, Smart Age Solutions has become synonymous with elevating standards by bringing innovation, strategy and is the agency of record for many of the industry’s leading retailers and enterprise brands.