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Retail News: Couple Wins Engagement Ring From Saxon’s; JA Seeks Survey Help; More July 15, 2015 (0 comments)
Soggy Day Wins Couple A Free Diamond Ring
Bel Air, MD—Rain on your wedding day is believed to be a sign of good luck. For Greg Hunter and Megan Gernand, it certainly was good luck for their wallet. The couple recently won the Let It Rain promotion sponsored by Saxon’s Diamond Centers in Bel Air and Aberdeen, MD.
According to promotion guidelines, participating couples that purchase an engagement ring from Saxon’s can get a refund of up to $3,000 if there is an inch or more of rainfall in Baltimore on their wedding day. On June 20, 2015, the Hunters’ wedding day, it didn’t just rain, it poured. The National Weather Service in Baltimore recorded 1.92 inches of rain, which meant both the couple and their guests had to slog through a lot of puddles to get to the celebration.
“No one ever wants rain on their wedding day,” said Lance Hersh, co-owner of Saxon’s Diamond Centers. “But something great came out of this storm—something that will bring even more joy to this couple during one of the happiest times in their lives.”
“We’ve been sponsoring this program for over three years,” added co-owner Kevin Farrell, co-owner of Saxon’s Diamond Centers. “We were starting to wonder if we’d ever have a winner. Our long wait is over. Congratulations to Megan and Greg!”
The Let It Rain promotion is available to all couples that buy an engagement ring at Saxon’s Diamond Centers and submit an official entry certificate at least 60 days prior to their wedding. The promotion offers a refund of up to $3,000 if the National Weather Service at Baltimore-Washington International Airport records at least an inch of rain during a 12-hour period (12 p.m.–11:59 p.m.) on the participants’ wedding day.
To keep things in perspective, had the Hunters gotten married on January 20 instead of June 20, it’s possible they would have needed shovels in addition to galoshes, and would have had to dig their way through almost two feet of snow instead of 1.92 inches of rain. According to legendary Philadelphia, PA meteorologist Glenn “Hurricane” Schwartz, the conventional wisdom that says one inch of rain equals 10 inches of snow is only partially true. It is indeed the correct ratio for temperatures around 30 degrees Fahrenheit, but the rain-snow ratio increases as the temperature drops. At 25 degrees it’s about 15 inches of snow to one inch of rain; go down to 20 degrees and the ratio is almost 20 to one, which means the couple would have had to paint “Just Married” on a snowplow, not a car.
Image: EverAfter Visuals via UnitedWithLove.com
JA Seeks Participation In Business Survey; Participants Receive Free Custom Benchmarking Analysis
New York, NY—Jewelers of America (JA) is asking retailer to participate in its annual Cost of Doing Business survey. The survey is open now and JA is asking jewelers to take the survey by August 15. Retailers’ participation in the survey is essential as it informs the Jewelers of America Cost of Doing Business Report, an important industry report and benchmarking tool and the only one of its kind.
Retailers who complete the survey will receive a customized Performance Analysis Report and will be entered into a weekly drawing to win $500 in cash. Along with the Performance Analysis Report, survey participants also will receive a free copy (a $199.95 value) of the 2015 Jewelers of America Cost of Doing Business Report, with survey results and industry data trends, when it is published.
There are three ways to complete the confidential survey: online, via an Excel document, or a printable PDF. Any of these options can be completed by the jeweler, their accountant, or financial planner.
“Financial benchmarking is the most important thing we have done at Nelson Coleman Jewelers in the past 10 years,” says the Towson, MD store’s owner, Chris Nelson. “Incorporating financial benchmarking into our planning, decision making, and everyday management has helped us learn how to manage our business ‘by the numbers’. Comparing our performance to the best in the business in all of the important financial categories has provided us the overview, information, perspective, and framework for identifying areas for improvement and business priorities to take our business to the next level.”
Jewelers of America will be hosting a free webinar on Thursday, July 16 at 1pm EDT. The “Getting Serious About Profit” webinar will provide a roadmap for increasing profits and demonstrate how to use the Cost of Doing Business Report to monitor and maintain improved results over time. Registration for webinar presented by Dr. Albert Bates, founder and chairman of Profit Planning Group, the executive education firm that compiles the Cost of Doing Business Report, can be accessed here.
“If you want to increase the profit in your business, you need to take part in this project,” says Bates. “If you take part, you get a critique of your business that tells you where you are strong or where you are weak and what you need to do to improve your profit.”
“Participating in the Cost of Doing Business Survey, receiving our aggregated number report along with the confidential report with our business numbers, and then participating in the webinar with Dr. Bates, helped solidify the process of using benchmarks in the management of our business. We believe in this stuff,” emphasized Coleman.
Click here for the Cost of Doing Business Survey.
Plan Ahead: Political Advertising Can Severely Impact Your Media Buys
Toledo, OH—With the 2016 presidential election already gearing up to be the most expensive one ever in terms of political advertising dollars, Fruchtman Marketing advises jewelers to start planning their 2016 media buying now—before ad time gets sucked up by the candidates and costs for advertising skyrocket as retailers are left with the after-pickings.
In its weekly Tuesday Tips & Tricks newsletter, the agency calls 2016 “the F5 of political advertising storms” and warns that annoying is only part of the issue. While TV is expected to garner 2/3 of the projected $3.5 billion to be spent, digital is expected to have a much stronger presence than any campaign season ever before.
“Prepare so this coming monster doesn’t affect your marketing plan for 2016 and have a negative impact on your business, says Fruchtman’s media director Mike Sugg. “Common sense tells us that there are going to be inventory issues scattered throughout the media landscape. With a wave of money infiltrating both traditional and digital media, avails are going to tighten up. Also, in many cases, media vendors will be forced to tighten up their rate structure. Law dictates that for some political dollars, lowest unit rates must be offered by vendors, which impacts the way many stations price themselves. Stations begin preparing for this months in advance to minimize the bottom-line impact during political seasons. This means less flexibility to negotiate on rate, less opportunity for added value spots, and less chance of promotional value add.”
The best defense is a good offense—plan your 2016 marketing sooner than later, and nail down your buys before the end of 2015.
For more information contact suits@fruchtman.com.