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Top 5 Tips For Manufacturers in 2022 | December 16, 2021 (0 comments)
Key Largo, FL--2021 has been one hell of a year and ride for both sides of the jewelry business being manufacturers and retailers. Sales are up, units sold are up, traffic is up but I advise you not to get too comfortable here. Remember it’s easier to get to the top rather than stay on top. And let’s face it, competition keeps getting more and more fierce.
Below I’ve listed my top tips and initiatives as a manufacturer that you should be thinking and planning for in 2022.
Creabtree's 5 Tips
1. Invest in Your Team
If you are unhappy with the results or believe there’s an opportunity for growth, stop complaining about your sales team and invest in them to become better. Whether that be investing in sales training or even bringing an outsider in to bring a new perspective and thought process. As we always say, "The spectator sees the game better than the players do."
2. Become OR be data Driven
Data never lies and the best decisions made are data-driven decisions. Whether it pertains to analyzing inventory and sell-through or analyzing the performance of your marketing dollars. If you don’t have a call to action such as a landing page to collect leads on digital marketing, you might as well stop spending the money.
3. Listen To Your Retail Partners
Take time in January and quite frankly, all year and listen and get feedback from your retailers. They are the ones that are selling to the consumer. Learn from that.
4. Be aware of your competitors
Every retailer has a stock of studs, round halo engagement rings, and channel bands. If you are expecting your sales reps to go out and sell these, you better train them on what they are up against in advance.
5. Determine Your Differentiators, Story, or Solution
Competition is fierce for retail jewelers whether it be local competition or E-commerce. If you expect them to invest in your product, why should they? What’s different about your product? Are you giving them a unique story to tell at the counter? Are you providing a solution to a current problem they are facing in their market? Help them with their pain points and internally brainstorm solutions to grow the partnership.
For those who think they will ride the wave without strategic planning, thinking outside the box, and not consistently keeping their pulse and awareness of the current state of our industry, 2022 will not come as easy as expected.
Feel free to comment below or share your tips, successes, or comments on how you’re preparing for 2022 on our LinkedIn at https://www.linkedin.com/in/megan-crabtree/
Megan Crabtree is the founder and CEO of Crabtree Consulting. Before founding Crabtree Consulting, Megan had a successful professional career in the jewelry industry, which culminated with high-level positions at several of the top firms in the retail and manufacturing sectors. Reach her at mcrabtree@crabtreeadvisory.com or visit www.crabtreeadvisory.com where you can set up a live chat or a 30-minute free consultation.