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Screen Shot 2015-10-14 at 12.28.18 PMThe NPD Diamond Tracker is launching February 2016!

 

If you haven’t yet signed up or learned about Diamond Tracker, you have until October 31, 2015 to sign up. This free service for retailers will provide actual sell-through transaction data for diamonds of all sizes, colors, clarities, lab grades, and more. When the economic recovery is not accelerating and consumers prove more selective than ever before, information can be the key to your success. Here are a few of the insights that will be available very soon from Diamond Tracker:

  • The overall market has a markup of 56 percent (36 percent gross margin) for one carat, mid-quality goods. Is your average gross margin on par with your peers?
  • Marquise stones have an average inventory age over four years. Watching inventory for low-turn items is more important now than ever. Soon you will be able to see additional details about which items are not in demand, so you can align inventory with sales.
  • Diamonds sourced from your customers cost 41 percent less than those sourced through the wholesale channel.

​Participation is easy…especially being part of the BIG Network. For more information about the service and how it may be able to help your store, please contact:

 

Desiree Hanson

203.693.2303

desiree.hanson@npd.com

 

Be sure to do this before October 31!

 

What’s On Everyone’s Mind?
by Ann Arnold, CSO The BIG Network

As we approach the holiday season, what is on everyone’s mind?  Why, selling the most amount of jewelry possible between now and December 31st, of course!  But is this too simplistic of an answer?

Shouldn’t we also be wanting to solidify our core customer base and create new relationships that will carry through to the following year and beyond?  It is so easy to get caught up in the selling, but here are some interesting articles that help you remember the customers as well.  Grab a cup of coffee, and take a few minutes to remember what is important to your business – your customers!

 

How to Build Personal Relationships with Customers

This article was posted on inc.com.  I love this website. It has so many relevant articles, and you can sign up for weekly newsletters on a host of different topics for the subjects you are interested in.  This particular read talks about the core principles to relationship management that any company can, and should follow. Customer loyalty and repeat business are the cornerstones of today’s market conditions. In the words of many industry professionals, losing a customer is the absolute worst thing that could happen to your company. This mantra has always stood true, but when you’re fighting with competitors for every dollar, customer retention is key.

 

5 Key Ways to Build Customer Relationships

This one is from Entrepreneur.com.  It talks about never underestimating the value and reach of a loyal customer.  We all know how powerful and priceless a referral is from an existing customer!  Build your network–it’s your sales lifeline. Your network includes business colleagues, professional acquaintances, prospective and existing customers, partners, suppliers, contractors and association members, as well as family, friends and people you meet at school, church and in your community.

 

Holiday Marketing Guide: 2015 Trends That Will Drive Sales

Businessnewsdaily.com just released this article the end of September.  They bring up points from making sure your website is mobile ready to online sales and shipping product. Data from Google revealed that more than a quarter of consumers begin their holiday shopping before Halloween, so retailers need to be ready for the rush. The above articles give some great tips and reminders about how to do business and attract and retain customers.

 

Howeverdon’t forget about The Network you belong to! The BIG Network allows all you retailers and vendors alike, to work closely together during this holiday season.

 

Retailers remember to log in and grant permission to those vendors you work closely with.  Allow them to help you manage the inventory and make sure that you don’t miss even one sale during these holidays.  If you are not a BIG client, no worries, just contact us at info@bigjewelers.com and we can set up the permissions for you.

Vendorsmake sure that you have communicated with your retail clients about your participation in The BIG Network.  Let your retailers know that you are embracing a new way of doing business, through data sharing and true collaboration.  ­

 

Here is to a successful holiday season!

 

 

 

Ann Arnold