Leverage Your Reputation to Build Relationships

Success in the jewelry business lies in the details. Like a well-cut diamond whose brilliance depends upon placement and precision, every facet of your organization must be carefully considered. Leveraging the expertise behind those considerations into gainful relationships will enhance your opportunities for success.

Make Integrity the Cornerstone of Your Business

Trust takes time to build and is easily undermined. Creating confidence in your store and staff means attending to all details, including ethical business practices. Here are some strategies for ensuring that your reputation remains spotless:

• Source carefully – Ensure that your suppliers are in compliance with the Kimberley Process and System of Warranties. Check invoices to ensure nothing “slips by” that could undermine your reputation.
• Operate ethically – You are a critical link in the System of Warranties. Be confident that synthetics, treatments and simulants have been detected.
• Disclose, disclose, disclose - Ensure your disclosure is offered whether or not it is requested, and that it is complete, detailed and accurate. If treated diamonds, simulants or synthetics are part of your inventory, clearly label and segregate to promote transparency and avoid mistakes being made.
• Continue to be informed – Be aware of issues in the jewelry industry before your customers come in with questions. Educate your staff as well.
• Communicate effectively – Prepare responses for all consumer issues and concerns, and speak enthusiastically about our industry and the role diamonds play in economies around the world.
• Develop roots - Having strong roots in your community means more than a long-term presence. You should consider involvement in social, philanthropic and charitable causes.

Justify Your Price Point

Research indicates that consumers feel better about price when retailers explain their pricing policy fully. Incorporating an explanation into the sales presentation puts customers at ease.

“Our clients have found the value in dealing with a trained gemologist in every one of our stores,” notes Harvey Rovinsky, owner and president of Bernie Robbins Fine Jewelry, with 7 stores in New Jersey and Pennsylvania. “Our people really explain not just color and clarity, but a diamond's features as well. It's important that our clients are aware of what makes one diamond more valuable and beautiful than another.”

Leverage Your Reputation

Your reputation is your most valuable asset and the key to attracting new customers. This can take years to develop. It means being a good neighbor as well as a good jeweler by sponsoring and/or supporting important community events and charitable causes.

Promoting your reputation also means effectively and creatively communicating your Unique Selling Proposition. Many consumers are skeptical of advertising claims until they experience proof. When you have an exemplary reputation, customers know they'll be dealt with fairly.

Leverage Your Expertise

Savvy consumers pre-shop online these days, so your website should be an excellent extension of your brand. And, your salespeople need to demonstrate the superior quality of your product compared to Internet and discount sellers. Instruct your staff to explain how your store's expertise, extensive services, long-standing reputation and guarantees bring added value to your merchandise.

“Our staff has been highly trained through our Hamilton University Jewelers program,” says Hank Siegel, President of Hamilton Jewelers, with 5 stores in New Jersey and Florida. “They not only know how to greet clients, but how to present product, tell the story of Hamilton, relate design inspirations, and follow up to assure each customer was delighted. We want to become a trusted advisor so that clients feel confident dealing with us.”

Encourage Browsers

If you treat browsers well and they have a positive shopping experience, there is an excellent chance they will return when they are ready to purchase. About 30% of consumers browse for diamond jewelry every month, even though it may take years for them to finally make the purchase.

“We encourage browsers by having an environment that makes them comfortable,” says Harvey Rovinsky of Bernie Robbins Fine Jewelry. There's a cappuccino machine and children's area in each of his stores, as well as hors d'oeuvres and Champagne. “Our philosophy is the longer people stay, the more they eventually buy. We remain available to assist them because we are always preparing for a potential transaction down the road.”

Leverage Your Loyalty

Nothing is more important to growing your business than receiving strong, detailed feedback – positive and negative. Consider creating a community advisory board of loyal customers to provide feedback on product offerings, design, services and store environment, and to serve as a reference should new customers require reassurance before making a purchase.

Think of the advantage you'll gain by knowing specifically what your customers like, don't like, or would like more of. An advisory board can take the “guess work” out of the process and is more direct and personal than other forms of market research. Furthermore, strong word-of-mouth from a panel of customers is probably the most powerful form of advertising you can get.

Continue to Publicize Your Policies >

Research indicates that consumers feel better about price when retailers explain their pricing policy fully.