Updated: Jun 2
It’s safe to say our original 2020 plans can be thrown out the window. I've been reflecting in my downtime (I've had some time on my hands) to figure out how to reboot and make the best of 2020. To that end, I’m sharing some ideas.
Engage with customers Engagement with customers builds goodwill and keeps your services relevant. More importantly, it builds a friendship. I’ve enjoyed seeing Instagram posts encouraging consumers to tag the store with pictures of their favorite jewelry or their proposal pictures. We’re continuously encouraged to narrate a story, to appeal to emotion, to cultivate the diamond dream; this is an easy and fun way to do this. I’ve also enjoyed learning about the people behind the business; share snippets of your life, discussing family, hobbies (e.g., the food you’re enjoying in your quarantine 15) , and celebrations (e.g., birthdays, Easter, Passover).
Start marketing your services Custom design, repairs, appraisals, insurance replacements, and watch batteries are tremendous profit centers. Many of these services are essential and less expensive than buying new jewelry.
Bridal is an immediate opportunity Engagements and weddings will continue, and there is pent up demand. Wedding planners are already reporting a very busy fall schedule. As of last week, we’ve seen a pick up in diamond sales. We hope this trend continues.
Diamond jewelry sales soar after tragedies As coronavirus concerns subside, consumers will want to celebrate. Edahn Golan remarked in “Ruin to Resurrection, the Perpetual Path”, diamond sales skyrocketed 20% after 9/11. Similarly, Japan showed a 30% increase following the 2011 earthquake, tsunami, and Fukushima meltdown. The industry is also well situated to capture money budgeted for travel and leisure.
Start executing today Consumer confidence is increasing. The stock market is up more than 30% from it’s lows. Government funds (from the $2bn stimulus measures) are starting to flow into the economy.