Register
January
In between the mulled wine and mince pies many of us are thinking about the coming year and what we can do to achieve our business goals. At least that’s what we tell ourselves we are going to do. With the economic climate still looking uncertain at best, this makes that process even harder.
What’s worse, is that our inability to set out our priorities for the coming year (other than survive) creates anxiety as we go through the year. So that come the end of the year, we’re so frazzled and drained, that all we can do is eat more mince pies, drink more mulled wine and start all over.
I used to go through this cycle, year after year and as the financial crisis hit in 2008, would regularly find myself starring into the abyss of my computer, alone and helpless. Shortly after 2008 I decided to do something about it, but there was very little available for the jewellery trade as a whole and for the creative designers even more so. That is when I decided to do something about it.
If you have received my recent emails, or my invitation card, you may already know that I have decided to share what I’ve learned in the past few years on how to deal with the extreme economic crisis that we are all currently living through. I am a firm believer in creating a vision and setting goals. So from January, I will be launching my Creative Year Planner. It is a free monthly guide that will take you through the steps that are essential to get motivation and clarity in your business and most importantly, how to take it forward.
Vision and Goal setting is a much tried and tested successful method for me. I have found that setting goals gives you a long term vision with short term motivation. It minimises distractions and focus’s the mind, in fact goal setting is one of the strongest keys to a successful business. Clarity and Vision ensure that your efforts are focused on achieving a clearly defined outcome.
It all sounds like hard work, but it really isn’t. It does take time, direction and a little dedication.
Good news is that there is still time to sign up for the Yearly Planner, just follow the link www.thegembank.com/yearplanner
Share your visions and goals!
Happy New Year!
Richard
With Christmas behind us and the future plans being prepared, some of you are probably considering your approach.
Did you find yourself selling from your existing collections or did you find yourself increasingly being asked for customised or bespoke jewellery pieces?
With a slight shift in luxury and consumer’s approach to buying it, is there an expectation by our customers for bespoke pieces?
How do you fill your shelves if all you sell is bespoke jewellery?
As a jewellery retailer or designer jewellery maker, when you consider how you fill your retail space, there are 2 approaches that immediately present themselves. You either establish a collection of jewellery – whether it is designed and made by you or bought in, or you can offer a bespoke service. It is clear, that most jewellers fall somewhere between the two. Offering an established jewellery collection – i.e. ready to buy ‘off the shelf’ jewellery, gives many advantages. The most obvious being to take advantage of the impulse buyer. Not everyone wants to wait for your moment of inspiration to have that one off creation, nor does the man who forgot his wife’s birthday and who needs something NOW!. But every so often and that might be more often than not, you get someone in who wants something DIFFERENT, or wants to be INVOLVED in the jewellery design process, they like that one, but have you got it with some VARIATION or another? So you end up taking on a lot of commissions and doing more bespoke work and your jewellery collection starts to collect dust on the shelf and you begin to wonder ‘why did I bother making that stuff, it never sells’. If you didn’t, how would people know what you did? How would they be able to get you to make something different if you didn’t make anything at all and only offered a bespoke jewellery service?
The Catch 22
So it appears a catch 22 has evolved. What your established jewellery collection does, is set the tone of the shop, your work and your style. The style of collection, the gemstones used, the quality and the manner in which they are displayed, will very much send out a signal of what your jewellery business and you are capable of. What YOU need to do is make sure that everything goes towards highlighting your talents and maximising your profits. Now I could go on about how the secret to profits are in making your jewellery more than just the sum of its parts, but I’ll save that for another occasion.
Do customers have the right to expect bespoke?
One thing I have noticed, and it’s really the big brand name jewellers (as well as the high street chains) that are, for many reasons, only able to sell rigid collections and they do ok. In fact, only if you’re a super important customer, and I’m talking exclusively about the higher end right now, will they even contemplate the idea of creating bespoke jewellery. Set that against the designer maker.
The benefits of bespoke.
Most designer makers I know would be only too please to work hand in hand with their customers to create a customised jewellery piece for them. Think about it, not only do you have a very happy customer, but you have an evangelist who will be so proud of the jewellery they were involved in the making with you, they will spread the word far and wide.
Opportunities knocking
As you build your relationship with your customers, you build further opportunities to sell. It could be that through working with them on a particular piece, you find out that there is a follow up occasion being celebrated, offering another opportunity to build on their new jewellery collection might keep them coming back for more.
It may be this process that sets you apart from other jewellers in your area, who may not be willing, or indeed able to offer a bespoke/customising service. It is exactly this type of service that sets jewellery artisans and designer makers apart from the run-of-the-mill jeweller, or the big corporations that would rather not get involved in any activity of this nature. I understand why they wouldn’t, or in fact can’t.
By customising, tailoring, or creating one off pieces of jewellery for your customers, you have an opportunity to build a relationship that few other businesses have.
Take it and run with it.
Your collection may establish you, your bespoke jewellery service will build a special relationship with your customer.
I was lucky enough to get to the second week of the Goldmiths’ Fair in London last week and again I was blown away by the quality, diversity and creativity on display there.
It really got me thinking about our industry and how predictable it has become on one side and how innovative it is on the other. With my office based in London’s Hatton Garden, I often feel quite uninspired about the trade. Shop after shop selling real crap, with the exception of a few. The opportunity to turn this into a ‘Premier’ jewellery shopping area is repidly slipping away. Imagine a world where all the shops on Hatton Garden were like a big version of Goldsmiths’ Fair. Every shop run by the jeweller creating wonderful pieces, silversmiths getting the recognition they deserve for the work they do and skill they do it with. It would be mind blowing. It would compete with Bond Street and would be a beacon for creativity, craftsmanship and skill of the kind that the UK was once known for all round the world.
Is it a dream, of course it is. I’ll tell you why, because you need passion and drive and care and attention to detail and a million other characteristics that are missing from the trade as a whole, but still burn brightly in pockets of the industry. The creative mostly hide out in small workshops dotted around the country, known only by those who seek originality. Even those who only buy at the high luxury end of the market are not buying jewellery that is made with as much passion, originality and creativity as was demonstrated at the this years show.
As an insutry, these are the people we need to celebrate, support and showcase! I would like to congratulate all those who took part in the show, wish them the best of luck and speaking for myself at least, tell you that it gives me pride to know and work with some of you.
I went to week one of goldsmiths’ fair with a very fresh perspective. With everything that’s been going on with the economy and the impact it has had on luxury and jewelley, I now see events like goldsmiths’ along with their exhibitors as representing the future of the industry.
When you first walk in to the hall you get struck by a sense of history. The fact that they still have uniformed commissionaires sets the tone of the whole event. Very formal and grand, well on the outside anyway. Those very grand surroundings of the hall are quickly put into sharp contrast by the very contemporary designs on show.
Firstly there is the silversmithing. If you are not familiar with the kind of work they show there, forget the stuffy dated image of candlesticks and goblets and feast your eyes on the craftsmanship on show. Designers like Jenny Edge, Ndidi Ekubia and Heather O’Connor, have taken this ancient craft and moved it right into the 21st century. Their pieces incorporate materials such as silver, wood and glass to truly amazing effect.
Then there are the Jewellers. There are the regulars such as Eric Smith, Paul Spurgeon, Mikala Djorup, Liz Tyler, Shaun Lean and David Marshall to name but a few. And there are the newcomers such as Maria Militsi and Jenny Deans, who collectively could teach the Bond Street set a thing or two. In fact they could teach the whole industry a thing or two as the principles that guide them – creativity, commitment, care for all materials used, skill in putting it all together and passion about their craft really shine through in the final product. It’s a shame more of industry doesn’t operate in this way.
It is definitely a must if you can get there. I’m looking forward to week two.
http://www.thegoldsmiths.co.uk/exhibitions-promotions/goldsmiths’-fair/
Diamonds are forever, or at least that’s what the major diamond companies continually try to hammer into the consumer’s mind. In the face of this kind of constant promotion, how can you successfully promote the beauty, value, and desirability of coloured gemstones?
Here are three ideas for promoting colour in creative (and effective) ways:
Link colour to life. It’s all too easy to fall into the rut of old habits each day, especially in these challenging economic times when people feel compelled to “play it safe” with their finances. There’s no reason why coloured gemstones cannot be promoted as an easy, cost effective way to bring a little bit of colour and glamour to life.
Create opportunities to talk about coloured gemstones every chance you get. For instance, you might speak to a local retailers’ association about the different ways a simple splash of colour can help spark interest and attract customers; team up with a local fashion retailer and pair a coloured gemstone necklace with an outfit in the display window, show how coloured stones can add a sense of glamour to even the most conservative business suit, or suggest different colours that can be used to create different feelings and emotional responses.
Pair coloured gemstones to create distinct impressions. Show customers and potential customers several ways to pair and combine coloured gemstones for the purpose of creating specific effects and impressions. Take advantage of the drama of red rubies, for instance, by pairing them with pearls, sapphires, or lighter coloured rubies in a cluster setting. Or, show the rich colour of a dark sapphire combined with the glow of a yellow diamond, citrine, or the softer blue tones.
Maximise the display power of coloured gemstones. The background colour used in your coloured gemstone displays can have a dramatic influence on the radiance and attractiveness of the gemstones. Whenever possible opt for strong and dramatic background colours, such as darkest black, purest white, emerald green, or royal blue. These strong colours combined with the right lighting will make coloured gemstones literally leap out at potential customers, highlighting their beauty and increasing their desirability.
Remember, there is no single right way to promote interest in and attraction to coloured gemstones. The most important thing to keep in mind is to let your creativity lead the way; don’t settle for the same old displays, done in the same old ways, and don’t fall into the same old patterns of advertising or promoting the same gemstones in the same way each week. Try different pairings of colour, combine colours into different topics or themes, or take a chance and try something completely different to anything you’ve ever done before.
With a bit of thought and open mindedness to trying new things, you’ll be pleasantly surprised at the many different ways you can successfully promote the beauty and desirability of coloured gemstones in creative ways.
Please add your suggestions by clicking here and let us know what works for you.
I recently read an interesting discussion thread on LinkedIn (which I recommend you join by the way) in which people were answering the simple question: What is branding?
It was interesting to see the range of answers. They touched on the issues around price, design and availability. Others seemed to think it was generated from the customers rather than the organisation. Some seemed to suggest that it was a much more emotional connection with people’s heart. Some talk about adding value to your product and how it differentiates you from your competitors. Others see it as something that will you will pay you a premium for, while other questioned why you’d ever want to do it with something cheap (I guess Asda, Wall Mart, Tesco et al have also missed the point).
Lots of people seemed to write about what brands do and don’t do, but most people failed to answer the question ‘what is branding?’
Now I’m not saying I’m a master marketer or brander, I’m not the brand evangelist and I am not the last word in defining all things conceptual. What I do know is that I didn’t get a clear understanding of what people thought branding actually was.
Ok the easy part is to pick apart other people’s thoughts and definitions. Time to state my position: Put simply, branding is the identity you give your organisation and the voice you use to communicate with your customers.
From this everything else comes: Price, position, marketing channels, logo, usp you name it, sometime your product. Once you have your identity and your voice then you bring your product into alignment.
In the luxury field, perception is everything and everything is perception. The brand should stem from the core of who you are (your identity), transcend everything you do (your inner voice) and represent you in the way you want to be seen (your outer voice). Think about your identity (inner and outer) and ask yourself what am I trying to say and what are my customers (inner and outer) hearing. Somewhere in between the 2 are your brand values. Once you’ve defined them align your products, sales strategy and marketing message to this and you’re on your way to fulfilling your brands potential.
Please let me know where you stand on the subject and post your thoughts.
Diamonds are forever, or at least that’s what the major diamond companies continually try to hammer into the consumer’s mind. In the face of this kind of constant promotion, how can you successfully promote the beauty, value, and desirability of coloured gemstones?
Read more
Grabbing the attention of customers and potential customers is a big part of your overall success. After all, if you can’t get them to notice your gemstones and your jewellery pieces you are not going to get them to actually make a purchase. Coloured gemstones can be a huge benefit in grabbing customer attention Read more
There are lots of ways to attract customers and make sales, if you have an unlimited advertising budget and are willing to spend it freely. Chances are, however, that you don’t have this kind of tremendously large budget so it’s critical for you to take a smarter, more efficient approach to attracting customers Read more
Making money in the fine jewellery business can be tough, especially in these days of online and large scale retail competitors. For a small to medium sized business it might seem impossible to compete and make any money. With coloured gemstones, however, you have a great opportunity to protect your profit margins and be successful. Read more
' id='fancy_collapser_link'><img src='http://www.thegembank.com/wp-content/plugins/wp-e-commerce/images/plus.png){kind=link}