The development of customer relationships is central to what is known as the Loyalty Ladder. This concept is like a romance: It starts as an infatuation (the first interaction or sale), which can lead to a type of courtship (repeat sales), then exclusivity (where your shop becomes top of mind for all their jewellery requirements), and, finally, a total commitment (leading to the active promotion and sharing of your business with friends and family).
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Although the luxury industry has slowly recovered following the 2008 U.S. housing crisis, lower retail prices combined with higher wholesale and supplier pricing is shrinking profit margins across Canada and the United States.
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For Canada’s independent jewellers and diamond suppliers, competing with online diamond giants can feel like a losing battle. It’s the typical David and Goliath scenario, and as with the Bible story, all is not as it appears.
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As baby boomers head into retirement, we as jewellers must identify and attract the next generation of customers who will become our lifeline to continued success.
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I love my job as a life and business coach. Why? One, it is rewarding to see my clients implement strategies allowing them to overcome challenges that would have at one time brought them to a complete halt. Two, I love when my clients express surprise at their ability and resourcefulness to succeed at their goal (when all along I knew they could do it).
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Bridal has always been a solid staple in jewellery stores worldwide. Today, however, its success has become the essence of survival for many businesses struggling to manage adjustments within the luxury consumer market.
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How would you describe a custom client? Can we boil him or her down to just a few words and if so, what would they be? Would you say picky, unique, fun, worldly, crazy even? Over the years, I’ve dealt with customers who fit nicely into one or even two of these categories.
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The Canadian jewellery trade shows are upon us. While attending the various events is clearly a matter of purchasing inventory for the coming holiday season, the shows are also a great opportunity for learning.
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There’s no such thing as an inexpensive diamond. Quality has always been the cornerstone of successful jewellers, and in the face of fading market share to online competitors, retailers should consider keeping it old school.
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Whether you manage a jewellery store or sell jewellery, having knowledge and knowing how to use it are critical. As an owner or manager, your first priority is to create an environment of personal growth and development, which can help your store succeed.
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