Keep It Relevant!
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Transcript of Keep It Relevant!
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Keep it relevant!A summit for change in the Jewelry Industry
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Changing timesChanging business environment has created pressure to lower costs:▪ Advertising▪ Employee count and wages▪ Occupancy costs▪ Controlling Inventory
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Quote: Bill Boyajian
“If you’re going to continue to do retail the way you’ve always done retail, you’re going to fail,” said Bill Boyajian, industry consultant and former Gemological Institute of America president, speaking at a keynote session in Las Vegas 2009. “No one is going to emerge from this recession unchanged.”
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Changing Customer
Click link: We Generation video
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New Possibilities!!
Change is necessary to take advantage of the “New Economy”
Are you ready?
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Millennials Freedom Customize Scrutinizers Integrity Entertainment and play Collaboration and relationship Speed Innovators
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What do I need to do?
Consider some of the emerging business trends!
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Emerging business trends
Virtual inventory Custom design Estate jewelry Brass and glass inventory Just in time inventory Collateral businesses sharing space Green/ ethical movement Jewelry rental
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Current ways to advertise
Store events Social networking PR Online recommendations Electronic newsletters and
announcements Personalized and micro targeted
mailers Careful and targeted creation of your
message
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Panel Introduction
Dan KischCindy Edelstein
Nick FaillaJames Porte
WOW!
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Real examples: Brass and glass:
http://www.spencediamonds.com/us/ Custom design:
http://bikes.urbanoutfitters.com/http://www.greenlakejewelry.com/default.asp Green/ ethical movement:
http://www.brilliantearth.com/ Virtual Inventory:
http://bit.ly/JLYD_Virtual_Display_Cas PR-
http://www.jewelrytogo.net/diamond-jewelry-service-93555-ridgecrest/jewelry-store-events.html
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More real examples:
Online recommendations: http://www.ivouch.com/ts.cgi?c=719
Social networking: http://www.facebook.com/home.php?#/SamuelGordons?ref=ts
Jewelry rental: http://www.bagborroworsteal.com/ui/jewelry/fine-jewelry
Reputation and PR: http://www.molinafinejewelers.com/
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So what is working for you?
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What are the long term effects?
Effect of lower retail store inventory levels on manufacturers.
Need for “just in time” inventory. Ability to reach the broad range of
customers with our advertisements. The to more effectively target our
advertisements.
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Thanks!
If you want to get the link to an online version of this presentation, give me your email address.
If you want to follow this subject in the future, you can go to http://keepitrelevant.wordpress.com/
Thanks for you participation!