ABJ Seminar Revs Retailers for Rebound

America's Best Jewelers panel discussion

Jun 4, 2010 - Las Vegas, NV

As luxury consumers start reopening their wallets, jewelers need to be prepared with the right product, strong customer service and a game plan to target a younger consumer, an America's Best Jewelers panel discussion held at the Wynn Friday concluded.

Longtime retail jewelry veteran Ed Tufexis, who pointed to various optimistic signs for jewelry retailers that suggest a rebound this fall, was joined by Fruchtman Marketing President Ellen Fruchtman; Dan Askew, owner of Vantage Group in San Diego; and Jeff Corey, president of New England's Day's Jewelers for a morning session held at Couture.

Their tips for how jewelers could prepare for an upside to the downturn?

    •    Make targeting younger consumers priority one and do it with an emphasis on customer service and responsiveness, said Corey. Day's Jewelers gives customers a post-visit survey that asks whether they would recommend the store on a scale of 1 to 10, and lets customers post reviews-good and bad-on its Web site.
    •    Be attentive to younger consumers and resist hovering, Tufexis said. Have what your customers want in stock and remember that you can still give good value at affordable price points.
    •    The 50-and-older crowd is preoccupied with investment losses, but younger "echo boomers" are bigger spenders than their parents. Communicate your expertise to this demographic, which is known for doing consumer research online, Askew said.  
    •    Make sure you are measuring the effectiveness of your marketing, to better utilize those precious dollars, Fruchtman said. Know what your Web traffic figures are and find out how many customers are actually opening your e-mails. Bridal and TV are the best platforms for bridal, she said.