In the midst of an unprecedented and overwhelming global crisis, food for thought and practical management tips for retail jewelry stores and jewelers are much needed. Here are the 6 Practical Tips on Managing Your Jewelry Business Now.
Right now, like many across the planet, you will be feeling overwhelmed by the recent crisis that has struck the world. A situation we could never have imagined six months ago has now come to pass.
We can take great comfort from history and how we have come out of similar experiences stronger, fitter, and wiser. Here are a few factors we should reflect on when the challenges of now, and the foreseeable future, start to seem overwhelming.
6 Practical Tips on Managing Your Business Amidst COVID-19
1. Start With Attitude
As an individual, we are powerless to change the status quo and that provides its own form of comfort; it is what it is, and we must accept it.
For better or worse we are all in this together and functioning on a level playing field that provides all of us with opportunities going forward.
With a good mindset and a positive attitude, you can still manage well your jewelry business.
2. Have Time To Plan
With your customers shopping online, you have time to plan.
It is right now when you may be without interruption and daily in-store firefighting, that is the best time to think ahead – be it one year, five years, or 10 years.
Take advantage of this opportunity to crunch the numbers, refine your mission statement, and set goals.
3. People Still Want To Spend
Amongst the doom and gloom, there are some businesses doing well, and not just supermarkets and mask sellers.
A business operated by a friend’s son is doing record sales – their product? Specialized seats and motion platforms for car racing video games.
It seems many millennials are not afraid to spend on products to help while away the boredom of isolation!
Meanwhile, a recent survey conducted in the travel industry showed that 90 percent of respondents still planned to travel in the next 12 months, including internationally.
The message from both of these anecdotes is that people are demanding a release.
Once this is over, they will look for opportunities to enjoy their freedom, like flowers springing free from winter snow.
If travel is off the table and it will be for most of the year, if not beyond then these people will need another outlet. Why not jewelry?
4. Build Your Customer List
Eyeballs have never been as concentrated online as they are right now.
That means you’ve never had a better chance to add to your database through online means, as well as inform and educate your customers.
Are you making the most of it?
From content marketing to mailing list incentives, social media communication, and loyalty programs, now is the time to get to know your customers – and potential customers – and build your relationship with them.
5. Offer Special Promos
Do you think people want to stop celebrating just because they are stuck at home? Special occasions haven’t ended.
More than ever, they want to enjoy those celebrations in life and feel emotionally connected to their friends and family.
Even if you can’t get the product to them now, what about vouchers or a special appointment for when they can shop?
Jewelry vouchers are a quick and simple gift that can be sent via email, with no delays.
Most importantly, they give the recipient something to look forward to.
6. Adjust Your Perspective
Remember that, on a broader scale, we will emerge from this COVID 19 crisis stronger and leaner than we were before.
Every backward step that humanity has ever taken – from wars to droughts, floods, plagues, and economic collapse – has been followed by a climb to new heights, to a level that we had never been able to achieve before.
One disease, as challenging as it might seem right now, will not halt us from this progress for long. The future is bright for those who accept and embrace it.
Those who are smart will benefit at the expense of those who aren’t. Some will suffer, but many will make their fortunes as others have done before them in times like this.
Decide where you stand. Decide which way the chips will fall.
We may not control what this virus does, or the steps that have been taken to combat it, but we do control how we react and what will happen to us as a result. 6 Practical Tips on Managing Your Jewelry Business Now.
P.S. Royi Sal Jewelry, as a decades-long leader in silver jewelry design and manufacturing, invites you to download our latest magazine here and profit from the exceptional jewelry designs at affordable prices you will find in the magazine. Click here to download it now.
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