It’s a big call to limit it to three, isn’t it?

I’m going to limit it to three because I’ve been reflecting on conversations that I’m constantly having with jewellery wholesalers and retailers both in Australia and overseas. 

Finding More Customers

We all accept that the cost of Google ads and marketing in general has increased dramatically.  The data shows that it has increased by approximately ten percent per annum. So, if you’re not a big brand, what should you do? Without sounding like a broken record, my first question is, Are you reaching out to your existing customers? 

If you’re not a letter writer, send them a text. Tell them that you’re thinking about them and maybe it’s time for their ring to be cleaned and polished, or maybe you can let them know about a piece of jewellery you thought would be a great match to their last purchase.

I’m a great believer in the idea of being a big fish in a small pond. Whatever marketing you’re doing, are you making sure that your exposure is restricted? Especially when advertising on social media, are you being exposed to users within a 10 or 20km radius of your business? Your costs will drop dramatically, and the recognition factor of you being local holds a lot of appeal to most people. 

Another option, I have recently seen several luxury brands form partnership marketing events or campaigns with other businesses in their area, these companies usually complement each other. Perhaps, your jewellery store may want to work with one or two other local businesses, maybe the local tailor, dressmaker, restaurant, or florist. Go speak to them and see how you could work together to put on an event or cross-market with each other’s customers. 

Hiring Talented People

Think about people that you know in your area. Your friends, colleagues, or people that you like, and reach out to them. Tell your friends you have a role available. These are people you have things in common or have a similar moral code with and therefore it’s highly probable that they might have a friend or family member who could be a good match. It’s a very cost-effective way to find people, and there is nothing better than a good recommendation.

Some important pieces of advice. You must write out a detailed job description for this person listing what you really expect from the role, and make a list of what training you believe they will need from you personally and from other members of your team. Lastly, think about how you would like them to evolve into that role. Each employee needs to see where they fit within your business, and they need to understand what their future looks like. If not, you may run the risk of them leaving after a year because you have taught them everything and they can’t see a career pathway. All employees need direction and purpose to feel motivated within their role, this is even more important to the younger people of today.

No Real Business Plan

I don’t care if you type it out in your notes on your phone. It can be a simple label “Business plan 2024.” The important thing is that you start one. 

The number of businesses that have not committed to a minimum one-page business plan is high. This small but important document will incorporate any new initiatives you may be planning, what you may intend to spend your money on and what you project to earn in the next 12 months. 

I appreciate that many of you will read this and be confronted as to where to even begin. I suggest the first step is just to do a brain dump, list a bunch of ideas, then pause, go back, and read them again another time and then clean them up. This list will motivate and inspire you, provide you with direction and the best bit is that you can keep adding to it. 

Finally, put a plan into ChatGPT and ask, “What should I add to this business plan?” I would start by defining your business in ChatGPT, then add any notes. Ask three to five specific questions and see what comes out.

Once you feel you have something to work with, print it out on paper, good old-fashioned paper, and place it somewhere that will force you to look at it. Make a point of reading it weekly and scribble any additional notes. Once every few weeks, update your plan, print it out again and use it as a constant source of direction. If you’re still struggling, go take it to someone that you know who has been successful in business for 20 years, and ask them for help. You’ll be surprised at how generous people are. If you’re still stuck, send me an email at rami@qreport.com.au. I promise I will reply.

Trade well,
Rami Baron
Vice President, Diamond Dealers Club Australia
rami@ddca.org.au