Are you a budding entrepreneur looking to enter the jewelry repair industry? Do you feel you have it in you what it takes to be a good entrepreneur but sometimes get stuck and wish you could find a magic wand to answer all your questions about how to succeed when starting out?
Well, look no further. This article shall serve as your savior!
Let’s look at five things you can do when building an efficient jewelry repair business.
The US jewelry repair industry stood at a valuation of $2 billion in 2022. This shows us that there is plenty of room for everyone to play and a lucrative industry to enter. So, let’s start with what needs to be done when starting out.
When starting as a new entrant, you first need to create customer trust. You can only thrive when customers begin to think your business is reliable and they can refer it to others. You can get their confidence by doing two things:
- Provide quality and value-for-money services
- Excellent customer experience
Because you have decided to enter this industry, it’s safe to assume that you already have figured out the “provide quality and value for money services” part. It’s the customer experience now that you need to crack.
Customer experience can separate your business from competitors and help you stand out. Therefore, it’s vital to pay attention to this area.
You can crack this by employing the right POS software for your business. RepairDesk can help you automate most business activities and repetitive tasks, which speeds up the customer dealing process and adds efficiency to your business. Start your free 14-day trial today!
People need to know you exist, which is why marketing is essential, as it helps you create brand awareness and attract customers. Some popular marketing practices include email marketing, social media, print media, etc.
Email marketing is one of the most used formulas that businesses adopt today, as the return on investment (ROI) is massive. 69% of users today use email marketing to achieve their marketing goals. Discount offers, special promotions, etc., can all be communicated through emails.
Social media is another powerful tool that is used widely for promotion. It gives you a chance to reach your audience without spending a fortune. But being creative here is the key. Millions of businesses are promoting their services, so you need to be innovative and carve your niche to attract and build a loyal customer base. Videos of how you repair jewelry, use of humor in your videos, etc., are all examples of how you can use popular mediums like TikTok, YouTube, and Instagram to promote yourself.
Used less than it was once, print media such as brochures are an excellent way to let your target audience know of your ongoing deals and important news that you want people to know.
Marketing can be managed effectively using jewelry repair shop software. A quick guide on which POS is best for you can help you decide better.
Upselling is a great way to earn extra from the same customer base. While getting more customers should always be your goal, you should also focus on ensuring your existing customers buy the maximum amount of the services they need from you. Offering services, like urgent delivery to clients who don’t have time against a higher fee or placing small jewelry items that have a reasonable price near the checkout counter, can help you boost sales as well or appraise a ring against a higher price; all are some examples of how you can use upsell to your advantage.
Offers that sell!
Offers and discounts are a great way to excite people and lure them into buying from you. Carefully craft deals and attach a “limited time to buy” string to them to make them more attractive. An example of this is polishing a piece of jewelry for just the price of polish and letting go of the service fee you usually charge. When starting, discounted deals can work in your favor as customers will be more willing to try your services at discounted prices than at full prices.
Spreading word of mouth
Word of mouth is essential. People will either buy from you or not based on what your customers say about you. Because of this, your customers need to give positive reviews about your business. Providing incentives to post a review on platforms like Google and Facebook reviews, getting permission to post screenshots of their comments on Instagram, or getting short video testimonials can help you build good word of mouth about your business.
A bonus tip is to ensure you manage and track employee performance as employees make the company. You can do this by using employee management software. This can help you track your employees’ attendance and login/logout time to process payroll, assign and monitor repair jobs, and so much more.
To conclude, when starting, the earlier you tick the boxes mentioned above, the easier it will become for you to succeed and manage your business effectively.