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America’s Best Jewelers forum participants are, from left, Carney Chavis, Gene Gragg and Steven Fina.

The economic crisis means fewer consumers willing to splurge on fine jewelry, so jewelers must know when, where and how to find those that still want to buy diamonds and gold.

Six retailers who are part of National Jeweler's "America's Best Jewelers" (ABJ)  network  discussed marketing strategies.

Participants in this discussion were: ABJ winners Susan Eisen, owner of Susan Eisen Fine Jewelry and Watches in El Paso, Texas; Carney Chavis, co-owner of Dunkin's Diamonds, with stores in Ohio and Florida; Lou Cervini, co-owner and vice president of Christopher's Fine Jewelry in Pawleys Island, S.C.; Michael S. Karaman, owner of James Free Jewelers, with stores in Cincinnati and Dayton, Ohio; Steven Fina, vice president of Michael C. Fina in New York. Also in on the discussion was ABJ network member Gene Gragg, owner of Metal Works Fine Jewelry in Yorktown, Ind.

What is your strategy for measuring the impact of a particular marketing campaign?

Eisen: I measure my campaigns by the questions I ask my customers when they come in. I can tell right away what is working and what isn't.

Gragg: Other than asking customers where they heard of us, we track hits on our Web site. Coupons also give us a pretty clear indication of effectiveness.

Cervini: At the point of sale, we ask why the customer is in the store, which is then analyzed.

Karaman: Tracking the number of customers that come through the door and the sales at the end of the day. That is simple and to the point. Closing ratio is the most important.

More at: http://tinyurl.com/n2fdy5