One of the fist things I knew I wanted to try I originally saw on pinterest, which is using crown moulding as a shoe rack. I went to my local home depot, and found a decorative portion of moulding, and then used a saw myself to cut it into three pieces. Alternatively, they will also cut the pieces for you, if you know ahead of time how long you would like each one to be. I had forgotten to measure, so I was not able to take advantage of that.
Once your pieces are cut to the correct length, I simply painted them the same color of my room, because I liked the way that would be represented in the closet. The pieces of crown moulding were pretty easy to simply nail up, and then I hung my heels!
After I finished the racks for the shoes, I decided to hang some hooks in the wall to be able to keep my necklaces from getting tangled, and then I had some old floating shelves that I decided to hang as a way to organize my bracelets.
Overall, this was my attempt to utilize some space on the wall, and also just to be reminded of what I actually own. It's incredibly hard to wear what you don't even know you have! I hope this helps, and let me know what tricks you've done to take advantage of space in a small closet!