05282015Thu
Last updateWed, 27 May 2015 2pm
24 Karat Club SEUS adds 4 new members

24 Karat Club SEUS adds 4 new members

The 24 Karat Club Southeastern United States annou...

Jewelry Pie reacts to increased demand for high-end product

Jewelry Pie reacts to increased demand for high-end product

“In the last year Jewelry Pie has seen a large inc...

Goldstein introduces new diamond & ruby ring

Goldstein introduces new diamond & ruby ring

Goldstein Diamonds, an industry leader in GIA cert...

Endless enters 21st market in 20 months, securing New Zealand retail partners

Endless enters 21st market in 20 months, securing New Zealand retail partners

Endless Jewelry has announced they  have secured m...

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IGI introduces virtual 3-dimensional diamond viewing

IGI introduces virtual 3-dimensional diamond viewing

Institute’s Diamond Reports to feature QR codes

(NEW YORK) - The International Gemological Institute (IGI), a world renowned independent gem certificati...

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Guertin Brothers to display Fabergé egg inspired Fender guitar at JCK Vegas

7 HOURS AGO
Guertin Brothers to display Fabergé egg inspired Fender guitar at JCK Vegas

Guertin Brothers has announced they will have a one of a kind Fender guitar in their booth at the JCK show. Also on display will be a replica of the Fabergé Egg, which was the inspiration for the guitar.

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Jewelers of America adds new GEM Award for Watch Design category

7 HOURS AGO
Jewelers of America adds new GEM Award for Watch Design category

Submission period opens for 2016 Award nominees

(NEW YORK) - Jewelers of America (JA), the national association for businesses serving the fine jewelry marketplace, has announced the addition of a GEM Award for Watch Design to the 14th Annual GEM Awards gala taking place on January 8, 2016, at Ciprian...

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GIA’s goes “All In” for JCK Las Vegas

7 DAYS AGO
GIA’s goes “All In” for JCK Las Vegas

Exclusive in-booth briefings, museum displays, colored stone services and more

(CARLSBAD, Calif.) – Attendees of the 2015 JCK Las Vegas show at the Mandalay Bay Resort & Casino can visit GIA’s booth (L99) from May 29 – June 1 to learn about the Institute’s not-to-miss show offerings, ranging from th...

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Texas Jewelers Association announces 2015 Convention dates, plans for JCK Vegas Meet & Greet

26 DAYS AGO

San Antonio will again be the host location for the 2015 Texas Jewelers Association (TJA) Convention.  The event will take place from October 10 - 12 at the El Tropicano Hotel, located directly on the Riverwalk.

The Convention will kick off Saturday evening with a President’s Party, hosted by TJA Pre...

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Reed Exhibitions acquires Jewelers International Showcase

7 HOURS AGO

(NORWALK, Conn.) -  Reed Exhibitions has announced it will expand its jewelry event portfolio with the acquisition of Jewelers International Showcase (JIS). JIS has three annual business-to-business events for the jewelry industry at the Miami Beach Convention Center. Thousands of retailers attend th...

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Rio Grande announces winners of 15th annual Saul Bell Design Award

7 HOURS AGO
Rio Grande announces winners of 15th annual Saul Bell Design Award

At a celebration dinner held during the Santa Fe Symposium® in Albuquerque, NM, Rio Grande announced the winners of the 15th annual Saul Bell Design Award competition. Through rigorous judging, a panel of judges chose first- and second-place winners in each of six competitive categories, as well as ...

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IGI introduces virtual 3-dimensional diamond viewing

7 HOURS AGO
IGI introduces virtual 3-dimensional diamond viewing

Institute’s Diamond Reports to feature QR codes

(NEW YORK) - The International Gemological Institute (IGI), a world renowned independent gem certification and appraisal institute, has announced its long-standing diamond grading reports will now include QR (quick response) codes, which will allow for f...

Readmore

Stuller, Inc. introduces new tools catalog

7 HOURS AGO
Stuller, Inc. introduces new tools catalog

Book highlights tried and tested tools and supplies

(LAFAYETTE, La.) – Solutions supplier and prime manufacturer, Stuller has announced the release of its newest tools catalog, Tools, Equipment, and Metals 2016-2017 . The 600+ page book features a variety of new products, bestsellers, exclusives, and St...

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Sales Growth Expert A recession is a terrible thing to waste - and a very good time to sell jewelry for high profits

There are two good times to take advantage of your competition:
  1. When business is good. It is easier to make a good time better than a bad time good.
  2. During a recession is a great time to increase sales because your competition is cutting back their marketing. But the trick is to increase your marketing while decreasing your marketing costs.

In the 80s, you know when the last bad recession hit the United States, all my jewelry competitors were walking around wringing their hands asking each other when it would end. Most everyone. I was among the aggressive that stopped reading the paper and listening to the experts about how bad things were. I was among the ones who did not react to the market conditions. I acted. And I acted very, very aggressively.

A few of my aggressive actions in a recession:

  • I went to my suppliers and asked for and received much lower pricing and longer dating to pay. When the market is slow their warehouses fill up. They are willing to sacrifice price to empty them.
  • Although I cut my media advertising back, I convinced the media that it was in their best interest to lower the prices they charged me so I would do some advertising when many of their other customers, my competition, were stopping their marketing.
  • I decided marketing directly to my prospects was a good way to go and made deals with my printer to lower my cost on printed marketing materials. Although I could not get the post office to give me a discount on stamps, I still found direct marketing using postal mail along with flyers was a very economical and successful way to reach my customers and prospects.
  • When my employees were not busy I had them go door to door and hand deliver our advertising/promotional materials. But not for long, because as we became more and more aggressive in contacting our customers and our competition's customers (our prospects) our sales grew and grew.
  • I used the Magic Words - "WHO DO YOU KNOW?" Every customer on your customer list, every customer you sell to, knows someone who needs or wants the products and services you sell. All you have to do is ask them, "Who do you know that also needs or wants the products and services I sell?" It works, not all the time, but it works enough to help you survive and prosper in a recession.
  • I sent my employees to places where I knew people talked about their problems, needs and wants. Local bars. When my staff heard someone talking about their problems that one of the products/services we sold would solve, they got their names and telephone numbers and talked to them about how we could solve their problem. Then a follow up call was made the next day. Many of these contacts turned into sales.

There are still people out there buying your products and services. Not as many, but there are a lot of them. If they are not buying from you, they are buying from your competition. All you have to do is take those customers away from your competition.

First you must stop the insanity - "Doing the same things over and over again and expecting different results." Your market has changed, you must change the way you market and sell.

You must become more aggressive. More aggressive in your marketing and selling techniques. More aggressive today than you were yesterday. And more aggressive tomorrow than you were today. You must be more aggressive than your competition in contacting your customers and theirs.

Remember the old saying, "To increase demand for your products and services, you must increase the offer."

In the Houston Astrodome 100 thousand salespeople were lined up against the west wall. Directly across the dome on the east wall were lined up 100 thousand customers. Then, every ten seconds, they walked toward each other until they were half the previous distance apart. A mathematician, a physicist, and an business professional were asked, "When will the salespeople and the customers meet?"

The mathematician said: "Never."

The physicist said: "In an infinite amount of time."

The business professional said: "When the offer is good enough."

You can survive and prosper during a recession if you act, not react.

  • Work harder and longer hours.
  • You must lower your operating cost.
  • You must increase the number of advertising impressions your prospects see. You do not have to increase your marketing cost.
  • Market to your perfect prospects. Those people who you can make the most amount of money from with the least amount of costs (time and money).
  • Market to your competition's customers.
  • Use low cost advertising:
  1. It cost no more to make a thousand telephone calls than to make one.
  2. Arrange with a non-competitive business to hand out each other's marketing materials.
  3. Use your vehicles including personal ones, to advertise specials with signs.
  4. Increase your point of purchase signage.
  5. Use attractive signs outside of your business.
  6. Create and hand out circulars.
  7. Make presentations at clubs and organizations.
  8. Market to private and public organizations.

Don't forget to use one of your most valuable assets - your customer list. Always go to your customer list. If they purchased from you once they will purchase your products and services again.

The key actions needed to surviving and prospering in a recession:

  1. Take advantage of the opening your competition is giving you when they cut back their marketing and selling aggressiveness.
  2. Lower your overall operating cost.
  3. Be more aggressive in contacting your customers and prospects.Increase the offer to increase the demand for your products and services.
  4. Become more and more aggressive. More aggressive today than yesterday. More aggressive tomorrow than today. And always more aggressive than your competition.

Bob Janet - Sales consultant/trainer, speaker, author of "Join The Profit Club" combines 40 plus years as owner/operator of professional, retail, manufacturing and service businesses with his unique teaching and storytelling ability to motivate, educate and inspire business professionals of all levels and all industries for increased sales & profits. Contact Bob at 800-286-1203, or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it..


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