07262016Tue
Last updateWed, 20 Jul 2016 10pm
ASHI launches Fine Jewelry catalog

ASHI launches Fine Jewelry catalog

ASHI is pleased to announce the release of its new...

Ron Rosen Jewelry’s Love Life collection: Unlike any you’ve seen

Ron Rosen Jewelry’s Love Life collection: Unlike any you’ve seen

‘Luxuriously affordable’ line draws rave reviews a...

Eager to grow, eager to please, Costar Imports realizing goal of going national

Eager to grow, eager to please, Costar Imports realizing goal of going national

With expansions to the San Francisco Bay Area and ...

Retailer Roundtable:  At mid-year, how has 2016 been so far and what’s ahead?

Retailer Roundtable: At mid-year, how has 2016 been so far and what’s ahead?

At mid-year, how has 2016 been so far and what’s a...

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Startup wants to replace the silicon in your smartphone with diamonds

Startup wants to replace the silicon in your smartphone with diamonds

Chances are you’ve never heard of Akhan Semiconductor, but the company is well on its way to producing the hardware at the heart of your next smartphone, smartwatch, laptop, or virtual reality headset. The new components won’t only last longer and perf...

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Industry Events

Industry notables join panel at GIA’s New York Jewelry Career Fair

Industry notables join panel at GIA’s New York Jewelry Career Fair

Gem and jewelry’s largest recruiting event will take place July 25 at the Javits Center

(NEW YORK) - Prominent personalities from the gem and jewelry industry will join GIA at the Jacob Javits Center in New York for the Institute’s annual Jewelry Care...

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On The Move

Eaton Hudson launches new Jewelry Advisory Division

Eaton Hudson launches new Jewelry Advisory Division

Led by former Silverman Consultants’ team and focused on exit strategies and asset disposition

(ALPHARETTA, Ga. & TORONTO) - Eaton Hudson has announced the formation of a new division, Eaton Hudson Jewelry Advisors. Based in Charleston, SC, the div...

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What's New

P.Bo interchangeable Enchantables collection now available in silver

P.Bo interchangeable Enchantables collection now available in silver

Retailer demand spurs creation of lower price points

Exquisite, uncompromisingly crafted jewelry by P.Bo (Per Borup Design, Denmark), is now accessible for a wider audience than ever before, giving new meaning to the affordable luxury concept.

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Featured Articles

Not all was lost in the fire

Not all was lost in the fire

Namano salvages jewelry (and memories) scorched in house fire

There are over three hundred house fires each month in the state of Georgia alone. That’s a pretty mind-boggling number; multiply it nationally and the results are staggering: thousands and...

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Latest News

Startup wants to replace the silicon in your smartphone with diamonds

5 DAYS AGO
Startup wants to replace the silicon in your smartphone with diamonds

Chances are you’ve never heard of Akhan Semiconductor, but the company is well on its way to producing the hardware at the heart of your next smartphone, smartwatch, laptop, or virtual reality headset. The new components won’t only last longer and perform better than today’s tech, but their environmen...

Readmore

Q&A with Atlanta Jewelry Show Executive Director

5 DAYS AGO
Q&A with Atlanta Jewelry Show Executive Director

Carol Young, executive director of the Atlanta Jewelry Show, takes a few minutes to let us know what we have to look forward to at the upcoming show, August 6-8. Register online at www.atlantajewelryshow.com .

SJN: If it’s August, it’s the Atlanta Jewelry Show!

CY: Yes, it is, and we are so excited about ...

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Industry notables join panel at GIA’s New York Jewelry Career Fair

19 DAYS AGO
Industry notables join panel at GIA’s New York Jewelry Career Fair

Gem and jewelry’s largest recruiting event will take place July 25 at the Javits Center

(NEW YORK) - Prominent personalities from the gem and jewelry industry will join GIA at the Jacob Javits Center in New York for the Institute’s annual Jewelry Career Fair on July 25. The not-to-miss opening panel ...

Readmore

4th annual Rings of Strength Tour: Walking, running, biking and yoga to support Jewelers for Children

25 DAYS AGO
4th annual Rings of Strength Tour: Walking, running, biking and yoga to support Jewelers for Children

(NEW YORK) - Jewelers for Children held the 4th annual Rings of Strength Tour on Thursday, June 2, at Mandalay Bay Resort and Casino in Las Vegas. More than 160 participants assembled at 5:30 a.m. to either walk or run 5K, or bike one of two courses, a leisurely 15K route or a challenging 50K route. ...

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Eaton Hudson launches new Jewelry Advisory Division

5 DAYS AGO
Eaton Hudson launches new Jewelry Advisory Division

Led by former Silverman Consultants’ team and focused on exit strategies and asset disposition

(ALPHARETTA, Ga. & TORONTO) - Eaton Hudson has announced the formation of a new division, Eaton Hudson Jewelry Advisors. Based in Charleston, SC, the division, led by the former Silverman Consultants tea...

Readmore

Jewelers of America announces 2017 GEM Award for Lifetime Achievement winner

13 DAYS AGO
Jewelers of America announces 2017 GEM Award for Lifetime Achievement winner

Jim Rosenheim of Tiny Jewel Box to Receive the prestigious award

(NEW YORK) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, and the GEM Awards Committee has announced that Jim Rosenheim, Chairman of Tiny Jewel Box in Washington D.C., will...

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P.Bo interchangeable Enchantables collection now available in silver

5 DAYS AGO
P.Bo interchangeable Enchantables collection now available in silver

Retailer demand spurs creation of lower price points

Exquisite, uncompromisingly crafted jewelry by P.Bo (Per Borup Design, Denmark), is now accessible for a wider audience than ever before, giving new meaning to the affordable luxury concept.

Readmore

ASHI introduces 2016 Holiday Marketing Program

5 DAYS AGO
ASHI introduces 2016 Holiday Marketing Program

ASHI, a premier diamond jewelry manufacturer servicing over 1,000 of the top independent retail jewelers across the USA, has launched its new and exciting 2016 Holiday Marketing Program. Experience “Love this Holiday Season” with ASHI’s beautiful Bridal Collection and the hottest trends in fashion j...

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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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