06272017Tue
Last updateTue, 20 Jun 2017 6pm
Georgia Jewelers Association announces scholarship winners

Georgia Jewelers Association announces scholarship winners

For the sixth year, Georgia Jewelers Association (...

GIA’s M2M app helps retailers tell a diamond’s story

GIA’s M2M app helps retailers tell a diamond’s story

As the creator of the 4Cs, GIA (Gemological Instit...

Masters of Marketing - A century of sparkling insight (Part 1)

Masters of Marketing - A century of sparkling insight (Part 1)

Schnack’s Fine Jewelry, Alexandria, LA     

There is ...

Ellis Jewelers Tim Hiatt credits retail success to his genes

Ellis Jewelers Tim Hiatt credits retail success to his genes

They say you can escape your past but not your gen...

Other News

De Beers sends mining ship to explore Namibian coast

De Beers sends mining ship to explore Namibian coast

The $157 million vessel can accommodate a crew of 80 and has a helicopter deck suitable for Sikorsky S61s.

De Beers, the world's No.1 diamond miner by value, unveiled last Thursday the world's largest diamond exploration vessel, which will search for ...

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Industry Events

Charles Stanley and Yancy Weinrich honored at Jewelers for Children Facets of Hope

Charles Stanley and Yancy Weinrich honored at Jewelers for Children Facets of Hope

(NEW YORK) - Jewelers for Children (JFC) held the 19th edition of the Facets of Hope event on June 7, in Las Vegas at the Mandalay Bay Resort and Casino. The charity announced that $2.2 million had been raised to support their charity partners in the ...

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On The Move

JA announces 2018 GEM Award for Lifetime Achievement recipient

JA announces 2018 GEM Award for Lifetime Achievement recipient

Sally Morrison of Gemfields to receive the prestigious award

(NEW YORK) - Jewelers of America (JA) and the GEM Awards Committee have announced that Sally Morrison, Director of Sales and Marketing, Americas, of Gemfields, will receive the GEM Award for ...

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What's New

Rembrandt Charms introduces Bridal Party Program

Rembrandt Charms introduces Bridal Party Program

(WILLIAMSVILLE, N.Y.) - Rembrandt Charms Bridal Party Expansion Program creates an omni-channel experience for the bridal shopper, and cultivates new and repeat business for the retail jeweler. The Program is a low-cost investment of $170 and can gene...

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Featured Articles

With more growth in the works, LaserStar celebrates 60 years of an evolving, dynamic business

With more growth in the works, LaserStar celebrates 60 years of an evolving, dynamic business

LaserStar Technologies is celebrating 60 years in business the perfect way: The leading manufacturer of jewelry laser systems is doubling the size of its facility in Orlando, FL, putting its Southern operations on par with its flagship facility in Pr...

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Latest News

De Beers sends mining ship to explore Namibian coast

6 DAYS AGO
De Beers sends mining ship to explore Namibian coast

The $157 million vessel can accommodate a crew of 80 and has a helicopter deck suitable for Sikorsky S61s.

De Beers, the world's No.1 diamond miner by value, unveiled last Thursday the world's largest diamond exploration vessel, which will search for the coveted stones on the seabed off the coast of ...

Readmore

Are American malls dead?

6 DAYS AGO
Are American malls dead?

With All the Bankruptcies and Closings, How Will the Mall Survive?

My first retail job in 1983 was at a RadioShack store in a small Indiana town. We had no POS system or any other technology to help us outside of the calculator we used to add up the numbers on the invoices. Our best-selling item was ...

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Charles Stanley and Yancy Weinrich honored at Jewelers for Children Facets of Hope

6 DAYS AGO
Charles Stanley and Yancy Weinrich honored at Jewelers for Children Facets of Hope

(NEW YORK) - Jewelers for Children (JFC) held the 19th edition of the Facets of Hope event on June 7, in Las Vegas at the Mandalay Bay Resort and Casino. The charity announced that $2.2 million had been raised to support their charity partners in the year ahead bringing the cumulative total since 199...

Readmore

Registration open for GIA’s New York Jewelry Career Fair

6 DAYS AGO
Registration open for GIA’s New York Jewelry Career Fair

Industry’s largest recruiting event returns to the Javits Center July 24

(NEW YORK) - Recruiters and aspiring job seekers can now register online for GIA’s Jewelry Career Fair to be held in New York on Monday, July 24. The leading gem and jewelry industry recruiting event will feature one-on-one caree...

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JA announces 2018 GEM Award for Lifetime Achievement recipient

13 DAYS AGO
JA announces 2018 GEM Award for Lifetime Achievement recipient

Sally Morrison of Gemfields to receive the prestigious award

(NEW YORK) - Jewelers of America (JA) and the GEM Awards Committee have announced that Sally Morrison, Director of Sales and Marketing, Americas, of Gemfields, will receive the GEM Award for Lifetime Achievement at the 16th annual GEM Awards...

Readmore

Georgia Jewelers Association announces scholarship winners

28 DAYS AGO
Georgia Jewelers Association announces scholarship winners

For the sixth year, Georgia Jewelers Association (GJA) has awarded scholarships to member stores and their employees. Scholarship chair, Jan Fergerson of Ford, Gittings and Kane in Rome, Georgia, announced the winners at the annual GJA Convention held at the Marriott Grand National Resort in Opelika...

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Rembrandt Charms introduces Bridal Party Program

13 DAYS AGO
Rembrandt Charms introduces Bridal Party Program

(WILLIAMSVILLE, N.Y.) - Rembrandt Charms Bridal Party Expansion Program creates an omni-channel experience for the bridal shopper, and cultivates new and repeat business for the retail jeweler. The Program is a low-cost investment of $170 and can generate over $1,500 in sales from one wedding party. ...

Readmore

Jayden Star celebrates 10-year anniversary with new product roll-out

26 DAYS AGO
Jayden Star celebrates 10-year anniversary with new product roll-out

(NEW YORK) - Celebrating with style, Jayden Star marks it’s 10-year anniversary with the biggest new product roll-out in company history during the JCK Las Vegas 2017 show. “With wholesale price points from $3 to $300, it’s hard to go wrong,” says Patrick Retzer, VP of Sales for Jayden Star. “All our...

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Furry Friends: Buffy the Shitzu

6 DAYS AGO
Furry Friends: Buffy the Shitzu

Buffy the shitzu recently celebrated her 10-year anniversary at Carl’s Fine Jewelry in Covington, LA. She’s quite stylish and the customers just love her.

Do you have a furry friend that helps out in your store? Tell us about it and send a picture to bill@southernjewelrynews.com.

 

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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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