02232018Fri
Last updateThu, 22 Feb 2018 4pm
Parker’s Karat Patch carves out big local niche

Parker’s Karat Patch carves out big local niche

It was an unlikely career for Kristin and Terrence...

Travis Piper, the $1 Million Man

Travis Piper, the $1 Million Man

In 1997, Travis Piper went off to college with an ...

Southern Gates® Jewelry launches exclusive collection with Biltmore®

Southern Gates® Jewelry launches exclusive collection with Biltmore®

(CHARLESTON, S.C.) - Jewelry design and wholesale f...

Libby Brown, the perfect fit to lead the Atlanta Jewelry Show

Libby Brown, the perfect fit to lead the Atlanta Jewelry Show

My mom always said, “Raise a child in the way he s...

Other News

January retail sales remain strong after holidays

January retail sales remain strong after holidays

Up 5.4 percent over last year

(WASHINGTON) - An improving economy kept January retail sales nearly as good as the holiday season’s strong showing - dropping only 0.26 percent seasonally adjusted from December - and fueled a healthy 5.4 percent increas...

Readmore

Loading...

Industry Events

JIS Miami, Centurion South Beach Show to co-locate in October

JIS Miami, Centurion South Beach Show to co-locate in October

(NORWALK, Conn.) - This October, the 2018 JIS Miami October Show and the Centurion South Beach Show will be co-locating their events in the beautifully remodeled Miami Beach Convention Center in the heart of South Beach, Florida. The co-location follo...

Readmore

Loading...

On The Move

Wilkerson and CH Hakimi join the Plumb Club

Wilkerson and CH Hakimi join the Plumb Club

The Plumb Club is pleased to announce the addition of two new members: Wilkerson and CH Hakimi.  These two companies will complement the Association’s nearly 50 members, representing over 100 brands and will join the other important and leading compa...

Readmore

Loading...

What's New

Jewelers Mutual unveils nationwide JM Care Plan™ program

Jewelers Mutual unveils nationwide JM Care Plan™ program

Jewelry and watch plans generate additional revenue for retail jewelers

(NEENAH, Wis.) - In its latest move to support the prosperity of the jewelry industry, Jewelers Mutual Group introduces JM Care Plan™ to retail jewelers throughout the United State...

Readmore

Loading...

Featured Articles

Retailer Roundtable: With repairs, what’s your response when asked about switching a diamond?

Retailer Roundtable: With repairs, what’s your response when asked about switching a diamond?

Q: With repairs, what’s your response when asked about switching a diamond?  

“I think the industry is still feeling the effects of that high profile [NBC] Dateline story from 2005 when a New York-based jeweler was caught and arrested for doing just th...

Readmore

Loading...

Latest News

January retail sales remain strong after holidays

2 DAYS AGO
January retail sales remain strong after holidays

Up 5.4 percent over last year

(WASHINGTON) - An improving economy kept January retail sales nearly as good as the holiday season’s strong showing - dropping only 0.26 percent seasonally adjusted from December - and fueled a healthy 5.4 percent increase year-over year, the National Retail Federation (...

Readmore

Unique Settings offering completely free Custom CAD Designs in March

2 DAYS AGO
Unique Settings offering completely free Custom CAD Designs in March

(NEW YORK) - Unique Settings of New York, a premier bridal and fine jewelry manufacturer is proud to announce that all their Custom CAD Designs will be completely free throughout the month of March – “no gimmicks, no catches.” During March, all Custom CAD Designs are free including but not limited to, ...

Readmore

JIS Miami, Centurion South Beach Show to co-locate in October

14 HOURS AGO
JIS Miami, Centurion South Beach Show to co-locate in October

(NORWALK, Conn.) - This October, the 2018 JIS Miami October Show and the Centurion South Beach Show will be co-locating their events in the beautifully remodeled Miami Beach Convention Center in the heart of South Beach, Florida. The co-location following a $620 million renovation of the venue, promi...

Readmore

Jewelers for Children announces annual Rings of Strength

9 DAYS AGO
Jewelers for Children announces annual Rings of Strength

The annual Jewelers for Children Rings of Strength will be held on Thursday, May 31, at Mandalay Bay Resort and Casino in Las Vegas. The very popular event includes options for a 5K walk or run, a challenging bike ride in the scenic foothills of Red Rock Valley, or a less strenuous, street level bik...

Readmore

Wilkerson and CH Hakimi join the Plumb Club

16 DAYS AGO
Wilkerson and CH Hakimi join the Plumb Club

The Plumb Club is pleased to announce the addition of two new members: Wilkerson and CH Hakimi.  These two companies will complement the Association’s nearly 50 members, representing over 100 brands and will join the other important and leading companies that exhibit in the Plumb Club Pavilion at th...

Readmore

ASHI announces winner for latest Lovebright Sweepstakes

23 DAYS AGO
ASHI announces winner for latest Lovebright Sweepstakes

(NEW YORK) - ASHI Diamonds has announced the winner of their Lovebright Sweepstakes. Among all the retailers that participated in the Sweepstakes, Bohland Jewelers from Ashland, Ohio had the highest number of participant entries and the winner was randomly selected from their customer participation l...

Readmore

Jewelers Mutual unveils nationwide JM Care Plan™ program

2 DAYS AGO
Jewelers Mutual unveils nationwide JM Care Plan™ program

Jewelry and watch plans generate additional revenue for retail jewelers

(NEENAH, Wis.) - In its latest move to support the prosperity of the jewelry industry, Jewelers Mutual Group introduces JM Care Plan™ to retail jewelers throughout the United States. JM Care Plan is a program designed to increase ...

Readmore

Hoover & Strong, Polygon announce launch of online diamond auction service to Polygon Members

2 DAYS AGO
Hoover & Strong, Polygon announce launch of online diamond auction service to Polygon Members

Hoover & Strong announced February 14 a new partnership with Polygon to offer their Harmony Diamond Auctions to Polygon members directly through the Polygon platform. The auctions are ideal for retail jewelry and pawn brokers to sell secondary market/over the counter goods, or for any seller to ...

Readmore

Furry friends on the job: Jordyn of First Class Diamonds & Jewelry

2 DAYS AGO
Furry friends on the job: Jordyn of First Class Diamonds & Jewelry

This is Jordyn, the “furry daughter” of Joanne and Jim McGhee, owners of First Class Diamonds & Jewelry in Dothan, Alabama. The precious Maltese works as the store greeter. An avid fan of Alabama football, Jordyn loves to wear the team colors to work. She works every day except Football Saturdays wh...

Readmore

Furry friends on the job: Ned from Southern and Mid-America Jewelry News

9 DAYS AGO
Furry friends on the job: Ned from Southern and Mid-America Jewelry News

Say hello to Ned. He is the 3-year-old Australian Shepherd of Chris Smith, publisher of Southern and Mid-America Jewelry News . While Ned drops in at the office from time to time, he generally works from home. We’d love to have Ned come in every day, but we’ve already got a full time office dog here (Ho...

Readmore

The Marketing Minute: Trend Spotting

4 MONTHS AGO

Marketing specialist George Prout produces a weekly marketing advice video for retail jewelers, The Monday Morning Marketing Minute. He’s generously agreed to let us share them with our eWeekly readers.

 

Click here  to see more of George Prout’s The Marketing Minute

 

 

 

 

 

 

Readmore

The Marketing Minute: Pricing Strategy

4 MONTHS AGO

Marketing specialist George Prout produces a weekly marketing advice video for retail jewelers, The Monday Morning Marketing Minute. He’s generously agreed to let us share them with our eWeekly readers.

 

Click here  to see more of George Prout’s The Marketing Minute

 

 

 

 

 

Readmore

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..


Columnists