Exclusive Sterling

Most of us in the trades learned the trade from a family member. Most of the time it was our fathers who brought us into the trade. Yes, it's true that those who came before us gave us a lot of wisdom, however, some of this wisdom is for a bygone age. Like many of you, I remember the days when my father would buy .25 ct VS white goods diamonds for $75, and sell them for over $400. During the 1960s this was commonplace, and during that time it was also commonplace to give away repairs to a good customer. You could afford it. I admit that it's nice to be nostalgic about triple key mark-ups, but the triple key mark-up and the free or low cost repairs do not appear in today's world. In the 1960s we also had "fair trade" prices and market exclusivity. Jewelers were just about the only place you could find diamonds, watches & gold jewelry.

Don't emulate failed models.

In the 1960s it seem that everyone wanted to model the chain store concept. That is, most retail jewelers wanted to emulate the success that stores like Zale's and Gordon's were experiencing with their "NO SERVICE, -ONLY SALES" model. But now we live in a different age. Writers like Faith Popcorn, John Nesbitt and others point to the fact that the buyer for the new century is a discriminating buyer, looking to spend his or her monies on indulgences and especially quality services. By this I mean the old model does not work anymore. The reason buyers shop at stores like Sam's Club and the Internet for diamonds & watches and such is mostly because we are trying to emulate them, and doing a bad job of it.

Choose in which of your father's footsteps you will tread!

The jewelry customers of today are desperately looking for a place to spend their money where they can experience satisfaction and fill their needs for indulgences and unique services. This is the reason stores like Starbucks are experiencing such phenomenal growth. Every time you go into a Starbucks the clerk is trained to do their best to remember what you last ordered. And they never forget the add-on-sale: "Did you want a biscotti with that?" Which, when you come right down to it, is a dry, hard piece of pastry, that if it wasn't for the fact you were ordering coffee, you would choke trying to eat! And they sell tons of them. (However, they would sell very few of them if they did not ask.)

Here is a typical list of services that you, the retail jeweler, can offer that our fathers' generation offered and that we may have forgotten:

• Watch Repairs
• Jewelry Repairs
• Appraisals
• Pearl Re-Stringing
• Engraving
• Bridal Registry
• Insurance Replacement
• Special Orders
• Custom design services
• Buying Estates

Don't assume that your customers know what services you offer. Believe it or not most don't. Most retail jewelers avoid services and regrettably many jewelers have trained their staff not to ask. Left on their own, customers will assume that you do not offer the services they need.

Signs
Most mass merchandisers use signage. Have you noticed that every time you go into a fast food chain, even though most of the time you know what you want, you find yourself looking up at the sign above the counter? This is because over the last 30 years we have been taught to respond to these signs, and believe it or not, your customers will respond to this also. There is no need to be as garish as the fast food chains in your signage, however there are many ways to use signage in a tasteful way.

Watch Pressure Tester
This is one technique that can really make you money! Get a watch pressure tester and place on a shelf in your sales area. Above it place a sign that says "we restore water resistant watches to original factory specifications." Most students I have that use this technique sell 3 to 5 per week. Lets do the numbers: 5 X $75 =$375.00 per week. That's over $19,500.00 per year! Still think that spending $350 on a pressure tester is too much? Your customers will love it, and they will tell their friends!