Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
IndependentsJun 21, 2016
Column: The ‘Thinking Error’ Holding Jewelers Back
Jewelry store owners who view themselves first and foremost as jewelers are making a big mistake, writes Jim Ackerman.
Jim Ackerman is a retail jewelry marketing expert who has spoken to jewelry retailers at JA New York, JCK, The Smart Jewelry Show and others. He can be reached at 800-584-7585, ext. 3 or by email at mail@ascendmarketing.com.
It’s a classic story …
Third-, fourth-, fifth-generation jewelers, working out of the same space their great-grandparents did, generating about the same mediocre income, married to the business and the business is running their lives, not the other way around.
This in a market where “newcomers” have taken root and surpassed them in sales, profit and reputation, in seemingly no time.
And this phenomenon isn’t limited to multi-generation jewelers. The same malaise burdens the majority of jewelers, regardless of when, where or why they got into business. There just seems to be a “glass ceiling” beyond which they cannot grow.
Why? And what can be done about it?
The problem is “stinkin’ thinkin’.”
Make no mistake about it. What you think and feel about the nature of your business and your role in it has a greater impact on your ultimate success than anything else. More so than your:
location;
experience;
qualifications;
history;
lines of merchandise;
ability to design or appraise; and
affiliations with any group.
You see, as an owner, if you see yourself as a jeweler, you are frankly seeing yourself wrong.
Not that you can’t or shouldn’t perform some “jeweler functions” but seeing your role as “jeweler” is exactly the “thinking error” that is limiting you.
Bill Warren runs a shop in the miniscule North Carolina berg of Hudson, population 4,000. From that town he routinely generates more than a million dollars a year.
But it wasn’t always that way. Not too long ago, Bill’s revenues were less than half that. In his own words:
“I thought if I was the best jeweler, people would come. They didn’t. Then I thought if I was the best designer people would come. They didn’t. So I thought if I was the best appraiser people would come. They still didn’t. Finally, when I decided to become the best marketer, the best businessman, they came. And they’ve been coming ever since.”
You see, the thought process that turned Bill and his business around was the realization that he is not a jeweler. He now knows that he is a marketer of jewelry, gemstones and jewelry-related products and services.
That simple, even subtle, shift in thinking made all the difference.
When you own the business, your first and foremost responsibility is to bring in business. You can find people to do the other things, but if you don’t have bodies coming in the door, there is no way to
put dollars in the till.
That’s not to say they receive no education whatsoever. Most will attend free education sessions at trade shows. Trouble is, a collection of one-hour sessions, while perhaps idea-stimulating, can only be rudimentary at best, leaving the jeweler with lots of ideas of what to do, but few on how to do it.
Marketing consists of a collection of skills. And the development of skills requires an investment of time and practice. There are no shortcuts.
So I suggest you dedicate yourself to mastering a basic set of skills to dramatically improve your ability to run the real engine that drives your enterprise--marketing.
Begin by setting aside a minimum of 30 minutes a day to study marketing principles, strategies and tactics, and to develop them in your enterprise. This should be the same half-hour or more each and every business day, and the standing rule in your store should be, “Unless the building is burning down, I cannot be disturbed during this time.”
This is a regular appointment you hold with yourself. Respect yourself enough to honor it.
Second, access a source of marketing know-how. Books and audio trainings are good. Special seminars and workshops are better. Ongoing help from a coach or consultant might be best.
Third, seek both feedback and accountability. Feedback is expert critique from people who know marketing. (Sharing your ideas with your staff is OK, but their reactions are more opinion than feedback. They are valuable, yes, but must be valued appropriately.)
Accountability is having someone hold your feet to the fire, e.g. giving you specific assignments with specific deadlines. It’s not too different from having deadlines for completing a design or repair job. But, in the long run, it is far more important.
Are you courageous enough to face your fears of marketing and take this advice? If so, it will signal a turnaround from “stinkin’ thinkin’” to “streakin’ thinkin’” and you’ll be amazed to see what happens to your business, and how quickly.
Jim Ackerman has spoken to jewelry retailers at JA New York, JCK, The Smart Jewelry Show and others. He has teamed with Shane Decker for the Ultimate Jewelry Sales & Marketing Boot Camp, to be held this September. National Jeweler readers can get more information about the event and download a free report here.
“Marketing consists of a collection of skills. And the development of skills requires an investment of time and practice. There are no shortcuts.” -- Jim AckermanUnfortunately, most jewelers avoid their marketing duties. They don’t just delegate those responsibilities, they abdicate them. They wait for media sales reps to tell them when and what to promote. Some pawn off their marketing responsibilities to an underling. Even more devastatingly, they avoid any investment in learning about marketing or in improving their marketing skills.
That’s not to say they receive no education whatsoever. Most will attend free education sessions at trade shows. Trouble is, a collection of one-hour sessions, while perhaps idea-stimulating, can only be rudimentary at best, leaving the jeweler with lots of ideas of what to do, but few on how to do it.
Marketing consists of a collection of skills. And the development of skills requires an investment of time and practice. There are no shortcuts.
So I suggest you dedicate yourself to mastering a basic set of skills to dramatically improve your ability to run the real engine that drives your enterprise--marketing.
Begin by setting aside a minimum of 30 minutes a day to study marketing principles, strategies and tactics, and to develop them in your enterprise. This should be the same half-hour or more each and every business day, and the standing rule in your store should be, “Unless the building is burning down, I cannot be disturbed during this time.”
This is a regular appointment you hold with yourself. Respect yourself enough to honor it.
Second, access a source of marketing know-how. Books and audio trainings are good. Special seminars and workshops are better. Ongoing help from a coach or consultant might be best.
Third, seek both feedback and accountability. Feedback is expert critique from people who know marketing. (Sharing your ideas with your staff is OK, but their reactions are more opinion than feedback. They are valuable, yes, but must be valued appropriately.)
Accountability is having someone hold your feet to the fire, e.g. giving you specific assignments with specific deadlines. It’s not too different from having deadlines for completing a design or repair job. But, in the long run, it is far more important.
Are you courageous enough to face your fears of marketing and take this advice? If so, it will signal a turnaround from “stinkin’ thinkin’” to “streakin’ thinkin’” and you’ll be amazed to see what happens to your business, and how quickly.
Jim Ackerman has spoken to jewelry retailers at JA New York, JCK, The Smart Jewelry Show and others. He has teamed with Shane Decker for the Ultimate Jewelry Sales & Marketing Boot Camp, to be held this September. National Jeweler readers can get more information about the event and download a free report here.
More on Independents
The Latest
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
MajorsMay 03, 2024
Kristie Nicolosi Joins WJA Board AgainNicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Zales Celebrates 100 Years With New CampaignThe brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
