EditorsNov 22, 2024
Out & About: Inside the CD Peacock MansionStep inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
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
CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
SourcingNov 22, 2024
Facets of Fire Expands to Include Pear, Marquise DiamondsThe company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
MajorsNov 21, 2024
Harris Jewelry Ordered to Reopen Claims Portal for Refund RequestsA federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
MajorsNov 21, 2024
Rocksbox Opens Pop-Up Store in San FranciscoThe new space was designed to evoke a warm, inviting vibe.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
