Connect with us

Abe Sherman: Boiling a Frog

mm

Published

on

Don’t wait to reinvent your store, says Abe Sherman. It may be too late.It’s said that if you drop a frog into a pot of boiling water it will jump right back out. But if you place the same frog in a pot of cool water it will stay in the pot and go for a swim. Should the heat be turned up, the frog will enjoy the warm water and it will continue to stay in the pot ? even as the water gets hotter and hotter. And even until it boils, finally cooking the poor frog.  
 
I was explaining the frog-in-hot-water story to the heir-apparent of a third generation jeweler some weeks back. We were discussing the need to change. While the owners realized that sales stopped growing several years ago, they saw no need for radical change. The only changes that they were comfortable with were safe, incremental changes ? adopting a ?do a little and see what happens? philosophy. 
 
Change, for all intents and purposes, stopped in this store about 30 years ago. The systems are the same. The displays are the same. The suppliers are still the same. One thing that hasn’t stopped changing, however, is the town. Their town was in serious decline for about 20 years and is just now beginning to revitalize itself. The major jewelry retailers in the mall a block away are brand new. The large department store has a multi-million dollar jewelry department. The one strong independent in town is expanding their branded jewelry and watch lines. The other jewelers are dividing the rest of the pie.  
 
I recommended that this newly invigorated third generation jeweler quit. Resign. Leave. But come back Monday morning as the newly hired CEO of his company. As a business major in college he knew how to write a business plan ? although never did one for his own business. So his first assignment as a new CEO was to write a business plan, examine his marketplace, his competition, demographics, location (and alternatives), merchandise, price-points, opportunities and problems. Everything. 
 
How often you make changes depends on your marketplace and competition. But not taking a hard look at your business on a regular basis is akin to taking a long hot bath? in a pot of water that will inevitably boil. 

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Zadok Master Jewelers

Stick to the Program — And Watch Your Sales Grow

When Zadok Master Jewelers in Houston, Texas, decided to move to a new location (they’d been in the same one for the 45 years they’d been in business), they called Wilkerson to run a moving sale. The results, says seventh-generation jeweler Jonathan Zadok, were “off the charts” in terms of traffic and sales. Why? They took Wilkerson’s advice and stuck to the company’s marketing program, which included sign twirlers — something Jonathan Zadok had never used before. He says a number of very wealthy customers came in because of them. “They said, ‘I loved your sign twirlers and here’s my credit card for $20,000.’ There’s no way we could have done that on our own,” says Zadok. “Without Wilkerson, the sale never, ever would have come close to what it did.”

Promoted Headlines

Most Popular

Columns

Abe Sherman: Boiling a Frog

mm

Published

on

Don’t wait to reinvent your store, says Abe Sherman. It may be too late.It’s said that if you drop a frog into a pot of boiling water it will jump right back out. But if you place the same frog in a pot of cool water it will stay in the pot and go for a swim. Should the heat be turned up, the frog will enjoy the warm water and it will continue to stay in the pot ? even as the water gets hotter and hotter. And even until it boils, finally cooking the poor frog.  
 
I was explaining the frog-in-hot-water story to the heir-apparent of a third generation jeweler some weeks back. We were discussing the need to change. While the owners realized that sales stopped growing several years ago, they saw no need for radical change. The only changes that they were comfortable with were safe, incremental changes ? adopting a ?do a little and see what happens? philosophy. 
 
Change, for all intents and purposes, stopped in this store about 30 years ago. The systems are the same. The displays are the same. The suppliers are still the same. One thing that hasn’t stopped changing, however, is the town. Their town was in serious decline for about 20 years and is just now beginning to revitalize itself. The major jewelry retailers in the mall a block away are brand new. The large department store has a multi-million dollar jewelry department. The one strong independent in town is expanding their branded jewelry and watch lines. The other jewelers are dividing the rest of the pie.  
 
I recommended that this newly invigorated third generation jeweler quit. Resign. Leave. But come back Monday morning as the newly hired CEO of his company. As a business major in college he knew how to write a business plan ? although never did one for his own business. So his first assignment as a new CEO was to write a business plan, examine his marketplace, his competition, demographics, location (and alternatives), merchandise, price-points, opportunities and problems. Everything. 
 
How often you make changes depends on your marketplace and competition. But not taking a hard look at your business on a regular basis is akin to taking a long hot bath? in a pot of water that will inevitably boil. 

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Zadok Master Jewelers

Stick to the Program — And Watch Your Sales Grow

When Zadok Master Jewelers in Houston, Texas, decided to move to a new location (they’d been in the same one for the 45 years they’d been in business), they called Wilkerson to run a moving sale. The results, says seventh-generation jeweler Jonathan Zadok, were “off the charts” in terms of traffic and sales. Why? They took Wilkerson’s advice and stuck to the company’s marketing program, which included sign twirlers — something Jonathan Zadok had never used before. He says a number of very wealthy customers came in because of them. “They said, ‘I loved your sign twirlers and here’s my credit card for $20,000.’ There’s no way we could have done that on our own,” says Zadok. “Without Wilkerson, the sale never, ever would have come close to what it did.”

Promoted Headlines

Most Popular