It's a tough choice. Do you shoot for superior service, or immediate profits?
FROM THE EXECUTIVE EDITOR
It's always been a hard call. You read one set of business books that advocates going the extra mile (or ten) for your customers — with titles like Wow Your Customers!, Raving Fans, and Knock Your Socks Off Service. (How far can they go with this aggressive titling? Will we someday see a business book with the title Create Frothing-At-the-Mouth, Offering-To-Bear-Your-Children Customers … For All Eternity!) Then there's another set of business books with titles like It's Time To Make Money, Up Against the Wal-Marts, and Planning For Profits: The Retailer's Guide To Success. These emphasize doing your job well, but making sure you get paid for every second of your time.
So what do you do? Whose star do you follow? That, my friends, is a question you will have to answer for yourself. But our advice is: whatever you do, do it all out. If you emphasize service and the creation of long-term “raving customers”, then do the small stuff with a big smile on your face and keep your hands in your pockets when the job is done. You're gambling that your customers will be so impressed, they can't help but come back. And if you do your job well enough, they will. And if you emphasize making money for your labor, then make sure you really get paid. One example of a half-baked pricing policy that hurts jewelers is the cheapo watch battery replacement. Because it's what the local Wal-Mart charges, you charge $3.99. But what have you gotten? The job probably cost you twice that in parts, your time, administration time, etc. And chances are the customer isn't any more impressed with you then when he walked in. For good example of all-out pricing policies, check out Dan Gendron's and David Geller's columns every month in Instore. And speaking of “all out”, I'm all out of space.
But before I go, I'd like to welcome Dan Kisch aboard the good ship Instore as our magazine's new publisher. I could go on about the wide experience and jewelry-industry knowledge he brings to our organization. But instead, I'll simply say this … He makes us better.
Wishing you the very best business …
David Squires
Executive Editor and Associate Publisher
dsquires@instoremag.com
Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success
After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone.
Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently.
The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.
