LET ME SHARE a real-world story of a revenue stream that allowed me to turn dust to “diamonds” — not literal ones, but it certainly continues to put a lot of profit on our bottom line!
I have a computerized engraver that had been collecting dust for some time. Not only was it collecting dust, but when we did use it, we were only using about 10 percent of its capabilities. As I looked at it one day, sitting there idly taking up space, it dawned on me that there was actually a license to print money hidden under the dust.
Why?
With this engraver, I can convert someone’s fingerprint and translate that into a piece of jewelry. When someone passes away, one of the most meaningful gifts someone can create to memorialize their deceased loved one is their engraved fingerprint. And yes, funeral homes often take fingerprints of the deceased as a matter of standard procedure. A customer can request it, and I can turn that into whatever piece of jewelry they desire. Plus, with a sample of a loved one’s handwriting, the computer engraver can convert that into a meaningful, one-of-a-kind memento. It’s the most personalized gift you could possibly create. However, most people don’t realize it’s possible, so you have to tell them!
Do you see the implications and applications? Do you see how this became a new revenue stream? It was staring me in the face and taking up space, and now we turn it on about 9 in the morning and it runs continuously until about 6 in the evening. We are effectively printing money with it. It’s truly been dust to diamonds.
There are plenty of jewelers who possess a similar piece of equipment. And the target market is certainly not limited to those of loved ones who have passed away. Consider this: Ask your social media followers to take and submit a photo of their pet’s paw, which you can turn into a digital file. Again, this can be put onto a piece of jewelry, so perhaps you have a drawing for one lucky winner to receive it … but all of your followers are now aware it can be done! Pet owners love accessories that show off their furry family members.
So, yes, you are still selling “jewelry”; however, it is a brand-new product and revenue stream for your store. Admittedly, for us, it wasn’t simply me thinking about our unused and underutilized digital engraver. I had to follow up on the idea, send emails, create social media posts, and pay a few visits to local funeral homes and veterinarians to promote the idea that we offer this service. In turn, they became our “sales reps,” and this unique product set them apart with their clients as well. It has truly paid off. And once again, it is not limited by geography. Digital images fly through cyberspace all day long.