Editor's Note

Here’s Why You Should Work on Your Negotiation Skills

It could impact your bottom line dramatically.

Published

1 year ago

January 29, 2024

Trace Shelton Instore February 2024 Issue

ANOTHER YEAR, ANOTHER opportunity.

The reports from jewelry retailers around the country coming out of the holiday selling season have been very positive. Of those who completed our latest Brain Squad poll, nearly 50% were up for December — a giant number considering that 2023 was also a good year for most. In fact, since businesses began reopening during the pandemic, jewelry retailers have mostly seen nothing but growth, generally speaking.

Of course, we’ve also seen high inflation, so the growth is offset at least somewhat by rising prices. That said, with inflation finally cooling off and interest rates likely coming down later this year, another profitable year would leave jewelry retailers sitting pretty heading into 2025.

That’s the impetus behind this month’s lead story on how to improve your negotiating skills. You can grow sales all you want, but if you can’t keep costs down, your bottom line won’t look nearly as healthy as it could. On the other hand, negotiations with your vendors, banks, service providers, and yes, customers, can help you achieve greater profitability through lower expenses.

Out of the 20 tips for better negotiation that are shared in the story (and 20-plus more in the online version at instoremag.com/extras), I hope you will find at least one piece of advice that will make you a stronger negotiator. Then, when you sit down at a trade show with a vendor or a desk with your lender — or even a custom design situation with a client — you can lay the foundation for sustainable business health.

Trace Shelton

Editor-in-Chief, INSTORE
trace@smartworkmedia.com

Five Smart Tips You’ll Find in This Issue

Invite your customers to an “Appraisal Clinic” at your store along with a reminder that their insurance company will typically pay the oldest appraisal price. (Manager’s To-Do, p. 22)
Make table bookings at top local restaurants far in advance, then give them away to clients who make substantial purchases. (Manager’s To-Do, p. 22)
No matter how serious or important the negotiation at hand, try to have fun and use appropriate humor to lighten the mood. (The Big Story, p. 30)
Publish new content weekly on your web blog to keep the attention of search engines. (Andrea Hill, p. 46)
When selling to a couple, engage both of them in the process by asking relationship questions and finding out what’s important to each person. (Shane Decker, p. 48)

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.