Kick in the Tush

Published

16 years ago

May 2, 2008

Bad economic news can inspire good habits.

If I were a jeweler … (cue swirly Brady Bunch dream sequence effect.) If I were a jeweler, I wouldn’t ignore the economic upheaval currently taking place in the United States. But I wouldn’t freak out about it, either.

How would I look at it? As the big kick in the tush that finally got me doing the things I already knew I should be doing.

I’d buy differently. Month by month, even week by week, I’d analyze price points selling in my store. I’d concentrate harder on them. I’d promote them more often in my ads.

I’d sell service and custom design. I’d promote “remixes” of old jewelry. I’d definitely do a let-us-babysit, restore-and/or-redesign-your-heirlooms-while-you’re-on-your-summer-vacation service.

No way would I cut my advertising budget. But I’d cross my fingers and pray that my competitors did. And I’d definitely pull out my guerrilla marketing manual and experiment with low-cost promotional techniques to boost my business even more — while not reducing my current advertising spend.

In fact, the only thing I would spend less on is myself. (Because, hey, what’s a better gift to yourself than peace of mind in the form of money in the bank?)

So privately, yes, caution. But professionally? Full steam ahead. After all, it’s no fun playing defense. We’re not gonna give up the ball in my store.

Anyway, that’s how I see it.

For some expert opinions on how to weather the uncertainty, check out our lead story on page 108.

Wishing you the very best business…
David Squires
dsquires@instoremag.com

This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”