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
