Tip Sheet: January 2005

Published

20 years ago

January 1, 2005

Four fresh ideas to better your business

[componentheading]INCREASE WEB TRAFFIC[/componentheading]

Want web traffic? Here’s a strategy used (very, very) successfully by American Express to draw surfers. They sold three $42,000 BMW Roadsters for only $4,000 each. First come, first served. To spread the massive traffic-load out, they sold one at noon, one at 4 p.m. and one at 9 p.m. Perhaps you might try a similar approach with diamond rings?

Source: Rick Segel

[componentheading]MARKET TO THE MIDDLE[/componentheading]

How can you reach a 19-year-old undergrad, a 31-year-old on the career path, and a 47-year-old who’s raising a toddler — with a single marketing message? The answer, according to a recent Los Angeles Times analysis: market to all of them as if they were 35. Why it works? Because these days, youngsters are more conservative, dressing in preppier styles and looking to the future, while aging Boomers are the opposite, shooting Botox, popping vitamins, and hanging on desperately to their youth.

Source: Instore

[componentheading]ERR TOWARD AUTONOMY[/componentheading]

Something to remember for those of you who are breaking in new employees this month. Remember: It’s easier to give employees autonomy and freedom than it is to take it away. So, clearly state directions and expectations when employees are new to their jobs. Then, let autonomy and flexibility be an earned right of their performance.

Source: Bob Nelson, 365 Ways to Manage Better

[componentheading]ON THE OTHER HAND[/componentheading]

Sell right hand rings? To pump up your sales, why not try the strategy used by the manufacturer Caressa, which has labelled a different right-hand ring design for each day of the week? For completists, simply having Friday’s ring won’t be enough … they’re have to have Monday’s, Tuesday’s, etc.

Source: Instore

[span class=note]This story is from the January 2005 edition of INSTORE[/span]

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.