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Tip Sheet

Tip Sheet: January 2006

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Eight fresh ideas to better your business

Try closing with the engraving; more.

[componentheading]SEEKING MEANING[/componentheading]

[contentheading]Warm Hearts[/contentheading]

Brilliant promotion idea from Krombholz Jewelers of Cincinnati: the jeweler asks customers to submit essays about pieces of jewelry that are important to them but need updating. Winner gets their jewelry updated, free. It’s a great way to get the word out about your store’s custom-design service – not to mention an almost surefire way to get some human-interest coverage in your local newspaper. (This year’s winner of the Krombholz contest was a woman who found her late father’s Navy dog-tag and wanted it turned into a locket – see picture.The result was some beautiful jewelry … and a beautiful story.)

[componentheading]WHAT’LL YA PAY?[/componentheading]

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[contentheading]Ivite An Offer[/contentheading]

Want to shake things up on your “last call wall” – the area of your store where you keep all your heavily discounted dogs? Take all the prices out of the case and put a sign on it which reads “Make me an offer!”

[componentheading]JEWEL-A-MONTH[/componentheading]

[contentheading]Will It Work?[/contentheading]

You know Netflix — the online store that, for a monthly membership fee, allows you rent unlimited videos and keep them as long as you like? (The catch: you can’t get more videos until you return what you already have.) Now there’s a website called Bag, Borrow or Steal (www.bagborroworsteal. com) that is trying the same approach with expensive designer handbags. The level of subscription package purchased — ranging from Trendsetter ($19.95 per month) to Diva Deluxe ($174.95 per month) — determines whether customers can borrow a Coach mini-bag or a rare, pricey Hermes tote. It’s truly “handbag heaven” for customers on a budget. Can somebody pull off a similar approach with jewelry?

[componentheading]ENGRAVE SITUATION[/componentheading]

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[contentheading]Try This Close[/contentheading]

One useful close for jewelry salespeople is the “engraving close”, says sales expert Dave Richardson. Wait for the customer to give a buying signal (e.g. “This would look really nice on her”) and then pounce on them with “What would you like to have engraved on the bracelet?” Once they tell you, make a note of it on the job envelope and presto!, you’ve got a sale. Hey, it’s better than those crusty old “Will that be cash or charge?” or “Shall I gift-wrap it for you then?” closes you’ve been using.

[componentheading]PEN PAL[/componentheading]

[contentheading]Highlight Yourself[/contentheading]

Networking expert Andrea Nierenberg brings a highlighter to every business event she attends. Why? Because highlighting her name on the inevitable computer-printed nametags helps her to stand out from everyone else. The score: Andrea 1, Anonymous Conference Attendees, 0.

[componentheading]URGENT BULLETIN[/componentheading]

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[contentheading]When To Send[/contentheading]

So what’s the best time to let loose your email bulletin? According to EMailLabs and CheetahMail, emails sent on Friday and Saturday get the highest open rates, while emails sent on Sunday and Monday get the highest clickthrough rates. So, depending on the action you’re seeking, pick one of those days for your promotional blast.

[componentheading]START FAST[/componentheading]

[contentheading]Welcome Them Well[/contentheading]

If you’ve got an opt-in list for your email bulletins, don’t just start them off with a boring, generic “thank you for signing up” message. Instead, give them a taste of what they’ll be getting — your most recent bulletin, or a message filled with special offers. Give your readers something to act on while they’re thinking about you.

[componentheading]URL LOVE IT![/componentheading]

[contentheading]Say It Quicker[/contentheading]

It’s a mouthful telling customers your web URL. “Double-u, double-u, double-u, Acme Jewelry, dot com.” You can cut down the syllables significantly by using the increasingly popular “www” abbreviation — “triple dub.”

[span class=note]This story is from the January 2006 edition of INSTORE[/span]

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Tip Sheet

How to Sell More “Spa Treatments” for Jewelry, and More Tips for September

Millennial shoppers respond to education, privacy and transparency.

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TIME MANAGEMENTAim for Busy, Not Rushed

How should you strive to feel when working? Busy, but not rushed. Research undertaken by the University of Maryland found this is when people are happiest. And when you’re happiest — meaning engaged and in the flow as opposed to giddy with joy — you invariably do your best work. So, start creating realistic schedules, stop checking email every 15 minutes, take breaks to exercise, and stop letting other people set your deadlines (yes, you could finish the job by tomorrow, but Friday is best for everyone.)

MARKETINGA Time for Pampering

One of the key challenges at this time of the year is how to get customers in the door. The Gem Collection in Tallahassee, FL, does it with a “Spa Treatment” for rings. The treatment, which is recommended annually, includes inspection of stones by hand, ultrasonic cleaning, steaming of the stones to remove excess dirt, refinishing to remove scratches, polishing the ring, and for white gold jewelry, a rhodium finishing, all for one price. “The spa treatment name was used so that the customer feels as if their jewelry is being pampered instead of worked on,” explains co-owner Don Vodicka. “This has raised our repair sales and keeps our customers very happy.”

MARKETINgShout It in Brass

If you buy your diamonds from Antwerp, it’s always a good idea to let the world know about it. Molinelli’s Jewelers in Pocatello, ID, actually has it in brass letters on their wall.

SALESLaying on a Bridal FeasT

Showcases — who needs them? That’s the diamond-selling approach at Siegel’s Jewelry in Paso Robles, CA, where customers are encouraged to sit with staff at a custom-made, long community table to discuss jewelry. “I designed my store with a lot of seating space in order to show diamonds effectively, and to make my employees and customers more comfortable,” explains owner Ken Siegel.

STRATEGY“How” is the Enemy

Something all true entrepreneurs know: “How” is the enemy. “We always want to know how things will happen,” says Claudia Azula, a popular podcaster and co-author of the Power Of No. “But how is the enemy because it blocks the possibilities that open up when we are willing to not know. When you don’t know about tomorrow, all you can do is focus on doing your best today.” Stop thinking, Just go do it.

SALESKeep Me Safe and Prosperous

Buy an engagement ring at Eichhorn Jewelry in Decatur, IN, and you also get a “Keep Me” — an original document that travels with the piece of jewelry. The paper “encourages customers to spend dollars by emphasizing the legacy aspect of their purchase,” explains owner Eileen Eichhorn.

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Tip Sheet

Saving the Boring Jobs for the Office, Watching TV with Purpose and More Tips for July

Plus, how to use questions to make yourself a better listener.

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personalDo Down Time With Purpose

Approach this summer with more purpose, recommends Greg McKeown, writing in the Harvard Business Review. “That means if you decide to watch TV, really watch it. If you are having a meal, take the time to enjoy the meal.” Of course it also means making a choice: do you want to spend your summer downtime in front of the tube? We’re going to hazard a guess the answer is no. Go schedule some activities that ensure you fully recuperate this summer.

EVENTSMake It Light-Hearted

Orin Jewelers in Northville, MI, understands that at its heart, shopping for jewelry should be a joyful experience. To support that message, it tries to add a lighthearted touch to city events by doing something fun in the store, say owners Orin and Tina Mazzoni. “Example: when a citywide ban was put on serving wine/drinks to women at the annual Girls’ Night Out, we all dressed as if it were the Prohibition and served root beer and sparkling wine.” How does your fun game compare?

LEARNINGUp Your Reading Game

Want to read more? Try what serial entrepreneur and business author James Altucher does and read about 30 pages of five books each day. Given the average American reads about 250 words a minute, or about a page a minute, that’s two-and-a-half hours. Don’t have that much time? How about 25 pages of three books? That’s little more time than it takes to watch an episode of The Real Housewives Of New Jersey.

PRODUCTIVITYHome Is Where The Creativity Is

Here’s a neat rule to get the most out of your work day (for people in a position to pull it off, meaning business owners): Do creative work at home and boring work, where you may need some compulsion, at the office. According to a report in the Wall Street Journal, researchers found that when it came to creative tasks, people were 11 percent to 20 percent more productive outside the lab. For rote and repetitive tasks, however, they were 6 to 10 percent less productive when not in a formal work environment.

SALESIs That So?

In The Patterson Principles Of Selling, Jeffrey Gitomer suggests training yourself to be a better listener by asking a question at the end of your customers’ statements. If you make your own statement, it’s possible you are interrupting. But if you ask a question, you almost have to wait until they’re finished speaking.

SERVICEDon’t Band-Aid A Gunshot Wound

When it comes to repairs, it often pays to look beyond the customer’s specific request, says Bruce Goodheart of Goodheart’s Jewelry in Overland, KS. “Don’t fix one prong when there are 20 other prongs you need to re-tip. You don’t need the headache, and it will show how professional you are. You have a reputation to uphold, and you can’t put a Band-Aid on a gunshot wound.”

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Learning to Love PITA Customers and More Tips for June

When starting out, go bold and quirky (just not weird), and the secret to a perfect break.

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CUSTOMER SERVICEEmbrace the Pain

In his most recent letter to Amazon’s shareholders, CEO Jeff Bezos said one thing he loved about customers is that they are “divinely discontent”. Their expectations only ever “go up,” he said. Eileen Eichhorn, owner of Eichhorn Jewelry in Decatur, IN, said decades working in her family store has taught her something similar about demanding customers: they make excellent references. “Pain-in-the-ass customers send us the best customers.”

STRATEGYBegin With Bold

When trying a new business venture (or even prototyping a new jewelry line), always try the wackier, quirkier stuff first, says Jason Fried, founder and CEO of Basecamp and author of the business bestseller Getting Real. “The deeper you get into a project, the more conservative it tends to get. Stranger ideas are more at home earlier in the process,” he recently wrote on his Twitter feed.

EVENTSBirthday Gifts Welcome

What month was your company born? Throw a birthday party and ask your customers to bring “gifts” of testimonials that you can use in your marketing. Including such third-party recommendations on your website and in your ads is one of the best ways around to convince others that your store is, indeed, the best place to shop, says Entrepreneur magazine’s Idea Site For Business.

HUMAN RESOURCESDivine Your Own Dress

Siegel’s Jewelry in Paso Robles, CA has solved its dress code issues by simply leaving it up to the staff. It’s part of a bigger strategy to emphasize the employees’ individual talents and unique tastes. “We think it is better for them to be different from one another and create a balanced set of skills and talents, than to all offer the same things,” says owner Ken Siegel. “Employees are happiest when they can be themselves and are encouraged to develop their own self in a safe and happy environment.”

STORE EXTERIORThe Big Picture

First thing to do before slapping a mural on the side of your building? See if the government will pick up part of the bill. Joe Declet of Fins and Skins in Pinellas Park, FL, got tired of telling new customers to look for the “ugly orange building,” so when his lease came up for renewal, he negotiated the right to add the mural. Working with a local artist, he now has a 30- by 50-foot mural depicting a coral reef — and the city offset his expense with a $1,500 grant as part of a beautification program.

MANAGEMENTBreaking Breaks

The most important thing to understand about breaks is that they are not a deviation from performance; they are part of performance, says Dan Pink in his latest business best seller, When: The Scientific Secrets Of Perfect Timing. “And the most restorative breaks are social rather than solo, outside not inside, moving instead of stationary, and fully detached rather than semi-detached.”

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