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Editor's Note

When It Comes to Making Strategy, “Moneyball” Is a Good Inspiration

Retail jewelry success may be one innovative strategy away.

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HAPPY NEW YEAR from your friends at INSTORE! And with the new year, it’s time to start your strategic planning.

One of my favorite films is Moneyball. In the movie, Oakland Athletics general manager Billy Beane (played by Brad Pitt) and his assistant general manager Peter Brand (played by Jonah Hill) are faced with the dilemma of building a competitive Major League Baseball team with a limited budget. This is not unlike the circumstances that many of you face in your businesses.

Since they can’t afford to hire superstars, Beane and Brand dive into the numbers, hiring undervalued players who aren’t flashy but can get on base and score runs. By the end of the season, not only do the Athletics make the playoffs, but the way pro baseball teams are managed is changed forever.

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The larger lesson is that when faced with a seemingly insurmountable obstacle, Beane and Brand took a step back and sought a new way of doing things, something different that other teams didn’t have the courage to do. Rather than do the same thing you’ve always done and expect better results, why not take a step back and figure out an innovative path to success?

We hope our lead story, “Painting the Big Picture,” will help you in your efforts. In it, we spotlight six jewelry retailers who have put time, effort and thought into creating a strategy to help them stand apart from their competitors. Follow their lead, and you just might lead your store to unexpected achievements!

Now Introducing The INSTORE Show, Coming to the Chicago Area in 2023!

Trace Shelton

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

Five Smart Tips You’ll Find in This Issue

  • Showcase popular Valentine items on your homepage, with a special emphasis on items that are exclusive to your store. (Manager’s To-Do, p. 24)
  • Write down various lists: things to do, things you need, people to talk to, quotes, and a schedule of what needs to be done by date. (The Big Story, p. 32)
  • Negotiate with lenders. Even if rates are higher, an extension of length can lead to lower payments, taking pressure off cash flow. (David Brown, p. 53)
  • Optimize expenses by scrutinizing displays, packaging, and promotional materials to see if there are more affordable alternatives. (Megan Crabtree, p. 52)
  • To convince a client they need a remount, spend time showing how their current ring is worn and what a new ring can offer. (Ask INSTORE, p. 55)

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SPONSORED VIDEO

Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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