Life's little lessons, applied to the jewelry store

Ellen Fruchtman, founder and president of Fruchtman Marketing.

This is an article about life's little lessons, drawn from those familiar adages many of you have no doubt heard on your path to maturity.

My parents had three favorites, and I've been thinking about how important they really are in the retail jewelry world. I'm sure you've either heard or said most of these yourself at some point.

Lesson No. 1: You reap what you sow. This lesson simply means one will experience the results of his or her own actions. I thought about this lesson after I spoke to a jeweler in Chattanooga, Tenn., a few months ago, after Mr. Chattanooga requested information about our company. He took the time to go online, fill out data—you know, actually showed an interest.

Understanding the importance of good service and follow-up, we proceeded to send out our new business materials via priority mail—which, by the way, cost a pretty penny. I informed Mr. Chattanooga that I would call him during a specific week to see if he had any questions. And, like a good salesperson, I picked up the phone.

Then, for some reason, Mr. Chattanooga decided to be rude and extremely unreceptive to my call.

For the life of me, I'm not sure why. After all, he asked me to send the information. If the situation was reversed and I sent an inquiry to his store, would he not hope that someone would contact me? Then I got to thinking. Would Mr. Chattanooga want to be treated this way? He's in a high-end service business.

Think about it. How do you talk to and treat your own service people—from the postman, to the media rep, to some of your manufacturers? If you are rude, is that the message you're sending your own salespeople, or worse yet, your customers? People talk, both in the business and in your community. And you reap what you sow. Personally, I think he must have found out I was a Florida Gators fan.

Lesson No. 2: You get what you pay for. I'm feeling like this lesson has been lost on many jewelers lately. And yet, you spend a big part of your selling day trying to explain to customers why your diamond is worth more than that other one on Bluenile.com. (Also consider the adage, "Walk the walk; Talk the talk.")

Truth is, many of you simply forget to practice what you preach. Did your Web guy quote you $1,000 for a Web site? Are you buying your own media just to save 15 percent commission? Was the manufacturer really a better price for exactly the same quality and service? Did you cheap out on your cases, your decorating or maybe even your location only to be disappointed with the results?

In some way, shape or form, you'll pay for cutting corners. An inferior product will lead you to dissatisfied customers. And do I have to tell you where that leads you?

Lesson No. 3: If you don't speculate, you don't accumulate. When was the last time you tried to do something really innovative in your business? When was the last time you took a chance and stepped out of the box? (Heed the adage, "Don't let the world pass you by.")

If you really care about your business, take a full day (or two) and list all the things that have changed not only in your business, but in the business. Give some thought to future scenarios. What do you see happening in three years, in five years or more? What are the things you can change—really change—that will make a difference?

There's a solution to every business problem. (Remember: "When the going gets tough, the tough get going.") The reality is, doing business the very same way you have always done business may not work anymore.

If you've reached a point where it's no longer worth investing in your business, then you've reached a point for a good going-out-of-business sale.

There are lessons to be learned every day of the week. Some we know all too well. Smart people, those parents of mine.

Ellen Fruchtman (ellen@fruchtman.com) is the founder and president of Fruchtman Marketing, a full-service agency headquartered in Toledo, Ohio, and a member of the American Gem Society, representing U.S. independent jewelers, jewelry manufacturers and trade organizations.
Source: nationaljewelernetwork