written by Bill Warren
As jewelers we go about our day-to-day business helping clients as they come in, selling a piece of jewelry out of our case, or doing some sort of repair work. How often do we take the time to look at our stores with “Fresh Eyes” and realize that we have multiple revenue streams?
Take for example your computerized engraver sitting in the backroom collecting dust. Perhaps you think of it as the proverbial “Red Headed Stepchild” that you only fire up when “You Have To” and do the dreaded engraving. What if you were to take a different approach and market to pet shops, veterinarians, kennels as well as targeting pet lovers on social media? From my own experience, I can tell you that there are days we do so much pet paw jewelry, noseprints, etc. that our engraver needs a splash of water to cool down! This machine quite literally is “Printing Money” from these very profitable jobs.
What about corporate award jewelry? How many only give “Lip Service” to this wonderfully profitable revenue stream that just takes a little bit of “Footwork” or telephone calls to local companies “HR” departments to find the niche and fill it. This can be very dependable sales year after year and yes, yours truly does this on a regular basis selling pendants, rings and watches with company logos displayed.
Another offshoot of corporate jewelry would be local fire and police departments. They love watches with their department’s emblem and if you engrave…why not do their award plaques as well? Many jewelers will honestly attest that if you’re not going after this type of business, you’re leaving money on the table! Maybe it’s not glamorous but it can add up on your bottom line in a significant way.
These are just a few ideas that myself and other jewelers use to create extra profit dollars on the bottom line. Now…let your imagination run wild as you think about this and other revenue streams you could be tapping into for your jewelry store. I’ll address this more in the near future but the main thing is…start today if you want to add these powerful strategies to your store’s revenue producing arsenal!
“Diamond” Bill Warren known as the “Jeweler’s Success Coach” is an author, business coach, speaker and founder of the Ultimate Jeweler’s Mastermind group and Diamond Bill Marketing Podcast & Radio Show. He may be reached via email: bill@diamondbillmarketing.com or visit his website at: www.diamondbillmarketing.com
