Many jewelers are heard discussing the bad economy and using that as an excuse for lackluster sales. The truth is, the only thing that is important for you and your store is the economy of your area and how well you are doing in the local jewelry market. You only need to be better than the other jewelers in your area to be successful.
To do this, you need to be working with the high income earners in your area. Do you know who the people are in your town that are making over $100,000, $250,000 or even $500,000? I’m guessing that you would be surprised at how many people there are in these income brackets.
In one of our seminars a client saw the name of a local person in their town on the $200,000+ income list. They completely dismissed him because “he has just been the grocery manager at Wal-Mart for 25 years.” What they neglected to think about is that Wal-Mart has an aggressive stock option program for employees, and over 25 years of employment this person has probably accumulated enormous wealth from those options. Sam Walton, billionaire founder of Wal-Mart, never showed his wealth through his appearance. He portrayed himself as a normal person, so never underestimate someone’s ability to buy a nice piece of jewelry.
Stop worrying about the global economy and start focusing on building your business with the high income earners in your area and you will be rewarded with increased profits.