to all - i am looking for feedback from any members of the forum who
are using or have purchased david gellars program to increase
jeweler profits.
i recently purchased a copy and I was very pleased with the format
and the quality of the presentation and found the research to be of
top quality. we at my shop however found some of the pricing increase
suggestions would need to be introduced gradually because of the
nature of our particular business situation. I would like to hear
from those of you who are using the jeweler profits program, if you
are not comfortable posting on a public forum please feel free to
contact me off lis.
goo
beechwoldcustomjewelry.com
Hi all,
I used to think, sheesh I can’t charge those prices all at once to
my customers. My store is different than all the other stores.
Then I remembered in one of the cd’s, David said something like:
“The difference between the jeweler who will experience mediocre
profit increases and the jeweler who triples their profit on repairs,
is that one will look at the price list and open their mouth and
spit out that number.”
I did just that, and you know what, I met 0% resistence from my
clientele. This is a discount style of shop that we run too.
To think I used to charge $20 to size rings up or down! No I close
many around the $100 mark.
Take my word for it:“Repairs are not price sensitive, they are trust
sensitive.”
By show of hands, who loves this blue-book? (I have both hands up)
Good luck!
Gerald
So glad to hear you’re doing so well.
I speak to many, many jewelers. I can tell you this fact that keeps
kicking me in the head:
Fact 1: Jewelers who decide to charge the prices from my price book,
when telling the customer the price, will get about 90% of the
customers to say “OK, when can I pick it up” to the price they asked.
Fact 3: Jewelers who decide to NOT to charge the prices from my
price book, but rather charge their old prices or maybe go up a
dollar
because they THINK the customer won’t charge, when telling the
customer their price, will get about 90% of the customers to say “OK,
when can I pick it up” to the price they asked.
When you quote a repair price 90% of customers say OK because they
trust you.
If you were frozen in a time capsule in 1999 and in 1999 you owned a
jewelry store AND you woke up from being from on May 5th, 2008 AND
you went right back to the showroom and saw the prices on the tags
today, would you tell your staff to lower the tag prices as “NO one
in their right mind would pay $450 for a 4mm wedding band! Now mark
it at $229 like it USED to be!”
Good Job
David Geller
510 Sutters Point
www.JewelerProfit.com
I have used Mr. Geller’s book for many years now, and also pay my
bench people using his 100% commission method with complete
satisfaction. In fact I just ordered the upgrade to version 5 last
week as I know many of our prices are too low based on today’s gold
prices.
In my opinion, when dealing direct with the public it’s is an
absolute necessity.
Jon Michael Fuja
I talked my employer into using Geller last year. He still resists
some of the prices, while observing that he has met no resistance to
the higher prices from customers (in other words HE is the one
shocked at the prices, not the customer). The few customers that I
am willing to do laser trade work for were told to price from Geller,
as that is what I base my prices on. It seem that it is always the
jeweler themselves that resist the price, but the customer is happy
to pay well for quality work. If the jeweler does not sound
apologetic about the price, the customer isn’t going to object.
(Unless they are the type of customer the resists any price, of
course!) Most of us in this business remember old prices, feel
guilty about charging more, and end up charging less than most
backyard auto mechanics for our highly skilled work and quite
expensive materials.
One of the big money makers and NECESSITIES in the book is the
$20-$25 to check and tighten stones in addition to the sizing or
work.
Your jeweler takes time to check and tighten and most of you
guarantee your work. Most lost stones are melee, but it ads up.
If your NET profit is 6% (not gross, but bottom line NET) then to
give a customer a $25 diamond for guarantee means you have to SELL
TODAY $416 in retail sales to have $25 left over to give Mrs. Jones.
Owners and employees are the culprit. Get employees for 1 month to
charge $20 to check and tighten stones ans you guarantee for a year.
For 1 month, give them five bucks out of the $20. It will change
their view.
David Geller
www.JewelerProfit.com