RAPAPORT... Brady Keys Jr. has always followed his dream, from pro football through a string of business successes to the glittering world of fine jewelry, where his main goal is educating and servicing the minority community.
Like every other thing he has done, Brady Keys approaches the buying and selling of diamond jewelry from his own perspective. At this writing, he owns two gift shops in the Orlando, Florida, International Airport, where jewelry is a small part of the business, and hosts cable television shopping shows, where diamonds and diamond jewelry are 100 percent of the burgeoning business. If things go as planned, his reach will grow exponentially and a share of the business’profits will be returned to the black and Hispanic communities that support him — and to a cooperative in Africa where the diamonds are mined.
Keys has zeroed in on a market segment that he says the current ads and marketing techniques don’t reach. When approaching minority audiences, Keys says, companies persist in marketing “at” consumers instead of “to” them. For example, this entrepreneur says he has built his business via feature stories in many of the leading black–audience magazines. “My people,” he notes — an expression he uses frequently — “respond to articles more than advertisements.”
Keys says he knows positively which methods work and which do not, thanks to his past experience in sales and marketing. By Keys’ own description, he grew up dirt poor in Austin, Texas, where he was raised by a single mother. Self-confidence, however, was never a problem. At eight years old, he told his mother he intended to become a professional football player and a businessman.
Superior athletic skills in high school netted Keys a series of honors and he went on to attend Colorado State University (CSU). His football prowess on the school team was impressive and, in his third year at the college, he was drafted by the Pittsburgh Steelers. Keys played defensive back for the Steelers for six years, followed by the Minnesota Vikings and later, the former St. Louis Cardinals football team. Altogether, he spent eight seasons in the National Football League.
FROM ATHLETICS TO BUSINESS
His first business venture was a fried-chicken franchise. Keys approached the Steelers’ owner, Art Rooney, Sr., who loaned him the seed money to start All-Pro Fried Chicken, based on nothing but Keys’ word that he would repay the loan. When Keys later offered repayment, Rooney refused to accept it.
The first outlet was in San Diego, California. Run by his mother-in-law and brother-in-law while he was playing football, All-Pro Fried Chicken, the first fast-food operation owned and franchised by a black man, became the launching pad for Keys’ entrepreneurial career. In a little more than ten years, he established more than 50 All-Pro franchises throughout the East and West coasts and, in 1970, Keys entered a joint venture with Kentucky Fried Chicken.
In recent years, the Keys Group Company has been ranked by Black Enterprise magazine as one of the nation’s top 100 black-owned businesses, with sales above $15.5 million. The company includes 11 Kentucky Fried Chicken restaurants in southwest Georgia, along with Keys News & Gifts Shops, in Orlando, the largest minority-owned airport concession in the country, and a number of other holdings.
Keys’ entry into the field of jewelry is his newest venture. His interest began with a tour of a diamond mine in South Africa, where he was struck by the idea of starting a business selling diamond jewelry at reasonable and affordable prices to the growing minority audience. Here, price is the motivating factor, he says, that and the size of the diamond.
UNDERSTANDING THE MARKET’S NEEDS
“The quality of the stones is irrelevant,” Keys says. “My people are interested in the size of the diamond. They don’t care about the grade as much as the size. They want glitter, size and beauty.” He stresses the importance of educating the customer about what he is buying. He frequently contrasts the buying of diamond jewelry with that of purchasing $100 sneakers. The sneakers lose value as soon as they “walk out” of the store, unlike the diamond, which will at least hold its value.
In his retail and television sales, Keys maintains a policy of allowing customers to bring back previously purchased diamonds for a full value upgrade. Currently, he hosts regular cable television shopping programs in Detroit and is looking to other markets, such as Houston, Dallas, Los Angeles and Pittsburgh, a city where he believes his Steelers credentials will play strongly. He complains that his biggest hurdle is buying the actual airtime required, which is usually about one hour for a show.
“There is an untapped $200- to $400-million market to penetrate,” Keys says. And he intends to market to this group using the same formula he used for fast food. “I’m doing the same thing I’ve done before,” he says, citing the importance of word of mouth, his celebrity recognition factor and an understanding of their needs.
Keys says he has a clear business philosophy and plan for building the scope of his on-air jewelry sales. “Of course, I want to make money, but it’s important to teach and train about the value of assets and give my customers an education about diamonds themselves.” While conventional jewelers talk to customers about quality and value, Keys stresses good prices and a stylish look.
In terms of sales, earrings for men and women are far and away the top sellers, followed by diamond-studded crosses, although the on-air inventory covers all other categories of jewelry as well. The biggest volume of business, however, is at the $250 price point. Not surprisingly, Keys says it’s a challenge to find the type of merchandise he needs. “I go to diamond suppliers and they show me the conventional stuff,” he says. “I ask them to make the same items to sell at a $250 price point.”
SUPPORTING HIS AUDIENCE
It’s not all about profits for Keys & Sons Jewelers, the principal says. It’s always been about giving minorities the opportunity to grow and succeed, as well as supporting his community. From the very beginning, Keys’ fast-food franchise deals were structured so each franchise holder would eventually have equity participation in the company.
In his 30-plus years as an industry leader, Keys has received numerous awards and recognition for community service, from his appointment by President Richard Nixon to the Advisory Council on Minority Business Enterprise to an invitation by Nelson Mandela to become part of the Entrepreneur Training Convention in South Africa. Keys is currently heading up two new programs, one called HIP, for Helping Involve Parents, that uses state-of-the-art software to involve parents with their children’s teachers. The other program helps needy high school athletes go to college.
In actively building his television jewelry business, Keys feels a close affinity for his audience and is savvy enough to understand that his story and sizzle are what make the sale. [Minority consumers] “will buy diamond jewelry from a black man who’s giving back to Africa,” he says. “Now I just have to line up the right partners for this venture.”
Article from the Rapaport Magazine - December 2006. To subscribe click here.