09042015Fri
Last updateWed, 02 Sep 2015 12am

Columnists

Keep your eye on the target

It has been written and stated thousands of times that as much as 70% to 80% of a retail store’s sales volume comes from 20% to 30% of its customer base.  I absolutely believe this to be true.  What you don’t hear very often is that you are probably losing 25% – 30% of your customer base on an annual basis.

Give your customers your complete attention

I believe that jewelry customers will tell you everything that you need to know in order to develop a relationship, close the sale, and sell additional merchandise if you just pay attention.  In other words, give your customers your complete, undivided attention. The ability to listen to, and actually hear what the customer is saying is probably the finest selling technique that a salesperson could learn.  There is nothing more important than listening to a customer.  There is nothing more important to a customer than being heard.

Duct Tape!

My father-in-law was notorious for always having a roll of duct tape handy.  He believed that with duct tape, a hammer, and a screwdriver you could fix anything.  He had a roll of duct tape in his car, his tool shed, his junk drawer, at his workbench and in his basement.  He would duct tape a radiator hose, the handle on a rake, his lawn mower, cracked windows, the wheel on the barbecue, electric wires, the flue on the chimney, even the Christmas Tree - you name it. If it needed repair, duct tape wouldn’t be far away.  For the most part the fixes were temporary and only lasted a day or two at best.

The most important statistics in sales?

Especially now, with the economy as it is, it is vital that a jewelry store be managed based on factual information.  No longer can we afford to run the business based on our opinion of what needs to be done to maintain or increase sales.  In jewelry retailing, or all retail for that matter, there are three vital numbers owners and managers need to know in order to increase sales and profits.  The three numbers are Traffic Count, Average Sale, and Closing Ratio.

The Add-On Checklist

Another technique that has made thousands and thousands of additional sales and profit dollars for numerous retail jewelers is the Add-On Checklist or the Customer Checklist. I actually discovered this technique in a computer store when I was purchasing computers for my office. On top of one of the computer displays the store had a brochure that asked “For Your Computer, Did You Remember?”

More of the Low Hanging Fruit – Adding-On

The past couple of months we have been discussing the process of selling additional items. As we approach the all important holiday season the importance of learning to suggest, show and sell additional items is paramount to your individual success and the overall success of your company. Again, selling additional items are one of the keys to maximizing both sales and profits in a retail jewelry store.

  • Newsletter

  • Latest Post

  • Most Read

Columnist



Media Kit