SourcingMay 14, 2024
Anglo American Confirms It Is Looking to Sell De Beers The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
IndependentsJun 18, 2019
Do You Really Need to Drive More Prospects into Your Store?
Peter Smith says while the idea of increasing foot traffic isn’t without merit, it’s not necessarily the panacea some think it is.
Peter Smith is president of Memoire and author of two books, “Hiring Squirrels,” and “Sell Something.” Connect with Smith on LinkedIn or at dublinsmith@yahoo.com.
Recently, I was speaking with an industry friend who suggested that one of the biggest challenges facing jewelers today is the need to drive more prospects into their stores.
His sentiment was neither unique nor without merit. There certainly has been a gradual decline in retail jewelry store foot traffic in recent years, even as higher average tickets have largely helped to offset the decline.
To believe, however, that getting more people to come into your store is the answer to growing your business can be a bit of a red herring.
Any business would, of course, love to have more potential customers. But the sheer cost in terms of both money and resources involved in increasing foot traffic—not to mention the challenge of guessing what media and messaging would be successful in doing so—might not be the best use of your time or money.
The single best opportunity to grow your business is to convert more of your prospects.
“Executing better on the factors you can control is a preferable strategy to building business, and closing more prospects, particularly at a higher average sale, is the best metric.”Other than having a broad and general “We’ve got to convert more” or “We need to train our people better,” I rarely hear of retailers prioritizing conversion as a strategic business objective, with clear goals and a path to success.
Yet, the rewards for doing so can be immense.
If you are converting three of 10 prospects currently, that means seven people are walking out of your store empty-handed.
Turning just one of those seven people into a customer can result in a 33 percent increase to your business. If you are currently closing two of 10 prospects, converting one of the eight who are not buying will grow your business by 50 percent.
In Mark Ryski’s excellent book, “Conversion: The Last Great Retail Metric,” he wrote: “Sales results are not a reliable proxy for customer experience, but customer conversion rate is. In fact, conversion rate is an excellent proxy for customer experience.”
As nebulous and elusive as marketing can be, even to the most sophisticated of retailers, executing better on the factors you can control is a preferable strategy to building business, and closing more prospects, particularly at a higher average sale, is the best metric.
Here are six controllables that might help you.
1. Hire salespeople who sell.
Editors' Picks
Sponsored by
Almost 60 percent of salespeople working in retail jewelry stores should not be in any job that involves selling. Most of them are good, honest, hard-working people, but they are not fundamentally wired to sell.
You can’t teach drive and you won’t be successful in sales without that essential trait. Hire for it.
2. Replace your fast-sellers.
The least-sexy part of buying is replacing best-selling products, yet it is also the single most important aspect of buying. Suppress your instincts to continually reinvent the product wheel and never, ever allow your best sellers to be out of stock.
3. Don’t overstock your cases.
The more you have, the less your customer sees. Allow your product to breathe and resist the temptation to load up your cases.
No matter how strongly you believe that your customer is best served by having more options, the evidence to the contrary is too strong to ignore. If you’re trying to be everything, you are nothing. Tell your story in a way that makes it easy for customers to understand.
4. Turn your store into a fun space.
Use contrast lighting, music and scent to create an exciting retail environment. Use full-length mirrors and have your people dress more Nordstrom than H&R Block.
If it doesn’t feel like an exciting environment for your people, it likely won’t for your customers either.
5. Have your employees wear your jewelry.
Insist that employees wear their favorite pieces of jewelry and don’t be afraid to go big. If I had a dollar every time I’ve heard people telling me about selling jewelry right off their bodies …
Save the excuses as to why you can’t do it and make it happen.
6. Invest in sales training.
Product training matters and should be an ongoing commitment in your store, but it never ceases to amaze me how little retailers invest in actual sales training.
Make sure your people know the basics of body language, the need for open-ended questioning, the importance of sales principles such as the contrast principle, the paradox of choice and regret avoidance. That’s the stuff that influences consumer behavior and will help your team to convert more of the prospects already in your store.
Again, I am not suggesting that retailers don’t need to invest money marketing, but the best opportunity to improve business is closer than we think—it is every one of those customers who walk out of your store empty-handed amid salespeople's quiet whispers of “That was great, she’ll be back,” or “He was just kicking tires. He wasn’t a real buyer.”
You can’t teach drive and you won’t be successful in sales without that essential trait. Hire for it.
2. Replace your fast-sellers.
The least-sexy part of buying is replacing best-selling products, yet it is also the single most important aspect of buying. Suppress your instincts to continually reinvent the product wheel and never, ever allow your best sellers to be out of stock.
3. Don’t overstock your cases.
The more you have, the less your customer sees. Allow your product to breathe and resist the temptation to load up your cases.
No matter how strongly you believe that your customer is best served by having more options, the evidence to the contrary is too strong to ignore. If you’re trying to be everything, you are nothing. Tell your story in a way that makes it easy for customers to understand.
4. Turn your store into a fun space.
Use contrast lighting, music and scent to create an exciting retail environment. Use full-length mirrors and have your people dress more Nordstrom than H&R Block.
If it doesn’t feel like an exciting environment for your people, it likely won’t for your customers either.
5. Have your employees wear your jewelry.
Insist that employees wear their favorite pieces of jewelry and don’t be afraid to go big. If I had a dollar every time I’ve heard people telling me about selling jewelry right off their bodies …
Save the excuses as to why you can’t do it and make it happen.
6. Invest in sales training.
Product training matters and should be an ongoing commitment in your store, but it never ceases to amaze me how little retailers invest in actual sales training.
Make sure your people know the basics of body language, the need for open-ended questioning, the importance of sales principles such as the contrast principle, the paradox of choice and regret avoidance. That’s the stuff that influences consumer behavior and will help your team to convert more of the prospects already in your store.
Again, I am not suggesting that retailers don’t need to invest money marketing, but the best opportunity to improve business is closer than we think—it is every one of those customers who walk out of your store empty-handed amid salespeople's quiet whispers of “That was great, she’ll be back,” or “He was just kicking tires. He wasn’t a real buyer.”
More on Independents
The Latest
AuctionsMay 14, 2024
2 Huge Yellow Diamonds Are Heading to AuctionChristie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
MajorsMay 14, 2024
Platinum Born Taps ‘Born Leaders’ for New CampaignThe ad aims to position platinum jewelry as ideal for everyday wear.
Brought to you by
Record Gold Prices Have Consumers Undeterred. Here’s Why.Despite the rising prices, consumers continue to seek out the precious metal.
GradingMay 14, 2024
Instappraise Adds Trifold Brochure to Appraisal OfferingsRetailers can customize and print the appraisal brochures from their store.
Weekly QuizMay 09, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
Lab-GrownMay 13, 2024
Lab-Grown Diamond Brand Lightbox Cuts Prices by 25 to 40%The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
TechnologyMay 13, 2024
Christie’s Website Brought Down by Hackers, Watch Auction Postponed The site has been down since Thursday evening, just ahead of its spring auctions.
Brought to you by
From Registration to Return: 10 Tips to Protect You Before, During and After a TradeshowTradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
AuctionsMay 13, 2024
Madeleine Albright’s Jewelry, Pins a White-Glove Sale at Freeman’s | HindmanThe late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
CollectionsMay 10, 2024
Piece of the Week: Carina Hardy’s ‘Birth of Venus’ NecklaceAs a token of womanhood, this necklace depicts when Venus was born from the sea.
MajorsMay 09, 2024
Watches of Switzerland Pays $130M for Roberto Coin Inc.The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
TrendsMay 09, 2024
Amanda’s Style File: Shine Bright, Moms Show your mother some love with a piece of fine jewelry.
IndependentsMay 09, 2024
Kyle Edward Fine Jewelry to Close Salisbury StoreThe company’s Easton location will remain open.
MajorsMay 09, 2024
JBT Elects New ChairmanBrian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Supplier BulletinMay 08, 2024
Fusing Past and Present at the Las Vegas Antique Jewelry & Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
EditorsMay 07, 2024
Q&A: Author Vikki Tobak on the ‘Ice-Cold’ ExhibitionTobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
EditorsMay 07, 2024
10 On-Theme Looks from the 2024 Met GalaStars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
IndependentsMay 07, 2024
112-Year-Old New Orleans Business Popping Up in Aspen M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
MajorsMay 07, 2024
Richemont Acquires Italian Jeweler VhernierThe branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
CollectionsMay 07, 2024
These ‘Luminaries’ Are Set to Light Up CoutureThe six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
AuctionsMay 07, 2024
Sotheby’s to Auction Sylvester Stallone’s WatchesThe highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
CollectionsMay 07, 2024
Phillip Gavriel Pays Tribute to Venice With New CollectionThe “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
Events & AwardsMay 07, 2024
JA Now Accepting Applications for New Bench Jeweler ScholarshipThe Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Policies & IssuesMay 06, 2024
Rolex Files Objection to Hallmark’s New Trademark ApplicationThe Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
EditorsMay 06, 2024
Q&A: 8 Questions With Anglo American’s Benny Oeyen The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
MajorsMay 06, 2024
Malabar Gold & Diamonds Opens 4th U.S. ShowroomThe Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.
Events & AwardsMay 06, 2024
Ben Bridge Jeweler Accepting Applications for Lonia Tate ScholarshipIt will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
