Month: February 2019

If there’s one comment I hear more than any other, it’s that store traffic is down. Jewelers obviously need more customers coming through the door. In this regard, I always advise upscale jewelers to have a gauge to measure store traffic on a routine basis because sometimes we think traffic is down when it really isn’t.

Often customers are in store and looking to purchase, but salespeople fail to close, so measuring the closing ratios of each salesperson is also very important. As the old adage goes, “what gets measured gets done.” Conversely, what doesn’t get measured – and this goes for every aspect of your business – doesn’t get done.

You own a sophisticated point of sale system like most every quality jeweler, but you likely use only 10-20% of its potential on a regular basis. In fact, the biggest complaint of software providers is that users fail to run daily and weekly reports that provide an objective pulse of the business they can’t get anywhere else.

You need to use every tool in your arsenal to measure the performance of your suppliers, your merchandise, your salespeople, and even yourself. As a tip, for traffic, we suggest you use electronic door counters (We use Trafsys.com) to measure incoming customers, and this can be combined with your POS system to give you closing rates.

But if you really need more store traffic, we have an answer that will allow you to secure more new customers than any other method we know. And that is to hold a high-intensity inventory reduction sale orchestrated and managed by my company.

The Gordon Company is the upscale jeweler’s best and most reliable friend for disposing of aged and unwanted merchandise while simultaneously garnering more new customers to market to in the future. Our goal is to keep you in business and to help you grow in the future with additional new customers who would have never frequented your store without our sale event.

Contact us today for a free, confidential, no obligation consultation. It is our pleasure to serve you.

Sincerely,

Jeff Gordon, CEO

We work with so many jewelers around the country that we get to see store layouts from A to Z. Traditionally, the bench jeweler is tucked back in a corner somewhere and hidden from customers. If the bench person is an introvert, he or she probably loves it. The fewer the customers the jeweler has to face, the better. Customers are viewed as a distraction to their work and simply get in the way. But jewelry repair is like a hospital for things that need to be fixed, and sometimes acts as an emergency room – a high speed service – for things that can and should be fixed quickly.

Recently I had the occasion to visit a store to check out one of their promotions and I was drawn to their glass walled shop that housed four jewelers hard at work. I was impressed. The glass drew me to the jewelers like a magnet, and I stood there for a while wondering why more stores don’t highlight their on-premise jeweler. This may not be possible with your current store configuration, but if you’re considering a remodel, keep your jeweler in mind.

One of our clients has a “hospital clean” design center in the middle of the whole store with all the jewelers wearing crispy white lab coats. A sketching table is next to a Computer Aided Design area that seats the CAD designer and an engagement couple who can watch the design of their ring come to life. Custom design allows you to cut inventory costs by a significant percentage and free up capital that would otherwise be sitting in aging merchandise. Despite what we may want to sell in our stores, customers want it “their way” and we are wise to provide exactly what they want if it is in our power to do so.

I share these ideas with you when I write because my company has only one interest, and that is to see you become more successful in your business. True, we are specialists in inventory reduction sale events that generate cash and relieve you of the burden of unwanted, under-performing merchandise. So while we can and do come in to help you dispose of aged inventory, the cash you get can help you pay for that all-important remodel. Even more than that, we pride ourselves in being advisors to upscale jewelers who – no matter their longevity or experience – can benefit from outside counsel.

Let us help you, too. Contact us any time for a private, confidential consultation with no obligation.

Sincerely,

Jeff Gordon

There is a degree of uncertainty in the marketplace and it is hard to pin down why. Corporate profits are still high, unemployment is still low, and the stock market had its correction, but seems to be settling back to a reasonable level. We know about the concern with China and a possible trade war, Europe and Brexit, and another threat to shutting down the Federal government again, but what does all this have to do with you as a retail jeweler?

Uncertainty has a definite impact on consumer spending and this unsettles the economy as a whole. Every business owner must be mindful of the attitudes of consumers. Look no further than your own personal concerns and you’ll have the answer.

The key is to have a plan to deal with the uncertainty of the economy and your business. Without a plan, or at least options to consider, fear takes the place of uncertainty, and that is not where you want to be. I don’t have all the answers. No one does. But I know that if I had most of my personal wealth tied up in one area, like many of you do, I would want to have a plan to hedge my bet on the future.

You know we help jewelers with high-impact sale events that clear out aged inventory, increase cash flow, win new customers to the store, and create innovative marketing strategies to reach new and younger consumers. If you are ready to go out, we can help you there, too, but at least consider your situation and have a plan to deal with the uncertainties of the market.

If we can help you, or if you just need some experienced advice, give us a call or drop us a line. We’d love to assist in your planning.

Sincerely,

Jeff Gordon, CEO