Where Have All the Customers Gone?

Are you old enough to remember Peter, Paul, and Mary’s famous song, Where Have All The Flowers Gone? Most jewelers are asking the same question about where all the customers have gone.

Are you old enough to remember Peter, Paul, and Mary’s famous song, Where Have All The Flowers Gone? Most jewelers are asking the same question about where all the customers have gone.

If you track people coming through your door, you’ve probably noticed a continual decline over the years, with a corresponding decline in overall transactions. If you are maintaining sales figures year over year, it’s because you are increasing your average retail sale, which you must do to stay in business.

But if you really want to increase traffic, you have to do something out of the ordinary to accomplish this task. Customer attrition is a stark reality. They move, cease purchasing, change lifestyles, and eventually pass away. You have to reinvigorate your database of clients because a continuous renewal of your customer base is vital.

One of the surprise benefits to most of our clients of conducting a Gordon Company sale (although it’s no surprise to us) is the number of new customers who buy jewelry during the event. These are people who have never been to the jeweler’s store. The percentage of new customers is usually around 30% of the total number of purchasers, and many of those new customers become clients well into the future.

So don’t settle for wondering where all the customers have gone. Let us help you build your customer list with a major sale event that will also eliminate aged merchandise, increase cash flow, allow you to pay off debt, and acquire fresh new inventory.

Call us today!

Sincerely,

Jeff Gordon, CEO

Is the Demise of Traditional Retail Overrated?

There is an almost ubiquitous belief in our jewelry industry that brick and mortar stores are a liability and that the growth of e-tailing is killing traditional retail. While online searching, shopping, and pricing has certainly impacted some areas of mainstream retail, the death of it is highly overrated.

There is an almost ubiquitous belief in our jewelry industry that brick and mortar stores are a liability and that the growth of e-tailing is killing traditional retail. While online searching, shopping, and pricing has certainly impacted some areas of mainstream retail, the death of it is highly overrated.

What is certain, however, is that e-tailers have shined a light on poorly orchestrated, traditional retailing, and this should be enough to get every jeweler’s immediate attention. Tired and boring brick and mortar stores are not attractive to Millennials, Gen Xers, or even Baby Boomers today. Stores that look old, feel old, and lack innovation in both design and product are going to struggle. Am I preaching to the choir here?

I visit a lot of retail jewelers in my work and in my travels. I see very few stores that are exciting, inviting, and truly appeal to the senses. After all, we are social beings who crave physical beauty in both nature and man-made structures. It’s why we still go out to great restaurants, luxury movie theatres, hip concerts, and attractive sports venues. We want to soak up the experiences that have become almost the norm today.

So this begs the question, “What should we do with our jewelry stores?” We don’t have to spend a fortune to make them look nice, smell good, display product well, and appeal to customer senses to own and wear fine jewelry. Your staff is also a big part of that attractiveness. Some luxury experiences online are actually better than what many experience in a store because of the variables that exist and the inconsistency of salespeople.

Your store says a lot about you as an owner. Take a look around and see if you would buy in your own store, and see if there is any jewelry you would want to own and wear. Better yet, hire someone to come in and critique your store, lest you become one of those who are in business today, but out of business tomorrow.

At The Gordon Company, we are in business to help you stay in business. Give us a call or drop us a line if you are in need of help.

Sincerely,

Jeff Gordon, CEO

Teamwork: A Key to Success

I used to say that some things are done better as a team. Now that I’m a little older and a little wiser, I say that ALL things are done better as a team. There is no “I” in team, and that’s why building a great team is not only a key to success, but a key to succession.

I used to say that some things are done better as a team. Now that I’m a little older and a little wiser, I say that ALL things are done better as a team. There is no “I” in team, and that’s why building a great team is not only a key to success, but a key to succession.

So whether you are in it for the long run or are ready for a business transition, you need quality people to help you get to where you want to go. I have found this in my own company by investing in great people and it has helped me build and grow a thriving business.

I have also found that when I need help – and I’ve needed it several times in my many years in the business – I sought outside advisors who would provide counsel with no other agenda than to help me personally and help my business prosper. In fact, I still have a key advisor today who gives me great advice and provides an unbiased, objective perspective on the way forward.

I consider my advisor a key part of my team, even though he is a consultant, not an employee. In the very same way, my company is an extension of each of our clients’ team in the upscale retail jewelry industry. Our goal is to assist you with expertise you can’t get anywhere else, and to provide wise counsel in the area of sale events, cash raising, inventory reduction, store closing, and business transition.

So as good as your team undoubtedly is, it can be better with experts in sales promotions with a proven track record of success. Let us help you as we have with so many other quality jewelers by filling a unique need and taking you to a new level of cash flow with relief of aged and unwanted inventory. I look forward to hearing from you.

Sincerely,

Jeff Gordon, CEO

The Formula for a Successful Sales Event

Too often I see jewelers running sales that just don’t work. They get frustrated and conclude – incorrectly – that sale events don’t work because the ones they’ve done haven’t worked for them.

Too often I see jewelers running sales that just don’t work. They get frustrated and conclude – incorrectly – that sale events don’t work because the ones they’ve done haven’t worked for them.

Running sale events too often teaches your customers that they are anything but real. Customers are smarter than that and see through fake promotions. They are tired of seeing jewelry stores with illegitimate sale signs. They don’t buy it, nor will they buy from you if done incorrectly.

Running a great sale event is both art and science. It’s an art because there are no two sale events that are alike. Each calls for creativity and nuance that can only be developed over years of experience. Knowing when and how to advertise, what mediums work best for your store and community, how to discount and frame promotions, and how to prepare your staff for maximum success are areas of expertise outside of the knowledge and experience of most upscale retail jewelers. You are great at what you do, but not at major sale events.

In addition to the art of a sale, such events are also highly scientific. Most jewelers will not recognize or know the formulas needed for a successful sale. Nor will they know the process of developing analytics that maximize return on investment. I can tell you within two days whether a major sale event will be successful based on proven empirical evidence.

But why am I writing about this. Because there is so much misunderstanding about the do’s and don’ts of running sale events. And that’s where experience is really the best teacher.

If you would like to learn more about how to run a successful sale event that brings you an incredible return, please contact us and we’ll show you how. Better yet, we’ll do it all for you and we’ll make your life easy and your cash register ring.

Sincerely,

Jeff Gordon, CEO