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.
Jeff Gordon, CEO