Like every small business owner, fine jewelry store owners constantly manage their company’s financial trends. Profitable business owners know that monitoring their cash flow and keeping on top of industry trends helps their bottom line grow. Here are a few things for your to-do list to increase sales and boost profits.
Manage Your Inventory
Keeping track of your inventory is critical to the profitability of your company. While you can survive with a paper and pen tracking system, an automated jewelry management system is a worthwhile investment. Tracking programs help you track inventory, manage repair tickets, and reorder merchandise. In addition, you can run dynamic sales reports to help you track trends and inventory turnaround speed.
Review Your Business Plan
Analyze your business plan to ensure your current business trajectory matches your goals. It is easy to get distracted by small changes in your business model, distracting you from your original business goals. An annual review of your business plan helps you focus on long-term objectives. Of course, if you change your mission statement or goals, this is an ideal time to do so.
Redefine Your Target Persona
Your marketing strategy still needs to meet the needs of your target audience. If it has been a few years or there has been a significant disruption in your market, it may be time to find a new audience. Adding a secondary target customer into your marketing scheme is a great way to increase your market share.
Set Sales Goals
Achieving monthly sales goals is critical to success. Start by identifying your overall goals and then break them down into weekly goals. Give staff members customized sales goals based on their weekly schedule. Employees that work peak sales hours should have higher expectations than other team members. Don’t forget to communicate the purpose of the sales quotas to your staff. As a manager, you need a quantitative measurement to compare the performance of employees. While it is not the sole judge of an employee’s performance, it allows you to make educated decisions about staffing.
Offer Online Solutions
Customers want the buying process to be easy. Online jewelers are taking customers out of your brick-and-mortar store. Selling your inventory through both channels, online and in-person, allows you to meet the needs of both customers. Local customers can peruse your inventory before they come into the store. In addition, consider adding a wish list to your website, allowing customers to shop for their favorites and then provide loved ones with a list of their favorite gift ideas.
Design Custom Pieces
Customized jewelry brings in a new level of clientele. Some may want to reset heirloom stones into new and unique settings. Customers interested in designing their jewelry can also use your services. If you are in a tourist destination, you can create custom jewelry designs that focus on vacation themes. Alternatively, support a local nonprofit organization by designing a piece and donating a portion of the proceeds to charity.
Create a Theme
Jewelry is meant to be shared with loved ones. Don’t overlook individuals buying for themselves. Develop a design based on a message that your clients will respond to, such as the natural world, colorful love, or sisterhood. Create an image based on your theme, and recreate the image in rings, pendants, bracelets, and earrings. When your design speaks to your customer, they want the complete collection. Producing limited quantities creates demand for the pieces.
Build Customer Relationships
Customers and their referrals expand your business. Your clientele should consider your store as their primary source for their jewelry and accessory needs. Build your website and social media campaigns around the message that you provide solutions to your customers. Some topics that your customers will appreciate include:
- Understanding the 4 C’s of buying diamonds
- Lab-grown diamonds versus natural diamonds
- Finding the perfect pearl color for your skin tone
- How to clean your fine jewelry and pearls
Improve Customer Service
Mediocre customer service will limit your sales. Employees must be proficient in their jewelry knowledge. Develop a training program for new and senior employees. New staff members should shadow another team member. This allows them to identify repeat customers and their preferences. Thorough training gives your clientele confidence in every staff member.
Once you start making these changes, you will better understand how to make your fine jewelry business more successful. Strategically growing can help you make the changes necessary to build your enterprise.
