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David Brown

Are You Getting the Diamond Business That You Should?

Monthly data comparison highlights a surprising trend.

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As part of our monthly data comparison, we offer a departmental review of performance across over 700 stores. The info has highlighted a surprising trend. The obvious assumption is that the largest stores get a greater percentage of their sales from diamond product. But the opposite is actually true. Within the diamond category, diamond rings are particularly interesting.

So how does your data compare? Are you above or below this trend for your store size?

The first question to ask is, who is your target market? Are you chasing the bridal client, and if so, what is the demographic of the diamond customers you are currently getting? A jeweler I spoke to recently had pinpointed bridal as their ideal customer, but in fact a quick profile of their customer base showed that most of their diamond ring sales were coming from the older right-hand ring market – often single women purchasing diamonds for themselves.

If bridal is your target, then you need to look at three key areas: promotion, product mix and performance of staff. If you aren’t achieving the percentage of sales from bridal and diamonds that you feel you should, then it’s highly likely you are underperforming in one, two or all of these areas. So how do you know which one?

Promotion is about leads. If you aren’t attracting bridal prospects into your store, then your marketing may be lacking. Are you measuring this aspect of the business? How many diamond inquiries do you get per month? 

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Product mix is about offering the right selection for your clients. Does your range of product match the inquiries you are getting? Are your sales and your inventory out of balance (an inventory imbalance report can reveal this)? Are you carrying the right price points that your customers want to buy?

Performance is about sales. If you’re not converting leads, then either your inventory isn’t right or your staff isn’t completing the task. This may be about having the wrong staff, but it may also be a lack of training. How many hours per month do you spend training your staff about bridal and diamonds?

Making sales is not a passive process. Leaving it to chance is not an answer. If your bridal department is underperforming, then you need to identify the reason and take action to rectify the problem. 

David Brown is the President of The Edge Retail Academy (sister company of The Edge), who provide expert consulting services to help with all facets of your business including inventory management, staffing, sales techniques, financial growth and retirement planning...All custom-tailored to your store’s needs. By utilizing the power of The Edge, we analyze major Key Performance Indicators that point to your store’s current challenges and future opportunities. Edge Pulse is the ideal add-on to the Edge, to better understand critical sales and inventory data to improve business profitability. It benchmarks your store against 1100+ other Edge Users and ensures you stay on top of market trends. 877-569-8657, Ext. 001 or [email protected] or www.EdgeRetailAcademy.com

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