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By The Numbers: Closing Rate Hike Impacts Bottom Line

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[h3]Closing Rate Hike Impacts Bottom Line[/h3]

By The Numbers: Closing Rate Hike Impacts Bottom Line

[dropcap cap=S]ure, Everybody would like to close a few extra sales a day, say just one more for every 10 of those tire kickers. But what most jewelers don’t realize is just how spectacular the impact would be on their bottom line if they could up their closing rate by that 10 percent.[/dropcap]

The average U.S. store has a closing ratio of 1 in 9. Look at what happens when you convert just 10 percent of those non-buyers: An 80 percent improvement in sales! You don’t have to be pushy, but there’s always room for more efficiency on the salesfloor. Brush up your skills or invest a little more time in your staff’s training. It’s worth it.

By The Numbers: Closing Rate Hike Impacts Bottom Line

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David Brown is president of the Edge Retail Academy, an organization devoted to the ongoing measurement and growth of jewelry store performance and profitability. You can contact him at [email protected]

[span class=note]This story is from the September 2008 edition of INSTORE[/span]

If you’d like to contribute your own data and receive a personalized KPI report each month, call (877) 910-3343 or e-mail: [email protected].

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Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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David Brown

By The Numbers: Closing Rate Hike Impacts Bottom Line

Published

on

{loadposition davidbrownheader}

[h3]Closing Rate Hike Impacts Bottom Line[/h3]

By The Numbers: Closing Rate Hike Impacts Bottom Line

[dropcap cap=S]ure, Everybody would like to close a few extra sales a day, say just one more for every 10 of those tire kickers. But what most jewelers don’t realize is just how spectacular the impact would be on their bottom line if they could up their closing rate by that 10 percent.[/dropcap]

The average U.S. store has a closing ratio of 1 in 9. Look at what happens when you convert just 10 percent of those non-buyers: An 80 percent improvement in sales! You don’t have to be pushy, but there’s always room for more efficiency on the salesfloor. Brush up your skills or invest a little more time in your staff’s training. It’s worth it.

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By The Numbers: Closing Rate Hike Impacts Bottom Line

 


 

David Brown is president of the Edge Retail Academy, an organization devoted to the ongoing measurement and growth of jewelry store performance and profitability. You can contact him at [email protected]

[span class=note]This story is from the September 2008 edition of INSTORE[/span]

If you’d like to contribute your own data and receive a personalized KPI report each month, call (877) 910-3343 or e-mail: [email protected].

Advertisement

{loadposition xtra-browncolumn}

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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