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David Brown

By The Numbers: Closing Rate Hike Impacts Bottom Line

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

[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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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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