By the Numbers: Peer Review

Published

10 years ago

March 18, 2015

David Brown

Independent jewelers enjoyed a solid start to 2015 with average monthly sales climbing to $87,767, up $10,453, or 13 percent, from the same month last year. On a 12-month rolling basis, that represents growth of 0.69 percent and suggests the jewelers in our survey group — who come from across the country — are on track to enjoy 8.3 percent sales growth this year.

By the Numbers: Peer Review

If your sales growth has been more modest, you may want to look at joining a peer group. Working together with like-minded store owners, meeting regularly and comparing results can provide you with terrific benchmarking figures to grow your business. It also opens the way for the 80/20 rule to come into play. Twenty percent of the areas of your business that need attention can provide 80 percent of the results you desire. It’s hard to lift sales volume, average sale and margin all at once. Choose the one that will have the greatest impact and work on this. Ask fellow jewelers how they perform in this area. When you find someone who is doing well, ask them what they do that’s different. Above all, be open-minded. If your instant reaction is, “that can’t be achieved here,” then sure enough it won’t be.

Looking for a Seamless Sale? Call Wilkerson

After almost 60 years in business, Breakiron Jewelers in Erie, Pennsylvania, was closing its doors. And the store’s owner, Linda Breakiron, was ready for it. She had run the store as its sole owner since the beginning of the millennium and was looking forward to a change. Of course, she called Wilkerson. Breakiron talked to other jewelers who had used Wilkerson and was satisfied with their response. “They always had positive feedback,” she recalls. With the sales, marketing and even additional inventory that Wilkerson provided, Breakiron insists she could never have accomplished her going-out-of-business sale without Wilkerson’s help. She’s now ready for the journey ahead, but looking back, she’d be sure to recommend Wilkerson. “They just made the whole process very seamless.”