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David Brown: Closing the Wealth Gap, Stage 3: Selling What You Buy

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Now comes the hard part — moving those goodies.


This article is the third of four on the Five Stages of Profitable Retailing. Follow this retail recipe closely and you will not only buy better, sell better and manage better, but you will retire comfortably.

This article originally appeared in the May 2015 edition of INSTORE.

business advice for jewelers from David Brown

We all know that the first two stages are the easy bit. You guys find buying easy (we can tell by looking at your reports) … you’re just not so strong at selling it.

If you put at least as much thought, time and effort into selling it as you did into buying it, the chance of it selling increases exponentially, but sadly, most stores just put a ticket on it when it arrives, and “hope” it sells.

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Just as you needed a Buying Plan at the front end, you need a Selling & Merchandizing Plan to move it successfully. It was when thinking about this that I had my epiphany — we can learn a lot from the majors. Here’s how:

Sell them on why you bought the product rather than just tell them to sell it.

Create excitement and enthusiasm and invite feedback.

Unveil the collection and let them touch it, feel it and try it on.

Explain your “unique selling proposition” for the product.

Explain the marketing campaign, i.e. how you plan to let your customers know you have this new product. You can’t sell a secret.

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Explain the merchandising plan, i.e. how you plan to display the product in-store via brochures, packaging and displays.

Ask the vendor to help with staff incentives, such as contests, gifts, financial spiffs. (They want you to be successful too.)

Train your staff on how to sell it. Bring in the vendor to train your team if it’s a major new range and opportunity for your store.

Train product knowledge and selling skills: How to sell the story of why this line is special/different. Competence builds confidence.

Role-play until your team knows how to show and sell the product with confidence and skill.

Then launch it to your market.

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Throw a party for your special customers.

Get your sales associates to clientele their customers.

Help customers create wish lists.

Create a unique store experience. Remember, good service only stops people speaking badly about you; only exceptional service will get them raving about you.

In summary:

Find the right vendor partners.

Select the best goods.

Plan how to sell it.

Unveil it to your sales team.

Train your team.

Launch it to your customers.

Create a unique experience.

Manage it if it sells quickly … or not.

Enjoy your well-earned success .


David Brown is president of the Edge Retail Academy. To learn how to complete a break-even analysis, contact [email protected] or (877) 569-8657.

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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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David Brown

David Brown: Closing the Wealth Gap, Stage 3: Selling What You Buy

mm

Published

on

Now comes the hard part — moving those goodies.


This article is the third of four on the Five Stages of Profitable Retailing. Follow this retail recipe closely and you will not only buy better, sell better and manage better, but you will retire comfortably.

This article originally appeared in the May 2015 edition of INSTORE.

business advice for jewelers from David Brown

We all know that the first two stages are the easy bit. You guys find buying easy (we can tell by looking at your reports) … you’re just not so strong at selling it.

Advertisement

If you put at least as much thought, time and effort into selling it as you did into buying it, the chance of it selling increases exponentially, but sadly, most stores just put a ticket on it when it arrives, and “hope” it sells.

Just as you needed a Buying Plan at the front end, you need a Selling & Merchandizing Plan to move it successfully. It was when thinking about this that I had my epiphany — we can learn a lot from the majors. Here’s how:

Sell them on why you bought the product rather than just tell them to sell it.

Create excitement and enthusiasm and invite feedback.

Unveil the collection and let them touch it, feel it and try it on.

Explain your “unique selling proposition” for the product.

Advertisement

Explain the marketing campaign, i.e. how you plan to let your customers know you have this new product. You can’t sell a secret.

Explain the merchandising plan, i.e. how you plan to display the product in-store via brochures, packaging and displays.

Ask the vendor to help with staff incentives, such as contests, gifts, financial spiffs. (They want you to be successful too.)

Train your staff on how to sell it. Bring in the vendor to train your team if it’s a major new range and opportunity for your store.

Train product knowledge and selling skills: How to sell the story of why this line is special/different. Competence builds confidence.

Role-play until your team knows how to show and sell the product with confidence and skill.

Advertisement

Then launch it to your market.

Throw a party for your special customers.

Get your sales associates to clientele their customers.

Help customers create wish lists.

Create a unique store experience. Remember, good service only stops people speaking badly about you; only exceptional service will get them raving about you.

In summary:

Find the right vendor partners.

Select the best goods.

Plan how to sell it.

Unveil it to your sales team.

Train your team.

Launch it to your customers.

Create a unique experience.

Manage it if it sells quickly … or not.

Enjoy your well-earned success .


David Brown is president of the Edge Retail Academy. To learn how to complete a break-even analysis, contact [email protected] or (877) 569-8657.

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.

Promoted Headlines

Most Popular