Connect with us

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.

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.

Advertisement

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.

Advertisement

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.

Advertisement

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.

Continue Reading
Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

After 42 Years in Business, They Chose Wilkerson to Close Up Shop

After 42 years, it was time for Gina McHugh to hang up her bench tools and plan on doing something completely different. She and her husband, Mick, had a beautiful Binghamton, NY store — The Goldsmith — but in late 2019, the time felt right for retirement. They called Wilkerson. “They’d always been a part of our bridal jewelry selection,” says Gina, “and I felt really good about their quality and service. So, when we were looking for someone to work with us, Wilkerson was a natural.” With the kind of service and support Wilkerson is known for, Gina says their sales consultants made their retirement sale, “successful and quite easy.”

Promoted Headlines

Most Popular