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Editor’s Note: Eileen McClelland’s Number Crunch

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Learn to love your inner bean counter

BY EILEEN MCCLELLAND

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

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I admit, when it comes to this business, I’m attracted to and enchanted by the glamour and sparkle of the jewelry itself. I love to chat about what flashy new item caught your eye (or mine) in an ad or at a trade show, and how you will display it to best advantage. I enjoy learning about exciting new ideas for parties and events.

I’m fascinated by the cool, creative ways you’ve found to renovate and reinvent your spaces, too, and how environment meshes with the psychology of shopping.

Those are all important aspects of the jewelry retail business, but when it comes down to how your business will survive and thrive in increasingly competitive times, it is essential to take a look at the numbers, even when they seem intimidating.

In a recent Brain Squad survey, most respondents said they pay close attention to certain key performance indicators, ranging from foot traffic and fast sellers to profit margin and total sales numbers. But others said, “I wish I knew,” or “I’m not a numbers kind of guy,” or “I really should be better at this.”

So with that in mind, INSTORE’s Big Story this month focuses on what some of those key numbers are and why — especially if your business is struggling — you need to pay attention to them.
Dan Levinson, owner of Ellis Jewelers in Concord, NC, compares managing his business by the numbers to conducting a symphony.

“In a symphony, everybody’s got to be playing well, and if someone’s off-key it doesn’t sound good. In a jewelry store, you’ve got to curb discounting, have a proper markup on merchandise, and reorder fast sellers.”

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Otherwise, the business will be out of tune.

Wishing you the very best business,

Editor’s Note: Eileen McClelland’s Number Crunch

one quick question for jewelers

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SPONSORED VIDEO

Wilkerson Testimonials | Zadok Master Jewelers

Stick to the Program — And Watch Your Sales Grow

When Zadok Master Jewelers in Houston, Texas, decided to move to a new location (they’d been in the same one for the 45 years they’d been in business), they called Wilkerson to run a moving sale. The results, says seventh-generation jeweler Jonathan Zadok, were “off the charts” in terms of traffic and sales. Why? They took Wilkerson’s advice and stuck to the company’s marketing program, which included sign twirlers — something Jonathan Zadok had never used before. He says a number of very wealthy customers came in because of them. “They said, ‘I loved your sign twirlers and here’s my credit card for $20,000.’ There’s no way we could have done that on our own,” says Zadok. “Without Wilkerson, the sale never, ever would have come close to what it did.”

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Editor's Note

Editor’s Note: Eileen McClelland’s Number Crunch

Published

on

Learn to love your inner bean counter

BY EILEEN MCCLELLAND

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

Advertisement

I admit, when it comes to this business, I’m attracted to and enchanted by the glamour and sparkle of the jewelry itself. I love to chat about what flashy new item caught your eye (or mine) in an ad or at a trade show, and how you will display it to best advantage. I enjoy learning about exciting new ideas for parties and events.

I’m fascinated by the cool, creative ways you’ve found to renovate and reinvent your spaces, too, and how environment meshes with the psychology of shopping.

Those are all important aspects of the jewelry retail business, but when it comes down to how your business will survive and thrive in increasingly competitive times, it is essential to take a look at the numbers, even when they seem intimidating.

In a recent Brain Squad survey, most respondents said they pay close attention to certain key performance indicators, ranging from foot traffic and fast sellers to profit margin and total sales numbers. But others said, “I wish I knew,” or “I’m not a numbers kind of guy,” or “I really should be better at this.”

So with that in mind, INSTORE’s Big Story this month focuses on what some of those key numbers are and why — especially if your business is struggling — you need to pay attention to them.
Dan Levinson, owner of Ellis Jewelers in Concord, NC, compares managing his business by the numbers to conducting a symphony.

Advertisement

“In a symphony, everybody’s got to be playing well, and if someone’s off-key it doesn’t sound good. In a jewelry store, you’ve got to curb discounting, have a proper markup on merchandise, and reorder fast sellers.”

Otherwise, the business will be out of tune.

Wishing you the very best business,

Editor’s Note: Eileen McClelland’s Number Crunch

one quick question for jewelers

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials | Zadok Master Jewelers

Stick to the Program — And Watch Your Sales Grow

When Zadok Master Jewelers in Houston, Texas, decided to move to a new location (they’d been in the same one for the 45 years they’d been in business), they called Wilkerson to run a moving sale. The results, says seventh-generation jeweler Jonathan Zadok, were “off the charts” in terms of traffic and sales. Why? They took Wilkerson’s advice and stuck to the company’s marketing program, which included sign twirlers — something Jonathan Zadok had never used before. He says a number of very wealthy customers came in because of them. “They said, ‘I loved your sign twirlers and here’s my credit card for $20,000.’ There’s no way we could have done that on our own,” says Zadok. “Without Wilkerson, the sale never, ever would have come close to what it did.”

Promoted Headlines

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