Shane Decker 20 Things That Can Cause a Jeweler to Fail Shane Decker says too many owners give up too quickly. Published 2 years ago on April 11, 2019 By Shane Decker Instore April 2019 Issue Share Tweet A WORD THAT IS NOT in my vocabulary and should not be in yours is “failure.” Failure can almost always be avoided and is almost always human-designed. Failure generally happens because of lack of planning. Owners and managers say, “I’ll try it!” and they try it one time, then they say it didn’t work. That’s because most don’t want to put in the effort to truly change. They stay with their old bad habits instead of formulating new habits. If you don’t like change, you’re going to hate extinction. So don’t try it — do it. And keep doing it right until you get it done correctly and successfully. Here is a list of things that will set you up for failure if you don’t change your ways. 1. Not closing. Outside of bridal clients, 80 percent of people buy the day they shop. People don’t have time to shop tomorrow if they’re shopping today. 60-70 percent of shoppers who say they’ll be back buy within two hours of leaving your location. 2. Not handling objections or knowing how to team sell, add on, wow, sell company benefits or use value-added statements. Many salespeople don’t know the anatomy of a clerk sale or a created one. They also don’t understand how to convert repair clients into sales. 3. GIA is the Harvard of our industry, but most salespeople don’t take Diamonds 1 and 2. A lot of young customers know more than the salespeople do. 4. Lack of store floor awareness. 5. Negotiating to close the sale and thereby losing profits. Salespeople use negotiating price as a cop-out because they either don’t know any better or are too lazy to do better. 6. Keeping your inventory too long. After two years, it’s dead money. 7. Bad marketing. 8. Not setting sales and business goals. 9. Not marking merchandise up enough, especially diamonds. 10. Not having enough events to increase traffic. 11. Not tracking your sales closing ratio to measure how your team is doing. 12. Not having enough high-end inventory and large diamonds. More and more clients are buying higher-dollar items, but you have to have it before they can. 13. Selling from a poverty-level mentality (selling out of your own pocket). 14. Bad location. 15. Crappy websites designed by Fred Flintstone. 16. Not remodeling old stores. 17. Being closed on Mondays. It’s becoming a big shopping day again. 18. Proper signage not visible. Clients walk into stores all the time and say, “I didn’t know there was a jewelry store here!” 19. Lack of services like appraisals, repairs, CAD/CAM. Work done poorly or not on time. 20. Overpromising and underdelivering. It’s easy to fail, but it takes dedication, time and wisdom to succeed. If you improve in these areas and work toward success, promote professionalism and have the best-trained staff front and back, you will have a long life in this industry. Advertisement Related Topics: Featuredsalessales tips click to Comment(Comment) Up Next Here’s How to Know How Much Technical Information to Give Your Clients Don't Miss Here’s the Most Important Area To Invest In As a Jewelry Store Owner Shane Decker Shane Decker has provided sales training to more than 3,000 jewelry stores. Shane cut his teeth in jewelry sales in Garden City, KS, and sold over 100 1-carat diamonds four years in a row. Contact him at [email protected]. Continue Reading Advertisement SPONSORED VIDEO Wilkerson Testimonials Retirement Made Easy with Wilkerson The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. Third generation jeweler and owner Rob Briman says the decision wasn’t easy, but the sale that followed was — all thanks to Wilkerson. Briman had decided a year prior to the summer 2020 sale that he wanted to retire. With a pandemic in full force, he had plenty of questions and concerns. “We had no real way to know if we were going to be successful or have a failure on our hands,” says Briman. “We didn’t know what to expect.” But with Wilkerson in charge, the experience was “fantastic” and now there’s plenty of time for relaxing and enjoying a more secure retirement. “I would recommend Wilkerson to any retailer considering a going-out-of-business sale,” says Briman. “They’ll help you reach your financial goal. 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