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Megan Crabtree

Here Are 6 Strategies to Boost Your Store’s Success in 2024

It’s your action plan for the new year.

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WITH THE START of a new year, it’s crucial for retailers to set clear goals and devise strategic plans. Here are some key areas of focus that have the potential to significantly impact your sales numbers.

Elevate In-Store Events

In-store events are proven to account for up to 10% of small businesses’ annual revenue when executed effectively. To harness this potential, begin by mapping out your event calendar in January. Analyze past events to understand crucial metrics like average sales, product performance, and customer demographics. Engage vendors to participate or ship products that can serve as event exclusives. By giving due diligence to in-store events, you’ll create memorable shopping experiences that leave a lasting impression on your clientele.

Shine with Platinum Engagement Rings

By focusing on selling platinum engagement rings, you have the opportunity to increase your average sale value. Despite having a similar customer base, the higher price point of platinum translates to a more substantial transaction. Train your sales team to effectively communicate the benefits of platinum and consider enlisting experts like Platinum Guild for comprehensive training. Strategically positioning platinum alongside 14K gold options empowers your team to upsell, ultimately driving revenue and building customer loyalty.

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Optimize Marketing and Referral Strategies

Dive into your 2023 marketing expenditures and assess their effectiveness. Identify channels that yield the highest returns and consider reallocating resources to maximize ROI. Additionally, leverage your existing customer base by incentivizing referrals.

Encourage Reviews

Online reviews shape consumer perceptions and influence purchasing decisions. Take a critical look at your online presence from a customer’s perspective. Actively seek out reviews by implementing automated systems that prompt customers to share their experiences. Provide convenient avenues, such as QR codes on business cards, to make leaving a review a seamless process.

Use a Loss Leader

A loss leader is a pricing strategy where a product is sold at a price below its market cost to stimulate other sales. Consider negotiating bulk pricing with a trusted vendor for a half-carat total-weight engagement ring priced at $1,499. Promote this special offer through various channels, including billboards, catalogs, and social media ads. The volume-based discount from the vendor will entice customers with an irresistible deal and increase the likelihood of add-on sales.

Expense Optimization

Scrutinize your expenses, paying particular attention to displays, packaging, and promotional materials. Create a spreadsheet to compare current costs and actively seek out alternatives to reduce expenses. Armed with this information, you’ll be in a strong position to negotiate favorable terms when attending trade shows.

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Megan Crabtree is the founder and CEO of Crabtree Consulting. Before founding Crabtree Consulting, Megan had a successful professional career in the jewelry industry, which culminated with high-level positions at several of the top firms in the retail and manufacturing sectors. Reach her at mcrabtree@crabtreeadvisory.com or visit us at www.crabtreeadvisory.com where you can set up a live chat or a 30-minute free consultation.

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SPONSORED VIDEO

Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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