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Shane Decker

Here’s the Most Important Area To Invest In As a Jewelry Store Owner

You’re only as good as your people.

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RETAIL STORE OWNERS ARE having a difficult time holding onto their people. Right now, about half of all sales teams change every three years, and every seven years there is a total team change (with the exception of one or two “loyalists” in each store).

What’s the solution? Training. When salespeople have more knowledge, they close more sales and make more money. And as long as they’re making money, they’re far less likely to leave you.

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Training involves several areas, but one of the most fundamental is product knowledge. Your customers are more educated than ever before — and millennials are taking this to a whole new level. They do more research and know more about the product they’re purchasing than most salespeople do.

That’s why all salespeople, especially in bridal and diamonds, should take GIA Diamonds 1 and 2 and Diamond Grading. To some of you, this seems elementary, but I see so many salespeople who haven’t done this.

Salespeople who don’t have product knowledge talk too much to make up for their lack of knowledge. When you talk too much, you can talk right past the closing opportunity. Talking too much also takes the client’s attention away from the item being sold, and it takes attention away from the reason he or she came into your store in the first place.

Product knowledge gives you self-confidence and empowers you. When you have self-confidence, the client will have confidence in you. They won’t have as many objections. Your closing ratio will go up because clients can tell that you know what you’re talking about. They will trust you to help them make a decision.

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Owners and managers: hold a one-hour sales meeting each week. Spend 20 minutes on product knowledge, 20 minutes on salesmanship, and 20 minutes on role-playing. When your sales team is well-trained, you’ll have more time to work on your business and you’ll be interrupted less often to help people close sales.

You’re only as good as the people you train. Your team controls how much money you make. And it’s amazing how many salespeople in jewelry stores do not know what they’re doing.

When salespeople are empowered with knowledge, they’re happier and more successful. Teamwork is better because they trust each other’s sales skills.

If you want a higher inventory turn, a higher closing ratio, and more net profit, start training your team. The more knowledgeable they are, the more valuable they feel and the longer they will stay. You invest money in buildings and marketing — start investing in your most valuable asset: your people.

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 sdecker@ex-sell-ence.com.

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Shane Decker

Did You Know that When You Close a Sale, You’re Helping Your Customer?

They want to leave with their chosen product in a bag.

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TODAY’S CLIENTS DON’T have time to shop tomorrow. They buy the day they shop; you do the same thing. Millennials shop online before they decide to come to your store. Older generations might go from store to store to find what they want, but they too buy the day they shop. Most of us start with the store where we want to leave our money.

Clients want you to close the sale. In part, they are paying you to make a professional decision for them and trusting you to do it. Sixty to 70 percent of your clients cannot make up their own minds. That’s why you should never say, “Can I wrap it up for you?” They will walk because you’re asking them to make a decision.

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Moreover, approximately 90 percent of all clients who say I’ll be back never come back; 7 percent do. And, around 80 percent of all clients who say “I’ll be back” buy elsewhere within the first one to two hours after leaving your location.

The No. 1 reason clients leave empty-handed is not inventory or price. It’s that they were not closed. Too many salespeople do show-and-tell presentations rather than show-and-sell presentations. Independently owned stores’ closing ratios are between 27-33 percent, yet 80 percent of shoppers buy the day they shop. If you shop today, do you have time to shop tomorrow? Didn’t think so.

Never believe the client is coming back. This is the time for a team-sell or a T.O. When they say “I’ll be back,” that means they are leaving to shop somewhere else.

When you let the client leave empty-handed, you’re giving money to one of your competitors.

The best way to preserve client loyalty is to close the sale. A client is successful when they leave with a bag, give you money and they’re glad they came in — not when they have to leave and start the process somewhere else.

One of your most successful opportunities should be your referral clients, but remember, they have high expectations. Someone bragged about how awesome you or your team was. If the expectations are met, closing ratio with referrals are usually over 80 percent. Interestingly, this is a higher percentage than even clients who come in two-three times per year. Another type of presentation that should have a high closing ratio (80 percent) is the appointment.

The more money the item costs, the easier it is to close it. A $500 item is harder to close than a $5,000 item and so on. Why? Because the client can. Never decide for the client how much they can spend. Let them decide that. Do not do price presentations.

Owners, track clients coming in with a door counter and see how many sales slips are written up. This will tell you your closing ratio, which is the most important number in your entire company. You’ll also learn what your team is doing. Ultimately, your store’s closing ratio should be 50 percent or more.

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Shane Decker

What Not To Do During the First 30 Seconds of Any Sale

Huddling at the back is a big no-no.

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HAVE YOU EVER walked into what appeared to be a nice store, only to spin and leave faster than you came in? Or, have you ever walked into a nice place of business and watched two salespeople look at each other, then you, then each other again, like they’re seeing which one of them is going to wait on you?

You’re not alone — we’ve all had this experience, and jewelry stores are no exception. At too many stores, you’re not greeted at all, and sometimes, you can’t even find anyone to take care of your needs. This is one reason the Internet is doing so well.

People today are time-starved, and they will decide within the first 30 seconds of entering your store whether or not they’re going to give you their money.

Let’s begin with the first five seconds: every customer must be greeted — ideally, from the “sweet spot” in your store (15 feet inside your door to the customer’s right as they walk in). When you’re a client and you’re acknowledged, you feel important. It’s a relief subconsciously to realize that the sales associates know you’re there.

Never allow your sales floor to be vacant when clients come in. Many say they are just looking, but that’s an opportunity for you to use your first close by saying, “I always do that before I buy; let’s get started!” or “I’m glad you came in to take care of that today.”

“I’m just looking” means “I’m just spending.” It means “I’m on a mission, and when I find what I’m looking for, I’m gonna buy it.” It does not mean, “Leave me alone.” Like I said before, we are a time-starved nation, and nobody is just looking.

Do not come from the back of the store to the front; you should be there already. When you come from the back, your mind is focused on the busy work you were doing or the donut you were eating.

Never greet a customer from a group huddle. It’s good to laugh in your store, but if you’re all laughing about something when the client walks in, they may think you’re laughing at them.

Do not use canned openings like “Hi, how are you?” or “What can I help you with?” Clients don’t need “help”; they want professional assistance to make a purchase or information about a service needed. Likewise, don’t say, “Good morning, welcome to Smith Jewelers.” That gets old, fast. What if they come in three or four times a year and hear you say the same thing? Keep your greetings creative and make sure they’re welcoming. Your greeting should be professional and make your client feel glad they came into your place of business.

Be present for the start of the sale, and keep it professional. Starting strong allows you to make it to the end (and hopefully close the sale). By doing so, you’ll keep your client from wanting to go to the Internet — after all, we do want to talk to real people, especially when it comes to jewelry.

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Shane Decker

How to Close a Male Buyer When You Know the Female Wants the Product

He needs to hear her say “yes.”

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HOW DO YOU CLOSE a bridal or anniversary ring sale when you know that the woman is making the decision on the product, but the man is the one making the purchase? You have to make two presentations at the same time — one that delivers peace of mind and freedom from risk (for him), and one that delivers on style and sentiment (for her).

Let’s say you’ve gone through your presentation and sold cut, clarity, color and carat weight, and explained the lab report, and the man is satisfied with the diamond. The presentation is just getting started. The woman wants to look at different shapes, try it on, take pictures with it and wear it.

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After you’ve built the relationship, ask selling-specific questions to both the man and the woman to find out exactly what they want. Eventually, you’ll know from conversation that the price is right, the diamond is correct and she loves the mounting. Now you’re in the 30-second window when it’s time to close the sale and the woman’s made up her mind. Sometimes you have to ask the wearer of the ring the proper questions so that the purchaser of the ring can hear answers to give him self-confidence to buy. You use the woman to help close the man.

Make sure she is wearing the ring when you ask these questions, and that she‘s looking at the ring during the conversation. He is going to hear a series of questions from you to which she will answer, “Yes.”

Do you love this ring? Yes.

Would you want to wear this ring all day, every day forever? Yes.

Would you like to leave with this ring today? Yes.

Does it feel right? (If not we can size it.) Yes.

Is this the diamond of your dreams? Yes.

He has heard five yeses. Now you can look at him and say, “She’s found the ring and diamond of her dreams.” This keeps him from saying, “We need to leave and discuss this.” She’s made up her mind; this is the one she wants. Based on the answers she’s given, she wants to leave with it. My close here would be, “While we’re wrapping this up, how would you like to take care of this?” You should use a close that’s correct for your selling profile.

Quit closing the wrong person. Sometimes you have to close the wearer first to close the buyer.

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