Editor's Note

The Big Survey Is Only “Big” Because Readers Participate

If you’re not part of the Brain Squad, now’s a great day to join.

Published

1 year ago

November 1, 2022

Trace Shelton Instore November 2022 Issue

NATIONAL GALLUP POLLS survey about 1,000 adults and boast an accuracy of plus-or-minus 4 percent. Given that the U.S. population is 335 million-plus, how accurate, then, is INSTORE’s Big Survey, considering we had over 750 independent retail store owners and managers participate out of a total population of about 20,000 stores? On the nose, I’d say.

As a result, the information we gather each year is priceless for understanding both the current state and the future trajectory of the independent jewelry retailer. And it’s only valuable because you participate.

We realize it’s not easy. The survey weighed in this year at a hefty 77 questions, so it took about 30-45 minutes to complete. Some of you take on this task every single year, and we can’t tell you how much we appreciate your time and feedback. If you’ve never taken the Big Survey, I hope you’ll budget some time to do it next year!

The more who take it, the more authoritative the results will be.

Similarly, we email Brain Squad surveys each month to a group of dedicated retailers, but the polls are much shorter — about 10 questions or so.

They’re how we track national sales growth or decline and what’s selling, and they’re our biggest resource for story ideas and subjects. If you’re not a Brain Squad member, please join today at instoremag.com/brainsquad. Become one of INSTORE’s true heroes — and get a free T-shirt for your trouble!

Now Introducing The INSTORE Show, Coming to the Chicago Area in 2023!

Trace Shelton

Editor-in-Chief, INSTORE
trace@smartworkmedia.com

Five Smart Tips You’ll Find in This Issue

During the holidays, do a 10- or 15-minute staff huddle each morning to go over the previous day’s results, today’s goals, and what’s coming up. (Manager’s To-Do, p. 24)
Set individual sales goals by product category, units sold and average retail price. (David Brown, p. 66)
Use SMS texting to follow up on abandoned carts, solicit feedback on recent orders or ask for reviews. (Andrea Hill, p. 68)
Encourage buyers to purchase matching pieces now for future occasions. (Peter Hannes, p. 70)
Use a modified “buy one, get one free” offer to liquidate aged inventory during the holidays. (David Geller, p. 72)

When There’s No Succession Plan, Call Wilkerson

Bob Wesley, owner of Robert C. Wesley Jewelers in Scottsdale, Ariz., was a third-generation jeweler. When it was time to enjoy life on the other side of the counter, he weighed his options. His lease was nearing renewal time and with no succession plan, he decided it was time to call Wilkerson. There was plenty of inventory to sell and at first, says Wesley, he thought he might try to manage a sale himself. But he’s glad he didn’t. “There’s no way I could have done this as well as Wilkerson,” he says. Wilkerson took responsibility for the entire event, with every detail — from advertising to accounting — done, dusted and managed by the Wilkerson team. “It’s the complete package,” he says of the Wilkerson method of helping jewelers to easily go on to the next phase of their lives. “There’s no way any retailer can duplicate what they’ve done.”