EXPAND THE POSSIBILITIES

May 2024

A Strategy for Enhanced Growth

Vince Rath

As we know, standing still in jewelry retailing is akin to moving backward. The key to sustained growth and improved results lies in our ability to expand our possibilities – to look beyond traditional practices in business development, sales, performance management, or advertising. By reimagining and adjusting our current practices, we can uncover new opportunities for engagement, sales, and customer loyalty.

REDEFINING GREETING: BEYOND THE FRONT DOOR

Consider the conventional greeting at the front door of a brick-and-mortar store. This initial interaction, while important, represents just a fraction of the opportunities available to initiate meaningful sales conversations. Expanding this concept, we recognize that clientelling activities—personalized communication and outreach efforts—serve as an extended form of greeting. This proactive engagement, whether through personalized emails, social media interaction, or direct calls, invites customers into a sales conversation even before they step into the store or visit the website.

Similarly, the service counter, often seen merely as a place for transactions and repairs, can be transformed into a powerful sales touchpoint. Here, a warm greeting coupled with insightful product knowledge can transition a simple inquiry into a memorable selling interaction. By training staff to see every customer interaction as an opportunity for a greeting that leads to sales, retailers can significantly enhance customer experience and sales outcomes.

EXPANDING MARKETING EFFORTS: REACTIVATION

For many retailers, marketing efforts often focus on attracting new customers or engaging active ones. However, there’s immense potential in reactivating lapsed customers. By employing targeted reactivation offers, retailers can reignite the interest of those who haven’t made a purchase in a while. This approach not only increases the customer base but also maximizes the lifetime value of each customer.

Furthermore, stepping outside the conventional realm of special events can open new avenues for customer engagement and sales. Unconventional events—such as jewelry care workshops, exclusive previews of new collections, or even community-driven charity sales—can create buzz and foster a stronger sense of community and loyalty among customers. These events offer a fresh perspective on what it means to engage with your brand, moving beyond transactional interactions to create meaningful experiences.

PERFORMANCE MANAGEMENT: A HOLISTIC APPROACH

Traditionally, performance management in retail focuses on issuing praise or punishment based on the achievement of outcomes such as sales targets or customer service ratings. However, expanding this view to include activity such as employee development, creativity, and innovation in sales strategies can lead to more motivated and high-performing teams. Focusing on skill development, even if it isn’t directly related to a specific job’s duties, increases employee engagement, and produces a “halo-effect” of discretionary effort in a variety of areas from those motivated by such activity. Think about proximity skill development in areas such as communication, conflict resolution, planning and organization, or problem solving. During monthly or quarterly reviews, reserve time to brainstorm sales driving activity. Encourage your staff to think outside the box and reward innovative ideas that work. This sort of collaboration will foster a culture of continuous improvement, adaptability, and commitment

Fana

14K Yellow gold Catalina

station  bracelet

MSRP $6175

fanajewelry.com

800.433.0012

SYNA

18K Gold moon quartz

diamond Jardin vine

earrings

MSRP $2,950

synajewels.com

201.336.4132

Amali

18K Gold and grey diamond

hand woven earrings

MSRP $1,650

amalijewelry.com

781.789.8976

Allison – Kaufman Co.

14K Gold diamond band

.18 BAG .25TW

MSRP $2,229

allisonkaufman.com

800.800.8908

Jewelry Innovations

Serinium® ring with

cabernet  barrel wood

and antler

MSRP $927

jewelryinnovations.com

800.872.6840

CONCLUSION:THE PATH FORWARD

In the world of jewelry retail, expanding the possibilities means continuously exploring new ways to engage customers AND associates, enhance their experience, and streamline operations. By redefining traditional practices and embracing innovative approaches to greeting, marketing, and performance management, retailers can unlock new growth opportunities. This proactive and expansive approach not only ensures improved results but also secures a competitive edge in the ever-evolving jewelry market.