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One Great Thing I Did Last Year: Analyze Brand Performance | June 23, 2015 (0 comments)
Merrick, NY—In our ongoing series titled “One Great Thing I Did Last Year (That You Can Do This Year)," The Centurion asks retailers to tell us about one outstanding thing they did in 2014 that turned out really well. There was such a great response to our question that it’s taken us half of 2015 to share it with you! Look for this theme again in 2016—but for now, in our final installment, Ron Boyd of Duncan & Boyd Jewelers, Amarillo, TX, shares his insight.
After being a jeweler for 40+ years, Boyd says that analyzing his vendor/brand’s performance in his store is his top priority.
“I look at the numbers for the last five years,” says Boyd. “We look at what sells and also what comes out of our pocketbook to support a brand on our end (for advertising and stock levels, etc). We use ARMS and Focus Management. We can look at the numbers and see the mark-ups we get and the number of units we sell. We know precisely what works and what doesn’t.”
Jeweler Ron Boyd
Boyd has been working with brands a long time. “Brands do a lot for the industry. You need to have the right ones for your store. Brands have brought up jewelers to better level, but you still need to do what’s best for your store and look at whole picture.” Boyd says that sometimes the numbers don’t add up. “You have to study them and know what turns and what doesn’t turn. If not, you end up building inventory that you don’t have cash flow to support.”
Being in a small town makes a difference. “In the bigger cities, volume may be easier to come by. In the smaller areas, like where we are, we have to pay even more attention to how we work with the brands and make sure they are cost effective.”
Boyd’s brand mix has changed, but not necessarily decreased, due to his performance evaluations. The brands he has today work for him and his local community. (Refer to his website for the list of brands he carries now.) “I know my market,” says Boyd. “I need to keep my cash flow freed up and ensure that the company in profitable.” Boyd’s attention to his brand performance helps keep Duncan & Boyd profitable.
Missed an installment of our "One Great Thing" series? Click here to read previous ideas:
- Rethink Your Store Hours
- Hire Help For The Busywork
- Handwrite Invitations
- Update Your Store's Atmosphere
- Build More Community Relationships
- Optimize Your Inventory System
- 'Your Repair Is Ready' Phone Calls
- Facebook Engagement Photos (With Permission)
- Fundraising For Your Local Community
- Get Social With Facebook and Instagram
- Help Your Community Celebrate The Holidays
- Design a Locally Relevant, Salable Jewelry Line
- Traveling Jewelry Clinics
- Hold a Boot Camp to Teach Sales Associates
- Find The Right Vendor To Fill A Need
- Feed Your Customers (Literally!) To Keep Them In the Store Longer