Sales Strategy
Do You Conduct Special Events? A Good Guide For Timing Them For Maximum Return | September 24, 2019 (0 comments)
Ft. Lauderdale, FL—I’m a big proponent of special events in your store. We find that those jewelers who do them—be they trunk shows, a lady’s night out, community charities, colored gem roundtables, or any such events—generate goodwill, excitement, and important sales in a month that may normally be just “so-so.”
But there is a balance to how many special events you should do during the year, because you can’t keep going back to your customers and wear them out with invitations each month. I recommend that jewelers do some kind of special event about once a quarter, not only to stimulate business, but to keep your store associates excited and active in clienteling and selling. This will also keep your mailing and email lists current and up-to-date.
Sometimes jewelers conduct sale events each and every year, but we have found that your customers get used to this and they gradually tire of it. Eventually, such sales simply don’t work, and in fact work against your normal business because people know they can wait for you to hang a sale sign up every year.
We are often asked about special, one-of-a-kind inventory reduction sale events that are, in my view, very different from the aforementioned special events. When inventory stacks up over many years due to aging – and this happens to everyone in the business – you need a unique selling event that accomplishes a much different task – a necessary and significant reduction in inventory for financial reasons. Monetizing that inventory through a special sale event is a science all its own with a formula that requires expertise not normally found in any jewelry store.
The Gordon Co. provides a wide range of services to maximize clients’ return on investment of underperforming assets. Some of the primary services we provide and events we conduct for upscale retail jewelers include inventory reduction events, cash raising, retirement sales, store relocation events, strategic store closing, store consolidations, ownership transition events, going out of business, and more. For information, visit www.gordonco.com or call (800) USA-GEMS.