Last updateTue, 07 Jul 2020 11pm

Bob Epstein

Online Survival Sales Tactics in the Era of COVID-19

In a matter of days, the world has been turned upside down. COVID-19 has shut down the global economy. Among those suffering are independent jewelry store-owners who look forward to spring weddings, graduations and Mother’s Day shopping to drive sales and generate significant revenue.

Planning exit strategies

You’ve finally decided to reap the rewards of all the time you spent building your successful retail business. You’ve determined it’s time to sell. Now comes the most important decision of your life - how to maximize your assets and convert them to cash. There are typically two choices, sell your store as a going concern with inventory or convert your assets into cash through a professionally conducted sale event.

Brick and mortar retail is not dying

Epstein headshotBrick and mortar retailers are closing in record numbers as of late, but if you take a closer look at the list of retailers closing their doors in 2017 you will notice approximately half of all the closures are by national retailers such as Payless Shoes, Radio Shack and The Limited. Many believe that e-commerce is rapidly taking over the retail industry and will eventually lead to the death of the brick and mortar retailer.

Competing against the big chains this holiday season

Epstein BobAs the holiday shopping season approaches, a whole new slew of ads bombarding viewers begin to air. Many of them feature the jewelry store chains competing for holiday shopping dollars - “Hurry in to one of our 1,000 stores and get this mass produced ring. Sparkling love placed in a tiny cushioned display box - now at huge savings up to 60%.”

Time for aggressive marketing tactics

For the last century, store owners have operated on the premise borrowed from the script in “Field of Dreams”: “If you build it, they will come.” It’s all about location, right? So build your store in a traditional strip center on a busy street with good visibility and lots of parking and they will come. Or build it in a mall and they will come (or at least walk by). Or build it in a luxury lifestyle center and they will come - maybe in their BMW or Audi. The whole build it and they will come mentality is why many traditional jeweler store owners didn’t bother to maintain customer mailing lists, have anything but a rudimentary web site and scoff at Facebook.  Who needs Facebook, they will come.

Cost effective advertising strategies

From an advertising perspective, it’s tough being an independent retail jeweler. There’s just no way to compete with the big box stores who spend millions of dollars on national ad campaigns. On any major holiday, the newspapers and television channels are flooded with expensive, glitzy advertising. There’s just no way to compete - or is there?