Last updateWed, 15 May 2019 3pm

Bob Epstein

Five key ingredients for running a successful sale event

“If I run a sale in my store, can you tell me how well it will do?” It’s an inevitable question I get when I’m talking with a store owner thinking about running a sale event. And after decades of experience, I’m able to give a store owner some pretty good advice with regard to predicting the relative success of a sale. The starting point is to look at the last two to three years’ sales history trends, margins, inventory levels, etc. to benchmark the kind of business the store has been doing. But beyond that, we’ve identified five key elements that strongly impact the success or failure of in-store promotions.

We all have a price... what’s yours?

The average customer considers the price of a product to be a key factor in their purchase decision. When you ask consumers about certain retail establishments, they may respond with a phrase such as, “that place is expensive, but they have great service,” or perhaps remark that it’s, “inexpensive but offers poor service and weak inventory.” Whatever the impression, pricing is often part of the description.

Capture customer feedback, because what matters to them should matter to you

It’s quite likely that we’ve all shopped in a store that made such a poor first impression, we’re determined not to give them the opportunity to make a second one. However, even if you consider yourself the most critical shopper, you may have a blind spot when it comes to evaluating your own store. Not wanting to make anything but a positive first (and second) impression means stepping back to take a look at your store from a critical shopper’s point of view.

Leaving the business in high style takes planning

So you finally decided to reap the rewards of all the time you’ve spent building a 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 the highest possible return, being sure you’re exiting in high style.

New Year calls for new look at inventory

It seems simple enough – keep an adequate supply of the most popular items, but make sure you don’t overstock - yet inventory management should be more than keeping the appropriate selection on hand. Successful inventory management involves balancing the costs with the benefits.

New Year’s reflections and resolutions pay off for jewelers too

Happy New Year!  Time for retailers to rest, right?  Actually, don’t kick back in that easy chair just yet.  With the holiday shopping season over, this is the time to review the past year and make plans that will help ensure a successful year ahead. The holiday rush has given us all an opportunity to learn about our customers’ buying habits. Wise jewelers will now use that knowledge to plan for a profitable year ahead.