Professional Jeweller spoke to the team at River Mounts to find out their top tips for maximising sales opportunities in 2021. Here is what they had to say.
1. Create your own story. As jewellers we often become super focused on the tiny details and we forget to step back and look at our business from our customers’ perspective.
It is important whether you run a store, you are an e-tailer or a budding entrepreneur, that you create a story which is synonymous with your brand and your values.
2. Focus, don’t dilute. Make sure you focus your message and product into core ranges that really sell your virtues and what makes your business unique.
You can be spoilt for choice as a jeweller these days but having a core range of lines which you regularly hold in stock and repeat order is a great way of maximising your ROI while consolidating your stock holding.
Dead stock affects all business but we’re lucky to work in an industry where even dead stock can return value if re-used and repurposed.
3. Know your supplier! Work with those who help you sell. A great business relationship is exactly that – a relationship.
Know your supplier and make sure your supplier knows you. Just ask them when you need help. It’s easier to achieve great things when you collaborate and share ideas.
A good supplier will also know what has been tried and tested and what hasn’t and should be able to advise you of any pitfalls you might face. The key to success is in partnership.
4. Be flawless! – I don’t mean be perfect; be transparent. Consumers are becoming increasingly educated and aware of their social and environmental impact. As jewellers we need to have the right information and the right knowledge to reassure them.
5. Be Bold. More businesses fail through stagnation than risk taking. Calculated risk is of course a much better choice than guesswork, but with a good network of suppliers and industry insiders you should be able to make your calculated risks less risky.
Businesses that take bold steps and put themselves out there are going to get noticed more and what you say and do is all going to become a part of your story. How you shape your business and how you portray yourself might mean you don’t appeal to every customer, but this isn’t a bad thing.