While keeping your financials in check is critical during the downturn, you should also consider how you can position your store for success once conditions improve. In his presentation “The Art of Jewelry Retail,” Jewelers of America’s resident education and management expert David Peters stresses the importance of positioning your business first, ahead of your competition.
To beat the competition, Peters advises jewelers to:
- Use alliances and strategic partnerships to take control of marketing opportunities.
- Whenever possible, negotiate exclusive merchandise and vendor agreements.
- Constantly update the look of your store and its merchandise.
- Consistently tell your customers what you’re doing for them.
- Know and grow your profitable customers and get rid of the unprofitable ones.
Comments