Last updateThu, 22 Feb 2018 4pm

Bob Epstein

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.

A loyal customer base leads to long term business success

The key to any successful business is a steady customer base, so building customer loyalty is critical for the growth and prosperity of yours. It’s widely known that it’s more expensive to recruit a new customer than it is to retain the one you have already won. In fact, a typical retailer will see as much as 80 percent of their business come from 20 percent of their customers. Nonetheless, it’s all too common for jewelers to neglect their invaluable, loyal customers, yet spend a large percentage of their marketing and advertising budget trying to attract new ones. The following suggestions should help build customer loyalty, offer a better shopping experience, and help lead to a more profitable business: