Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Jeweler brings Midwest to the Southwest
    Tara Fine Jewelry: Atlanta’s not-so-secret, best-kept secret
    Finding the Big Ones; Zambian Trophies for the Ages
    The Golden Girls of Gemstones
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    Education, networking, hospitality featured at Spring Atlanta Jewelry Show
    Designer Brenda Smith announces new Black ’n Gold ’n Diamonds Collection
    JBT-logo-cover
    Richard Katz, Richline Group appointed Chairman of The Jewelers Board of Trade®
    Alan Revere
    AJDC elects Alan Revere as President
  • Podcast
  • Columnists
    Is the customer always right?
    Successful Custom: Stressing the bench jeweler
    The Story Behind the Stone: Diamonds on Pins and Needles
    Jewelry Marketing Survival Guide
    The Story Behind the Stone: Out of the Blue
    What’s Hot Now!: Latest Designer Trends 2023
    A Winning Strategy: How SEO and buying intent can skyrocket your sales
    business people shaking hands
    Networking for small business owners
    Is the customer always right?
    Successful Custom: A Clean Disaster
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
No Result
View All Result
Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Jeweler brings Midwest to the Southwest
    Tara Fine Jewelry: Atlanta’s not-so-secret, best-kept secret
    Finding the Big Ones; Zambian Trophies for the Ages
    The Golden Girls of Gemstones
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    Education, networking, hospitality featured at Spring Atlanta Jewelry Show
    Designer Brenda Smith announces new Black ’n Gold ’n Diamonds Collection
    JBT-logo-cover
    Richard Katz, Richline Group appointed Chairman of The Jewelers Board of Trade®
    Alan Revere
    AJDC elects Alan Revere as President
  • Podcast
  • Columnists
    Is the customer always right?
    Successful Custom: Stressing the bench jeweler
    The Story Behind the Stone: Diamonds on Pins and Needles
    Jewelry Marketing Survival Guide
    The Story Behind the Stone: Out of the Blue
    What’s Hot Now!: Latest Designer Trends 2023
    A Winning Strategy: How SEO and buying intent can skyrocket your sales
    business people shaking hands
    Networking for small business owners
    Is the customer always right?
    Successful Custom: A Clean Disaster
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
No Result
View All Result
Southern Jewelry News
No Result
View All Result
Home Columnists

Business slowdown or opportunity

Bob Epstein by Bob Epstein
July 1, 2010
Share on FacebookShare on Twitter
Reading Time: 5 minutes

Now that we are going into the slower summer months, you have the perfect opportunity to step away from the day-to-day operations of your business and reflect on what really drives your business, your customers, products and services and competitors.

Do you really know who your customer is? By understanding your customer you can more successfully market your business and attract new and existing customers.

It is important to gather information about your customers when they make a purchase. The information you gather will become vital in profiling who your customer is. What do your customers have in common? What is their average age, marital status, where do they live and work? Are they mostly male or female? The answers to these questions will help you learn who is shopping your store and allow you to target similar groups that may become future customers.

Now that you have an understanding of whom your customer is, it is time to review your inventory and examine if it fits the needs of your customer. What are your best sellers and what has been sitting in inventory for several years? Does your pricing strategy match your customers’ needs? Given the current economic situation is your average price point equal to what your customer is willing to spend? Are you missing any categories or price points that your customers have been asking for?

Speak to your vendors and ask what have been the hot products. How have their average price points changed? Your vendors can also supply you with local information about what has been selling well with other stores in your area.

Create an in store survey for your customers and ask them why they shop your store. What would they like to see that you may not currently stock? How do they feel about your customer service? Don’t be afraid to ask for recommendations as to how you may improve your services.

Once you have a good understanding of your customer and your product needs, it is time to put together the most effective way to market your services to your customers. Ask your existing customers how they heard of you. Look at your toughest competitors and review what they are doing to market their services. Are they offering product that you may not be carrying? Are they increasing their promotional efforts? How do your pricing policies compare to theirs?

You now have a good understanding of what you have to offer and who you want to offer it to. The next step is to communicate your message to the public. Why should they shop your store? What do you do better than the competition? What is the benefit to them?

When communicating your message try to be both unique and entertaining to make sure your message is heard. There is a lot of competition out there so you want to stand out and be noticed.

There are many ways to communicate your message and try to reach potential new customers. Ask your existing customers for referrals. Offer them something special for each referral that comes into your store. Team up with a local charity. This informs new customers that you are socially responsible. Many customers like to give something back to a local cause and by teaming up with a local charity you distinguish yourself from your competitors. Network with other local business owners. You can learn what is working for them and how they are reaching new customers.

You always have to be proactive and willing to try new things. A slowdown in your everyday business needs to be looked at as an opportunity. Get those things done that you put off when business is booming. Don’t just assume that since business is slow it is an opportune time to take a vacation, because before you know it that vacation may become more permanent than you want.

Bob Epstein is CEO of Silverman Consultants, LLC. Offering a legacy in sales strategies for jewelers since 1945, Silverman Consultants provides guidance to store owners seeking to turn around a business, sell off unwanted inventory, or liquidate an entire store. With offices located in Charleston, South Carolina; New York City; and Saskatoon, Canada; the company helps jewelry store owners and chains formulate strategies designed to maximize revenue in times of transition, whether due to retirement, store closing, or simply when needing a boost in sales. For more information visit www.silvermanconsultants.com or call Bob direct at 800-347-1500.

Bob Epstein

Bob Epstein

Bob Epstein is CEO of Eaton Hudson Jewelry Advisory Division.  Offering a legacy in sales strategies for jewelers, Eaton Hudson provides guidance to store owners seeking to turn around a business, sell off unwanted inventory, or liquidate an entire store. With offices located in Atlanta, Charleston, Boston and Toronto, the company helps jewelry store owners and chains formulate strategies designed to maximize revenue in times of transition, whether due to retirement, store closing, or simply when needing a boost in sales. For more information, visit www.eatonhudson.com.

Related Posts

Is the customer always right?

Successful Custom: Stressing the bench jeweler

March 27, 2023

The Story Behind the Stone: Diamonds on Pins and Needles

March 20, 2023

Jewelry Marketing Survival Guide

March 15, 2023

The Story Behind the Stone: Out of the Blue

March 15, 2023

Latest News

Industry Events

Education, networking, hospitality featured at Spring Atlanta Jewelry Show

March 27, 2023
Columnists

Successful Custom: Stressing the bench jeweler

March 27, 2023
What's New

Designer Brenda Smith announces new Black ’n Gold ’n Diamonds Collection

March 27, 2023

Other News

Richard Katz, Richline Group appointed Chairman of The Jewelers Board of Trade®

AJDC elects Alan Revere as President

Kingswood Company President and CEO Kristie Nicolosi inducted into Private Label Industry Hall of Fame

Hardrock Summit to return to Denver in September 2023

Iconic Jewelry Firms is theme of ASJRA’s 18th annual Conference

DMIA members meet-and-greet and hear updates from GIA, NDC

Southern Jewelry News

© 2022 Southern Jewelry News.

Additional Information

  • About
  • 2023 Jewelry Trade Shows & Events
  • Media Kit
  • Contact
  • Sitemap
  • Newsletter Signup

Get Social with Us

No Result
View All Result
  • Featured Articles
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Supplier Spotlight
    • Sponsored Content
  • Latest News
    • What’s New
    • Industry Events
    • Tradeshow News
    • On The Move
    • Other News
    • Furry Friends
  • Podcast
  • Columnists
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription

© 2022 Southern Jewelry News.