Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Les Olson Jewelers: a hands-on operation
    Les Olson Jewelers: a hands-on operation
    Merger With a Mission
    From hard knocks to soft landing in new store
    Saban Onyx helps independent retail jewelers get fancy
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    Christie’s to auction Bleu Royal
    Hardrock Summit wraps in Denver
    Christie’s to auction Bleu Royal
    ISG awarded Certificate of the Combat Flag
    Artistry, Ltd. releases 2024 catalog
    Artistry, Ltd. releases 2024 catalog
    $2 million in 2021 GIA Scholarships available
    GIA’s Carlsbad Campus receives School of Excellence and Excellence in Student Services Awards
  • Podcast
    Inside the Generational Legacy of David Douglas Diamonds
    Episode 42 -Doug Meadows, Inside the Generational Legacy of David Douglas Diamonds
    An-Inspiring-Tale-Behind-50-Years-of-Jewelry-Design-and-More
    Episode 41 -John Atencio, An Inspiring Tale Behind 50 Years of Jewelry Design and More
    Episode 39 -Brittany Jones,95 Years of Excellence and Legacy of JF Jones Jewelers
    Episode 40 -Brittany Jones,95 Years of Excellence and Legacy of JF Jones Jewelers
    The Rise of Luxury Handbag Trend in Jewelry Stores
    Episode 39 -Frederick Mannella, The Rise of Luxury Handbag Trend in Jewelry Stores
    Episode 38 – Kevin Patton, Gem-preneur Family Legacy of Pattons Fine Jewelry
    Episode 38 – Kevin Patton, Gem-preneur Family Legacy of Pattons Fine Jewelry
    Technology Meets Our Values
    Episode 37 – Kyle Bullock, Technology Meets Our Values
    A Pandemic-Born Success of Two Jewelry Visionaries
    Episode 36 – Brooke and Chase Brinson, A Pandemic-Born Success of Two Jewelry Visionaries
    Jewelers Helping Jewelers
    Episode 35 – Aleah Arundale, Jewelers Helping Jewelers: Connection, Support, and Success
    Must-Know Facts About RDI’s Rare & Forever Natural Diamonds
    Episode 34 – Christy Davidson, Must-Know Facts About RDI’s Rare & Forever Natural Diamonds
  • Columnists
    Applied Marketing 101: The Next Big Thing
    Applied Marketing 101: The Asteroid Approaches
    The Story Behind the Stone: Oops there it is!
    Image of Chuck Koehler
    Cool New Things from the Atlanta Jewelry Show
    Image of Chuck Koehler
    The Retailer’s Perspective: It’s Springtime in September
    Barbiecore Bling! Are you in?
    Joel McFadden Fine Jewelry
    Successful Custom: The Customers View
    Holiday Sales Success: A multifaceted marketing approach
    Holiday Sales Success: A multifaceted marketing approach
    International School of Gemology’s The Sindhi and the Suitcase
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • Digital Magazine
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archive
No Result
View All Result
Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Les Olson Jewelers: a hands-on operation
    Les Olson Jewelers: a hands-on operation
    Merger With a Mission
    From hard knocks to soft landing in new store
    Saban Onyx helps independent retail jewelers get fancy
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    Christie’s to auction Bleu Royal
    Hardrock Summit wraps in Denver
    Christie’s to auction Bleu Royal
    ISG awarded Certificate of the Combat Flag
    Artistry, Ltd. releases 2024 catalog
    Artistry, Ltd. releases 2024 catalog
    $2 million in 2021 GIA Scholarships available
    GIA’s Carlsbad Campus receives School of Excellence and Excellence in Student Services Awards
  • Podcast
    Inside the Generational Legacy of David Douglas Diamonds
    Episode 42 -Doug Meadows, Inside the Generational Legacy of David Douglas Diamonds
    An-Inspiring-Tale-Behind-50-Years-of-Jewelry-Design-and-More
    Episode 41 -John Atencio, An Inspiring Tale Behind 50 Years of Jewelry Design and More
    Episode 39 -Brittany Jones,95 Years of Excellence and Legacy of JF Jones Jewelers
    Episode 40 -Brittany Jones,95 Years of Excellence and Legacy of JF Jones Jewelers
    The Rise of Luxury Handbag Trend in Jewelry Stores
    Episode 39 -Frederick Mannella, The Rise of Luxury Handbag Trend in Jewelry Stores
    Episode 38 – Kevin Patton, Gem-preneur Family Legacy of Pattons Fine Jewelry
    Episode 38 – Kevin Patton, Gem-preneur Family Legacy of Pattons Fine Jewelry
    Technology Meets Our Values
    Episode 37 – Kyle Bullock, Technology Meets Our Values
    A Pandemic-Born Success of Two Jewelry Visionaries
    Episode 36 – Brooke and Chase Brinson, A Pandemic-Born Success of Two Jewelry Visionaries
    Jewelers Helping Jewelers
    Episode 35 – Aleah Arundale, Jewelers Helping Jewelers: Connection, Support, and Success
    Must-Know Facts About RDI’s Rare & Forever Natural Diamonds
    Episode 34 – Christy Davidson, Must-Know Facts About RDI’s Rare & Forever Natural Diamonds
  • Columnists
    Applied Marketing 101: The Next Big Thing
    Applied Marketing 101: The Asteroid Approaches
    The Story Behind the Stone: Oops there it is!
    Image of Chuck Koehler
    Cool New Things from the Atlanta Jewelry Show
    Image of Chuck Koehler
    The Retailer’s Perspective: It’s Springtime in September
    Barbiecore Bling! Are you in?
    Joel McFadden Fine Jewelry
    Successful Custom: The Customers View
    Holiday Sales Success: A multifaceted marketing approach
    Holiday Sales Success: A multifaceted marketing approach
    International School of Gemology’s The Sindhi and the Suitcase
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
  • Digital Magazine
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archive
No Result
View All Result
Southern Jewelry News
No Result
View All Result
Home Columnists

Sale event success factors

Bob Epstein by Bob Epstein
March 1, 2013
Share on FacebookShare on Twitter
Reading Time: 7 minutes

So you’re thinking about running a sale event in your store. Maybe you want to move dated or slow moving inventory. Maybe you need to increase store traffic. You might even be thinking about retirement and closing your store. All good reasons for a sale. So, if you run a sale, how well will it do? What impact will it have on cash flow and your bottom line?

There are several factors that will help in determining how successful your sale event may be. Analyzing historical sales data for your store over the same period of time that you plan to run the sale is a good starting point.  Historical numbers will give you a baseline to determine how a sale might improve your business. But beyond that there are several other factors which strongly influence the success of the sale: seasonality; store history and reputation; the theme of the sale; the propensity of the store to discount and run other sales; and the state of the national and local economy.

Seasonality.  Typically a third of annual jewelry sales are generated during the November-December holiday time frame, and much of that volume is done 10 days prior to Christmas.  But January is also a strong sales month as many shoppers look to spend gift cards and work bonuses. Sales tend to spike again around Valentine’s Day and continue on into the spring with Mother’s Day, graduations and the traditional spring wedding season. For most jewelers, summer is the pits. Even with a strong theme, good advertising and discounting it’s hard to move merchandise in July and August. There are exceptions, of course – most notably summer vacation resort destinations whose season mirrors that of the traditional jeweler.

Reputation. Stores that have been in the same location for over five years and have built a good reputation for customer service have a big advantage over newer establishments.  For this reason, grand opening sale events for independent jewelry stores are a challenge. Unlike the big box, brand name stores with their hefty advertising budgets to announce the opening of a new location, customers tend to steer away from unknown, independent entities when it comes to buying jewelry.

An established store will hopefully have built a strong customer mailing list and can use this list to promote their sale event.  And when it comes to inventory, independent jewelers also have a distinct advantage in being able to offer unique and different products. Having inventory that is distinctive will set your business and brand apart from the chains and can be an important building block in running a sale event.

Discounting. A store that is continually discounting or running promotional sales will have a tough time running another significant sale event targeting price points. They become known as a discounter and the impact of a sale event is less meaningful.  It’s a matter of credibility with the buying public. By contrast a store that rarely runs a sale and is not known for discounting will have a far better chance of success in getting a customer’s attention; sale discounts are meaningful – not just part of the normal course of business.

Sale theme. This brings us to the most important factor in the success of any sale event:  the theme of the sale. Over the last decade the American buying public has been educated and has been accustomed to looking for deals – especially in the recent economy. Store closing or store retirement sales are the best in terms of getting the public’s attention and moving significant amounts of merchandise. Customer loyalty is a key factor with store closing sales as store owners can appeal directly to their base of business offering private sale incentives for their best customers as a reward for their patronage over the years.

Store closing and retirement sales are the most effective themes, but there are a variety of promotional themes that work including anniversary or trade liquidation type events. Again the reputation and history of the store are key factors in predicting the success of the sale.

The national and local economy. You can lead a horse to water, but you can’t make him drink. Likewise you can advertise, discount and generate additional store traffic, but you have no control over the buying mood of the public. It’s been our observation over the last five years that while the response of the buying public may be marginal in some areas of the country; in others the response has been good. It just depends. While you cannot control the state of your local economy, you should be aware that it’s obviously a factor in determining the outcome of a sale event.

When planning a store wide sale event it’s important to take into account the impact of seasonality, store history and reputation, the theme of the sale, the propensity of the store to discount and run other sales and even the state of the national and local economy. A well planned and professionally conducted sale event can generate additional store traffic to help increase sales and positively impact your cash flow.

Bob Epstein is CEO of Silverman Jewelers Consultants. Since 1945, Silverman has been considered one of the premier sales consulting firms to the jewelry industry, specializing in improving cash flow and maximizing the recovery on distressed inventory through professionally conducted sale events. Bob can be reached at 800-347-3258 or by e-mail at bob@silvermanconsultants.com.

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

Applied Marketing 101: The Next Big Thing

Applied Marketing 101: The Asteroid Approaches

September 18, 2023

The Story Behind the Stone: Oops there it is!

September 18, 2023
Image of Chuck Koehler

Cool New Things from the Atlanta Jewelry Show

September 18, 2023
Image of Chuck Koehler

The Retailer’s Perspective: It’s Springtime in September

September 13, 2023

Latest News

Industry Events

Hardrock Summit wraps in Denver

September 20, 2023
Other News

ISG awarded Certificate of the Combat Flag

September 20, 2023
What's New

Artistry, Ltd. releases 2024 catalog

September 20, 2023

Other News

GIA’s Carlsbad Campus receives School of Excellence and Excellence in Student Services Awards

Christie’s to auction Bleu Royal

GN Diamond’s 100% Guarantee takes the risk out of stocking up on diamonds and finished jewelry

Applied Marketing 101: The Asteroid Approaches

Noble announces expansion of showcase and store design division

Submission open for 2024 JCK Industry Fund grants

Southern Jewelry News

© 2023 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
  • DIGITAL MAGAZINE
    • Southern Jewelry News
    • Mid-America Jewelry News
    • Archives

© 2023 Southern Jewelry News.