Professional Jeweler Archive: Assess Store Performance and Assure Strong Decisions

April 2002

For Your Staff/Selling Timepieces

Assess Store Performance and Assure Strong Decisions

The fifth "P" to selling timepieces requires a careful look back at last year's highs and lows

You’ve demonstrated Passion. You know your store’s Position in the marketplace. You and your coworkers have put into Practice everything you’ve learned on the job and in training sessions. You Present watches as fine jewelry and sell them accordingly.

You’ve met all four of these P’s, as explained in previous editions of this series, and now you’re all done, correct? Not quite. It’s time to evaluate sales Performance.

Trends Beyond the Numbers

How did your watch brands do last year? Were some up and some down? Look at trends as well as sales. Check sales performance several years back for growth, or no-growth, patterns.

If a brand did well, determine why. Was it new? A new display or location in your store? Increased advertising? Sales spiffs? Weaker competition by a comparable brand? Any of these factors could have allowed the brand to finally sell up to its potential. Also determine whether the brand was strong year-round or mostly during the holidays. That will tell you when and when not to stock up.

It’s impossible to get an accurate feel for a brand’s performance just by reading a spreadsheet or analyzing data. Also ask your sales associates. Just the other day I asked an associate about a brand whose sales decreased last year. He said the brand lacked a clearly identifiable steel-and-gold watch and was losing sales in that category to its in-store competition. That was a valuable insight that I shared with the sales rep for that brand.

Be Sure of Sales

As you enter the spring and summer buying season, you’ll want to be confident of the details behind the successes and failures of last year. Make it a practice to get key information from your sales reps. They know what was shipped in and can tell you what styles were consistently strong sellers in your store.

Keep in Touch

Selling watches is more than putting on a show using the other four P’s. It’s a matter of being fully in touch with your business so you can build on things that work and correct the ones that don’t.

Together, these five steps can point to the best way to give an award-winning and dollar-generating Performance!

Paul White, Watch Division Director, Reis-Nichols Jewelers, Indianapolis, IN

Paul White fills this column with tips for retailers who want to sell more watches. If you have suggestions for topics, questions for Paul or specific examples, send them to Professional Jeweler, 1500 Walnut St., Suite 1200, Philadelphia, PA 19102;

Copyright © 2002 by Bond Communications