Just as with any other business, owning a jewelry business requires careful research and strategizing to not only make sure you’re keeping it afloat, but also helping it become profitable. this This type of business is fairly high stake: the initial investment is immense and the potential loss could seriously damage any experienced entrepreneur’s morale. So let’s look at how you make your jewelry business more profitable:
1. Add a Few Inches to Your Counters
It may sound like a cliche, but the way you showcase your products really matters and in this case it does so from a scientific point of view too. The closer to the eye level it is, the more attractive the counter will become in the eyes of your potential customers. Instead of making them stoop over in an uncomfortable position, the counter should make itself available to the customers, offering them the opportunity to easily create a relationship with each one of the jewelry items displayed. Having said this, consider raising them at around 42-43 inches high.
2. Identify the Feelings Your Items Evoke
We know that jewelry needs to check all the four C’s in order for it to end up being taken home – cut, clarity, carat and color, but the customer’s process is more complex than this. And it always includes the emotional aspect too.
This means that buyers will most likely be persuaded to buy your jewelry only if it evokes certain feelings in them: if it makes them feel special, wanted, significant or powerful. So make sure you talk to your customers and find out how they feel. You can then better understand the reasons behind their purchases and more effectively use this information in your marketing strategies.
3. Get Top Notch Security
As much as you may try to up your game business-wise, it will all be rendered useless if your security system lacks strength and you lose everything in one robbery. Unfortunately, jewelry stores will always be among a robber’s top picks, so it’s essential to invest in security systems that will not disappoint.
Regardless if you’re an established Miami jeweler or a really small Paris jeweler, you need a security system fully equipped with human movement sensors, glass breaking sensors, door sensors and a high-quality video surveillance system to start with. A panic button is also a mandatory feature that can enable any behind-the-counter seller to quickly notify the police. Of course there are more advanced security systems out there and it’s up to you to get the one that matches your needs, while also protecting your budget.
4. Create a Welcoming Environment
Every brick-and-mortar retail experience needs to be more than just a mercenary deal. Your store needs to give off positive and warm feelings that make the customer feel welcome and secure.
It all starts with the security guard that greets them at the entrance – make sure their first interaction with your store comes from someone who will not look bored, but instead will smile at them and politely invite them in. Regardless if they secure the sale or not, they should be warm, poised and polite with everyone coming into the store.
5. Let the Jewelry Speak for Itself
A more off-the-beaten-track sales technique you could use is to also let the jewelry speak for itself. That’s right – lend some of your jewelry to your employees and make sure they wear it in a way that is eye-catching and flattering. Based on this, your sales representatives can engage in a sales pitch and answer your customers’ questions in a way that it more informed and dedicated to their needs.
All in all, although in most aspects a business like any other, a jewelry business is not for everyone to manage as a result of its high-end and high stake profile. But if you’ve already taken the steps to building it and seeing it through in a physical location, you need to also see that it gets the attention and care it needs for it to flourish.
