About 25% of good customers make referrals, according to Jeff Buzbuzian, co-owner of Knar Jewellery, Ontario, Canada. In his “Key Figures for Sales and Marketing Decisions” seminar on Wednesday, Buzbuzian stressed the importance of knowing your in-store figures, such as the number of transactions per department.
Jewelers should review their daily cash position (current inventory, plus receivables, minus payables, and plus or minus the total in your bank account) at least once a week, because the money in your business isn’t small change. “And let at least two others see your numbers as well,” said Buzbuzian. “I spend about 15 hours a month checking mine, because we’re dealing with a lot of money.”
He also cited a few key pieces of information all jewelers should know: products with the biggest margins, so you always have them on hand; client profiles, such as occupations and buying history; and your top 500 clients. “Thank these customers in some way, because these folks are referring others to you,” said Buzbuzian.
Knowing these facts about your business also helps you spot local trends, get the most out of your advertising money, and cultivate more customers.