Retail jewelers can take a number of steps to capitalize on the watches their stores carry. Following are the top tips to ensure you’re getting the most out of your watch brands.
Carry fewer brands with a deeper assortment. Carrying fewer brands but a larger assortment per brand shows the customer you are invested and are a partner with the brand. Customers today are smarter and do quite a bit of research before even stepping into a retail store. Therefore it’s important for the retailer to show a full assortment of a brand’s products. By carrying a full assortment, the retailer inevitably becomes knowledgeable and more enthusiastic about the brand. The retailer is also able to understand the nuances of the brand history and innate details; they become intimately familiar with the brand. In addition, carrying a full assortment helps to maximize sales potential and profitability for the retailer and the brand.
A retailer might also consider add-on items, which will make customers feel like they are getting more for their money and help solve the discounting problem many retailers face today because of competition in their market and from the Internet. Free lifetime battery replacement, extended warranties, and rotators are great add-on items for watch sales.
Maintain product knowledge. Retailers must have extensive product and brand knowledge at the sales level. Having staffers with knowledge of technical details makes the customer comfortable with the brand and the store. Remember, the more you know, the easier it is to close the sale.
Knowledge of the brand’s history, how the brand is sold and promoted nationally and worldwide, and celebrity endorsements help consumers feel that they are buying the total package. It’s essential for the retailer to point out and be familiar with specific details of each watch. Knowledge of both the product and the brand makes it easier to overcome natural objections from the customer.
Maximize relationships. Remember the old adage, “It’s all about who you know.” The most successful retailers make it their business to know everyone who works for the brand, from the customer service reps up to the president. It is important for the retailer’s success and customer satisfaction to ensure they have solid relationships with all levels. The goal of the retailer is to have the brand’s support, which makes it easier to satisfy the customer. Factors such as strap changes, repairs, special orders, and quick deliveries are important to customers. The relationship a retailer forms with a brand’s personnel can mean the difference between customer satisfaction and customer disappointment.
Follow through. To capitalize on sales, a retailer needs to follow through on a consistent basis with all functions related to sales. The following is a checklist that should be completed on a weekly or monthly basis for each brand:
Check assortments weekly to ensure best sellers are in stock at all times;
Maintain in-depth knowledge of brand inventory;
Make sure you have boxes and warranties for each watch in stock;
Keep catalogs and price lists on hand;
Keep extra parts, such as strap, links, and dials;
The entire staff should be aware of all promotions between the store and its brands;
Watch brands should be properly displayed and presented;
Keep a list of key numbers for various departments within the brand for quick answers to questions.
Marketing. Maximize co-op opportunities and take advantage of additional marketing opportunities offered by the brand. More marketing equals more consumers in your store, which ultimately will result in more sales.
Retailers that are identified with brands make them a point of destination in their market. Retail marketing not only creates a retailer/brand affiliation but also promotes “extra” sales of other brands. In addition, another way to market your store is to align it with a consumer finance company, which can customize customers’ financing options for your store. Consumer financing companies can help retailers sell more merchandise at higher price points.