Look Book

50 | The Jewelr y Book Consultant to Jewelry Suppliers and Retailers Sales Training Masterclasses –– Sales Team Breakfast Discussions –– Executive Coaching –– Hiring Workshops –– Managers' Meetings –– Keynotes P E T E R S M I T H TheRetailSmiths@gmail.com by Peter Smith I n contemplating the rapid changes taking place in retail— changes that can feel overwhelm- ing—take heart in knowing the core metrics have not changed and, if you create a roadmap with sufficient guardrails around those metrics, you will grow your business . So, what are those core metrics and what can you do about them? When all the noise is stripped away, retail can be viewed in three core metrics: Foot traffic into your store, visits that convert into sales, and the average price of these sales. is trio should act as a litmus test for how resources are deployed. Does it drive more foot traffic? e single most important driver of foot traffic is your CRM. If you don't have a plan to stay connected to the customers who bought from you in the past, all the store updates, new products, and creative marketing in the world won't cover that sin. Will it help me convert more visits into sales? e two main factors influencing your conversion are the quality of your sales team and the relevance of their sales training. Product knowledge is not sales training. Have a plan to make your salespeople the best versions of themselves. You must also have a plan for hiring the right people. If you need to, get help putting a hiring plan in place. Will it help me increase my average ticket? e answer to this question is an amalgam of the previous points. Your salespeople should be trained to maximize sales opportunities for the store, for themselves and, most importantly, for the customers. As for that CRM plan, returning customers are 70% more likely to purchase than first time visitors and at an approxi- mately 30% higher average ticket. Feel free to reach out to me if you need help. Happy retailing! ... take heart in knowing the core metrics have not changed ... '' '' Retail in a Nutshell and Why You ' ve Got This! T H E R E T A I L C O R N E R

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