Prestige Promenade pearls and sweets
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Spring 2025 | 47 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 C oming off the statistically best four years in the history of our industry (2021/2024), you'd be forgiven for thinking we've figured this stuff out. But stand close enough to the door and you'll feel a dra that threatens to upend the momentum. As of writing, gold has surpassed $3,200, the narrative around lab grown continues to bifurcate the industry, even as customers vote with their purchases in record numbers, and the chaos of on-again, off-again, tariffs has turned 401k watching into a spectator sport. Consumer confidence, the lifeblood of jewelry-buying, is taking a hammering. Given the uncertain bigger picture, we would do well to remind ourselves that we are masters of our own destiny. ere are important strategies that you ought to focus on that contribute to the health of your business. None of these are without complexity, but you own them 100 percent, and each will make a difference. People: use this time to ensure that your team is comprised of people who understand fundamentally their job is to sell. Get help if you need it, but your business cannot afford to carry passengers. Comp Plans: make sure your comp plan underscores your business objectives. Many businesses aspire to one thing (profitable sales) but reward something else (low-margin sales). CR M: Not having a CRM in place is a major miss. Returning customers are 70 percent more likely to purchase and at a 30 percent higher average ticket. Data: don't run your business on instinct. Use data to understand, very specifically, what's working and what's not working in your business. Gut-instinct has its place, but running the business on it is a bad idea. Happy retailing! ... we would do well to remind ourselves we are masters of our own destiny ... '' '' In a World of Chaos, Control the Controllables R E T A I L F O C U S