by Vince Rath, Optimum Retail Solutions
It’s a common question we hear from retailers, “how can I get a larger piece of the pie from my trade area?” Many search for answers in new vendors or merchandise offers, a different ad agency or the next cool promotional idea. While these changes can and often do deliver sales increases, they come at a price. It’s expensive to add a new vendor or change marketing companies and, truthfully, there’s no guarantee they’ll work. But, are there other options?
We think so.
Every store deals with lost opportunity; sales that didn’t happen because the team didn’t execute well in a given moment or over time. You know what I’m talking about. It’s the customer who didn’t see merchandise when they dropped off or picked up their repair or the missed the add-on sale for the person buying a gift-of-love.
It’s the turnover that didn’t happen even though we talk about it every single week. These are the “leaks in the bucket” that are maddening and that every retailer experiences. However, they also represent the low-hanging fruit associated with growth and opportunity. What if you could identify those opportunities, by individual, isolate the sales behaviors associated with them and then build an action plan to capitalize on them?
At Optimum Retail Solutions, we know that sales are only the result of the behaviors that produce them. The hard part is identifying exactly which part of the complex sales process needs improvement and which needs reinforcement. That’s why we joined forces with Buyers Intelligence Group to create the Performance Optimization Program (POP); a subscription coaching service that incorporates KPI dashboard reporting and proven performance management techniques. KPIs are numbers that indicate behaviors such as Greeting, Building Value or Overcoming Objections; the actions that are most likely to produce sales. Based on analysis of the data, supervisors can prioritize their observations, confirm which behaviors need attention and provide targeted feedback for improvement. It sounds simple and it is. It just isn’t easy. That’s where our team comes in.
Our coaches are professional managers with deep experience in the jewelry industry. We’ve done the work that we teach others to do. Our team gives personal attention to owners or supervisors to help them improve their overall coaching ability and achieve sustainable results.
With a subscription to the POP Report, our team will help:
- Establish clear expectations for the store and team
- The What, How and When of performance
- Identify improvement opportunities through KPI analysis
- Implement ongoing sales training and a common sales language
- Install a monthly process to evaluate performance and provide behavior-based coaching
- Identify Key Performance Indicators, the levers that move top line sales
- Learn the 7 Limiting Factors that affect performance
- How to build an effective action plan
- Explain key tactics of effective sales floor management
- Keeping the store “On Purpose”
- The 5 areas of sales floor observation
- How to out-process a sales transaction
- Build a promotion calendar and prepare for key special events
- Establish methods to cascade information, expectations and accountability throughout the store
- Three types of meetings and why they are important
- Provide feedback and accountability to key management personnel to improve their performance and stay on mission-critical activity
- Monthly coaching calls with the owner or supervisor
- Unlimited emails
- Access to the POP report through Balance to Buy
For more information or book an appointment at CBG (booth T3) or Luxury/JCK (booth LUX110)
visit our website: OptimumRetailSolutions.com
Optimum Retail Solutions
Ph: (913) 709-8506
This month’s guest writer, Vince Rath, is the owner and principal consultant at Optimum Retail Solutions and a long-time BIG partner. Established in 2014, Optimum Retail Solutions set to provide comprehensive, personalized service and support to independent jewelers. Their company’s core values are centered on partnerships and tailoring services for each individual client. Their consulting & coaching business launched something truly innovative with the release of the POP Report, a data-driven, behavior-based program that builds accountability into Sales Management process.