Looking to grow your sales with one simple strategy? Read on for tips from Larry Johnson—author of “The complete guide to effective jewelry display” and CEO of Larry Johnson Consulting—about how to increase your profits with better display techniques.
Look at each of your showcases and find areas where you are offering “middle priced options” that are not as high priced as you think the market should bear. Experiment with a few similar pieces of merchandise at 20 per cent higher prices to make your previous highest priced pieces the new middle choice. Make the new middle pieces at full margin because you are going to sell more of them. Place the higher price pointed items in the rear of the showcase for the salesperson to reach it more easily.
Place the least expensive goods near the customer’s side of the showcase and mid-priced merchandise between the two. Now, when a client is moving up or down in price, your salesperson simply moves back to front in the case without having to move all over the store. This arrangement makes selling much easier.
Test your new selection offering for 60 days and track your results. Be sure your sales team offers the high-priced option to every prospect. That will “anchor” the higher price in your customer’s mind and make the lower price point seem more appealing. At the end of the test period, evaluate the sales results and expand or rethink the strategy as the results show. If the idea does not work for you, evaluate the “perceived value” of the merchandise involved and be sure you have good choices. CJ
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