30 September How to sell Care Plans September 30, 2020 By Edge User Admin Care Plans 0 Increase your Holiday revenue by increasing your care plan attachments at point of sale. Many users have chosen to partner with both Montage and Jewelers Mutual to offer their customers the peace of mind of care plans. Often times these users see sluggish care plan revenue and here is why. Your associates are flat out not talking to the customer about it. Many associates are hesitant to ask about what they consider an “add-on”. They are focused on closing the sale and feel that bringing up an additional cost might hurt their chances. The work around to this, print two prices on your tags! The first price will reflect the cost of the merchandise WITH the care plan included, while the second will simply be the price of the merchandise. When showing the customer the piece they will, more often than not, ask “why are there two prices”. This opens the door for the associate to explain the benefits of the plan and the peace of mind it will bring them. Associates do not understand how it works and what is covered. Take time to train your associates on what the plans cover. Task them to come up with a situation where a customer would have been “covered” had they had a lifetime care plan. Nurses, Teachers, etc who are constantly washing hands and using sanitizer will need to have their white gold rings rhodium plated more often. These costs add up quickly to the customer and make the care a no brainer! Incentivize Your team. Offer your associates an additional commission for selling the care plans. Offering $10 per care plan sold or 10% or the price of the plan will increase your attachment rate virtually overnight. Reward your staff for closing the “complete” sale. Know your competition Big box jewelry stores have been offering care plans to their customers for years. They often times use them to help close sales against small companies. Things like, oh you have to pay for rhodium?” and “what happens if you lose a stone?” are often used to plant a seed of doubt about buying at a smaller establishment. Jewelry Care Plans allow your customers to wear their jewelry with the peace of mind that if something were to happen they are COVERED. Related Posts How Savvy Retailers Accomplish a Balance Between Fashion + Sell Through by Dick Abbott Amaze Your Clients on Every Visit Many of your customers visit your store regularly to see what’s new. Consumers are driven by the joy of discovering what’s fresh and different. They want to be the only one wearing the new necklace at the club. Successful jewelers stock a fresh set of ... Aged Inventory Management: Freeing Up Cash to Buy New Items by Dick Abbott We’ve been talking about how successful jewelry retailers should focus on an inventory strategy that features: Rapid (weekly) reorders of your store’s Fast Sellers Balanced mix of items in fashion categories (Moderate Sellers) that add freshness to your cases An active plan to reduce your aged inventory (aging is category specific) We covered ... Buying Smart to Increase Sales and Build Customer Loyalty - Dick Abbott Buying Smart to Increase Sales and Build Customer Loyalty by Dick Abbott Retail businesses are identified by what they sell. It is the product they sell that attracts the customers they service. Consumers buy shoes at a shoe store, blazers and suits at a men’s store, hammers and screw drivers at a hardware store; ... 10 Valuable Takeaways from 2021 Edge + ERA Conference After a one year COVID break, 100 or so Edge retailers converged on Shelton, CT for this year’s annual Conference. Spirits were high as the jewelers, Edge team and partners eagerly and energetically got back together to share successes, challenges, and new features. We’ve put together a list of the ... Managing Inventory In Today's Retail World Forecast buying doesn’t work any longer. It may not have ever really worked well to manage jewelry store inventory but, before computers, increased competition, and shrinking gross profit margins, it seemed right. The better name for yesteryear’s inventory management style might have been “Splurge and Purge” and it may have been ... Comment (0) Comments are closed.