[Jewelry making - Article 00043] - Re: [Orchid] Walk-in Conversion Ratio

[David S . Geller]

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    Great idea! I used it in my store and Harry Friedman uses it to teach
    and use in his Retailers Management Bootcamp. thefriedmangroup.com 

    You should 1st use the enter/exit numebrs as a group. 

    You take out all employees and postmen. Then what;'s left 9divide by
    "2" for round trip) then you have a starting number. 

    You say you don't do "in hosue" repairs. but do you have repairs? If
    so I'd suggest you break down closing ratios by DEPARTMENT. 

    Most stores have 70% of people walking in asking a question about
    service, wether you charge or not. 

    the remaining 30% are candidates for prodiyct sales. 

    Here's the "typical" closing ratio for many "average" jewelry stores 

    Type Closing		ratio
    REPAIRS			90%
    CUSTOM DESIGN	60-80%
    PRODUCT SALES	33%

    So if they have a closing ratio of 33% in product 9sell 3 out of 10)
    then if they could go to 4 out of 10 (40%) their product sales would
    increase 33%! 

    yes, sue the door counter but also track how many people you WAIT on
    with a repair and who buy, how many you wait on with custom and how
    many buy and how many look at product and how many buy.

David Geller
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