A top-notch sales team is vital for the longevity of your jewelry business. If you have an exceptional salesperson at your store, you’ll want to do whatever you can to incentivize them to stay.
Our six most effective tips to keep your best jewelry salespeople from leaving.
1. Incentivize with Competitive Commission
Your bottom line relies heavily on the performance of your sales team. The better your salespeople perform, the more inventory you move.
Talented sales personnel are hard to find and even more challenging to keep. This is especially true in the jewelry industry. If you have a star seller on your team –– or notice an employee with potential –– invest resources into helping them grow and keeping them happy at your business.
You can provide an exceptional work environment with excellent hours and a stellar team. But if you aren’t offering competitive compensation, your sales talent will look elsewhere for positions where they’ll be paid what they’re worth. Incentivize your best jewelry salespeople to remain committed to your business with generous salary packages and competitive commissions.
Offering above-market commissions does two things for your business. Firstly, top performers are likelier to stay in their roles and with your company. They will if they can increase their pay while sticking with their current job.
Second, increasing your commission rates encourages your best talent to work even harder to make the sale. When there’s a dollar amount tied to how hard they work to sell a high-end piece, you can bet they’ll give the sale everything they’ve got. And when they do make the sale, your business earns more too.
Pay your top talent what they’re worth. A competitive commission rate is a win-win for everyone.
2. Coach Top Performers
Top sales talent possess similar personality traits regardless of the industry: they’re passionate about the sale and will do what it takes to see it through.
Your best salespeople stand out because they have a don’t-quit attitude. They want to excel. Capitalize on that energy and provide sales training opportunities to help them fine-tune their skills.
When you coach top performers through mentorship or formal classes from a third party, you communicate that they bring value to your businesses. Investing in your best salespeople shows them –– and their peers –– that they bring something unique to the table.
Carving a path for your team to develop their sales skills provides the training they need to continue thriving in their role. Provide them with the resources they need to excel, and you’ll find that they do.
3. Help Them Climb the Ladder
If you’re lucky enough to have an outstanding sales team, then you’ve likely noticed they have other talents that benefit your jewelry business. Excellent salespeople have skills that also make them ideal candidates for different positions at your store or company. Sometimes keeping your best jewelry salespeople means promoting them to other roles within your business.
Your best salespeople know better than anyone who works on the sales floor. They know your customers, how to win them, and even the best upsell techniques. Who better to train your sales staff than your best salesperson?
If your high-performing talent wants a change, consider how you can utilize their knowledge and expertise to enhance your sales department.
4. Keep It Personal with Meaningful Acknowledgement
You want to reward your best jewelry salespeople for their hard work. It’s their talent that sells your pieces and brings in revenue. As discussed above, monetary compensation is a straightforward way to show top talent you value and appreciate them.
But every recognition doesn’t have to be an extravagant gesture. Meaningful, personal acknowledgment from the company’s top goes a long way. Below we list a few non-monetary ways you can reward your top talent:
- Catered lunch or a cake break
- Recognition at team meetings
- A prime parking spot
- A handwritten note with a gift card to their favorite lunch spot
The above gestures highlight the value your salespeople bring to your business. Implementing these practices or rewards, in addition to the other points listed above, reinforces that you care about your team and appreciate their work. When employees feel valued, they’re more likely to stay.
5. Give Top Talent a Voice in Your Business
High-performing sellers succeed partly because they’re excited about their job. They know your business and your customers inside and out. And they want to take every opportunity to sell.
Retaining your best jewelry salespeople requires their buy-in to your company and vision. To keep them excited about their role with your business, give them a voice in your business decisions.
Ask for their input during marketing meetings. What sales, specials, promotions, and methods have they found that excite your customers? Your top salespeople have the best insight into the marketing, sales, and branding that engages shoppers and leads them to purchase.
6. Make Closing the Sale Easier with Payment Options
Your sales team works hard to engage with shoppers and make the sale. You must provide the resources and support your sales team requires to keep your best people from leaving. That includes streamlining customer payments and providing affordable financing options.
More shoppers than ever want and need alternative payment options for their big-ticket purchases. For consumers with poor, little, or no credit and those without discretionary spending, owning or gifting jewelry pieces – or buying an engagement ring – can feel out of reach.
However, offering consumer financing options to shoppers makes your jewelry collections affordable and accessible to nearly everyone. Partnering with a financing firm like United Consumer Financial Services empowers you to appeal to more shoppers, presenting attractive payment options that help your salespeople seal the deal.
UCFS provides simple, accessible financing options to your jewelry store customers. Customer application takes just a few minutes, and the notice of approval is presented promptly. The fast, easy process allows your patrons to select the perfect piece and bring it home the same day. Consumer financing empowers your customers to shop confidently, knowing they have access to affordable, scheduled monthly payments that won’t interrupt their everyday budgets.
Financing options make fine jewelry affordable for nearly everyone. That means your salespeople have another tool in their belt to strengthen their sales pitches and compel shoppers to buy. Financing empowers your sales staff to sell more, which benefits your store, the shopper, and your team.
Retain Your Best Jewelry Sales Talent and Increase Your Revenue
Your sales team is the heart of your jewelry store. They handle customer engagement, sell your pieces, and provide valuable insight for your business. When you’ve got exceptional salespeople, you should take every measure to help them feel happy, valued, and excited about their position with your company.
Implementing our advice above helps you communicate the value your sales team brings to your company and compels your top performers to stay –– and continue selling.