Michael Frankini, Owner of Michael’s Fine Jewelry wanted to increase cash flow and liquidate old inventory that he had acquired over 15 years in business. Once he had tried all the marketing techniques he knew, he was at a point where he needed a boost of energy and a fresh outlook on how to move inventory, increase customer traffic and improve overall sales. Mr.Frankini reached out to G.A Wright to conduct an overstock inventory liquidation event and as a result, was able to increase sales by 124% over the previous year.
The goals of conducting an overstock inventory liquidation sale for Michael’s Fine Jewelry were as follows;
- Increase sales volume
- Increase Customer Traffic
- Reduce inventory
- Bring a new energy to staff and build positive relationships with customers
G.A. Wright services were obtained in November 2010 for a 6 week sales promotion event. The consultant referred to Mr. Frankini by G.A Wright worked very well with the staff, customers and community resources. Each week during the event the consultant identified problem areas and suggested methods for improvement. The areas targeted for improvement were: growing the customer list, identifying resources in the community to increase visibility, re-pricing inventory and re-structuring marketing techniques. As a result of the efforts of the G.A Wright consultant, sales increased double what they had been in previous seasons and inventory was reduced by 20%. Additionally the staff was motivated to continue the efforts even after the event ended.
Comments by owner, Michael Frankini
“When you’ve been in business for so many years you get in your comfort zone and you start re-applying the same techniques over and over…we’ve had some good ideas and they’ve run their course and they’ve done very well… but what my business needed was a boost in energy and a re-think of our marketing approach”
“We feel the event significantly increased daily traffic, increased sales volume with out slashing our gross profit margins and reduced aged inventory…overall, this was a very good and positive experience for Michael’s Fine Jewelry.”