I have Coached 350+ jewellery retailers personally, and 2500 + jewellers have attended my seminars and we have trained more than 15,000 sales staff. Besides my 10+ years at Tanishq in roles like Head of Training, Merchandising and Sales.
After carefully observing them, here’s what I have found out the skills the successful retailers have mastered.
This is the part 2 of the article.
4. Joint families and extended families: Joint families are quite normal, where many generations often stay at the same place, though these days, they have separate flats in the same building as in Mumbai. So, there is socializing even amongst the families all the time.
5. Ambition and Smart work: They are both taught and learnt that they need to grow the business, and “prove” themselves not just for the families but also for themselves.
6. Diversification: Even before it became a management jargon, the successful businesses have “successfully diversified” both through vertical and horizontal integration, but also outside the core business. Jewellers in real estate, is very common.
You can click on below link to read Part 1 & Part 3
My own experience is that family run businesses are very efficient at “consumer facing interactions” even while “the consumer is very comfortable” with interacting with the “family”. Such consumers often have long standing relationships of generations, have similar lineage/ culture/ speak the same language/ are from the same community or religion etc. especially in industries like jewellery retailing.
Having worked with over 350+ family run businesses of all sizes from S, M, L, XL, XXL to XXXXL, my experience is they can grow even better with some “outside support” in areas like merchandising ( it is no longer about kgs but rotations and ROI), marketing ( rare to see family businesses willing to invest in consistent brand building) and finally in looking at employees as assets rather than as a cost.
If you are a family run business, where you do think, you are in this journey and what is your dream for 2020 ?
“Upgrading Jewellers ” Shivaram