MEDIA |
SEPTEMBER 2022
4 Tips To Become A Bridal Powerhouse
Megan Crabtree
I’ve spent the last two decades primarily running larger v olume independent retail jewelry stores doing upwards of 30 plus million out of a single store location. The bridal business is not easy to succeed in; competition is fierce, and wow, has it changed over the years. Having had this experience, I’ll advise you on the top 4 ways you can become a bridal powerhouse.
1. MERCHANDISING/ PRODUCT OFFERINGS
The product you offer and how you merchandise it is a critical component in succeeding within the bridal category. While, of course, you need the essentials like loose diamonds, semi-mounts, and wedding bands, I suggest outside of this to have at least three cases of live (center diamond included) complete engagement rings under $5,000 retail. Make it simple. Merchandise these complete rings at prices such as $1500 and under, $3499 and under, and $4999 and under. This will cut your time spent with the customer in half, make it easier for the consumer, and eliminate price comparisons online. Additional to the lower price points, be sure to partner with a vendor who stocks larger complete rings two carats and up and one who can supply these on memo. Realize, I use the term “Partner.” Vendors want partners as retailers meaning be fair and give them some business on asset aside from just taking their memo products.
Rare and Forever
14K White gold diamond
engagement ring. Center
diamond sold separately.
Price Available Upon Request
877.620.1333
Rare and Forever
14K White gold
diamond
engagement
ring. Center
diamond sold
separately.
Price Available
Upon Request
877.620.1333
On your basic essential merchandise like wedding bands, offer multiple price points, qualities, and carat sizes. For example, you might stock five carat weights of channel set bands ranging from a ¼ carat to 1 carat. I suggest having two sets of these five bands but in two qualities. Maybe the ½ carat band with SI1 goods retails at $999. It would help if you also offered the same band with I1 goods that retails at $650. If the customer saw a channel set band at Jared’s for $650 and at your store, you only offered them one at $999; you look overpriced. They don’t know or see a difference, so provide both, show them the difference, and let them decide what they want.
2. CARRY A BRANDED DIAMOND
With everything now available online, the consumer can buy a diamond from their iPhone or visit multiple stores in your local market and find another G color S1 clarity 1-carat diamond. What is different about yours? I suggest you partner with a vendor who offers a branded diamond not sold online with a story you can tell and that only you can sell exclusively in your local market. If not, you’re in the GIA rat race trying to compete online, and you’ll have minimal margins.
3. TRAIN YOUR TEAM
Your team needs to know how to educate consumers, sell, and clientele. I always say, “Objections are predictable. Quit being shocked. You should only be shocked if you don’t have a response.” I say this because your team needs to be consistently trained on competitors’ offerings, whether online or locally. They need to know how the services you offer differ from your competition. And they need to know how to be the expert and educate the consumer on why prices are lower online. While they need to understand how to educate and sell, don’t forget to teach them how to clientele. More than 50% of consumers buy their wedding band not from the store they bought their engagement ring from. The odds are because the associate didn’t follow up with the client. Put a system in place to give the consumer an incentive to buy the band from you and email the client an image of the matching wedding band well in advance.
4. RUN YOUR DATA
You can’t just depend on traffic to walk through your door. Run data to create sales and get customers back in the door. My old boss used to think and focus on running reports of our so-called “VIPs,” ones who spent $20,000 or more and asked us to invite them back in. I suggested running reports of customers who had paid $1,000 or less and never bought an engagement ring from us. Think about it… The guy that just spent $20,000, what are the odds he will come in and pay another $20,000? Because of this new report, we sold a volume of customers engagement rings that would now help us make our months throughout the years on future purchases instead of us being dependent on just a one-time large sale.
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