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October 2023
Building A Successful Holiday Sales Strategy
Vince Roth
As we all know, the holiday season is a pivotal period for jewelry retailers. It is a universal buying time where customer engagement is at its peak, and we are presented with unprecedented opportunity. Notably, over the past three holiday seasons, our industry has enjoyed extraordinary success which may make the upcoming season more difficult to match. One thing is certain this year, customers are being more conservative with their discretionary spending. Traffic, transaction counts and average sales value are all been under pressure and sales are being affected. Some retailers reason that this is normal, what goes up must come down while others look to the gaps in execution to help compensate for the environment. No matter your perspective, everyone wants to maximize this all-important season so I thought I would give an example of the building blocks for a comprehensive holiday sales strategy. One that requires concerted efforts from all departments: sales, merchandise, and marketing to address falling purchase totals and fewer transactions.
1. MERCHANDISE STRATEGY: OFFER UNPRECEDENTED VALUE
- Special Merchandise Purchases: Limited edition holiday offers can act as an enticing draw. Consider collaborating with well-known designers or influencers to curate exclusive collections. Such special merchandise not only elevates the perceived value but also serves as a unique selling proposition. Also target special value “whale food” for the large purchasers that inevitably wander through your store each year. Special pricing on 2-carat solitaires or suites of diamond basics are always a good option.
- Gift-with-Purchase Options: Encourage upselling by offering a complimentary gift for crossing a specific sales threshold. Whether it’s an additional jewelry item or an accessory or gadget, customers like “free” and like being rewarded. Target purchase values slightly higher than last year’s totals.
- Add-On Items: Curate a range of smaller, budget-friendly items that customers can easily add to their main purchase. These could be matching earrings for a necklace, jewelry cleaning kits, or even exclusive packaging for the holiday season.
2. MARKETING: AMPLIFY THE ALLURE OF THE OFFERS
- Early Bird Promotions: The early phase of the holiday season is a golden window to tap into the anticipatory fervor. Introducing special early bird offers can ensure a steady customer inflow from the onset, thereby sustaining momentum throughout the season.
- Data-Driven Targeting: Utilize customer data from previous years to target ads and promotions effectively. Recognizing the buying patterns and preferences of both new and existing customers can result in more personalized and impactful marketing campaigns.
- Social Media and Influencer Collaborations: Leverage the power of social media by partnering with influencers for reviews, unboxings, and stylings. This not only amplifies the brand’s reach but also provides a genuine endorsement of the product.
3. SALES: ENSURING FLAWLESS EXECUTION
- Staff Training: The frontline staff, undoubtedly, are the pivotal touchpoints in driving sales. Comprehensive training, focusing on product knowledge and consistent selling techniques ensures maximum conversion. Start now by practicing responses to common holiday objections and creating value statements for the merchandise your company promotes.
- Set appointments early in the season: Encourage upselling by offering a complimentary gift for crossing a specific sales threshold. Whether it’s an additional jewelry item or an accessory or gadget, customers like “free” and like being rewarded. Target purchase values slightly higher than last year’s totals.
- Interactive Displays and Digital Catalogs: Curate a range of smaller, budget-friendly items that customers can easily add to their main purchase. These could be matching earrings for a necklace, jewelry cleaning kits, or even exclusive packaging for the holiday season.
- Loyalty Programs and Personalized Followups: Rewarding returning customers through exclusive loyalty benefits or early access can ensure sustained engagement. Post-purchase follow-ups, either to offer care instructions or introduce new collections, can act as a touchpoint to ensure repeat business
In closing, customers may well take a more conservative approach to spending this holiday season. However, the intrinsic value of jewelry is undiminished. It is more than a mere accessory or adornment. It is a sentiment, a memory, and a legacy. By strategically intertwining the strengths of the merchandise, marketing, and sales departments, retailers can ensure that their offerings resonate deeply with their customers, compelling them to commemorate their cherished moments.
As we step into this holiday season, let’s not just sell jewelry; let’s curate memories, craft stories, and celebrate bonds. After all, jewelry has a story to tell, and as retailers, our role is to ensure that each story finds its rightful narrator
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