IN THE KNOW
July 2024
THE BENTLEY EFFECT
Steering Jewelers Toward A High-End Shopper Experience
Bob Phibbs
The malls I’ve worked with, including Newport Fashion Island and South Coast Plaza, have a broad mix of retailers, as shoppers often trade down for some things but up for others.
The money is in those customers who trade up.
Many jewelry stores have never-ending sales. In some markets, this might work, but often, it neutralizes the shopping experience. Everything may be on sale one weekend or ridiculously low-priced another, but your online competitors are consistently even lower.
To move the sales needle, you’ll need to convert lookers to buyers, specifically luxury buyers.
I recently had the honor of driving a 2024 Bentley W12 Speed for a three-day weekend courtesy of Bentley Paramus. It was a level of craftsmanship I’d never experienced, from the hand-stitched seats that molded to my back to the bespoke customizations of ride and comfort. Of course, 0-30 in 3 seconds is amazing.
Smiling Rocks
Yellow and white LG diamonds on 14K
yellow gold tennis bracelet,
14.84 ctw
MSRP $22,199
212.596.4163
HOW LUXURY IS CRAFTED
When I worked with Omega timepieces, I learned that it isn’t uncommon for a master watchmaker to take nine months to complete one watch. Dozens of craftspeople and painstaking work often create the pride and heritage inherent to many brands customers covet.
The product then lands in a store, often where an associate treats it as stuff. Without passion and excitement, the merchandise sits, waiting.
MEDIOCRE ENGAGEMENT AFFECTS LUXURY SHOPPING EXPERIENCE
Before it was acquired years ago, I visited the Tourneau store on Madison Avenue. Reviews said this was “the”place to see the best in watch retailing. The showcases were all elevated, so you didn’t have to bend over to look inside. Brilliant.
After the greeting you’d find at a bargain store, “Can I help you?” and my requisite, “No, I’m just looking,” I was left alone to browse the beautiful display cases.
And yet, most of the crew were leaning on the new counters while I and a few other guys were browsing. As I approached one counter, I fully expected the “salesperson” bewitched by their phone resting in their hand to put it away and move out of my way.
Nope. He moved maybe eight inches, oblivious that I had enough time to take out my phone and snap that picture. Geez.
And sorry, don’t try to tell me that’s the ignorant snobbishness of luxury. No, this brand ambassador was waiting for someone to approach him and tell him what they wanted, and then he might snap back to reality.
And these situations are prevalent in more and more retailers in 2024!
BRINGING THE CRAFTSMANSHIP HERITAGE TO YOUR LUXURY CUSTOMER
Your customers are waiting, too. They have been hoping the world news would turn positive and that they would not feel like Superman encountering Kryptonite daily, yet every morning, their social alerts tell them nothing has changed.
They come into your store hoping to feel like a Superhero again.
In the old days, associates would be told the product was the hero, but since the pandemic, customers have become the heroes. They want to feel their purchase helps them become someone else.
What does it add to their toolbelt to help them get a gift that says, “I love you,” nail a job promotion, navigate a city relocation, integrate into a new community, or adjust to retirement?
What they want is to feel better.
That can only happen when associates feel confident in their work in a store and understand that being brilliant at the basics is essential in the game of retail. In short, only heroes can sell to heroes.
That’s why many luxury brands come to me to help them engage these wary shoppers.
Jyes Luxury Collection
Cocktail ring in 18K
white and yellow gold
with 6.05 ctw round
rose cut diamonds
MSRP $32,500
415.621.8880
David Weisz
18K gold triple row stretch bracelet
rainbow stones
MSRP $14,800
212.840.4747
ANOTHER COLD SHOULDER
I entered a luxury boutique in Manhattan in the cold of a bitter January winter, my teeth chattering from the wind. The young woman said from across the counter, “Would you like a bottle of water?”
I thought to myself, out of the hundreds of things this person could have said to me at the moment, she either felt this was the very best or said the same thing every day, every month, every season.
I declined, and she watched me from afar with her hands behind her back in what I call a felon pose.
You are seriously mistaken if you think you can get away with that and get someone to buy a $1000 cotton hoodie.
She must feel it’s just a hoodie like some jewelers feel it’s just a watch, or, like some clothiers feel it’s just a suit. No, luxury is more than that. Check out my video here, where I explain this in more depth, and you can also see the Bentley Speed.
People noticed the Bentley Speed, like this young man attending WrestleMania in Philadelphia that weekend. He had to get a picture of the Bentley pondering his future in the custom suit he had made for himself.
When shoppers come to your store or mall, you better be ready to sell them that new identity with associates who enjoy making superheroes out of their customers.
Anything less, and you’ll be waiting around, hoping someone will come to your warehouse looking for exactly what you carry.
Ralph Simons, then CEO of Chopard North America, said, “The learning exercises Bob has developed, as well as his focus on looking at every interaction in the store from a client perspective, were as impressive as they were effective. It is why I hired Bob for several intensive in-store follow-up days to work directly with the teams.”
Jyes Luxury Collection
Layered 18K white gold
necklace with 35.21 ctw
multi-color sapphires
Price available upon
request
415.621.8880
Aiya Designs
14K Salt + Pepper
66 -1.00ctw diamond
ring.Including
3 s+p free form
centers,0.60ctw
MSRP $4,249
770.664.1818
FIVE KEY TAKEAWAYS FOR RETAILERS TO ENHANCE YOUR APPROACH:
Subtle Luxury and Understated Excellence: Emphasize the subtle aspects of luxury, much like Bentley’s approach of combining understatement with high performance. This could mean focusing on your products’ less obvious yet impactful features.
Customization and Personal Connection: Offer customization options that allow customers to personalize their purchases. This mirrors the experience with Bentley, where each aspect of the vehicle can be tailored to the owner’s preferences, making the product feel more personal and exclusive.
Brand Heritage: Utilize your brand’s heritage and story as a pivotal selling point. Luxury consumers value a rich history and the prestige that comes with it, much like the legacy of craftsmanship and innovation celebrated by Bentley and Omega.
Exceptional Customer Experience: Prioritize exceptional customer service and personalized interactions. As highlighted in the Bentley experience, from the greeting at the dealership to the detailed walkthrough of the car’s features, every touchpoint with the customer should feel you have time for them right now.
High Standards and Quality Assurance: Maintain the highest standards of quality and craftsmanship. The detailed description of Bentley’s craftsmanship, from the precision of the hand-stitched leather seats to the high-performance engineering, serves as a benchmark for luxury retailers to ensure that their products meet or exceed such standards.
Bob Phibbs is globally recognized as one of the world’s top retail experts with a core focus on supporting brick-and-mortar merchants. He is the author of three retail books, routinely trains retailers to gain 20-50% more in sales, speaks worldwide to various retail decision-makers and across multiple retail categories, and is known for helping to accelerate success through selling, merchandising, and marketing strategies. Learn more at RetailDoc.com. If you’re looking to take your store, brand, to a new level of sales to match your facility, find a time to speak with Bob here.
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