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How To “Own” Bridal In Your Market January 01, 2014 (0 comments)
Toledo, OH—Many jewelers would like to claim they own the bridal category in their market, and every jeweler should have at least some bridal business, says Fruchtman Marketing. But what it takes to “own” the category varies by store, and sometimes the best answer for a jeweler lies in having a smaller, but more solid, bridal business. In a recent edition of its weekly Tuesday Tips and Tricks newsletter, the agency examines what it takes for a jeweler to be a leader in the bridal market. Here’s a checklist excerpt:
1. Do a competitive analysis. Who else is in your market and what are they doing differently than you? Are you both offering the same brands or can you offer something different? Does their website show pricing and product info better than yours? Do they have a better financing option? Any of these differences may trigger a couple’s decision to buy from one store or the other.
2. Be realistic about your budget. A $2 million store won’t have the same financial resources to devote to marketing as a $6 million store, so be realistic and focus on being lean, smart, and efficient with the dollars you do have to spend.
3. Follow the research. For example, The Knot’s latest findings show that brides are driven more by the style of the ring than the brand. Focus on having a good selection of styles and a good variety of price points, and when you don’t make a sale, follow up to find out why not so you can improve your selection.
4. Market to where the customer is. Traditional media has its place but embrace social media and digital marketing to get the best penetration for this demographic.