Welcome To Bridal Merchandising Get Ready for the Holidays

Transcription

1 Welcome To Bridal Merchandising Get Ready for the Holidays P R E S E N T E D B Y S A L L Y F U R R E R S m a r t S h o w S e p t e m b e r

2 Bridal Merchandising Get Ready for the Holidays Part One: Understanding Bridal Part Two : Marketing to the Bridal Client Part Three: Merchandising Bridal Part Four: Selling the Bridal Client

3 PART ONE UNDERSTANDING BRIDAL Why Bridal? Average sale of $5,130 Building a young client base Capturing a client for life #1 Engagement Month is Dec. #2 is Feb. #3 is Nov.

4 Bridal Competitive Landscape Who is in your marketplace? What are they selling? How do you compete?

5 Who is the Bridal Client? 8-35 years of age Gen X and Gen Y The Knot/Wedding channel Average age for women is 29, and for men 30 Population by generation boomers 78.2 million, Gen X 69.5 million, Gen Y 100 million Boomers are now your prime second and third marriage clients Same sex now legal in six states

6 PART TWO Marketing to the Bridal Client How to Find Them Marriage licenses = weddings not engagements Bridal centric stores,market 365 days a year top of mind Fashion magazines like Lucky or In Style are better choices than Bridal magazines

7 Is the Client the Bride or the Groom? Groom = purchase, not necessarily the decision maker A Platinum Guild International study indicates the bride provided input (hint or specific) on metal 85% of the time, size diamond 76%, design 79% and retailer 51% Increasing Trend Women pre-shop, even selecting the exact ring anecdotally 95%

8 Events Do They Work with Bridal? 50-70% of a store s Bridal traffic has not purchased Designer/Vendor Trunk Shows Soft events like Ladies Night with free manicures (create that Wish list) Educational Seminars How to pick the Perfect Diamond

9 PART THREE Merchandising Bridal The Product It is less about the price then we think! Study by the PGI women would compromise approx. 30% on the center diamond size, 22% on the overall cost, but only 3% on the design

10 PART THREE Merchandising Bridal The Product If you don t sell the setting, you are unlikely to sell the diamond Top Designer brands = credibility and cache 41% of brides receive a ring that has been customized in some way

11 Celebrity Bridal Trends

12 Celebrity Bridal Trends

13 Bridal Categories - Halo

14 Bridal Categories - Vintage

15 Bridal Trends Rough Diamonds

16 Bridal Trends - Floral

17 Bridal Trends Cushion Cuts

18 New Bridal Trends Black Diamonds

19 Bridal Trends Asscher/Emerald Cuts

20 Bridal Trends Fancy Yellow Diamonds

21 Bridal Trends Bezel Settings

22 New Bridal Trends Rose Gold

23 Jewelry Investment/Loose Diamonds Alloy Samples vs. Live Product Choose, Create, Custom Selection style and price points Loose Diamonds got to have them

24 Designate your Bridal area with signage and visuals Please, no white leatherette! Less is more Presentation/Display Tell stories designer bio, Collection concepts Glassless cases/tethered rings Visible pricing I can afford this Diamond Wall/cases don t hide your loose diamonds

25 PART FOUR Selling Her all about the design Selling Them couple dynamics Selling Him all about the diamond Selling the Bridal Client

26 Re-train Your Staff Bridal is a Different Way of Selling Track your results (average sale) by sales person Do you have the right staff? Training Program Materials/module specific to Bridal

27 Purchasing Cycle From Investigation to Proposal Purchasing cycle can be as long as 6 months average of 3 months During that time they will be going on-line and visiting your competitors # of Stores Shopped two to three 46%, four to five 32%

28 Purchasing Cycle From Investigation to Proposal Type of Stores Shopped Large chains 79%, independents 58% 55% browsed in store, 49% browsed in windows, 43% online jewelry sites, and 38% in store with a sales associate The strongest influence cited was window shopping and internet

29 The Slow Sale Selling with Patience Lengthy visits can be as much as 2-4 hours Multiple visits 66% like to think about their purchase before buying Relaxed approach it is about them education/find the perfect diamond and ring

30 Do You Speak Romance? Building Rapport/tapping into the emotions that brought them to this point in time Can be a high anxiety sale hanging out the shingle Listen for playfulness and laughing on the sales floor

31 The Store Experience Only great staff can deliver a great store experience Intimidation factor how to diffuse? Non-selling areas wine bar, lounge Side by side selling

32 Interactive technology hand held checkout devices, touch screen kiosks with product information, Countersketch The Store Experience

33 Alleviate Trepidation Financing Return Policy Diamond Warranty Service Plan Best Price Guarantee

34 Selling the Gents Wedding Band The Knot/Wedding Channel average length of engagement is 14 months Approx. 50% of the time the Gents Wedding Band is purchased elsewhere Plant the seed! Incentivizing the client to return for the band with a Wedding Band Coupon

35 Selling the Gents Wedding Band Send blast showing complementary bands (by designer, Brand, or look) Alternative Metal assortments New Trend Bride pays for the Gents Wedding band

36 WILL YOU BE READY FOR THE BRIDAL SELLING SEASON?

37 SALLY FURRER Q&A TEL: