Building your bridal business takes a long term commitment. You will need to focus on key strategies in building your inventory, your customers, your salespeople and your marketing.
Inventory: Start with the right inventory in mind
- What is your current % of Bridal sales?
- What is your goal % of Bridal sales?
- What is your current average engagement retail price?
- What is the current diamond size & shape you sell the most? And do you have a good selection in stock?
- Do you have a private label diamond or branded designer bridal line?
- Do you offer a diamond protection guarantee?
- Do you have an aggressive trade-in policy or diamond pledge?
- Do you have an aggressive layaway policy?
- Do you have an aggressive financing plan?
- Where and how will you be displaying the merchandise?
- Do you have a Referral Program?
- Do you offer a “free” gift with every engagement ring purchase?
Example: a gift bag with jewelry cleaner, how to care for your jewelry, appraisal, list of services/warranties, referral card
(Also look to cross market with other bridal vendors to donate gift cards or coupons to be included in this bag as well)
Staff: Put as much effort into selling it as you did in buying it.
- Which employees can sell bridal?
- Who has the highest average retail in bridal?
- Will your new bridal plan require training?
- Do you enforce turnovers in your store?
- Will you need additional marketing support?
- What will the budget be?
- Do you have co-op available?
- Where will the bridal customers come from?
- What other resources will be needed to make it successful?
- How will you define success?
- How often will you measure?
- Do you offer on-site custom design or repair service? If so, do you offer express service to set or size engagement rings?
- Do you offer lifetime cleaning and inspection?
If you can DREAM it, THINK it and LIVE it, you can make this happen!