Edge Retail Academy Blog

How to Build Your Bridal Business

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

  1. What is your current % of Bridal sales?
  2. What is your goal % of Bridal sales?
  3. What is your current average engagement retail price?
  4. What is the current diamond size & shape you sell the most? And do you have a good selection in stock?
  5. Do you have a private label diamond or branded designer bridal line?

Store Policies:

  1. Do you offer a diamond protection guarantee?
  2. Do you have an aggressive trade-in policy or diamond pledge?
  3. Do you have an aggressive layaway policy?
  4. Do you have an aggressive financing plan?
  5. Where and how will you be displaying the merchandise?
  6. Do you have a Referral Program?
  7. 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.

  1. Which employees can sell bridal?
  2. Who has the highest average retail in bridal?
  3. Will your new bridal plan require training?
  4. Do you enforce turnovers in your store?

Marketing:

  1. Will you need additional marketing support?
  2. What will the budget be?
  3. Do you have co-op available?
  4. Where will the bridal customers come from?
  5. What other resources will be needed to make it successful?
  6. How will you define success?
  7. How often will you measure?

Repairs:

  1. Do you offer on-site custom design or repair service? If so, do you offer express service to set or size engagement rings?
  2. Do you offer lifetime cleaning and inspection?

If you can DREAM it, THINK it and LIVE it, you can make this happen!

Leave a Reply

Your email address will not be published. Required fields are marked *