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14 The Jewelry Business Magazine If in-store promotions are not a significant part of the marketing plan for your store then they need to be. Running promotions with your established customers is invaluable to building the relationship making them feel special and generating more sales in a pleasant environment. In-store promotions are very effective at converting browsers into buyers as most customers take the time to explore what you have to offer without time constraints getting in the road. Whether you run them during normal trade or after hours they are a tool you should have as part of your arsenal. An effective part of getting promotions to work is building and maintaining a good mailing list. If you dont already do this then you need to start as part of your strategy. HERE ARE TIPS FOR KEEPING YOUR COSTS DOWN AND YOUR SALES UP ASK YOUR VENDORS AND SALES REPS TO DONATE prizes food help or anything else you need. They are usually delighted to help in some way. Dont forget to invite them to attend the event if you are planning to highlight their product. They are often expert salespeople Vendors are often very keen to attend events. The events provide a captive market for their product and they are more than happy to offer extra incentives. In addition it can often help you on the floor with many reps having previously been jewelry store staff themselves. Ive seen sales reps on more than one occasion jumping in and selling product that isnt even their own USE CO-OP ADVERTISING MONEY to help cover the cost of a mailing. Getting the word out about your promotion can be a costly expense. If you are planning to use traditional advertising like newspaper or radio check out how much your manufacturers will contribute to promote their products. Some of the bigger brands have co-op funds and many stores dont take advantage of this BARTER WITH OTHER MERCHANTS in town to get prizes services customer mailing lists etc. If you barter your goods for others goods or services youve essentially received a 50 discount if you sell your products at a 50 margin. Smart retailers are happy to do this because it raises the exposure of their brand to your customers. KEEP YOUR MERCHANDISE AT FULL PRICE. There are lots of great promotions that get their impact from fun and added value rather than cash savings. You dont have to sell your stuff on sale to have a great promotion. Try and find an angle that is not all about discounting maybe a new line has come out customers love being first. CO-SPONSOR THE EVENT WITH LOCAL MEDIA newspaper cable TV or radio. They promote your event in exchange for high profile exposure to your customers. A win-win situation Not everyone will go for it but it pays to ask. SEND OUT PRESS RELEASES to get free publicity if your event is newsworthy. Dont forget the newspapers have to fill up those pages every day They are frequently delighted if you send them a great story. Your event does need to be newsworthy however. STUFF EVERY BAG WITH A SCHEDULE of events for the entire season. Hey theyre already getting the bag. Make it work for you in multiple ways. If you are well organized with your marketing its a cheap way to tell them what else is happening. Its also a great chance to capture new email addresses as many customers will bring a friend often someone who hasnt shopped with you before so make sure you have an incentive to do this. TIPS FOR CUTTING COSTS ON YOUR NEXT STORE PROMOTION David Brown David Brown is President of the Edge Retail Academy an organization devoted to the ongoing measurement and growth of jewelry store performance and profitability. For further information about the Academys management mentoring and industry benchmarking reports contact inquiriesedgeretailacademy.com or Phone toll free 877 5698657 Edge Retail Academy 1983 Oliver Springs Street Henderson NV 89052-8502 USA By David Brown An effective part of getting promotions to work is BUILDING and MAINTAINING a good mailing list.