12 Feb How To Celebrate Valentine’s Day At Your Jewelry Store
Most jewelry owners celebrate Valentine’s Day by simply staying open longer, putting up a few visual displays, and scheduling a full staff. Since they may have a good location or a large clientele, they usually do well. Meanwhile, other more progressive-thinking store owners may fork out some money for print advertising to showcase their best deals for the day.
But Valentine’s Day can do more for your business than simply help you offset the slow business days of winter. When you consider that people spend about $13 billion on this special occasion, there’s a staggering opportunity to make a good profit at your jewelry store this week.
So how do you make this most of this holiday? Start by finding the answers to three simple questions:
- Who is your target audience?
- How do they behave?
- What can you do to help them make a buying decision quickly?
Identify Your Audience
What do people like to buy on Valentine’s Day? An estimated 52 percent of shoppers buy cards, 47 percent buy candy, and 34 percent buy flowers. Although only 17 percent of people shopping on Valentine’s Day are interested in jewelry, this is the market segment searching for luxury items to impress their loved ones. So while consumers are price sensitive for most of the year, this particular group will be in the mood for conspicuous consumption on Valentine’s Day.
Your target audience will also include a few non-affluent consumers eager to buy a luxury product. Although they will be willing to pay more than they usually spend during any other time of the year, these customers are still price sensitive and will be looking for a more affordable price point. These customers are the segment most likely to partake in any financing options or Valentine’s Day discounts available in your store.
Understanding Buying Behavior
According to a Discovery Card survey on Valentine’s Day shopping behavior:
- Men spent an average of $127
- Women spent an average of $74.
- 53% of the women purchased gadgets for their men.
- 65% of men and women bought gifts before Valentine’s Day.
- 10% of men purchased on Valentine’s Day.
- 39% of women made no plans to buy anything.
- 22% of men purchased online.
- 15% of women purchased online.
Just from these stats alone, it’s safe to assume that male shoppers the week before Valentine’s Day are probably going to be your key demographic for the holiday.
Developing a Marketing Strategy
How do you use all this information to create a well-thought-out marketing strategy in your own jewelry store? Here are five suggestions:
- Spread the word across relevant media
Advertise in print, digital media, and mobile advertising to reach an increasingly online-oriented audience.
- Create an in-store Valentine’s Day Gift Guide
Create a magazine-like brochure for shoppers to thumb through when visiting your store. The higher the quality, especially of the images, the more it will stir a sense of excitement. If properly done the brochure should transform casual browsing into a thrilling treasure hunt.
Organize your brochure like a menu with five main categories:
- Shopping for under $100
- Shopping for under $200
- Shopping for under $500
- Shopping for under $1,000
- Shopping for over $1,000
Also subdivide your five categories into shopping for him and shopping for her sections. This will help your shoppers quickly sort through your inventory and figure out what pieces they would like to see. You can even have a Shop by Style section (from rings to bracelets) or a Shop by Materials section where browsers can see which precious metals and stones you offer. Organize your products the way that makes the most sense for your selection.
- Match your visual display to the guide
Although this will be tricky, try to match your displays to your visual guide as closely as possible. This will help customers shop while waiting for an available salesperson.
- Plan early
The sooner you plan, the more time you’ll have to refine. It will also give you more time to stir up some buzz with your advertising.
- Hire a Sales Trainer
If you plan to make a big splash, hire a sales consultant. Even if your sales people know their jewelry well, a seasoned trainer can give them essential tips that will make them much more effective at their jobs. In addition to refining their sales skills, your staff will appreciate your investment in their skills and be more motivated to perform on the sales day. You might even set up a friendly competition with special prizes for the top-performing sellers.
Valentine’s Day is A Big Deal
All these strategies are based on the assumption that Valentine’s Day is a big deal. When shopping next year, more people will prefer to visit your user-friendly, well-organized store compared to others that take them for granted. Over time, your store will become the place to go.