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Commentary: The Business

4 Reasons Why You Should Be Holding In-Store Events

They’re not just about building sales volume (although that is important).

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I AM A FIRM believer that having in-store events throughout the year is a must for jewelry retailers. I’ve personally run more than 10 three-day in-store events producing over a million dollars in sales, and I now consult with retailers all over the U.S. on how to do so in their local markets. Here are my top four reasons why you should be doing in-store events.

1. They attract first-time buyers.

If you are marketing the in-store event on multiple channels like digital, print, or radio and you’re offering a strong incentive to buy during this event, you should get many first-time buyers. The incentive could be a discount, a BOGO (buy one get one) deal for wedding bands, or even a gift with purchase. The strongest in-store event we ever held in terms of getting new clients attracted over 550 new customers over a ten-day period!

2. They build sales volume.

We once offered a finance incentive during a typically slow month of five years no-interest if the consumer purchased during the time period of the event, and it beat every past December in units and sales.

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3. They move old merchandise.

If you have more foot traffic than normal for an in-store event, take advantage of this. Run a report on all merchandise over a year old and designate this to one area in your store. Every consumer loves a deal, and the product is doing you no good aging in your showcase. Be sure to offer an attractive incentive for the consumer, and don’t forget to make it fun and give the sales associates a competition like who can sell the most aged product or an incentive per unit sold.

4. They get existing customers back in.

Did you know 50 percent of consumers do not buy their wedding band from the same store they bought their engagement ring from? Take advantage of this by running a report of customers who bought engagement rings but have yet to buy the matching wedding band. Even better, run a report of your top customers and provide this list to the sales associates to reach out and invite them in for the event.

Feel free to share your feedback with us on LinkedIn on how you’ve taken advantage of in-store events in your local market.

Megan Crabtree is the founder and CEO of Crabtree Consulting. Before founding Crabtree Consulting, Megan had a successful professional career in the jewelry industry, which culminated with high-level positions at several of the top firms in the retail and manufacturing sectors. Reach her at [email protected] or visit us at www.crabtreeadvisory where you can set up a live chat or a 30-minute free consultation.

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Bil Holehan, the manager of Julianna’s Fine Jewelry in Corte Madera, Calif., decided to go on to the next chapter of his life when the store’s owner and namesake told him she was set to retire. Before they left, Holehan says they decided to liquidate some of the store’s aging inventory. They chose Wilkerson for the sale. Why? “Friends had done their sales with Wilkerson and they were very satisfied,” says Holehan. He’d enthusiastically recommend Wilkerson to anyone looking to stage a liquidation or going-out-of-business sale. “There were no surprises,” he says. “They were very professional in their assessment of our store, what we could expect from the sale and they were very detailed in their projections. They were pretty much on the money.”

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