The busiest time of the year for jewellery retailers is still five months away.
For those planning on capitalising on the end-of-year rush, there’s still plenty of time left to prepare, right?
Wrong! Events like Black Friday, Christmas, New Year and Boxing Day are crucial for jewellery retailers. It’s truly a ‘make or break’ stretch for many businesses.
Success during these periods is determined long before any customer ever sets foot in your store.
The future belongs to those who prepare for it today. Jewellery retailers can secure success at the end of the year by making strategic moves today.
For example, the upcoming International Jewellery Fair in Sydney offers retailers a prime opportunity to prepare for the holiday season.
Retailers must focus on fine-tuning their stock. Ordering early secures new products before potential shortages and allows for negotiating advantageous terms with suppliers.
Staggering deliveries allows you to align stock expenses with anticipated revenue, optimising cash flow. This approach ensures retailers meet customer demand without overcommitting resources.
Even slow-moving and stale products have a chance to sell during the bustling holiday season. Refreshing old inventory with new packaging and pricing can rejuvenate interest and maximise sales potential.
Events like trade shows are also crucial for understanding market trends and consumer preferences. Effective market research informs product selection and marketing strategies.
It never hurts to talk with other retailers about their products and customers! Most people at jewellery fairs are happy to have a chat about what matters most to them - their business.
A simple conversation can provide insights into successful retail strategy and evolving consumer tastes. Monitoring trends in materials and designs showcased by exhibitors helps retailers stay ahead of the game.
Effective market research hinges on setting clear objectives, planning, and ensuring the data collected is structured and practical.
By adhering to these principles, retailers gather actionable insights to inform product selection, marketing strategies, and overall business decisions.
Documenting all strategies and outcomes is essential for refining future preparations. Learning from successes and failures ensures continuous improvement and better business outcomes year after year.
Said another way, recording successful and unsuccessful policies allows retailers and their staff to learn from mistakes and improve strategies effectively. Failing to do so ensures that retailers start from scratch again every year.
It’s also important to be willing to make hard calls when required. December isn't the right time to trust new staff with customer interactions. This period is crucial and shouldn't be left to rookies.
When every sale matters, that's when professionals shine. Missed opportunities today won't return tomorrow.
Your top-performing sales staff should handle key items like diamond jewellery and be clear on their targets. These sales stars need to be identified well before the holiday period.
Less experienced or casual staff should support these employees by managing less critical tasks, allowing the best in the business to focus on plying their trade.
Having your best staff occupied with stock sorting behind the scenes means missing out on potential sales opportunities.
Have you given your marketing strategy any thought? Instead of waiting for someone to bring you an opportunity, take the initiative and create a comprehensive plan.
Determine an appropriate budget that aligns with your goals. Every budget should encompass various aspects such as advertising costs, promotional materials, and necessary staffing or resources.
By setting a budget early, you can effectively allocate funds to maximise impact.
Identify the most effective mediums for reaching your target customers. There are always unique advantages to be leveraged.
Social media allows for audience targeting; email newsletters enable direct communication with customers, and physical advertisements can attract shoppers.
Highlighting special offers, gift ideas, and holiday-specific promotions can enhance customer interest and drive sales. Focus on products that resonate with the season.
In other words, capture customers with compelling content, capitalise on seasonal trends, and adapt your strategy based on real-time performance data.
Planning ensures you’re ready for every opportunity to attract and retain customers during this critical sales period.
Perhaps the most important thing to do is document every strategy and its outcome.
It can be easy to lose track of the decisions, processes, and strategies implemented throughout the year.
Even the successful initiatives from the previous holiday period can fade from memory as retailers reinvent their approach in the lead-up to December.
It is crucial to maintain a detailed record of all marketing initiatives and store policies. This documentation allows for easy reference and is a valuable resource for future planning.
The greatest crime in marketing isn't making mistakes. It’s failing to learn from them.
Retailers who heed these lessons and maintain an agile and informed approach to business will find themselves well-positioned to meet consumer demand and achieve long-lasting and sustainable success in an increasingly competitive jewellery market.
Remember, there’s no guarantee of a second chance. Failure during the most critical time of the year – when as much as 25 per cent of annual sales may be completed – can be catastrophic.
So make sure you start preparing today, because the future favours those who are well-prepared.
Plan your work and work your plan.
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