Just recently I came across a discussion on linked in being held by a group of jewelers, they were sharing ideas on whether having bridal brands in a store is a good idea. This has been an ages long conversation and I wanted to share my comments with you:
I have to agree that the store has to be the brand but please understand that creating a “retail store brand” is a long arduous process. Unfortunately there’s no immediate fix and It takes years of walking the walk which consists of high-value marketing, outstanding customer relations, top-notch merchandising, and an amazing staff. For some that don’t quite have the position in the bridal sector that they would like, partnerships with brands like Tacori and Verragio is a quick fix and adds instant creditability. The problem is that this is a slippery slope because you’re forced to spend all your marketing dollars supporting another company’s reputation and you walk away with little to no brand equity. Especially when the relationship ends and believe me when I say these relationship almost always end at some point. Reason being…..the brands have a relentless pursuit to jam product down your throat with no regard to what your inventory turn or ROI is on their product. In almost every case you’ll become upside down because 90% of the brands offer a 3 to 1 stock balance, this leaves little opportunity to have a decent turn. I own the largest bridal jewelry store in Buffalo NY, in fact 90% off everything I sell is bridal. I started with a Stuller catalog and a desk and I can say with the utmost confidence that my company is now the most highly recognizable bridal brand in my marketplace. Not Tacori, Not Verragio, Not Simon G, ask the average Buffalo resident who Tacori is and they couldn’t tell you. Ask them who Andrews Jewelers is and they most certainly will tell you that they sell engagement rings. I would be happy to share with you how I did it but it would take too long lol……you can however check out some of my jewelry marketing here. Sorry if I sound overly confident it just happens to be a subject that I love and feel very strongly about
It’s lonely in here guys! I would love to hear your thoughts.