As
the global recession has worsened, foot traffic has dwindled and consumer
spending has plummeted. If you’re feeling panicky, you’re not alone. But
independents who stop marketing now are making a shortsighted – and potentially
fatal – mistake, according to Rafael Mael, marketing strategist for Brand
Launcher.
At his JA New York Winter Show seminar, “Market or Die: 5
Ways to Grow Your Jewelry Sales in a Challenging Economy,” Mael suggested that
instead of cutting promotional budgets, which will inevitably hurt sales, retail
jewelers should concentrate marketing expenditures where they count most.
But what should you do if you’re down to your last $5,000 in promotional spending? Hold an event, said Mael. When executed well, this can inject an immediate cash infusion into your store.
Consider this: one of his company’s members recently
threw a customer appreciation event, spending $4,800 on food and cocktails for
about 115 clients and their friends. The evening strengthened relationships
with customers, introduced them to new offerings – and brought in $749,000 in sales! You don’t need a
calculator to realize that the return on this modest investment was enormous
(the ROI was 156:1, in case you were wondering).
Follow
these tips from Mael to make your event a thrive:
Make It Exclusive: Invite your best
customers and encourage them to bring guests. This way, you’ll get exposure to
other people in their social circle. These VIP clients have a disproportionate
impact on your bottom line, so it’s worth spending more on them.
Make It Irresistible: Send invitations on
fine stationery and require an RSVP. Or think outside the box and send your
invite inside a coconut, baked into a cookie, or pressed into a chocolate bar.
Build excitement and “buzz” so that invitees will want to come.
Make It Fun: Serve hors d’oeuvres and cocktails,
wine and cheese, or sushi and Japanese beer. Bring in a jewelry designer or
someone from a top watch company. Have live music or some other entertainment.
Everyone likes to be entertained – be creative!
Make It Cost-Effective: Partner with
another business that markets to the same demographic. Consider co-marketing
with a local fashion boutique, luxury auto dealer, or fine art gallery. Combine
your lists, split your costs, and create synergy and new sales for both of you!
Take The Tip:
For more event ideas, visit the Tips to Thrive “Event” archive, by clicking
here.
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