own the ENGAGEMENT

FRESH EVENTS CAN MAKE YOU A COUPLE'S JEWELER OF CHOICE BEFORE THEY BUY THE RING

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own the ENGAGEMENT #1
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The thrill and excitement in the "engagement diamond moment" is unmistakable. To own the first-time diamond engagement ring business in your town is a rewarding business that requires passion, commitment, and entrepreneurial vision.
First take a look at your store. A good, fresh view, as if you are new to the neighborhood. Yes, you are a respected jeweler. You offer quality and value. You have successfully created the right atmosphere, the right personality, and the right merchandise mix to attract your primary target customer and you will most likely attract their adult children when they are ready for their own diamonds.
If your diamond engagement ring selection is fabulous, your loose diamond inventory is actually in the store, if members of your sales team are true diamond experts, enthusiastic and patient, and your in-store vibe appeals to young adults, you are ready to focus on your new first-time diamond engagement ring market!
How do you reach not-yet engaged people and invite them into your store? You can study the studies and compile the statistics, but the most helpful way to understand the young people in your town is to do hands-on local research. What is important to them? What are they looking for in a ring? What are they looking for in a jeweler? How do they live?
HAT GIRLS & GUYS WANT
I've stopped people on the street, girls and guys, and asked them about engagement rings. What do girls really want? All of the girls I spoke with described in great detail what their ring would look like. They know exactly what they want. A big diamond. Very sparkly. Different but traditional. A ring to suit her personality. They all wanted to be involved in the process because they wanted what they wanted, but they also wanted to be surprised.
What do guys want? They want to know what they are doing. They want a pressure-free experience. They want a great value and, interestingly, they don't want the cheapest diamond. When asked if they won a free diamond in a contest what would they do? Most guys said they would set the diamond in a pendant as a gift. Men want to actually purchase the engagement ring.
Men want to be proud of the ring and they want the biggest, best ring they can afford. Why? Because "a happy girl is a very happy guy" and there are absolute bragging rights that come with a big, sparkly diamond on his girl's finger.
So how do young men go about purchasing a diamond engagement ring? They research, they ask friends and family, they go on the Internet, then they might go to a no-risk or low-risk store and ask a lot of questions before walking into their store of choice. Guys also save the "ring money" based on all this research before they buy. If the diamond he wants is a bit out of his reach, what kind of financing do you offer?
There can be a huge disconnect between expectations and reality for many first time buyers. When girls dream of the diamond ring that they want they dream big. One girl shared with me that she had told her boyfriend that she wanted a 4 carat emerald cut diamond. When I asked her how much she thought that would cost she said that she knew 1 carat diamonds were about $5,000 so she thought it would be around $15,000. When I told her $100,000 was more like it she was mortified. And suddenly she was angry with me for bursting her dream and most likely she was thinking that instead of two months salary, she unknowingly told her boyfriend she wanted a diamond that would be worth two years of his salary!
Attracting young people into your store for pre-shopping and pre-selling is essential. You want to make certain that the information your first-time diamond engagement ring clients have is correct and that they are comfortable with it. How do you attract young people into your store to give them the information and confidence that will inspire them?
What do we know about them? They follow celebrity news and gossip; they vacation with friends; they frequent bars and restaurants; they buy their clothes based on what they see in magazines, television, and movies. Guys enjoy sporting events with friends or on dates. They all share in their friends' engagements and weddings. Word of mouth and peer pressure is very important.
Your specific diamond engagement marketing plan as a subset of your overall plan is mandatory. As your baseline marketing plan, use traditional ways to reach young first-time diamond engagement ring buyers: radio, local news, sports, sponsoring sporting events, outdoor advertising, and co-op ads in national magazines with your bridal vendors. Local magazines and newspapers don't reach young people but they do reach their parents, who are major influencers.
EVENTS THAT GET ATTENTION
The best way to get not-yet-engaged couples into your store is to create in-store events just for them. Your events should be innovative yet traditional, friendly yet professional, informal yet educational, amazing yet affordable. Above all else, it has to be a fun and positively cool thing for young adults to do.
Target young adults using the same savvy methods that you target your core clients. Direct mail can be very effective. Create in-store events and trunk shows with your bridal vendors, then send invites by renting credit card lists based on the cards young adults have, such as Banana Republic, Abercrombie, J. Crew, Gap, Victoria's Secret, Discover, and Visa. Credit card companies will rent a list based on age, zip code, buying power, how much they charge, and how they pay their bills. It is easiest to go through a list broker. Once you have your list, you are ready to invite your targets to come learn about diamonds. They do want to learn, but it has to be interesting and fun.
Why not a "First Wednesday is Guy's Night Out"? At face value, this is ridiculous. I asked young men what they thought and they made fun of it yet all said that they would come. They didn't expect much: beer, soda, pretzels. It should be relaxed and informative with no selling. They just want basic technical information, a bit of diamond lore, discussion of prices, 4C's, financing options, and then they are finished. They'll come back for a one-on-one when they are ready.
You can promote through sporting events, affiliate yourself with a bar league or local team. Certain local bars will be happy to distribute your specially printed "adver-coasters" with "Guy's Night Out" invites printed on them.
"Girl's Night Out" will be successful if the invite list is good and the event is compelling. A combination bridal and fashion jewelry event will keep all interested parties interested. Mini-manicures or makeovers, fashion shows with your local J. Crew, Gap, or Ann Taylor type store (of course you'll match the fashion show with the store whose list you rented) will create an everyday festive atmosphere.
Connect with the connectors. Your local hairstylists and make-up artists are natural networkers and enjoy sharing great sources and insider information with their key clients. Host them in your store for their own private event.
Cross marketing is a great way to get in front of young people who are the clients of other local businesses especially if you are renting their lists. You also can share the expenses. Partner with hair salons, spas, radio stations, florists, restaurants or caterers, bands, photographers, limo rental companies, local rock groups, or charities. Get the buzz out. Create an organized referral business with incentives. Reward your clients for each referral with gift certificates and perks.
Remember that women pre-shop. Make sure you also excite them about gift purchases for their bridal party and the all-important gift for her groom. Men buy. If he is sitting at your diamond counter he wants to walk out with the ring. Everyone is a potential buyer or knows someone who is. And finally, really love what you do. It will show.
Nan Piper Kochanski is a luxury industry innovator whose background includes 13 years in corporate jewelry and another 14 years in entrepreneurial jewelry. She began in publishing and training at JCK and JA, moved into manufacturing, merchandising, and training at QVC, and now specializes in branding, marketing, public relations, and imaging in the luxury segment, with experience with companies like Lagos and Bernie Robbins Fine Jewelry. Currently she is developing the Couture launch of Bacall Precious Jewels, a collection of fine jewelry by Hollywood's quintessential femme fatale, Lauren Bacall.
author: BY NAN PIPER KOCHANSKI, NK CREATIVE




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