How you can survive the Target invasion
Part 3 of 3
By Sara Duck
Here are a few tips to help prevent big-box retailers from eating into your bottom line.
● Be innovative. If jewellery retailers want to remain current in a competitive market, it’s paramount they constantly innovate with design and merchandizing. Many high-profile stores see the benefit of collaborating with celebrities, designers, and fashion houses on capsule collections or less expensive lines to gain consumer attention. Target recently teamed up with Italian brand Missoni, H&M collaborated with Karl Lagerfeld and Versace, while Top Shop showcased a collection by style icon Kate Moss. The purchasing power is out there—you just need to be on top of this trend. If your budget allows, partner with a celebrity to create or carry an exclusive jewellery line. For inspiration think about Tiffany & Co.’s collaboration with architect Frank Gehry and Birks’ partnership with business mogul Ivanka Trump. For the smaller independent jeweller, Amanda Gizzi, director of consumer communications for New York City-based Jewelry Information Center (JIC), suggests focusing on your “community celebrities” for collaborations, or offering on-trend pieces at fabulous price points. The key to being innovative is to first draw your customers into the store with a good lower price point category that works for your niche and your business model. “This can help today’s entry-level jewellery buyers be your high-end customers tomorrow,” Gizzi says.
● Market and promote. Target has marketed themselves as a “cheap and chic” consumer shopping destination, mixing both traditional forms of media such as print and TV ads, with more modern forms of promotion like Twitter, Facebook, and smartphone apps to get brand exposure. For jewellery stores to be successful these days, Gizzi suggests retailers take a similar approach to marketing and promotion, combining both traditional and modern forms of advertising. One option for shops with bigger budgets and who want to expand their customer base and optimize brand exposure is hiring a public relations agency. These firms can enhance a business’s reputation through various means ranging from media relations to event planning and marketing. They can write and distribute press releases, pitch articles to journalists, plan events where media or community is invited, and even set up advertising campaigns. If your budget is more limited, tap into social media. This is a great and free way to stay connected with your customers and let them know about sales and new merchandise, with the potential of also gaining new clients and followers.
● Create an experience. Good advertising may draw shoppers into a store once, but it will only be once if the experience and value for money do not meet customers’ expectations. Shopping for jewellery should be an experience and one that people want to repeat. “Everything from the way the employees dress to the music played in the store should be appropriate and well-orchestrated,” says TV fashion and home consultant, Lynn Spence. “It shows customers you are 100 per cent committed to doing the best job possible.” Retailers should keep in mind they are selling themselves as much as they are selling jewellery. Odyssey Canada vice-president Marc Lachance suggests putting together a team of trained staff with as much product knowledge and dedication to selling jewellery as possible. After all, consumers these days are well-educated; they know what they want, and if the experience isn’t there, they will simply take their business somewhere else. “Offering great after-sales service like free battery replacement, discounted jewellery repairs, and cleanings are all extra special touches that can make you stand out from the larger stores and keep your customers happy and coming back,” Lachance says.
And who wouldn’t want that?


