Bridal Jewelry Advanced Jewelry Sales
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Progress Evaluation Reminder I f you have not yet completed Progress Evaluation 2, please do so before continuing further with your coursework. The Advanced Jewelry Sales course includes four Progress Evaluations. They come after Lessons 2, 5, 8, and 11. Each one has three separate components – a Learning Evaluation, a Training Evaluation, and a Satisfaction Evaluation. For more information about Progress Evaluations and how to complete them, see the Education Center FAQs page. If you have other questions or need help, please contact us. You can use this website – just click on Help. You can also email studenthelp@diamondcouncil.org or phone 615-385-5301 / toll free 877-283-5669.
Bridal Jewelry In This Lesson: • Getting Specific • Gifts of Love • Bridal Customers • Buying Bridal Jewelry • Selling Engagement Rings • Selling Wedding Jewelry • Selling Anniversary Gifts GETTING SPECIFIC In the first section of this course (Lessons 2 through 5) you examined critical variables in advanced jewelry sales – customers, the buying experience, branding, and dealing with changes. These variables affect the selling process for fine jewelry of any kind, but they come together in different ways with different types of merchandise. The second section of the course (Lessons 6 through 11) will focus on specific product categories – bridal, fashion, men’s designs, custom work, estate jewelry, and fine watches. Some of these are important for every jewelry retailer. Others represent possibilities for creating specialized niches in today’s competitive market. Even if your store doesn’t carry the cate- gory that’s discussed in a particular lesson, you’ll find things you can use in selling other types of merchandise. This section of the course starts with a Ring photo courtesy True Romance. look at bridal jewelry. Couple photo courtesy Samuels Jewelers. Advanced Jewelry Sales 6 1
Bridal Jewelry For each category you’ll learn: • What it includes – the types and styles of products that are available and popular. • How important the category is to most “brick-and-mortar” jewelry retailers, and to the industry as a whole. • Who the typical customers are in terms of gender, age, income, and other significant markers. • Factors that affect the buying process, and distinctive behaviors that customers exhibit. • Special approaches and techniques you can use in presentations. • Unique aspects of follow-up and clienteling. We’ll start this section with the category that’s most important to most stores – bridal jewelry. Lesson Objectives When you have successfully completed this lesson, you will be able to: • Recommend choices for all types of bridal purchases. • Identify today’s engagement and anniversary customers. • Explain steps and behaviors in buying bridal jewelry. • Manage the complexities of engagement ring sales. • Increase your sales of wedding and anniversary jewelry. Editorial Note: In this lesson the terms “bride” and “groom” as well as “fiancé” and “fiancée” are often used instead of longer but more accurate constructions like “bride-to-be” or “prospec- tive groom.” This is intended to make reading easier. Such distinc- tions are important to some customers, however. So, be aware Photo courtesy JCK. of this issue in person-to-person dealings, and be careful not to offend. If you’re in doubt about using one of the shorter forms, ask the customer if it’s okay. 2 Advanced Jewelry Sales 6
Bridal Jewelry GIFTS OF LOVE By strict traditional definition, bridal jewelry consists of engagement and wedding rings only. In most stores today, however, the bridal section also holds anniversary rings, and perhaps gifts for the bride. It’s where the inventory of unset diamonds is kept as well. This lesson will expand the category’s scope to encompass all types of jewelry that are given and received to celebrate engagements, weddings, and anniversaries. As you’ll see, this expanded definition includes most of the merchandise in your showcases. Product-wise, the focus will be on women’s “ready to No matter what the form wear.” Men’s bridal jewelry will be covered in Lesson 8, while or style, bridal jewelry custom jewelry of all kinds is the subject of Lesson 9. But you always sends a message can apply much of what you learn in this lesson to selling any of love. jewelry that will be given as a gift of love. Photo courtesy Diamond Promotion Service. Measures of Importance No matter how you define the category, bridal jewelry is the Bridal cornerstone of American jewelry retailing. This is also true regard- less of which statistics you use to measure importance – customer jewelry numbers, market share, contribution to store revenue, or poten- tial for future growth. is the • Customer Numbers – Each year there are about 2½ cornerstone million marriages and 56 million anniversaries in the US. of American More than 80% of brides receive an engagement ring, 95% of couples exchange wedding rings, and about 10% of husbands jewelry – or more than 5½ million – give fine jewelry for their anni- versary. Thus, the bridal category is built on a solid foundation retailing. of tradition and demand. • Market Share – The bridal category accounts for more than 1/4 of the value of all fine jewelry sold nationwide. For diamond jewelry sales, engagements and anniversaries are each as big as the year-end holidays. Advanced Jewelry Sales 6 3
Bridal Jewelry • Store Revenue – Sales of just the traditional bridal components – engagement and wedding rings – generate more than 1/3 of the average American jewelry store’s yearly revenue. For many stores the contribution is over 1/2, and for some it’s nearly 100%. • Future Growth – Bridal sales are almost certain to grow in the future. The Millennial generation will produce a steady rise in the annual number of weddings over the next decade. The divorce rate is also declining and people are living longer, which means more couples will be celebrating bigger anniversa- ries. Further potential comes from the fact that many The Millennial generation is going to create a married women have never received fine jewelry for marriage boom in coming years. their anniversary. Engagement Rings Rings have been given as tokens of love and commitment for thousands of years. At different times, they’ve been made of various metals as well as less durable materials like leather, wood, and even plant fiber. History first records a diamond engagement ring in the 1400s. For centu- ries after that, diamond engagement rings belonged mainly to royal courtship. They began appearing in the US in the late 1800s, and became a mainstream American tradition by the 1950s. Today about 84% of US brides receive a diamond engagement ring. By some estimates, diamond engagement rings account for more than 1/2 the total value of the entire bridal jewelry market. Rings have been given When customers choose diamond engagement rings, the most important as tokens of love and features are usually the ring’s design and style, the center diamond’s shape commitment for thousands of years. and carat weight, the metal the ring is made from, and the ring’s price. Ring Design and Style The diamond engagement ring carries tremendous meaning, and its form is iconic. As a result, the engagement ring isn’t as strongly affected by fashion as other types of jewelry. However, there’s still room for distinctive- ness and individuality. The basic form has also evolved over the years, and new styles have been added from time to time. 4 Advanced Jewelry Sales 6
Bridal Jewelry Much of this is due to designer creativity, industry initiatives, and shifts in consumer taste. Other changes have come from advances in technology. Some experts also say that engagement rings are growing more varied because of brides’ increasing influence in purchase deci- sions. Most engagement rings sold today can be divided into five design categories – diamond solitaires, solitaires with accents, three- diamond rings, diamond cluster rings, and diamond bands. • Diamond Solitaire – The classic diamond solitaire ring is a single diamond with a prong setting in a simple band of precious metal. This remains the most popular version of the design. Brides today are influencing Modern variations may have different setting styles – bezel or engagement ring designs as well as purchases. tension, for example – but most don’t stray far from the original concept. For many years diamond solitaires topped the charts in engagement sales. They’re still purchased by customers of all ages, but today only about 1/3 of brides choose or receive them. • Solitaire with Accents – Essentially a solitaire embellished with smaller diamonds, this is now the favorite engagement design with most age groups. More than 1/2 of brides currently receive a diamond solitaire with accents. There are countless variations. In many, the center diamond is flanked by smaller diamonds of the same or complimentary shape. Other The diamond solitaire with accents styles feature clusters or short rows of melee on either is now the favorite engagement ring design with most age groups. side of the center. Small diamond or colored gemstone melee may also be set partway or completely around the ring’s shank. • Three-Diamond – Originally created for anniver- saries, three-diamond jewelry made its debut in 2000. The concept is defined by three diamonds of significant size representing the past, present, and future of a rela- tionship. The concept has been applied to other jewelry forms, but the symbolism of the three-diamond ring Three-Diamond Rings appeal to appeals to many younger brides. As a result, about 1 in many younger brides. 10 diamond engagement rings fall in this category. Photo courtesy Diamond Promotion Service. Advanced Jewelry Sales 6 5
Bridal Jewelry • Diamond Cluster – Rings with diamond clusters are a little more popular than three-diamond designs, and they’re chosen by customers of all ages. To some they have an old-fashioned Photo courtesy Stuller. charm. For customers with limited budgets, cluster rings offer high visual impact combined with affordable cost. • Diamond Band – Band-type designs usually have one or two rows of small diamonds across the top of the ring. The eternity ring, which features a complete circle of diamonds, also fits in this category. Research shows that band designs gain appeal as women age. This may reflect the fact that many older brides are beginning second or third marriages, and want an engagement ring that’s different from what they previously received. Diamond Shape and Weight A single diamond is the centerpiece of most engagement rings, and also the biggest factor in cost. So, its characteristics are a top concern. When questioned specifically about the diamond, most customers rate all four Cs about the same in importance. But in decisions about the ring as a whole, cut shape and carat weight stand out. • Cut Shape – The round brilliant has been the preferred cut shape and style for more than a century, and it’s still chosen by about 1/2 of all brides and grooms. Another frequent pick is the marquis cut, and princess cuts have been gaining favor in recent years. • Carat Weight – Increasing carat weight is another trend in engagement ring diamonds. Currently the average range for the center diamond is about 1/2 to 1 carat. Accents may add up to another 1/2 carat or more. This usually puts the total carat weight at about 1 to 1½ carats. Ring Metal Photo courtesy Diamond Promotion Service. Gold has been the metal of choice for engagement rings for more than 500 years, and it continues to hold that status today. About 1/2 of all brides and grooms decide on yellow gold. But over the last decade, more and more have been choosing white gold instead. 6 Advanced Jewelry Sales 6
Bridal Jewelry The growing demand for white gold is part of a long-term trend that includes other white metals such as platinum, and more recently palladium. (Silver is rarely used for diamond engagement rings.) One reason for the white metal trend is symbolism. The color white is associated with purity in Western culture. White metals also enhance the appearance of colorless and near-colorless diamonds. Another factor behind white gold’s increasing popularity has been the resurgence of platinum. Since the 1990s, platinum has Metals like platinum and been promoted as the ideal metal for bridal jewelry – especially white gold owe their diamond engagement rings. As a result, about 1/3 of brides now popularity in part to the wish for their rings to be made of platinum. symbolism of their color. Photo courtesy A. Jaffe. But platinum is much more expensive than karat gold, and this creates a price barrier for many customers. Those who can afford it often choose platinum. Others opt for white gold as a more affordable alternative. The cost Ring Price One more engagement ring trend is increasing price. Market of an research indicates that the average cost of a diamond engagement engagement ring more than doubled between 2005 and 2010. But most brides and grooms spend less than the average, while a small group spends ring more – and a few spend much more. more than In many markets, most customers shopping for engagement rings are in their 20s. They’re at an early stage in their careers and doubled have relatively low earning levels. As a result, they also have small budgets for their engagement rings. between On the other hand, engagement rings for second or third 2005 marriages are often much higher in cost than those for first marriages – on average, about 60% more. And “upgrade” engage- and ment rings (same wife, second ring) can be very expensive. 2010. Advanced Jewelry Sales 6 7
Bridal Jewelry Other Engagement Gems M ost engagement rings feature “white” (colorless or near-colorless) diamonds of nat- ural origin. But those aren’t the only possibilities. Some customers choose colored gemstones, fancy color diamonds, synthetic diamonds, or even diamond simulants. • Colored Gemstones – Although diamonds are now the “standard,” colored gemstones have always had a place in engagement rings. Today about 5% of brides receive a ring in which a colored gem is central. Many diamond engagement rings also have gemstone accents. • Fancy Color Diamonds – In 2002 actor Ben Affleck started an instant trend when he gave actress-singer Jennifer Lopez an engagement ring set with a 6-carat pink diamond. While few customers can afford rare natural colors like pink or blue, a growing number are opting for affordable yellows and browns. Treatments put even the rarest hues within reach of many pocketbooks. • Synthetic Diamonds – Synthetic diamonds didn’t appear on the jewelry market until the 1990s. But they’ve already found a niche in engagement rings. Since most synthetics are fancy colors, they’re part of the trend toward colored diamonds. However, “white” synthetics are becoming more available too. As synthetics become more plentiful and familiar, their share of the market is almost certain to grow. • Diamond Simulants – Few couples pick CZ or another diamond simulant as a permanent choice for their engagement ring. But some do this for a “placeholder” ring. The meaning and emotion can be just as great as with a real diamond. A placeholder purchase also represents the potential for an upgrade at some time in the future. 8 Advanced Jewelry Sales 6
Bridal Jewelry Wedding Rings A wedding symbolizes the union of two lives, and for most couples the exchange of rings is a focal point of the ceremony. Wedding rings are typically worn by both partners in the Wedding marriage. Besides love, they usually denote a legal commitment and perhaps a religious or spiritual bond as well. rings often For many people, this multiple function gives wedding rings denote even greater symbolism than engagement rings. It also makes them even more resistant to style variations and the influence of a spiritual fashion. bond. Nevertheless, customers do have choices when it comes to wedding ring designs, gems, and metals. Matching is another variable. • Designs – Wedding rings range from narrow rings to wide bands, and from plain metal circles to richly carved, gem-orna- mented creations. Younger brides tend to prefer fancier rings, but the choice really depends on personal taste and budget. In many cases, simple rings are eventually upgraded to more expensive designs. • Gems – Some bride’s rings are made only of metal, but most feature gems of some kind. Almost 3/4 are set with diamonds. Other possibilities include colored gems, fancy color diamonds, and synthetic diamonds. • Metals – Most brides opt for gold, but many prefer white gold even if their engagement ring is made of yellow gold. Platinum is favored by many brides, and palladium is a newcomer that’s gaining an audience. • Matching – Most brides and grooms purchase their wedding rings separately. The rings are usually selected on the basis of Many younger brides prefer fancy personal preference and budget. They don’t have to match each wedding rings like these white gold other or the bride’s engagement ring. But matching is an option. and diamond designs featuring The most frequent choice is a wedding duo – a wedding ring that elaborate openwork. matches the engagement ring. Another possibility is the trio – two Photo courtesy Samuels Jewelers. wedding rings that coordinate with the design of the engagement ring. Some couples decide on wedding rings that match each other but not the bride’s engagement ring. Advanced Jewelry Sales 6 9
Bridal Jewelry Additional Wedding Jewelry I n addition to the proposal and ceremony, a wedding can produce smaller occasions, settings, or circumstances that are appropriate for giving and receiving jewelry. Many couples exchange gifts the night before the wedding, the morning of the event, or after the festivities are over. Jewelry is a frequent choice for this intimate moment – especially the groom’s gift to the bride. In the weeks before or after the Big Day, the bride is likely to receive gifts – perhaps including jewelry – from her parents, other family members, in-laws, or friends. She may also give jewelry to her bridesmaids. Along the way, the bride might treat herself to jewelry too. Maybe she’ll do this to accessorize her wedding dress or an outfit she’ll wear to other functions. Or perhaps it will be part of a personal celebration of her life and the wonderful thing that’s happen- ing in it. Anniversary Jewelry An anniversary is the day each year when two married or mutually committed people celebrate the life and special relationship they share. Apart from engagements and weddings, anniversaries are among the three favorite occasions for giving and receiving fine jewelry. (The other two are birthdays and the year-end holidays.) The potential selection for anniversary gifts includes diamond rings and other types of diamond jewelry – plus almost everything else in your showcases. Photo courtesy Diamond Rings Kwait Diamonds. Diamond jewelry is the most popular choice for anniversaries – and rings are the very top picks. These include upgrades and enhance- ments, anniversary rings, rings with larger diamonds, and right-hand rings. • Upgrades and Enhancements – As you’ve already seen, many customers eventually purchase upgrade engagement or wedding rings. Enhancers, guards, and wraps for solitaires offer added possibilities. 10 Advanced Jewelry Sales 6
Bridal Jewelry • Anniversary Rings – For decades, a favorite gift for anni- versaries has been the diamond anniversary ring. This is essen- tially the same as many band-type designs used for engage- ment and wedding rings. One version – the eternity ring – was created specifically for anniversaries, but consumers adopted it for other bridal occasions too. • Larger Diamonds – Rings with fewer but larger diamonds have always been high on the list of anniversary gifts. In recent years, their symbolism has been enriched by the three-diamond ring with its “Past, Present, Future” message. • Right-Hand Rings – Another choice is the diamond right-hand ring. This style is defined as any ring that’s worn on the right hand and features at least one significant diamond. Introduced in 2003, the concept was devel- oped for women self-purchasers. But men quickly identified it as a great gift idea, and now purchase more than 2/3 of all right-hand rings. Other Anniversary Choices While rings are most popular, anniversary diamonds can deliver their messages in other forms, such as earrings, necklaces, bracelets, and pins. Sill more possibilities are supplied by Journey Diamond Jewelry and other products in your showcases. • Journey Jewelry – This concept was created especially for anniversaries and other gift occasions. Journey jewelry is available in earring and pendant designs. It features diamonds of gradu- ated sizes that symbolize how love grows over time. Introduced in 2006, Journey quickly became one of the best-selling diamond jewelry design categories, and one of the most popular anniversary gifts. • Other Products – As varied and appealing as it is, diamond Photo courtesy Samuels Jewelers. jewelry doesn’t provide the only choices for anniversary gifts. Almost every item in your store – colored gemstones, cultured pearls, watches, metal-only, new, custom, or estate – is something a husband might purchase for an anniversary, and a wife would be happy to receive. Advanced Jewelry Sales 6 11
Bridal Jewelry BRIDAL CUSTOMERS In Lesson 2 you learned that jewelry customers can be analyzed in terms of demographics, psychographics, and behavior. In this section, you’ll focus on the first two factors. In the next section, you’ll examine shopping and buying behaviors. Most customers for bridal jewelry fit into one of two groups – those who are shopping for engagement and wedding rings, or those who are seeking anniversary gifts. These groups share certain traits and concerns, but the complete profiles are distinctive. Engagement and Wedding Customers As far as jewelry purchases are concerned, the most important demographics are based on gender, age, and income. Customers for engagement and wedding rings illustrate how these factors apply – but there are some surprises too. Gender Men purchase virtually all engagement rings and bride’s wedding rings, and women receive them all. For this reason, men have traditionally been considered the primary customers for engagement and wedding rings. But that probably never was true, and it’s certainly not today. Receiving any gift of fine jewelry – and especially bridal jewelry – usually isn’t a totally passive act. Brides have always dropped hints about the rings they’d like to have, and most still do. But many now take a more “hands-on” approach. For Purchase decisions about example, showing their fiancés photos of rings in magazines or engagement rings have to please on websites, window-shopping with them at jewelry stores, or brides as well as grooms. guiding them inside for a look at what’s in the cases. 12 Advanced Jewelry Sales 6
Bridal Jewelry As a result, most brides today have some level of participation in selecting their engagement and wedding rings – and many get very involved. In fact, studies show that brides have more influence than grooms in most decisions about engagement rings. More than 1/2 of brides receive the diamond shape they like best; 2/3 receive the metal they prefer; and 3/4 receive the ring style they wish for. More than 60% of brides even have a big say in choosing the store where the ring is purchased. So, in an engagement or wedding ring purchase, your mission is to satisfy both the groom and the bride. Age Most of today’s jewelry customers belong to three generational cohorts – Baby Boomers, Generation X, or Millennials. Here’s a “snapshot” of their birth years and ages at specific points in time: Cohorts Born Age in 2010 Age in 2015 Age in 2020 Baby Boomers 1946-1964 46-64 51-69 56-74 Generation X 1965-1979 31-45 36-50 41-55 Millenials 1980-1995 15-30 20-35 25-40 Engagement and wedding customers tend to be young. In any given year, about 3/4 of all US marriages are for the first time. The rest are for the second time or more. The median age at first marriage is currently 26, and Many at second marriage it’s 33. Thus, about 1/2 of all first or second marriages occur between the ages of 18 and 33. This age range also accounts for Millennials about 80% of all engagement ring sales by value. are now In most markets Millennials are the top engagement and wedding customers, while Gen Xers rank second and Boomers third. in their • Millennials – Many Millennials are now in their prime “marrying prime years,” and many more are on the way. As a result, members of this marrying cohort will make the majority of engagement and wedding ring purchases until about 2020, and they will stay important for years after years. that. The Millennial generation is also huge – nearly 80 million people. For this reason, the annual number of engagements and weddings in the US could rise as much as 30% in the period from 2010 to 2020, compared to the average from 1995 to 2005. Advanced Jewelry Sales 6 13
Bridal Jewelry • Gen Xers – Between 2010 and 2020, Gen Xers will steadily become less important as a group for engage- ment and wedding purchases. Individually, however, they’ll remain significant. Per capita incomes are likely to rise as members of this cohort advance in their professional careers. Those who marry may have the spending power to celebrate at levels many younger customers can’t afford. • Boomers – By 2020 Baby Boomers will be rare among customers for engagement or wedding rings. In the mean- time they’ll be important in the same way and for the same reasons as Gen Xers. Some will be marrying again – or Gen Xers will become less important for engagement and wedding sales as a perhaps for the first time – and on average they’ll have the group, but they will remain significant highest discretionary income of any age group. on an individual basis. Income Income Income is an obvious factor in who buys jewelry and how much they can afford. As a group, affluent and wealthy consumers spend is an proportionately more than those who make less money. But middle- and lower-income consumers are much more numerous, and thus obvious form important market segments. factor in There’s no published research that directly matches income with engagement and wedding ring purchases. But it’s possible to make who buys inferences from data that is available. For example, customers can be jewelry and divided into four groups based on spending: • Customers who spend less than 50% of the average for how much engagement and wedding rings make about 1/2 of all they can purchases, and those purchases represent about 30% of the total value of all sales. afford. • Those who spend 50 to 100% of the average make a little less than 1/3 of purchases and account for almost 30% of total value. • Those who spend 100 to 200% of the average make about 1/6 of purchases and account for 25% of value. • Those who spend more than 200% of the average make less than 1/20 of purchases (actually only 3.5%), but account for 17% of total value. 14 Advanced Jewelry Sales 6
Bridal Jewelry These four groups probably correspond to lower-income, middle-income, affluent, and wealthy customers. In that case, the traditional bridal components are much like the rest of the jewelry market, in which the wealthiest 30% of customers make almost 70% of all purchases measured by value. But most customers are also willing to trade up for special purchases, and spend more than they might normally feel they can afford. This happens often with engagement and wedding rings. So, be careful not to make assumptions based on first impres- sions. Take time to get to know the customer and determine what he needs to express the emotions he’s feeling and the messages he wants to send. Anniversary Customers A good way to get a picture of anniversary customers is to compare and contrast them with engagement and wedding customers – to look at what’s the same and what’s different. • Gender – The marital status is different (already married vs planning or hoping to be), but the basics of the situation are exactly the same: The purchase needs to please both husband and wife. • Age – The current ranking of cohorts is reversed. Baby Boomers are now the top customers for anniversary gifts, but over the next decade they’ll begin to give up that position. Meanwhile, Gen Xers and Millennials are likely to be buying more jewelry as a result of rising incomes. So, they’ll start to become your best anniver- sary customers – and they’ll probably stay that way for the rest of your career. • Income – The patterns and circumstances are the same as for engagement and wedding customers, and for Baby Boomers are currently the top customers for anniversary gifts of fine customers of fine jewelry as a whole. Those with higher jewelry. incomes are likely to spend more – both in absolute terms and proportionately. But every customer is impor- tant, no matter how much he makes or plans to spend. Advanced Jewelry Sales 6 15
Bridal Jewelry BUYING BRIDAL JEWELRY As you learned in Lesson 3, the buying process normally consists of six steps – triggering, pondering, searching, selecting, committing, and evaluating. Typical behaviors include setting a budget, deciding where to shop, comparing options, and seeking the best deal. Triggering Triggering occurs when an event of some kind begins the buying process for a particular purchase. With bridal jewelry the triggers are obvious. For an engagement ring, it’s when the groom decides he’s going to “pop the question,” or the couple agree that they’re ready to “make it official.” If the The trigger for an engagement ring wedding rings are purchased separately from the engagement purchase may occur when the groom ring, they have their own trigger. That’s usually when the day decides to “pop the question.” of the ceremony is set. The trigger for an anniversary purchase comes when the yearly date begins to approach – or the husband remembers it. Pondering The second step in the buying process is usually pondering whether to invest in jewelry or something else. For engagements and weddings, Some tradition dictates the purchase of rings. So, pondering is often replaced by customers planning, which includes budget setting. set the Budgeting for Engagements Research shows that almost 2/3 of grooms decide on the engagement engagement ring budget by themselves. Some couples set the budget together. But the ring groom almost always makes the final decision on how much to spend. budget A budget isn’t an exact or fixed amount, however, and it can change as the buying process moves forward. Grooms often spend more than together. they originally plan. Another thing research indicates is that engagement ring budgets aren’t very sensitive to the downsides of economic cycles. In the middle of the “Great Recession” of 2007-2009, more than 3/4 of couples in one survey said they weren’t spending less for their ring as a result of the economy. 16 Advanced Jewelry Sales 6
Bridal Jewelry Options for Anniversaries Budget setting is also part of the pondering step for an anniversary 3/4 of purchase. But there’s a bigger issue as well. The list of gift choices is much more open than with engagements and weddings. So, the husband has to decide whether to spend the money on jewelry or something like a luxury vacation. wives want In offering jewelry, you’ve got the person who counts most on your jewelry side. One study found that more than 3/4 of wives would like to receive jewelry for their anniversary. But that desire may not be conveyed at for their all, or there could be miscommunication. Then the husband might buy anniversary. jewelry the wife doesn’t like. This underscores the importance of building relationships and staying in touch with both partners, and getting the wife involved in the buying process from the beginning. Searching In the searching step of the buying process, the customer seeks basic facts about the purchase. The goal is to develop a clear idea of what options are available in selection and cost. Timeframes Most brides and grooms begin the searching step for engage- ment rings more than six months before the wedding, and about 1/3 start more than 12 months ahead. The timeframe for anniversary purchases can vary from year to year. The average searching period is about three to six weeks. For milestone anniversaries it can expand up to six months or more. But if the husband doesn’t remember that it’s his anniver- sary until he’s on the way home from work, the entire buying process may get crammed into a single hour of very intense and anxious shopping. Many couples begin searching for engagement rings more than 6 months before the wedding. Info Sources Photo courtesy Samuels Jewelers. The information that’s gathered in the searching step can come from a variety of sources. Today most brides and grooms find much of it on the internet. Many brides also window-shop, and some venture into jewelry stores to look at rings and try them on. Advanced Jewelry Sales 6 17
Bridal Jewelry Grooms are likely to ask recently engaged or married peers for advice. They may also visit stores, read brochures or watch DVDs supplied by retailers, Grooms and browse through their fiancées’ wedding magazines. are likely to When husbands start searching for anniversary gifts, they may turn to a number of sources for infor- ask engaged or mation. Some pick up suggestions from ads they’ve seen. Others seek advice from friends, coworkers, or married peers family members. Many are guided by memories of for advice about comments their wives have made. The lucky ones have a good idea about what to look for and where to find it. This might be based on clear input they’ve received from their wives – or perhaps a timely reminder from a engagement jewelry professional like you. rings. Selecting Selecting is the step in which the customer compares options, identifies the most likely possibilities, and begins working toward a decision about the purchase. With engagement rings, some couples or grooms move to the selecting step more than a year before the wedding, and a few do so less than a month in advance. But about 1/4 shift to this step six to 12 months before, 1/4 do it at three to six months, and 1/4 at one to three months. Many anniversary customers arrive at the selecting When buying anniversary gifts, many step about two weeks before the celebration. But the men are guided by comments their wives timing can vary depending on the importance of the have made in the past. anniversary and the amount and quality of guidance the Photo courtesy Samuels Jewelers. husband receives. 18 Advanced Jewelry Sales 6
Bridal Jewelry Deciding Where to Shop One of the first things that happens in selecting is that customers decide where to shop. During the searching step, they develop a good idea of what various stores offer. In selecting, they narrow the list to a manageable number – usually three to five stores. Decisions about where to shop are usually based on customers’ knowledge, perceptions, or expectations regarding: • The price range of the store’s merchandise. • The quality of that merchandise. • The size of the selection. • The store’s reputation. • The knowledge and helpfulness of its professional team. • The amount and quality of personal attention that will be received. Comparison Shopping Once the list of stores is finalized, comparison shop- Millennial ping begins. Millennial couples shopping together are likely to look at nearly 30 rings over a three-month period. couples Grooms shopping alone and husbands seeking anniversary shopping together gifts may not look at as many pieces or take as long, but the thought processes and emotions they go through are may look at much the same. nearly 30 rings The ultimate objective is to find the best – hopefully, perfect – combination of features, benefits, meanings, and over a feelings for both the gift and the buying experience. But this can be hard to do. If you total up just the possibili- three-month ties for an engagement ring, with the 4Cs for the center period. diamond, basic ring styles, settings, and traditional metals, there could be more than 100,000 possible combinations to consider. That’s why customers for bridal jewelry – or any other category – need the assistance of professionals who have the knowledge and skill to explain the factors that affect beauty, quality, and value, and guide them in making educated decisions. Advanced Jewelry Sales 6 19
Bridal Jewelry Committing Committing – or saying “Yes” and making the purchase – completes the main phase of the buying process. Nearly all engagement and wedding customers eventually buy rings. The big questions are: “Will they do it at your store or from a competitor?” And “Will the buying experience encourage them to acquire more jewelry in the future?” Similar questions exist with anniversary customers. In order to commit to you, your store, and one of the choices Nearly every engagement customer you offer, customers need four things – certainty, trust, confi- will buy a ring. But will it be from you? dence, and assurance. • Certainty – Customers must feel certain that they understand the factors that should affect their purchase decision; that they have received accurate and adequate information about those factors for the choices they’ve been offered; that they have consid- In order ered the choices intelligently, and have found the one that repre- sents the best balance of factors among the possibilities they’ve to commit, seen, or might reasonably expect to find. customers • Trust – Customers must trust you, your store, and your entire team. They have to know that you do business in a way that’s must trust you, consistently honest and fair; that you’re able and willing to work your store, for their best interests; that you’ll keep your word and deliver on promises you make; and that you – more than any other store or and your professional they’ve encountered – are the best one to assist them with this important decision. entire team. • Confidence – Customers must be confident that the purchase can accomplish what they need and want it to. To do that, the gift must send all the right messages in all the right ways. • Assurance – Customers must be sure that if there are problems, you’ll do your best to fix them. This starts with issues like faulty workmanship or a mix up with a special order. But it extends to situations over which you have no control – like a girlfriend saying “No” to a proposal, or a wife deciding she doesn’t want something she had on her wish list. 20 Advanced Jewelry Sales 6
Bridal Jewelry Customers think you might be able deliver all these things when they put your store on their list for comparison shopping. You can start showing them that they’re right in the early steps of the selling process. But you have to continue to confirm and rein- force all the way through closing and follow-up. SELLING ENGAGEMENT RINGS Engagement ring sales can be long and complicated. But when you consider everything that’s going on, it’s easy to understand why. You’re often dealing with a mix of complex psychology, strong emotions, deep messages, profound symbolism, and high monetary investment. Many of the grooms you work with are buying fine jewelry for the first time, and they’re starting with the most important purchase they may ever make. You also have at least two people to please – the bride and groom – and the list may extend to many others on both sides of the aisle. As a result, you need to bring your “best game” profes- sionally, and be ready to guide customers through a lengthy buying process. Sales for engagement rings often go through a series of three distinct phases – brides and grooms searching sepa- Engagement ring sales can be rately, couples shopping together, and grooms coming back long and complicated. So, you to commit and “close the deal.” need to bring your “best game” professionally. Phase 1 – Separate Searching In the first phase of an engagement ring sale, the bride and groom are likely to visit your store separately, perhaps more than once. Both are in the searching step of the buying process. Brides and grooms have different shopping styles and priorities, but their goals are similar. They have to do with your products, your store, and you. Advanced Jewelry Sales 6 21
Bridal Jewelry • Products – During initial searching visits, brides and grooms gauge the size and appeal of your selection, as well as the general ranges of quality and price. Brides often look for preferred styles and familiar brands. • Store – Brides and grooms also want to get a “feel” for your store. They’re looking for a place to shop that’s comfortable and interesting, with a team that’s knowledge- able, helpful, and attentive. • You – They want to find out if you know what you’re talking about. Are you honest, friendly, and enthusiastic – genuinely able and willing to assist them with the buying In the first phase of an engagement process? How easy will you be to work with? ring sale, the bride may visit your store on her own. You have your own professional objectives for this phase. You need to establish rapport, get into profiling, show the choices you have to offer, and do some presenting. Most of all, you have to sell your store and yourself. Separate Brides Brides might come alone, or maybe with one or two friends or family Your members. Today most have definite ideas about what they want. Your ulti- mission is mate mission is to help turn their dreams into reality. In the first phase of the sale, however, your top priority is to make brides and whoever’s with to turn them feel comfortable and welcome. brides’ If they want to do some “just looking,” let them know that’s fine and you’re there to assist whenever they’re ready. Then stay nearby and alert. dreams Look for a chance to start building rapport. When it comes, give into most of your attention to the bride, but get everybody involved. Make it a party! reality. Profiling the Bride As soon as you find out why the bride is in your store, you need to take four specific verbal actions. Congratulate her, anticipate success, translate what’s happening into symbolic and emotional terms, and appreciate the opportunity she’s giving you. 22 Advanced Jewelry Sales 6
Bridal Jewelry • Congratulate – Express joy and good wishes. You don’t have to be fancy or wordy – just sincere. “Wow! That’s great! Congratulations!” This flips on the spotlights, pops the confetti, strengthens the personal bond between the two of you, and puts you on her side. Acknowledge • Anticipate – Also express confidence in a successful the honor outcome. “We’ve got a big selection of gorgeous rings, and I’m sure we can find some you’ll love.” This sends the a bride gives message that she’s found the right place to shop. you by • Translate – Put the real reason for the visit into words. “You’re looking for a symbol of all you mean to your including you future husband – and all he means to you.” This lifts the in her search. experience out of the level of everyday shopping and elevates it to the realm of romance. • Appreciate – Acknowledge the honor the bride has given you by including you in her search. “I know this will be an important choice, and I want to thank you for letting me help.” This shows respect, empowers the customer, and frames the dynamics of the interaction going forward. Through your profiling you need to obtain essential information about both the bride and groom. Specifics for the bride include preferences – as well as dislikes – in ring style and metal, plus diamond shape, size, and color. Be sure to measure the bride’s ring size. Also learn how actively she expects to be involved in the buying process. In profiling for the groom, try to find out what he’s like as a person. If the bride won’t be directly involved in the purchase, also get a sense of how much she trusts his taste. If she will be involved, ask for suggestions on how to deal with him if he visits the store alone, or when the two of them You need to determine the bride’s come back together. preferences for both the diamond and the ring. Advanced Jewelry Sales 6 23
Bridal Jewelry Presenting to the Bride Use words When you present possibilities to the bride, create lots of involvement. Encourage her to try on rings. Highlight features and benefits based on what you’ve learned in profiling. Add emotional involvement by using descriptive words like “breath- like taking,” “classic,” “elegant,” “gorgeous,” “timeless,” and “breathtaking,” “classic,” “unique.” Also paint verbal pictures … of how the bride will look and feel when she receives the ring and wears it … of what others will think and feel and say … and how her groom will feel when he presents the ring and sees “that look” in her eyes “elegant,” and the expression on her face. “gorgeous,” Answer any questions the bride has. But keep the spotlight on romance. If there are people with her, don’t get sidetracked “timeless,” by them. Give the bride her rightful share of your attention. and At an appropriate point, be sure to deliver your value propo- sition – to sum up the strongest reasons why the choices you “unique. offer represent the best value the bride can find. Also articulate your store’s brand essence and promise, and your own as well. Other topics to cover include aesthetics (for example, ring size vs hand size); practicality (matching the ring with the bride’s lifestyle); and the relationship between beauty, quality, and value. More possibilities are the signatures and stories for branded rings you show, and fashion or celebrity connections that might add interest and appeal. Planning with the Bride The bride won’t make the purchase. But you shouldn’t let her walk out the door and simply hope that she or her groom will come back. Instead, be proactive. At the close of the visit, discuss lead times for special orders, sizing, engraving, and so forth – whatever’s appropriate based on the choices you discussed. If the bride has her heart set on When you’re presenting to the bride, be sure to deliver your value one particular ring, urge her to take the next step soon. “Several proposition. couples have expressed interest in this ring. If you really want it, I want to make sure you have it. Maybe we could arrange a time for you and your fiancé to come in and talk more about it.” 24 Advanced Jewelry Sales 6
Bridal Jewelry Set up an appointment for the bride and groom to come in together, or make plans for him to come alone. Give her your card, and ask her to have him contact you. If you’ve estab- lished strong rapport, ask if it would be okay to contact the groom yourself. And if she says “Yes,” do that promptly. If the plan is for the groom to come in alone, work with the bride to select three to five rings she’d be happy with. Aim for a range of prices. Also get her to rank her picks in order of preference and include that information in your notes. Before saying goodbye to a bride who’s searching separately, plan for the next step in the buying process Hints and Helps W hen you’re working with a bride who won’t be directly involved in purchasing her engagement ring, here are some strategies you might suggest: Tell Him – As opportunities arise, the bride can describe to her groom the ring styles, diamond shapes, metals, and other features she likes – and also those she doesn’t like. Show Him – The bride can get her groom to look at websites or magazines with her, and point out rings she likes. She might also send him images by mobile phone, leave web pages open on the computer, or cut photos out of magazines and put them in places where he’ll see them. Send Him – She can arrange for a close friend or family member to go shopping with the groom. This works especially well if it’s someone who accompanied her on searching visits. Otherwise, she can give her “stand-in” a detailed briefing on her likes and dislikes. Bring Him – Taking the groom window shopping is another good option. If they’ll be coming by your store, you might arrange to have the rings she likes in the display. The best strategy depends on the bride and groom’s personalities and where they’re “at” in their relationship. But a little creative collaboration between you and the bride will almost always reveal a way to get the message about ring preferences delivered. Advanced Jewelry Sales 6 25
Bridal Jewelry Separate Grooms When they begin shopping for engagement rings, many grooms have never purchased fine jewelry. In their initial searching visits, they seek answers to basic questions and assurances on critical issues. If they bring someone with them, it will probably be a close friend. For you the visit is mainly about rapport building, profiling, and presenting. Building Rapport with the Groom When the groom enters your store, he’s probably a little anxious – at least. So, you need to get him to slow down and remember why he’s there. The best approach is a simple, sincere, and friendly greeting followed by a little no-pressure rapport building. The message you need to send indirectly through your words – but clearly through your vocal tone, smile, and body language – is: “Relax! You’re safe! You’ve made it to the right place!” Profiling the Groom When you bring the subject around to business and learn the reason for his visit, do the same things you would with a bride – congratulate, anticipate, translate, and appreciate. As you move forward with your profiling, find out about him and his bride. Remember to use an emotional approach. Keep the focus on romance. Word your questions so they’re open-ended. Listen actively, and watch for nonverbal signals. You might start with the biggest question first: “What do you want this ring to say to your bride, to you, and to others who see it?” This transforms the experience from shopping to a romantic Ask the groom, “What do you want quest. this ring to say to your bride, to you, and others?” Take time to get acquainted. What does he already know about the purchase? … What else does he need to know? … Just as important: What does he really want and need from this buying experience? Also get to know the bride. “Tell me all about her.” … “How did the two of you meet?” … “How long have you been together?” … “What kind of work does she do?” … “How about her outside interests and activities?” 26 Advanced Jewelry Sales 6
Bridal Jewelry Presenting to the Groom If the bride has visited your store and made some prelim- inary selections, start with these in your presenting step. Otherwise, do some profiling to help you make the right suggestions. You might first try being direct: “Has she told you what If direct she likes in terms of the diamond’s cut or the style of the ring?” … “Maybe shown you some pictures?” … “Pointed doesn't work, out rings she liked in a store window, or that friends were try detective. wearing?” If that doesn’t work, switch to detective mode: “Would you say her taste in clothing and décor is traditional or contemporary?” …“Tell me about the jewelry she already owns.” … “Is there anything she loves and wears all the time?” Once you start showing rings, get the groom physically involved by letting him touch them and hold them. Show him the diamonds under a microscope or with a loupe. Use a ring stick or ask someone in the store to act as a model. As always, create mental involvement by translating features into benefits, and add emotional involvement with romantic descriptive words. Also paint verbal pictures of three specific scenes – giving, receiving, and enjoying. • Giving – Describe the love, pride, satisfaction, and joy the groom will feel when he presents the ring, asks the question, and hears his bride say, “Yes!” • Receiving – Also depict the look in her eyes and on her face. How happy she’ll be with the ring and him. How much in love – and how loved – she will feel at that When you show engagement rings, get moment. the groom physically involved by letting him touch them and hold them. • Enjoying – Then flash forward to the bride wearing her ring. To the reactions of her family, friends, and coworkers – or his – when they see it. What they’ll think and say about the ring and her and him. And what the ring will say to them about the love he and his bride share. Advanced Jewelry Sales 6 27
Bridal Jewelry As with the bride, find opportunities to deliver your value proposition and to articulate the brands of your store and yourself. Explain how the 4Cs relate to beauty, quality, and value. Make the groom aware of how important diamond shape and ring style probably are to his bride. Also be sure to cover aesthetics and practicality. You’ll probably need to discuss business details like your store’s guarantees, return policy, and credit arrangements (if you offer them). Another likely topic is spending guidelines. Most grooms have heard of the two months’ salary recommendation that’s been promoted by the jewelry industry for decades – and most ignore it. They regard it as unrealistic, pretentious, and greedy. You’re probably better off pointing out that the groom is making a long-term investment, and sending important messages to his bride as well as others. He should buy the best he can afford. But what’s most important is that the ring should show his bride how much she means to him. Planning with the Groom Very few grooms buy an engagement ring on their initial shopping trip. But you should be ready to make the sale anyway. Attempt trial closes periodically, and if you see that the groom’s Offer ready, go ahead with the final close. Don’t be discouraged if you hear something like, “I need to to work look around some more.” Urge the groom to take as much time as with the he needs. Assure him that you’ll be ready whenever he is. But – as with the bride – don’t just let him leave. Try to get him to do some groom planning and committing. any way Discuss the lead time for special orders, ring sizing, and so forth. This establishes concrete deadlines for decision-making he likes. If you haven’t yet seen the bride, also discuss her involvement. Does she want to select the ring herself? Does she want to be surprised? Or maybe something in between? Offer to work with the groom any way he likes, and ask if it would be okay to call him in a few days to see how the hunt is going. Be sure to follow up. Then try to get him to schedule an appointment to come back in. 28 Advanced Jewelry Sales 6
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