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Can We Put More Spark Back Into Trunk Shows?
November 27, 2006
A boss of mine about 20 years ago correctly pointed out that if you do the same thing the same way over and over again you can expect one result: diminishing returns.
So it seems is the case with the many trunk shows taking place at retail jewelry stores all over the country. What used to be a guaranteed $50,000 per vendor has dwindled to much, much smaller numbers today. Many vendors and retailers conducting these shows tell me that they are generally "ok" but "not great" and that rare today is the super successful trunk show. The stores who run trunk shows may well have a great Holiday Season. But less of their sales growth is coming from what were once tried-and-true trunk shows.
While I write this, hundreds of vendor personnel are standing behind counters with their merchandise at jewelry stores througout the country with smiles on their faces. The stores have invested in food and beverage, decorating and marketing and advertising and their salespeople have called and mailed their customers to ensure good attendance. The vendors have picked, packed and shipped their merchandise and boarded planes to attend. They are servicing their valued retail store customers. They are doing 10-20 such shows apiece on a string of pre-Holiday weekends. They are usually exhausted.
Being a regular visitor to retail jewelry stores nationwide, I am going to make some suggestions on how I believe better, more successful trunk shows can be developed: Just as one might build a "zero-based" budget that insists every line item be justified based on current needs rather than "last year's actuals", toss out last year's trunk show (unless it was very successful) and build this year's model based on current needs.
Ask your most successful salespeople what is at the heart of their customers' acquisitive sense this year? What are the hot, exciting topics for your customers that will surely get their attention? Build on this knowledge and shape your fresh, new trunk shows accordingly. Are their opportunities for celebrity tie-ins in cooperation with vendors; celebrity guest speakers; key charity tie-ins? Should designer photos be prepared with bios on the back to be autographed and given to customers in gift frames? Think customer experience. Will good customers feel afterward that this exclusive shopping experience was one that was extremely worthwhile and one they would repeat? Will the experience create word of mouth?
Customer participation also breeds customer commitment. Create a advsiory board of your better customers and ask them to come to a meeting to assist you in planning the coming year's trunk show schedule. The content ideas they give you could very well provide that missing spark.
If you have more ideas to help retail jewelers put more spark back into their trunk shows, please enter them as comments to this blog.
Posted by Howard Hauben on November 27, 2006 | Comments (6)