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Cheesy Jewelry Ads!
April 16, 2007
A local jewelry storeowner sold her stores to a larger company. The owner was ready for retirement and probably received a very good offer for her high-end retail stores. This nameless store ended up selling to someone who previously owned and sold his stores, but currently has one retail operation in another state. Being that new ownership is in place, they have made some good changes. For one thing, their company has been advertising much more, but their advertising has turned cheesy.
The radio ad went something like this: New management has retired and we have merged with X store so now we are “busting at the seams with excess inventory.” Come view our excess inventory at discount prices.
I’ve heard the saying, “Jewelers are like car salesman” many times, well you wonder why. With commercials like that, all you’re doing is saying your inventory is not worth the retail price and trying to use the excuse of offering this huge discount because of a merger. Consumers aren’t stupid.
We all end up with excess inventory at one time or another, slow-turning inventory, or inventory that’s just not in style anymore. You should and need to try to get rid of it so you have the cash to invest in new styles, but I believe it can be achieved tactfully.
- Have an annual sale every year. Offer champagne brunch or wine and cheese all day and put little tags in each showcase with a different percentage off based on the type of merchandise.
- Make it special and invite your best customers by requiring them to RSVP.
- Hold an auction. Auction off slow-selling merchandise and donate a portion to charity. You might not get as good of a return but you’ll probably get the money you paid for it and now you will be able to buy things that will sell.
- Reduce the prices of slow-turning inventory and off them as add-ons.
- Designate a showcase with a number of slow-turning pieces. Add and/or remove pieces on a monthly basis and try to draw attention to the showcase with a humorous anecdote or a cute saying, like…”gifts that won’t break the bank or leave you with an empty wallet” or “gifts that will have your wife sending the kids to grandma’s for the weekend.”
Why do some jewelers do it? What’s the reason for a cheesy radio ad…especially in a high-end store? Any answers?
Posted by Shanu Singh Guliani on April 16, 2007 | Comments (3)
