The Power of Partnerships: Increase Your Sales With a Neighbor’s Help

Partnering with local businesses that sell products complementary to your own—such as florists, restaurants, photographers, and clothing stores—could be an effective way to increase revenues. Yet more than 60% of jewelers recently surveyed by JCK don’t team up with local businesses to promote each other’s products.

Retailers that do partner with other businesses have developed ways to take advantage of this inexpensive means of marketing. For example, 52% of these jewelers display other stores’ products, such as flowers or clothes (or photos of them), in their stores. Another 45% offer purchase-incentive packages, in which customers who buy jewelry receive a discount or gift from a partnering store, and vice versa, and 8% say they host joint trunk shows or similar programs. Other ideas cited by jewelers include making referrals, giving gift certificates, swapping business cards for display in the stores, hosting joint bridal fairs, and offering coupons toward partners’ goods.