Platinum provides a business building strategy to optimize customer satisfaction and bottom line profitability. 1) Customer Satisfaction: Relating to Today's Consumer

 

Today's Millennial generation bridal consumers are:

Mindful, Self-expressive, Entitled and Competitive.

Mindful:
They are self-reliant shoppers - willing to take the time to ensure they get good value, and are competent researchers on the Internet: 

Self-expressive:
Drawn to the notion of getting a unique ring and throwing a unique wedding: 

Entitled:
They come with high expectations and a strong sense of entitlement.
Most want to be able to touch, feel and look at the jewelry they are considering: 

Competitive:
Millennials admit to competition among their friends "I want my ring to be better than my friends"': 

2) Bottom Line Profitability: Maximizing Your Share
The bridal business is a great business, it's a steady business and it's practically a recession-proof business - but, also a finite business. The only way to succeed is to maximize your profit potential with every bridal customer that walks into your store.

Margin in the Setting
As diamonds have become commoditized, retailer margins have shrunk. Today, the setting delivers a higher margin: 

Today's smart jewelry retailer knows that two things are true. 1. Most brides-to-be aspire to own a platinum diamond engagement ring. 2. Most brides-to-be shop for their diamond engagement ring months before they receive it. The way they shop for this ring, is by style. It seems to me, that showing your customers platinum mountings of their style choice first, is the best place to start when helping them pick the engagement ring of their dreams." Cathy Corey, Day's Jewelers, Maine

Margin % or Margin $? There's A Big Difference To Your Bottom Line
Most retailers analyze their business on a margin percentage basis. However, a "healthy margin" does not necessarily translate into bottom line profits.

 

2 People = 3 Rings
Don't limit the engagement ring sale to one ring. Maximize your share of the bridal budget by securing the wedding band sale too.