laura cave, director of trade marketing rjo show 2013, … · laura cave, director of trade...

Bridal Jewelry: More Customers, More SalesLaura Cave, Director of Trade MarketingRJO Show 2013, Phoenix

Tuesday, January 29, 13

the knot wedding network is #1:reaching every bride in america1.7mm members every year


welcome to The Knot B2B

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visit theknot.com

/b2b


@theknotb2b #theknotsays Q’s? Ask us here

a year-round opportunity

$35+B onwedding day

$11Bjewelry

$10Bregistry and gifts

$6B honeymoons

$4B attire

Additional categories include, but not limited to: $0.8B stationery (1%) and $0.3B on beauty (1%)

$70 billion is spent onweddings annually

Source: The Knot Market Intelligence; NCHS: National Vital Statistics Report, Number of Marriages, 2008

Dec16%

Nov 7%

Oct8%

Sept 7%

Aug8% Jul

8%

Jun7%

May8%

Apr8%

Mar6%

Feb8%

Jan6%

monthly distributionof engagements


let’s get started!

6Tuesday, January 29, 13

5 strategies to grow your bridal business

1. Know your Customer

2. Put your Website to work

3. Fish where the Fish are

4. Maximize the Sale

5. Earn their Loyalty


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today’s brides and grooms

know your customer1


meet our millennial bride

Source: The Knot Market Intelligence Bridal Series: 2011 Real Weddings Study

• 29 Years Average Age

• 73% Graduated College (4 yr+)

• 73% Employed Full-Time

• $81,251 Average HHI

• 46% Have an HHI of $75,000+

• 28% Have an HHI of $100,000+


the luxury segment


her most influential sources

Source: The Knot Market Intelligence Bridal Series: 2011 Real Weddings Study

Internet 98%

Friends/Family 86%

Bridal Magazines 77%

Bridal Events/Shows 43%

Books 29%

Television 21%

Bridal Vendors 18%

Wedding Planners 18%

Newspapers 3%

Radio 1%


15 Base: Purchased wedding dress

brides are mobile!

Mobile25%

PC based75%

TheKnot.com Traffic

Mobile50%

PC based50%

Email


The Knot Market Intelligence: 2011 Engagement & Jewelry Study Base: Stone and/or setting purchased

she’s involved

About 10% are present at ring

purchase

Bride Involvement in Ring Search & Selection

31%

34%

35%

Involved: purchased or

shopped together

Somewhat Involved:

discussed what she wanted

Not Involved: ring was a surprise

9 out of 10 grooms are happy with bride’s level of

involvement


she researches rings...

• 3 out of 5 brides research rings before the proposal overall

• 43% agree: “I used the Internet extensively to research rings prior to my engagement”

• 21% visit ring retailers without their fiancé

Brides: Researched Rings Before the Proposal

The Knot Market Intelligence: 2011 Engagement & Jewelry Study Base: Stone and/or setting purchased

90%!

77%!

22%!

Involved! Somewhat Involved! Not Involved!


brides: ring search attitudesTop 2 Box – Agree Completely/Somewhat

The Knot Market Intelligence: 2011 Engagement & Jewelry Study –Brides Version Base: Engaged in the Last Year AND Stone and/or Setting Purchased

68%

68%

58%

35%

24%

50%

15%

22%

22%

It was important to me to shop around for the engagement ring and try on/look at a

lot of different styles!

It was important to me that I see the ring in person before buying!

I used the Internet extensively to research rings prior to my engagement!

Involved Somewhat Involved Not Involved


brides focus on style

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BridesBrides

Style/Setting 1

Stone Cut/Shape 2

Stone Quality 3

Metal 4

Price/Value 5

Stone Size 6

Retailer 7

Designer 8

Rank in Order of Importance (how important each of the following attributes were

in researching/selecting the engagement ring)


She arms her groom with info…

The Knot Market Intelligence: 2011 Engagement & Jewelry Study

• Over 4 out of 5 drop hints or provide certain kinds of ring information to their grooms

– Even about half of the “not involved” group

• Most common info “somewhat involved” and “not involved” brides give their grooms:

– Stone shape/cut preferences: 77%– Metal preferences: 59%– Ring size: 55%– Specific ring style that she wants: 50%

She would point out styles she liked while we were out and/or while window shopping 50%

She just told me outright what she wanted 37%

She would drop comments here and there in passing 34%

She left ads/pictures of ring styles lying around where I could find them 12%

She enlisted the help of family/friends 9%

He Said She Said


The Knot Market Intelligence: 2011 Engagement & Jewelry Study -- Grooms Version Base: Purchased Stone/Setting

he shops around...on average, grooms:

• Search about 3 months 16% spend 6 months or more

Grooms with “Not involved” Brides: more likely to spend a month or less – 43%

• Visit about 4 retailersGrooms with “Not involved” Brides: more likely to visit 1 retailer – 24%

• Look at about 27 rings


what grooms worry about…

The Knot Market Intelligence: 2011 Engagement & Jewelry Study -- Grooms Version Base: Engaged in the Last YearThe Knot Market Intelligence: 2011 Engagement & Jewelry Study -- Grooms Version

“Getting ripped off.”

“The fact I knew absolutely nothing about diamonds whatsoever. He [jeweler] had

to teach me everything while I was there.”

“Whether it would fit.”

The only thing that crossed my mind, was I getting the

best deal possible?”

“While she picked out the style she wanted and told me the rough size of the

diamonds she wanted, she didn't pick out the final ring. I was worried that she

still wouldn't like what I picked out.”

“Being able to afford something that my fiancé deserves.”


The Knot Market Intelligence: 2011 Engagement & Jewelry Study Base: Purchased Stone /Setting

GroomsGrooms

Stone Quality 1

Style/Se/ng 2

Stone Cut/Shape 3

Price/Value 4

Stone Size 5

Metal 6

Retailer 7

Designer 8

grooms focused on quality

BridesBrides

Style/Se/ng 1

Stone Cut/Shape 2

Stone Quality 3

Metal 4

Price/Value 5

Stone Size 6

Retailer 7

Designer 8

Rank in Order of Importance (how important each of the following attributes were

in researching/selecting the engagement ring)


The Knot Market Intelligence: 2011 Engagement & Jewelry Study –Brides Version Base: Stone and/or setting purchased AND Involved Bride

who has the most influence?

Had More Influence On: Involved Bride

Her Groom

Stone Cut/shape 85% 15%

Setting Metal 77% 23%

Stone Size 46% 54%


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it’s the key to getting couples in store

put your website to work2


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welcome her with a simple homepage

great photos

contact info

the rings

the blog


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put contact info on the top right


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cater to men and women differently


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simple navigation, emotional photos


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show her the bling!


are you losing mobile customers?


make your website mobile, or use your profile

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• users should not have to zoom in to read fonts

• include a tap to call button

• get rid of any extra information

• make sure brides can easily view and share photos of rings

• too much work? Try our mobile redirect!


website to do’s

• Get rid of auto-sound and intro pages • Highlight the things she cares about

• the ring styles• reviews• your store/the experience

• Update your photos--make an emotional connection• Make it easy to make an appointment• Don’t forget your address and contact information!• Make sure you’re mobile friendly


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attracting the bridal customer

fish where the fish are3


wedding planning sites

40% of members

join before engaged


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The Knot is the connection

between Designer and

Retailer


wedding magazines

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Like in fashion magazines, the line between edit and advertising blurs in The Knot—to brides, each page offers opportunities to perfect their big day. National magazine:

•  Published 4x a year •  330,000 distribution

Regional magazines: •  17 editions •  Published 2x a year per market •  1,344,000 copies distributed per

year


search engines


Create amazing content.

Your visitors will stay longer and do more.

More people with websites will link to your content.

Better Rankings. More Organic Traffic.


ideas to grow natural search traffic

• Claim your Google Places / Google + listing and fill with information.

• Set a goal to publish something new every week.

• Start a blog, contribute daily. Tweet your posts and stay focused on your geographic area (hyper local, county, state) + weddings.

• Add a new level of depth to your service pages by adding recent photography, videos, quotes from customers, examples form real weddings.

• Add a review system or community message boards to inspire user generated content (UGC). Create conversation on your website. Create a question and answer forum providing professional advise to local brides.

• Guest blog on popular wedding websites about your service.


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extend the conversation with social


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(hint!) it’s more than just the ring

maximize the sale4


the bigger bridal jewelry picture

• Enagement Ring: $5200• Wedding bands: $1617• Wedding Day Jewelry: $948• Bridesmaid gifts: $73 each!• Not to mention jewelry for life

after the wedding!– Anniversaries– Birthdays– Holidays– Baby Gifts

7% have a center stone that is not a

diamond

Couples spend up to

$2850 on other wedding jewelry

$3.8B

$7.2B

$11B Bridal Jewelry Market

Engagement RingOther Wedding Jewelry



did they have a budget?

74% of couples had a budget

39%

23%

12%

26%

Yes and we stuck to our budget

Yes but we ended up spending more than planned

Yes but we ended up spending less than planned

No


Where Grooms Purchased Ring


Multiple responses allowed

where ring was purchased

39%

35%

9%

4%

4%

3%

2%

1%

1%

Local/Independent Jeweler

National/Regional Jewelry Chain

Online Retailer

Luxury Jeweler

Local Wholesaler

Department Store

Value or Big Box Retailer

Antique/Pawn Shop or Estate Sale

User-to-User/Auction Websites



grooms who purchase from…National & Regional Chains: Local & Independent Jewelers:

Age 27-years-old on average; 37% are more likely to be 24 or younger; less affluent

29-years-old on average, more affluent, educated, employed

Ring Most purchase an entirely new ring More likely to purchase stone separate from setting

Center Stone

• Smaller center stone on average: .9 carats.

• Less likely to pay attention to the 4Cs

• Larger center stone on average: 1.2 carats

• More likely to pay attention to the 4Cs

Spend Lower average total spend: $3,750 Higher average total spend: $6,700

Store Behavior

• Less likely to be comfortable discussing diamonds.

• Less likely to feel prepared and well-informed.

• Less likely to trust their local jeweler more than others.

• More likely to be “very satisfied” with purchase experience.

• More likely to have “considered” buying part or all of the ring online.

• More likely to consider GIA certification important.


The Knot Market Intelligence: 2011 Engagement & Jewelry Study -- Grooms Version Base: Purchased Stone/Setting, Not Online

Wanted to be able to see the ring and/or stone in person 70%

Concerned about making such a significant purchase online 35%

Concerned about limited customer service if something should go wrong 33%

Felt like I needed more personal attention 29%

Wanted to be able to show the ring to my fiancée 6%

thinking about online…

• 30% of grooms who did not buy online considered buying at least part of the ring online

• Why not?


The Knot Market Intelligence: 2011 Engagement & Jewelry Study Base: Engagement Ring Received

diamonds are the rule

Diamond center stone with side stones and/or accents 58%

Diamond solitaire 26%

Three-stone Diamond 9%

Other precious stone solitaire or center stone 5%

No center stone 2%

Only 7% do not have a diamond

center stone

3 out of 4 purchase insurance for the ring

93%


The Knot Market Intelligence: 2011 Engagement & Jewelry Study Base: Engagement Ring Received & Diamond Center Stone

8%

46%

27%

10% 4% 4%

Not sure

2 carats or more

1½ to < 2 carats

1 to < 1½ carats

½ to < 1 carat

Less than ½ carat

Center Stone Size

Center Stone Only Average # of carats

1.0 carat

Total Stones Average # of carats

1.4 carats


Round & princess shapes dominate

Round

53%

Princess

30%

Marquise

3%

Emerald

2%

Cushion

3%

Asscher

2%

Oval

1%

Radiant

2%

Pear

1%

Heart

*%

Trilliant

*%

*less than 1%

The Knot Market Intelligence: 2011 Engagement & Jewelry Study Base: Engagement Ring Received & Diamond Center Stone

Nearly 66% received their

first choice



Top Design Elements Prong setting 35% Pave setting/diamonds 15% Channel setting/diamonds 11% Baguette side stones 8% Cathedral setting 8% Halo/Shared Prong setting 7% Comfort Fit 5% Filigree details 5% Milgrain edging/accents 5% Engraving 5% Bezel Setting 2% Euro Shank (flat bottom) 2% Knife edge band 2% Tension setting 1% Colored gemstone accents 1% Invisible setting 1% Fancy color diamond(s) 1% Other 8%

Close to 1/3 of brides aren’t really familiar with

these terms


The Knot Market Intelligence: 2011 Engagement & Jewelry Study –Grooms Version Base: Purchased New Stone AND Setting

No--from different retailers

38%!

6%!

56%!

YesSeparate -- but from same retailer

Purchased Center Stone Together with the Setting



40% have some customization

FOR THE CUSTOM DESIGN GROUP

• Grooms and jeweler/ring designers are involved in the process the most

• But close to 20% of brides are too

• And family member/friend for 17%

14%

27% 59%

Completely custom designed

Took an existing style/design but made custom changes

Used an existing ring style and didn't change it


White gold 73% Platinum 16% Yellow gold 7% Sterling Silver 3% Palladium 1% Rose Gold *% Titanium *% Tungsten (Carbide) *% Cobalt *% Don't Know/Not Sure 3%

The Knot Market Intelligence: 2011 Engagement & Jewelry Study Base: Ring Received

*less than 1%

Only 5% are two-tone

(multiple metals)

white gold dominates


The Knot Market Intelligence: 2011 Engagement & Jewelry Study Base: Purchased/Selected Band(s)

• Most couples purchase wedding bands

– 93% of brides– 97% of grooms

• Most purchase brand new bands– 26% of Brides more likely to go

custom – Majority choose the bands together:

71%– Each chose their own: 15%– Groom chose both: 10%

Wedding Bands


diamonds for brides; comfort for grooms

Bride Wedding Bands

Diamonds 57% Comfort Fit 11% Milgrain edging/accents 7% Carved Design 5% Inlay 5% Satin/Brush Finish 3% Other precious stones 3% Bevel Edge 3%

Groom Wedding Bands

Comfort Fit 31% Satin/Brush Finish 23% Bevel Edge 12% Carved Design 9% Textured 8% Diamonds 7% Milgrain edging/accents 6% Inlay 5%

14% of bride bands are engraved

20% of groom bands are engraved


Top Design Elements



Purchase Behavior• 36% purchase bride and groom

bands at separate retailersApprox. 10% of couples purchase at least 1 band online (most likely to be the groom’s band)

• 63% purchase at least 1 of the bands from the engagement ring retailer (was 69% 2 years ago)

51% purchase both bands from ring retailer

Another 12% purchase 1 of the bands from ring retailer

• 22% purchase bride’s band as matching set with engagement ring



Multiple Responses Allowed 14% of groom bands are two-tone3% of brides

*less than 1%

Bride Groom White Gold 70% 34% Platinum 15% 7% Yellow Gold 8% 12% Sterling Silver 3% 5% Palladium 2% 4% Titanium 1% 16% Tungsten (Carbide) 1% 27% Rose Gold 1% 1% Cobalt *% 3% Other 2% 4%

more metal variety for grooms


The Knot Market Intelligence: 2011 Engagement & Jewelry Study -- Brides Version Base: Married in the Past Year

wedding day jewelry and gifts

• 8 out of 10 brides purchase/receive jewelry for the day of…average spend $609

• 3 out of 10 grooms purchase/receive jewelry for the day of …average spend $339

• 62% of brides give jewelry to their bridesmaids…average spend per bridesmaid $73


Capturing the engagement ring purchase

• Carry a wide selection• Be prepared to customize• Ease the groom’s fears

about quality/value• Meet the bride’s style

expectations• Get in front of her while

she’s researching!• Online programs• Bridal magazines


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keep your customers for life

earn their loyalty5


The Knot Market Intelligence: 2011 Engagement & Jewelry Study -- Brides Version Base: Purchased Stone/Setting

a missed opportunity...

Only 48% of brides have

heard from their retailer since the

ring purchase

Since your ring was purchased, has your retailer…

Since your ring was purchased, has your retailer…

Followed up about satisfaction with the engagement 22%

Sent you information about ring cleaning and care 22%

Sent information about upcoming sales and/or new merchandise 19%

Sent a thank you card/email 18%

Followed up about satisfaction with the engagement ring 17%

Invited you to store events 14%

Emailed information about upcoming sales and/or new merchandise 13%

Sent catalogs 13%


Serve them after the purchase

• Teach them how to care for their ring – (i.e. cleaning, checking prongs, and insurance)

• Show them what else you can do!– You know this customer is in the market for

bands and gifts, so let them know what you carry!


did she say yes?

• Ask grooms to visit your facebook page and post a pic with the ring on her finger!

• Once you know they are engaged, follow up with a congratulatory note and invitation to come in to shop wedding bands.

• Don’t forget to find out their wedding date!


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keep the social conversation going


Thank you!Visit our booth to speak to our jewelry specialistsFollow us on Twitter @theknotb2b @LauraCave


laura cave, director of trade marketing rjo show 2013, … · laura cave, director of trade...

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