BUSINESS PLAN FOR HIGH-END WATCHES AND JEWELRY STORE
In this tutorial, I will give you a strategy to make big money with your high-end watches and jewelry.
I am talking about going from zero to a multi million dollar in sales.
In this lesson, I am giving you the strategy I gave to one of my clients who has her own jewelry business.
We executed this strategy and it has changed her business drastically.
STEP 1: CREATE MONEY PLAN
First thing I would do is figure out the money plan.
How many different styles of jewelry do you have? How many do you want to sell to each customer? Will it be enough to make big money for yourself.
If you do not know your numbers, you will not be able to build a profitable business.
Let’s say you have a watch or a bracelet that you sell for $100.
And let’s say it will cost you $60 to sell each watch, you are now making only $40 per sale.
On the surface, it sounds like a $40 profit. But this is not enough to become rich.
You will need to sell 1000 watches a month to make reasonable money.
You will not be able to sell 1000 pieces of the same watch or jewelry for a long time.
People have different tastes. Not everyone will like what you have to offer.
This is why it is very important that you sell multiple pieces to your existing customers.
They already like what you are offering.
It will cost much less to sell them a second item than to find a new buyer.
This is why you should plan your business to sell multiple products to your customer and not just one.
From the very beginning, Identify the product you want to sell first.
Then identify how you want to get the second sale. Do you want to sell two of the product they just bought or sell a new item?
This is a good time to study your competitor’s money plan. What are they selling? How much are they selling, their price range, etc.
STEP 2: BUILD STORE AND SALES FUNNEL
The next step is to build your website and social media channels.
At this stage, it is best to study your competitor and model your website, social media channels, and content after them.
They have already figured out what works.
Do what is making them money instead of reinventing the wheel and running your own trial and error.
You can go through their sales funnel and study it thoroughly.
See what their landing page looks like. What content is listed there? Then how do they lead you to buy from there? What is on their sales page. What is their offer? What is is the price point for their offer.
What do they say on thank you page?
Do they offer an upsell?
What happens after the purchase?
Do they send you another email?
Do they try to sell you something extra?
Whatever they are doing, you do the same. (Just don’t copy. Borrow the ideas and the principals, not the words.)
There are websites and apps that can show you the entire sales funnel for your competitor. It saves you the trouble of buying their product just to go through their funnel.
The one I use is called Funnelytics.
Step 3: Getting Initial Sales
First, step obviously is to start getting some sales.
For this step, I recommend that you hire an expert to run ads online. Don’t worry about making money for yourself here.
Everything you earn here use it to pay your staff, AD expenses and reinvest for more exposure.
This is especially useful if you are someone with little to no marketing experience. You can get stuck at this level for a long time.
Even if you do not want someone to sell, have them at least collect emails for you and then start selling to your email list.
If you want to learn how to start getting sales then watch this: https://www.youtube.com/watch?v=taU-Zwd-y68
Step 4: Getting Second + Continuous Sales
Now you have your own customer list. These are people who purchased your products.
Figure out a way to sell more products to them. Everything you earn from this second sale will be your profit.
You already have their contact information you do not have to spend any money on ads to reach them. You just have to send an email or make a phone call to get additional sales.
Here are a few strategies you can use to sell more products to them:
A. Offer a quiz For personalized order.
Create a quiz to help customers order personalized products. For example, if you are selling luxury watches, you could create a quiz to determine which watch type will be ideal for your customer.
You can ask a few questions to discover what occasion they need the watch for? And if they like mechanical or digital? and if they prefer big or small etc?
Then you can make a recommendation so they feel that you are suggesting the watch which is just right for them.
Now they will be more willing to buy your recommendation because it is tailored for their unique situation.
Many websites use this strategy to sell watches online.
Chrono24.com is one of them:
You can create a similar quiz to sell jewelry.
Angara.com has a quiz on their site to help people discover the right jewelry for them.
I HAVE A GREAT QUIZ PLUGIN FOR WORDPRESS. I PAID A LOT OF MONEY TO GET IT CODED FOR ME. THERE IS NO OTHER PLUGIN LIKE THIS OUT THERE. YOU CAN GET IT FOR FREE HERE: https://go5x.com/free-quiz-plugin/
B. Trap them with incentive.
Caboki does this really well. Every time you buy a product from them, they give you a certain amount of dollar credit for future purchase.
This makes you feel that you already have $3-4 sitting in the account and so you place a repeat order with them.
You can also offer a discount coupon but from my tests giving dollar credit in accounts way more effective than discount coupon.
Also, make sure the credit you give them is dollar value and not just points. The dollar makes more sense to customers.
When they buy a product using the discount make sure they still get a new dollar credit. This will keep them trapped for life in the buying cycle.
I know this well not because it is working great for my clients but because I am a victim of this trap myself
You could also send discount and bulk buying coupons to your customers.
FREE + SHIPPING OFFER:
You could also sell them more products using FREE + SHIPPING model.
In this model, you do not charge for the product but just shipping and handling.
You basically make money as handling fees.
This is a great way to get rid of extra or expiring stock.
But more importantly, it is a great strategy to capture your prospective customer’s email or phone number so you can sell them your jewelry or watch later on.
PAY WHAT YOU WANT OFFER:
On my favorite way to make money these days is to use PAY WHAT YOU WANT strategy.
In this option, you tell the customer to pay what they want.
This works great for a new product or to bring back customers who have not purchased for a while.
When you tell people to pay what they want, people generally pay good money.
They respond to your generosity with theirs.
I generally price my product at a higher price because people will always pay you less than the price.
So if you say your product is worth $100 they will pay you $20-30 and even 50.
But if you say you have a product for $50 they will not pay you $50.
I use Smart Pay Cart From DigitalAccessPass.
This is one of the best shopping cart with great sales features and best customer service.
SmartPayCart has the option to use Pay What You Want on your site.
You can get this shopping cart here: https://smartpaycart.com (I do not earn any commission for this referral)
There is another great tool you can use to get additional sales.
There is a plugin called spin to win.
Basically, you can program it so when your repeat customers can play the game of spinning wheel and win a special prize.
It could be anything from free shipping to a 20% discount. Here is an example from Neilpatel.com website:
You can get this plugin here: https://spintowinreward.com
In addition, you can make a little extra money under shipping and handling but 99% of the time you will make enough money to not have to worry about charging extra shipping and handling.
These strategies will get you extra sales which is your profit now and also will create a sales loop of getting regular repeat sales.
C. Start A Competition + Giveaway.
Now that you have a list of buyers encourage them to participate in social media.
Create a competition and ask them to post a picture with your product, a story around it or success results, etc.
If you are selling men’s jewelry or watches ask men to pose James Bond Style and the most upvoted will get a FREE watch or bracelet.
This is the fastest way to get new customers without spending money on ads.
Everyone who will post a photo will ask their friends to like their post. Many of their friends will now buy it from you.
You can also start a competition where you ask them to tag a friend who could benefit or look good in your watch or jewelry.
Norwegian Cruise did for teachers. They offered a free cruise for the teacher who gets the most votes:
You can also set up free giveaways using websites like https://www.rafflecopter.com and https://promosimple.com
D. Get Reviews In Exchange For Goodies.
One last idea is to ask customers to write or record a review in exchange for a discount or even a free product.
This helps you get more reviews which ultimately results in more sales. The customer also appreciates freebies and by more from you.
Step 5: Hire Distributors/Agents
One of the things most businesses ignore today is offline marketing.
There is huge money to be made offline. You can recruit distributors worldwide.
Not only will it increase your sales but you can charge them a deposit or distributor fees anywhere from $1000 to $10,000.
If you can recruit just 10 distributors that is $100,000 in fees in addition to product orders.
Many countries in the world would love to carry products originating out of the United States, UK, and Europe.
There is a huge demand for imported good, especially in third world countries.
A country like India with a population of billion people has the potential to scale your business overnight.
But you do not have to go so far. You can start by recruiting distributors in your own region.
Step 6: Turn your product Into Income Opportunity
One of the biggest money maker in online marketing today is sales from affiliate promotions.
There is a huge market of people who are interested to work from home today.
Not everyone is interested in creating their own product. Most people want to promote other people’s product and earn a commission.
You can start your own affiliate program and then recruit affiliates.
Show them how they can make money by promoting your products.
Help them start and grow their business by giving them marketing lessons.
These days there are tonnes of free online marketing course that you can point your members to so they can learn how to make money by selling your products.
The more people promote your products the more exposure you will get ad the higher your sales will be.
You can approach social media influencers and recruit them as your affiliates.
Step 7: Place your products In Stores
Most new businesses today focus on online sales. In addition to online sales, focus on placing your products in stores. This is extra sales and extra revenues.
Hire distributors and agents in various territories to get a product placed in stores.
Hire a part-time employee whose job is to go to various stores and negotiate product placement.
If you do the above now you have a channel to bring in customers and strategy to sell them more on a regular basis.
In addition, you have other people like affiliates and influencers promoting your products and finally, you have your products placed in stores.
These three channels should bring you massive sales and cash flow. In addition, you will also make collect distributor fees which is an added bonus.
You can reward yourself with part of the fees and spend the rest to make your brand even stronger by placing your product in pop culture via TV and Films.
This will give you brand a massive exposure, status and create demand.
You can use services like https://hollywoodbranded.com or http://heropp.com to get your product placed in media.
This will instantly boost your brand and give it the necessary boost to get sales.
Hope you find this strategy session helpful and it helps you to build a successful business.
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