ColumnistsAug 23, 2022
The Smart Lab: How To Plan An Effective E-Newsletter StrategyColumnistsAug 30, 2022
The Power of Collaboration, From All Perspectives
Kendra Bridelle and Ashley Davis Sigman share both the brand and retailer outlook on what “working together” really means.
Ashley Davis Sigman, left, is vice president of Davis Jewelers in Louisville, Kentucky, while Kendra Bridelle serves as vice president of sales for Judith Ripka.
The true power of collaboration is when multiple parties work together toward a mutual goal.
Some might say the goals of a brand and a retailer differ but at the end of the day, the end goal is the same—profit.
In this follow-up to our June article on the three keys to a successful retailer-brand partnership, we take a look at what the words “collaboration” and “partnership” mean to both the brand and the retailer.
The Brand’s Perspective, from Kendra Bridelle
I can’t tell you how many times a retailer has said to me, “This is my investment. Your brand is only looking out for itself. What is your brand investing?”
This is where understanding the power of collaboration comes in; partnerships are a two-way street.
Brands that invest in the following items are not just looking out for themselves. They are investing in the future of their retailer partnerships because a one-time sale is not going to sustain a business.
Those items are:
• Creative assets
• Advertising and marketing
• Displays and point-of-sale materials
• Tips for training and merchandising
• Co-op advertising credits
• Travel expenses related to sales support
• Event support and giveaways
• Incentive programs
• Inventory to quickly replenish sold merchandise
These expenses add up quickly but are worth every penny if a brand wants to succeed in today’s retail environment.
It is the understanding of the words “collaboration” and “partnership” that ends up making the difference.
Collaborating means connecting with a lot of people—not just the brand and the retailer, but the brand and the entire retailer’s staff, local groups within a particular market, their friends, etc.
The more people you collaborate with, the more successful both the brand and the retailer will be to ensure profit.
Related stories will be right here …
Some might say the goals of a brand and a retailer differ but at the end of the day, the end goal is the same—profit.
In this follow-up to our June article on the three keys to a successful retailer-brand partnership, we take a look at what the words “collaboration” and “partnership” mean to both the brand and the retailer.
The Brand’s Perspective, from Kendra Bridelle
I can’t tell you how many times a retailer has said to me, “This is my investment. Your brand is only looking out for itself. What is your brand investing?”
This is where understanding the power of collaboration comes in; partnerships are a two-way street.
Brands that invest in the following items are not just looking out for themselves. They are investing in the future of their retailer partnerships because a one-time sale is not going to sustain a business.
Those items are:
• Creative assets
• Advertising and marketing
• Displays and point-of-sale materials
• Tips for training and merchandising
• Co-op advertising credits
• Travel expenses related to sales support
• Event support and giveaways
• Incentive programs
• Inventory to quickly replenish sold merchandise
These expenses add up quickly but are worth every penny if a brand wants to succeed in today’s retail environment.
It is the understanding of the words “collaboration” and “partnership” that ends up making the difference.
Collaborating means connecting with a lot of people—not just the brand and the retailer, but the brand and the entire retailer’s staff, local groups within a particular market, their friends, etc.
The more people you collaborate with, the more successful both the brand and the retailer will be to ensure profit.
The Retailer’s Perspective, from Ashley Davis Sigman
Profit only occurs after collaboration with the brand and then implementation of multiple sales and merchandising strategies to ensure success.
After success occurs, you can’t just stop, however.
You must continue to fuel the success, like adding more coal to the boiler of a locomotive. It won’t run on the tracks without the continual pressure to move it forward.
And if the conductor is not manning the train, you run off course or, even worse, off the tracks. Now in this case running off the tracks won’t hurt you physically, but it certainly does financially.
A good buyer understands how to calculate if a brand is worth their showcase space value. At the end, it comes down to dollars and cents.
Buyers, you need to ask yourselves: Is your investment working? Are you seeing turnover? Are you holding margin?
Has your team bought into the brand? And, are you promoting new collections to your clients frequently?
Does this all make sense? If so, your cents turn into dollars and you see profit.
More on Columnists
The Latest
MajorsJul 26, 2024
Diamonds Direct Opens Store in AtlantaIt’s the Signet-owned banner’s first location in Georgia.
TrendsJul 26, 2024
Piece of the Week: Bea Bongiasca’s ‘Double Loop’ EarringsCommemorate “brat summer” with these green hoops.
EditorsJul 26, 2024
Out & About: A Dispatch from the Nation’s Smallest StateEditor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price StabilityAs the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Supplier BulletinJul 25, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
Weekly QuizJul 25, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyJul 25, 2024
Amazon, BBB Sue Website Allegedly Peddling Fake Reviews They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
SourcingJul 25, 2024
De Beers’ H1 Revenue Falls 21% in ‘Weak’ MarketLab-grown diamond sales in the United States and ongoing economic challenges in China are impacting natural diamond demand.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionGIA®’s most advanced microscope has new features to optimize greater precision and comfort.
IndependentsJul 25, 2024
Store Designer Ruth Mellergaard DiesA longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
FinancialsJul 25, 2024
Boucheron, Pomellato Post Double-Digit Growth in Q2 The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
MajorsJul 25, 2024
Shane Co. Partners With Kids In Need Foundation to Donate 7,200 BackpacksThe fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
FinancialsJul 24, 2024
LVMH’s First-Half Jewelry, Watch Sales Dip 5%Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
MajorsJul 24, 2024
See Chaumet’s Paris Olympic Medals Inspired by its High JewelryThe Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
MajorsJul 24, 2024
Jewelers Mutual Acquires Pawnbroker Insurance ProviderUnion Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
MajorsJul 24, 2024
Ben Bridge Announces 2024 Lonia Tate Scholarship WinnerLos Angeles-based Bradlei Smith was selected for this year’s award.
SourcingJul 23, 2024
De Beers’ Production Drops 15% in Q2The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.
IndependentsJul 23, 2024
Long’s Jewelers Is Giving Away a Luxury Cape Cod VacationThe giveaway is part of the New England jeweler’s summer bridal event.
CollectionsJul 23, 2024
Guzema Debuts ‘Flower Power’ CampaignThe ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
Policies & IssuesJul 23, 2024
Diamonds Do Good Announces Its 2024 Entrepreneurship Grant WinnersThe grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
CrimeJul 22, 2024
Florida Jeweler Shot, Killed Following Argument With CustomerGhazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
Policies & IssuesJul 22, 2024
JVC’s Elyssa Jenkins-Pérez Joins RJCThe organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
SourcingJul 22, 2024
AWDC Names Karen Rentmeesters as CEORentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
IndependentsJul 19, 2024
Longtime D.C. Jeweler Brian Mann Dies at 70Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
IndependentsJul 19, 2024
The 1916 Company Opens New Tudor BoutiqueThe 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
CollectionsJul 19, 2024
Piece of the Week: Messika’s ‘So Move Max’ NecklaceDance all night long with the “So Move Max” set’s necklace.
WatchesJul 18, 2024
TAG Heuer, Hublot Will Have New CEOs Luxury giant LVMH is reshuffling the leadership in its watches division.
MajorsJul 18, 2024
New Etsy Campaign Prioritizes Creators Amid BacklashSellers and shoppers have spoken out against a rise in mass-produced merchandise on the platform meant to highlight handmade goods.
