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.
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.
The Latest
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
GIA®’s most advanced microscope has new features to optimize greater precision and comfort.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Despite the rising prices, consumers continue to seek out the precious metal.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.