Frustrated? Here is a great story about how much it takes to be at the top of your game.
I have a friend who is in the retail business. Not just any...but in the highly competitive jewelery retail business. Pay attention because there are lots of tips here.
Julian once worked for Robbins Brothers Jewelery of Los Angeles. They bill themselves as, "The World's Biggest Engagement Ring Store". And, they may be right! These guys are to the jewelery business as Pioneer is to seed corn. BIG!
According to Julian, who should know, the "average" jewelery store in the United States spends 5 - 6% of their gross revenue on advertising/marketing. That includes all radio, print, in store signs, outside promotions, Internet and even mobile truck ads. Everything.
The "average" jewelery store that is located in a shopping mall has gross revenue of 1.1 million dollars. So they are spending $50,000 to $60,000 on their marketing and advertising.
Now...Robbins Brothers Jewelery spends a whopping 12% of their gross revenue on marketing and advertising. And, you know what? Each of their 7 stores averages 11 million dollars in annual sales!
See the connection?
Oh...and Robbins Brothers Stores are not in shopping malls so there is zero "drop in" traffic. You have to "want" to visit their stores.
So, who do you want to reach today?
Michael P. Libbie - Insight Advertising, Marketing & Communications where we understand you can only grow through investment and picking the right targets.