MEDIA |
NOVEMBER 2022
Unlock the BIGGEST HOLIDAY SEASON YOU’VE EVER HAD
Anxiety and excitement are emotions that both describe the upcoming holiday rush for jewelers. Not surprising since this season can account for up to 30% of your annual revenue. With inflation and whispers about a recession, this year may be even more uncertain than the pandemic years and add to that anxiety.
But not to worry. You got this. You have thousands of customers in your database which you can take advantage of. These are people who had a good experience with you before and are most likely to buy again. They trusted you and purchased from you. Now is the time to start working to get them back in the door for the holidays. Here we offer some impactful and easy tips to help you prepare for and succeed this holiday sales season
Segment your customers
Not all customers are the same. By putting your customers into the right segments, you will know what messages and offers work best for them. And you will know how to move them into segments that purchase more and return more often to your store. Here are three segments that make sense:
VIPS
These are your most-prized customers. They return often and love highly personalized offers. Most likely you have created a collection based on their preferences or buying history and you know when they’re likely to purchase. Unfortunately, they are the smallest group. The goal is to move more customers into this segment.
Steady Eddies
These are the customers that come by once a year, usually around a holiday or special life event. They are a bigger segment of your base and more likely to buy if they are invited or offered a personalized level of service. The challenge is that there are so many of them that it is almost impossible for sales associates to scale personalized messages for them without the right processes and tools.
....success doesn’t end with acquiring new customers. Spend time, money, and resources on the goldmine of customers you’re already sitting on.
One Timers
These are the folks who have only purchased once in the last few years. This is the biggest segment of customers for most jewelers. They are often forgotten by the store. As you acquire new customers the goal is to move them up a notch to the Steady Eddie segment by getting as much of their personal info and buying and product preferences when they visit the first time.
Rethink your advertising strategy
Yes, radio digital, billboards, newspaper, promotions…we want it all! But a lot of advertising is expensive, not measurable, and customers don’t trust it. Plus, acquiring a new customer is anywhere between 5 to 25 times more expensive than retaining an existing one. We’re not saying ditch your advertising for the season, we’re just saying success doesn’t end with acquiring new customers. Spend time, money, and resources on the goldmine of customers you’re already sitting on.
Don’t forget to make it personal
According to Forbes, 79% of customers will only engage with personalized offers. But sending personalized messages to thousands of customers sounds impossible, right? Well, yes it is without the right tool. This is where Clientbook, the mobile app that facilitates easy clienteling by sales associates, can help.
Clientbook automates the time-consuming parts of the outreach process making it easier to personalize offers and messages to each segment. Leveraging data such as buying history, personal preferences, product preferences, and special occasions makes personalizing messages more impactful.
In Conclusion
We again reiterate that your holiday success depends greatly on your efforts focused on existing customers. When you increase customer retention rates by 5%, profits increase by 25%. One more quick fact: conversion rates on existing customers are more than 2 times than those of new customers.
These are encouraging numbers. They indicate that there is gold in the holiday season, you just have to know where to look for it.
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