Have I told you lately? Increase your customers’ lifetime value - Southern Jewelry News
When was the last time that you received a personalized thank you note? Not a text, but a handwritten note or thank you email? If it is hard for you to remember, think again.
When was the last time you sent one? As Van Morrison’s 1989 hit says, “You fill my heart with gladness, take away all my sadness, ease my troubles, that’s what you do.” So maybe it’s due time to show your appreciation. A sincere outreach now to your existing customers before the holiday season might help to attract your customers attention and position them for spending in the months ahead.
One of the most important sales metrics to measure is the customer lifetime value (CLV). As you know there are two ways to grow business; first, by acquiring new customers, and second, by retaining existing clients via increased CLV. While growing your customer base is necessary, it’s important to remember the impact of customer retention. Research shows it’s five times more expensive to acquire new customers than it is to retain, yet many retailers continue to leave retention and customer reactivation to chance.
What are you doing to extend & expand the lifetime value of your customers?
Start with a thank you.
A good business practice is to say thank you to your new and returning customers. A thank you message will help build strong customer loyalty.
Keep your message brief, but memorable.
Personalize it, if possible.
Send your note or email immediately after purchase.
Your thank you should be just that, a thank you. Do not attempt to sell more in a thank you.
However, an offer of a future discount or promotion is ok.
Include your name and contact information in your thank you note.
Thank you for being an [store name] customer. We sincerely appreciate your business and hope you come back soon!
Thank you. We truly appreciate your business and look forward to serving you again.
We at [store name] know you had many options to choose from, we thank you for choosing us.
Keep the conversation going with existing clients.
These opportunities can be the difference between one-and-done purchases and lifetime relationships. Put yourself in your customer’s shoes. What value can you infuse that keeps your store top of mind between purchases? Do you have customer profile information that will help? Like wedding anniversaries, birthdays etc.?
Data collection can help enhance the end-user experience with relevant product recommendations. Non-purchase ways such as referrals, games, quizzes, testimonials, can also be effective. The offer of complimentary products/services , such a free watch battery or jewelry cleaning can also entice the consumer and remind them of your great customer service. Each of these outside-the-purchase interactions can be strung together to create a unique and satisfying loyalty program that your customers don’t even know they are a part of because it’s presented as a value add.
Your CURRENT customer is QUEEN
Your current customers should be treated as VIPs. Don’t assume that they will wander into your store any time soon. They’re bombarded with the temptation of online shopping and the many texts and ads that everyone receives. You need to connect with them often. You need to remember that maintaining high customer satisfaction doesn’t take a multi-million-dollar marketing budget. You can achieve this by going out of your way for your customers and making sure that your sales staff does the same.
Get current customers to talk about your store.
Ask for a review to get a contest entry. “Review your experience for a chance at a $200 shopping spree!”
Appeal to your social media followers. Tell them what’s new and that you would love to see them.
No matter how many or how few stores you have, your current customers are your number one biggest asset. So, get ready for a robust 4th quarter and consider letting silver lead the way in delivering an array of styles, high turn, great margins, and most of all, bottom line profit!
Visit savorsilver.com for all things silver and for these and other marketing tips, silver collections and jewelry trends.