There are a lot of popular culture references that inform us that “diamonds are forever”. A diamond’s longevity (as well as that of any other precious stone) makes the jewelry industry a booming one as people are drawn to products that make them feel luxurious, elegant, and wealthy.
While many people still relish the tradition of picking their jewelry out in a physical store, the number of people willing to purchase these types of products online continues to grow. So how do you keep these new and returning customers coming back to your store? Like an understated piece of jewelry, the answer is elegant and simple: customer loyalty.
Purchase frequency is a huge consideration in the jewelry industry. Unlike industries like supplements or food and beverage, customers typically purchase less jewelry per year due to the higher price point. This means that even one repeat purchase can make a huge impact on annual revenue and retention rates.
(Find out how to increase your repeat purchase rate with a loyalty program HERE!)
Visual media and social sharing is an extremely important tool for encouraging repeat purchases. Customers are continuing to become comfortable with purchasing luxury goods online, but reading reviews from other shoppers helps solidify the desirability of the product. As part of the fashion industry, jewelry is extremely visual, making rewarding customers for sharing on social channels like Instagram a key component of any loyalty marketing strategy.
As more people move their accessories shopping online, the jewelry industry has experienced significant growth in the ecommerce sector. Whether you’re selling collection jewelry or stand-alone pieces, your brand can leverage this migrating demographic of customers with a loyalty program that adds definite value and highlights the luxury of your products.
(Increase profit, build community and more with a loyalty program designed with our FREE guide!)
Using VIP tiers is an excellent way to heighten the value of your products. Jewelry has always been tied to status, making it an obvious retention tool. Programs like Sephora and Starbucks are two great examples of this principle at work. As members of their loyalty programs, customers are treated to special titles and other incentives that have been proven to motivate them more than extravagant rewards. Using these gamification principles, your customers will be encouraged to increase their purchase frequency, improving your program engagement while continuing to pad your annual revenue.
(Discover how to acquire, retain, and nurture your best customers in the full guide!)
As a visual industry, it’s also extremely important that your program match the rest of your brand. Using your established branding will help customers immediately associate your program with your products, while also allowing you to continue building a strong presence within the competitive market. It’s important to keep both colours, imagery, and tone of voice consistent at every stage in your program.
Social sharing is another important consideration. People love to share their lives on platforms like Instagram and Facebook, giving you the perfect opportunity to place your products in front of hundreds of potential customers each and every day! Therefore, offering your customers the chance to earn rewards for social sharing is an effective way to extend your marketing reach and boost program participation in one fell swoop.
Store credit is also extremely useful within the jewelry industry. Many jewelry stores are against discounting their products, and for a variety of reasons. Offering your customers rewards like free shipping and store credit allow you to increase the value of their transactions without breaking contracts or compromising the value of your products. These are the types of considerations that will prompt your customers to talk about your products and share them with their friends, earning you new business and ensuring your existing customers return.
(Find out more about the impact of smart discounts in the Loyalty Programs for Jewelry Guide)
With a well-structured loyalty program, it isn’t difficult to convince your customers to participate. By rewarding them for making purchases, reviewing products, and sharing experiences on social media, your customers are given a diverse number of ways to earn rewards that makes sense within the jewelry industry. Most people enjoy showing off their new clothing and jewelry purchases, making it an easy way to connect your business to their lifestyle.
These methods of earning, combined with store credit and experiential rewards, is an excellent way to deliver an outstanding customer experience that matches the tone and luxury of your products.
So what does it take to build the best loyalty program in the jewelry industry?
1. Develop a program strategy which places excellent value and customer service at the core of your program.
2. Reward your customers for sharing your products on social media and writing reviews to help highlight the benefits of your products to potential customers.
3. Give your customers the chance to redeem rewards for store credit or free shipping to elevate the luxury of your program.
4. Use social status as a way of creating additional value while encouraging customers to participate in your program.
A loyalty program built with these considerations in mind is sure to dazzle and shine in your customer’s eyes. So while diamonds might be a girl’s best friend, your loyalty program is right behind, providing your customers with value that makes everyday glamorous.