Written by Advance 360, this content was originally published in The Retail Jeweler.
It’s easy to overlook the value of your Point of Sale (POS) or Customer Relationship Management (CRM) systems when assisting a guest in your store. Seeing others requiring your attention — whether staff or client — can seem more important in the moment. But using your own customer data, you can finely tune the message to your existing clientele, dramatically improving the yield from relationships you already have.
You likely know (without looking!) the most requested pieces in your inventory. You may even be able to quote the margin on those pieces, naming the profit each time one or more sells. But would you know the characteristics of the individuals that purchased these, in order to create more clientele that are looking for similar items? What about direct marketing efforts that could anticipate or even suggest that a client you know will make a visit to the store? With data, it’s possible.
Understanding your Client List
With the savvy running of a few reports from your system, trends can rapidly become apparent. You might start with segments of the business, like diamonds, bridal, fashion, repair or custom designs. Inside each of these segments, your “best” clients can be easily determined. Perhaps you consider them best based on their investment, or possibly based on frequency of visit. Whatever it is that makes them “best,” write it down. Understanding the characteristics of these individuals is what will make your marketing work better.
Now, marketing themes emerge. Your “best” fashion jewelry clients visit four times a year, spending $500 each time. Great! Now we know that your advertising should focus on items that fall within these parameters. Message those individuals with advertising that will build upon what you already know about them. What about the rest of the client list for fashion purchases? That comes easily: sending messaging that turns them from small basket to larger basket clients with increasing frequency. Let’s not send advertising to those spending $2,000 annually an ad featuring a small basket purchase. Similarly, let’s not send those spending $250 annually an ad featuring the $2,500 item!
Making More of the Data You Have
The more personal information you have on an individual client, the more readily available they will be to you in the digital space. With a name, email address and phone number, Facebook and Instagram can find and message that person. As you act on growing your client base, these segments can be used to find audiences that share characteristics with those you already have, allowing you to message those that “look alike.”
In retail jewelry, data is the most powerful tool available. Don’t miss an opportunity to capture information that will help you grow your business. Just like revenue is grown one sale at a time, a great marketing strategy is grown one contact at a time.