There is rigid competition in the jewellery retail business and every day changes in customers demand and needs. With the change of customer behavior you shall concentrate on retaining customer. Efforts to sell and promotion are no longer working as it used to be earlier. You have to spend lot of money on advertising and other marketing polices. In such a scenario, it is pertinent that the retailers iron out their inefficiencies in order to maximize sales, more so considering that they are the ones who are in direct touch with the end consumers. The question is how to respond to this challenge, remain competitive and gain market share.
Do you realize that you can increase your sale without spending money on advertising? How would you, feel if you could build a one to one relationship with each and every customer to the point where they will work as marketing executive for your business? Earlier the shopkeeper waited for new customer to step into his shop but were not considered their existed customers. Changing of time now shopkeeper understand their old customers are as important as seeking new. It costs less to sell to existing customer whom you already have than to sale new customer, so give strength to the roots of faith.
Keep in touch with existing customers
Always stay in touch with your existing customers. Remember it is easier to maintain an existing customer than to acquire a new one. Make them feel special by offering them "special customer only" services. Maintain a follow-up schedule for customers. Remind them that you are there to help them with their future purchases. Use your data base to keep track of clients' preferences and inform them about new arrivals.
Focus on existing customers
The Customer is king so more attentively listen them. Don't neglect them; concentrate over their demands so it will be easy to understand what they want.
Make the customer your brand ambassador. Keep in notice all theirs compliments and their satisfaction for your products, their variety, packaging or display asks them to get it batter. Most people won't mind doing this, especially if what they have said is completely honest. You could say something like: "Thank you for your compliment! Can you please put that in writing for me so that I may use it as a testimonial to show my prospective customers?"
Not only take their suggestions guide your customer about your product, Help customers when they seeking your advices i.e. what would be the ideal gift for their fiances
Don't avoid existing customer:
Once I wanted to buy a gift for my sister's wedding. A very simple lady came to store; no one wanted to attend her. I asked them why you are ignoring her. They whispered that she is very talkative and fussy. After a while a New salesman attend her listen her calmly. He understood her choice and made sale of 60000$ necklace to her. It was a great wondering job done by him and it taught me that if new costumers are gold then old costumers are precious like diamond.
Astonish customers with perks:
Offer incentives to existing customers for more referrals, like a discount off their next purchase, or freebies. Such genuine feedback can reinforce your prospective customer's faith in your products and attract them to your store.
Various sorts of perks work by pulling in the customers for later purchases and make your showroom the most often used store.
Attempt for add-on sales, as soon as the main purchase is done-which is when your customer is most vulnerable.
According to experts, the rule of the thumb is that the value of an add-on sale should not be more than 25% of the original sale value, thereby eliminating the need for a major purchase decision. For example, if the original sale was for 10,000$, it is least likely that an add-on sale of worth more than.2000$ will click.
Despite the fact that shoppers may be propelled towards a second purchase, they still have a mental limit as to the amount they will dispense. Use words like "incidentally" or "by the way" to 'soften' your offer. For instance, "Thank you for selecting our product."
Also pushing for add-on sales too early in the call might put the customer off and you could even end up losing the original sale. Remedy: Sell first and tell later-never attempt to up-sell until the first order is closed.
Lease out jewellery to gain popularity
You can offer your jewellery on rent against a deposit for regular customers? This concept on gaining popularity in the west with a number of online and offline retailers offering its customers collection of designs to choose from. This allows the end customers to easily procure jewellery of their choice in case there is a special occasion; or just allows them remain at par with designer trends. Retailers can work upon a scheme especially for the marriage and festive season for their established clientele.
Old provides you gold
More often than not, new consumers tend to stick to their elders preferences. Psychologists call this as the status quo bias. This status operates in Indian jewellery market with gold jewellery being the eternal piece of choice.
Why is it that people prefer their current rank despite an opportunity of improving their utility by trying out something different? The reason is the uncertainty factor involved in a new shop. When it comes to gold jewellery, there is a comfort level for the consumers by preferring their heritance showroom.
So treat your existing customers well s they may make their whole generation your customer.
Greet customers on special occasion:
Jewellery customers tend to reveal their maximum personal details while purchasing and in spite of knowing in advance the occasions of celebration, majority of the retailers are not bothered to send a bouquet or a greeting card. Even otherwise, no follow-up thank-you card is dispatched, though most purchases are in upwards of five-figures. So don't mince words, but honor your commitments
"Ours may be the only industry that has little regard for after-sales service and for most; it is nothing more but a wide artificial smile after the payment is received"
A good customer service which includes provision of care to customers from pre-service to after sales service can put you ahead over your competitors and induce them to keep buying from you.
Therefore treat your existing customer as an important part and partial of your business. They are the one who will provide prosperity to your business in return of your efforts and will add many more customers to your business chain by persuading others.
The author is Asst. Professor of Jewellery Design