Jeweller - June, Edition II 2020
• Shock value: How jewellers can adapt to and even benefit from the impact of COVID-19 • Brave new world: Preparing your business for the 'next normal' of retail • Double or nothing: experts reveal the key strategies to securing multiple-item sales
• Shock value: How jewellers can adapt to and even benefit from the impact of COVID-19
• Brave new world: Preparing your business for the 'next normal' of retail
• Double or nothing: experts reveal the key strategies to securing multiple-item sales
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JUST<br />
REWARDS<br />
Loyalty program<br />
members spend<br />
more and<br />
switch brands<br />
when rewarded<br />
Customers are<br />
satisfied with<br />
earning rewards<br />
incrementally<br />
Program<br />
members are<br />
more open<br />
to branded<br />
communication<br />
Partners can<br />
decrease the cost<br />
of launching a<br />
loyalty program<br />
to earn small amounts of points and miles.<br />
Meanwhile 48 per cent set long-term goals for<br />
which they plan to earn incrementally.<br />
Pro tip: Offer opportunities to do more with<br />
points/miles so that smaller balances have<br />
higher value.<br />
Myth #4: Consumers don’t want more marketing<br />
communications<br />
The personalised messaging from loyalty<br />
programs actually helps eliminate<br />
communication clutter.<br />
Members of loyalty programs behave like<br />
bank customers – they check their accounts<br />
frequently, keep tabs on balances and are<br />
constantly looking for ways to bolster their<br />
accounts. In fact, offers mailed to loyaltyprogram<br />
members have an open rate of 41<br />
per cent compared to a 19 per cent industry<br />
average according to findings from SpotOn<br />
Data.<br />
bravery<br />
direction<br />
good<br />
luck<br />
my<br />
dreams<br />
vitality<br />
Pro tip: Keep communications relevant by<br />
providing key information such as limited onetime<br />
offers or bonus earning opportunities.<br />
Myth #5: Loyalty programs are too expensive<br />
Creating a loyalty program can be a large<br />
financial endeavour that requires more<br />
marketing, technology and financial<br />
infrastructure than many retailers are capable<br />
of managing.<br />
my<br />
family<br />
An option is to partner with an existing program<br />
with retailer benefits.<br />
It gives customers the chance to build their<br />
balances in their favourite airline, hotel, etc<br />
and can also boost a retailer’s brand equity via<br />
affiliation with a name-brand partner. Partner<br />
programs bring new and potentially large<br />
customer base for visibility, marketing and<br />
outreach.<br />
Pro tip: Search for partners that enhance your<br />
brand image and also extend your brand into<br />
high-potential customer segments.<br />
Loyalty programs can help retailers who are<br />
struggling with stiff competition, empowered<br />
consumers, the constant pursuit of more<br />
customers and a need for increased revenue.<br />
The first step toward loyalty program success is<br />
to build any loyalty strategy on sound business<br />
principles rather than gut feel.<br />
TIM MOULTON is <br />
Points, a global leader in loyalty currency<br />
management. points.com<br />
Offer:<br />
FREE SHIPPING<br />
on orders over AUD$300 until 31 st July<br />
As we continue to face uncertain times, we want to reach out<br />
with wishes of love, hope and strength and remind you that Stow<br />
Lockets remains committed to supporting our valued retailers.<br />
Stow Lockets can be carefully stylised, creating a sentimental<br />
heirloom jewellery piece for your customers.<br />
One which will be cherished forever.<br />
sales@stowlockets.co.nz | +64 7 281 1509<br />
stowlockets | #preciousstories | stowlockets.com