TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech PlatformThe company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.
IndependentsMar 14, 2019
Coach’s Corner: 3 Tips for Improving Customer Retention
It costs a lot less to keep the customers you have than to get new ones, Pat Henneberry writes.
Pat Henneberry is president of consulting and sales training company The Jewelry Coach. Reach her at pat@thejewelrycoach.com.
Would you like to improve your company’s profits this year? What a question; of course you would!
It might surprise you, however, to learn that to reach that objective, you don’t have to chase new customers.
In fact, you don’t even need a single new customer.
According to research cited in a 2014 Harvard Business School article called “The Value of Keeping the Right Customers,” you can improve profitability by 25 to 95 percent by improving your customer retention rate by just 5 percent.
While this might seem implausible, the numbers make sense when you consider the high costs of customer acquisition. According to that same article, it costs at least five times more to land a new customer than to keep a current one.
The key here is to slow customer turn and nurture growth. I’ve come up with three tips to get you on your way.
1. Reinvent Your Customer Service
More than ever, it’s time to be proactive and stay in touch with your customer.
First, consider whether there are any obstacles to your customer realizing full value from her or his purchase. Your job is to remove any hurdles.
Plan a post-purchase call around the time when you think new customers might need your help. Ask how the item she or he purchased is working.
While you might be able to answer questions in a phone call, it’s also useful to have some quick online tips to which you can refer a customer or … invite she or he back to the store.
Also, explore further what your customers want to accomplish and ensure they’ve discovered the product features that can help them.
In addition to calling customers, you can use email or conduct your own jewelry-focused podcast (yep, you read that correctly.) Or publish a newsletter that links to informative blog posts. Or offer webinars.
The point is, by communicating with current customers, you’ll educate them, demonstrate your company’s expertise and build trust.
Remember: the more value your customers gain from your product, the more loyal they will be. Stay top-of-mind and value the customers you have.
2. Ask Questions
You don’t know what you don’t know. You can’t assume that customers are loyal just because they continue to buy from you.
You need to survey your customers to really understand what they are thinking.
A good question to include is: How likely would you be to recommend the store to
your friends? A recommendation demonstrates a high level of loyalty.
If you structure your survey correctly, you’ll gain insights that enable you to improve your store and service. And as you track loyalty over time, you can see whether you’re moving in the right direction.
3. Get Social
Further to No. 1, it’s important to communicate with your customers where they are already conversing. Today, many of them are on Twitter, LinkedIn, Facebook, Instagram, YouTube and online discussion forums.
Encourage communication with your customers on these platforms. Doing so enables customers to learn from your subject matter expertise as well as others who are using your store. Plus, it builds your relationship.
Ask the brands you carry for help with this. They can share posts and exciting news about, for example, new styles or education about a diamond.
Also, use online social interactions to listen to customers and identify needs and opportunities. Are there any changes you should make to your store or service?
Build your relationship with these individuals by liking, sharing and commenting on their content. Find out if you can collaborate with them, and leverage the trust and influence they’ve built. For instance, you might want to interview the influencer for a post on your store’s blog.
To summarize: increase customer retention and growth by treating customers like the center of your universe after the sale, monitoring their loyalty, making necessary adjustments to your store and service to improve satisfaction, and maintaining strong relationships with customers online and off.
Enhancing loyalty is worthwhile because, remember, if you raise retention by just 5 percent, you could increase profitability by 25 percent or more.
It’s much easier to take care of the customers you have than to constantly hunt for new customers. It’s not that you shouldn’t generate new customers; just start looking at the resources you are putting into it and cost balance.
I believe we all can do a better job at taking care of the customers we have.
Make it the best sales day ever!
Pat Henneberry is president of consulting and sales training company The Jewelry Coach and an advocate for natural diamonds. Reach her at pat@thejewelrycoach.com, 512-203-3414, or on Facebook, Twitter or LinkedIn.
If you structure your survey correctly, you’ll gain insights that enable you to improve your store and service. And as you track loyalty over time, you can see whether you’re moving in the right direction.
3. Get Social
Further to No. 1, it’s important to communicate with your customers where they are already conversing. Today, many of them are on Twitter, LinkedIn, Facebook, Instagram, YouTube and online discussion forums.
Encourage communication with your customers on these platforms. Doing so enables customers to learn from your subject matter expertise as well as others who are using your store. Plus, it builds your relationship.
Ask the brands you carry for help with this. They can share posts and exciting news about, for example, new styles or education about a diamond.
Also, use online social interactions to listen to customers and identify needs and opportunities. Are there any changes you should make to your store or service?
RELATED CONTENT: 4 Jewelers on Navigating the World of Online ReviewsFinally, try to identify whom your store advocates are and whether they are influential in your market. An influencer is someone who creates content and has a following online (and sometimes offline as well).
Build your relationship with these individuals by liking, sharing and commenting on their content. Find out if you can collaborate with them, and leverage the trust and influence they’ve built. For instance, you might want to interview the influencer for a post on your store’s blog.
To summarize: increase customer retention and growth by treating customers like the center of your universe after the sale, monitoring their loyalty, making necessary adjustments to your store and service to improve satisfaction, and maintaining strong relationships with customers online and off.
Enhancing loyalty is worthwhile because, remember, if you raise retention by just 5 percent, you could increase profitability by 25 percent or more.
It’s much easier to take care of the customers you have than to constantly hunt for new customers. It’s not that you shouldn’t generate new customers; just start looking at the resources you are putting into it and cost balance.
I believe we all can do a better job at taking care of the customers we have.
Make it the best sales day ever!
Pat Henneberry is president of consulting and sales training company The Jewelry Coach and an advocate for natural diamonds. Reach her at pat@thejewelrycoach.com, 512-203-3414, or on Facebook, Twitter or LinkedIn.
More on Independents
The Latest
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner AGS also named the recipient of its “Women in Leadership” scholarship.
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap RingThe 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers DownsizesRocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.
Weekly QuizJun 26, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired JewelsThe “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 EventThe event is set for May 16-19 in Detroit, Michigan.
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight ContinuesThe Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef JewelryAgents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus PerformersThe designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund RecipientsThe trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for EntriesThe organization has also announced this year’s slate of judges.
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local RetailerLori Tucker started at Williams Jewelers when she was 18 years old.
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.
MajorsJun 24, 2025
Tacori, QVC to Launch Exclusive Lab-Grown Diamond Jewelry CollectionThe “XO Tacori” collection was designed to blend luxury and accessible pricing.
GradingJun 23, 2025
GIA Names New President and CEO Pritesh Patel, the lab’s chief operating officer, will take over as president and CEO of GIA.
Recorded WebinarsJun 23, 2025
Watch: Top Trends at Couture, JCK Las Vegas 2025National Jeweler and Jewelers of America discuss the standout jewelry trends and biggest news to emerge from the shows this year.
SourcingJun 23, 2025
Diamond Producers, Organizations to Kick in Money to Promote Natural DiamondsSignatories to the “Luanda Accord” committed to allocating 1 percent of annual diamond revenue to the Natural Diamond Council.
Events & AwardsJun 23, 2025
Jose Hess Design Awards Celebrate 6 Jewelry DesignersThe winning designs captured the “Radiance” theme.
Events & AwardsJun 23, 2025
Gem Awards Now Accepting Nominations for 2026Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.
TrendsJun 20, 2025
Dua Lipa Stays On-Trend With Chunky Engagement RingThe singer’s ring ticks off many bridal trends, with a thick band, half-bezel setting, and solitaire diamond.
TrendsJun 20, 2025
Piece of the Week: Yvonne Léon’s ‘Python Gold’ BraceletThe bracelet references vintage high jewelry and snake symbolism as a playful piece where a python’s head becomes a working belt buckle.
CrimeJun 18, 2025
7 Men Indicted in $100M Brinks Jewelry HeistThe heist happened in Lebec, California, in 2022 when a Brinks truck was transporting goods from one show in California to another.
AuctionsJun 18, 2025
Historic ‘Marie-Thérèse Pink’ Diamond Fetches $14M at Christie’sThe 10-carat fancy purple-pink diamond with potential links to Marie Antoinette headlined the white-glove jewelry auction this week.
