How to Retain Customers and Save on Marketing Costs
Customer retention is one of the most powerful yet cost-effective jewelry marketing strategies. With the average cost to acquire a new ecommerce customer skyrocketing from $9 in 2013 to $29 today, retaining existing customers who already trust your brand is more important than ever.
Why Customer Retention Matters
Loyal customers provide consistent revenue, reducing the need for costly new customer acquisition. Beyond financial benefits, retained customers often become brand advocates, amplifying your message through word-of-mouth marketing and providing invaluable feedback for continuous improvement.
Measuring Retention
To assess your retention efforts, calculate your returning customer rate using metrics like those on Shopify. A healthy retention rate for ecommerce is 20-30%, with slightly higher rates for brick-and-mortar stores.
Retention Tactics
- Email Marketing: Segment your email lists based on customer behavior. Share personalized stories, such as real-life wedding narratives for engagement ring buyers, to foster emotional connections.
- Re-engagement Campaigns: Reach out to lapsed customers with heartfelt messages and meaningful incentives. Celebrate milestones with tokens of appreciation to strengthen loyalty.
- Promotions and Loyalty Programs: Offer exclusive discounts or introduce strategic loyalty programs to reward repeat customers while preserving brand integrity.
Community and Engagement
Transform customers into advocates by fostering a sense of community. Host exclusive events, share styling tips, and encourage interaction on social media to deepen connections. A strong community builds brand loyalty and creates a sense of belonging.
Retention is ultimately about cultivating authentic relationships. By investing in your existing customers, you can inspire loyalty, drive sustainable growth, and ensure your jewelry business’s lasting success.