There are three distinct types of clients that come to every jewelry store across the country.
We may know them instinctively but probably haven’t given much thought as to how to maximize their individual opportunities.
Dr. Paul Wang of Northwestern University is widely known for his identification of the three main business consumers.
Do You Know Your Three Types Of Clients?
Program Buyers.
A “Program Buyer” is one who follows some sort of internal procedure to make their jewelry purchases. This is typical of the government who does their purchasing by the bidding system, or large corporations who have rules and regulations governing when and what to purchase.
They are the clients you see only at Christmas. Due to the nature of the purchase, they are almost immune to advertising and are not likely to be early adopters of a new jewelry line in your store.
Take a look through your database for the last 10 days before Christmas, you will find them there.
Transaction Buyer.
A “Transaction Buyer” is your client who is motivated by price. They are willing to shop around for nearly every purchase.
Loyalty is almost unknown. They will respond quickly to an email campaign or heavily discounted advertisement. In today’s world, they would be known as the Groupon crowd.
They want your best prices, expect great service, and can be just a “one and done” type of client. For the most part, they are not early adopters. Launch a new line and they are not interested.
Discount a designer brand or a needed service, they will camp outside your door to be the first one in. Pull up the transactions for big, advertised discount parties in your store.
This is where you will find them.
Relationship Buyer.
A “Relationship Buyer” are clients who like your products and services. They have a relationship with you. Your staff knows their names, their children’s names, and their pets names too probably.
They think of your jewelry store as the primary source of knowledge and their personal supplier of fine jewelry. They are searching for helpfulness, good service, and pertinent information.
They do not want to shop around. Your family doctor comes to mind as a good example, and hopefully your jewelry store. If you have a new jewelry product launch, they will want to be the first to hear about it.
Look at your last jewelry product launch for these clients.
Now that you have identified the three groups, take the time to compile a list of them.
Yes, there may be some names on two lists, that is alright. What you will do over the next few events is to begin to narrow down the listings. There is no need to send a new jewelry product line launch advertisement to a “Program Buyer” for instance because they will not respond.
Have you ever thought about why so few of your mailings get responses? The reason is that you are using the “scattergun” approach to marketing.
You might as well use the phone book if you are going to mail to everyone on your store’s mailing list.
Do you want a much higher response rate to your mailings? Do you want to better gauge the effectiveness of your next ad?
Learn your store’s three types of clients and you will do that and save money as well!
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The host of “Inside the Jewelry Trade” Radio Show – Jewelry Business Strategist – President of Four Grainer LLC. Author of the business books “A Reason To Chant,” and “A Reason to Chant – Jewelry Trade Edition.” Rod lives in Atlanta with his wife and two almost-human cats.