How to Get 15% More Business Without New Customers

The most common question jewellers ask me is ” help us get new customers”.

As a jeweller, are you having the same question too?

Heerawala and Sonawala Jewellers are a typical Indian Family jewellery business. They have been in the business for over 20+ years and have a great reputation in the market of Andheri, Mumbai.

As a traditional business, which is now in the hands of their 2nd generation children, they have relied upon the relationship of customers over the years.

They often know the family history from the grandparents to the grandchildren, yet only in generic terms.

Often, the discussion is like Dadaji kaise hai, or aap ka pothi kaise hai etc.

Rarely does it go beyond the commercials of the transaction.

They rarely know the birthday of the customer, the anniversary date of the couple, etc.

These are simple low cost opportunities to connect with the customer continuously.

The relationship often ends at the end of the transaction only to continue many months or years later. Even the staff will often say, most of the customers are regular customers of the store.

Growing the business from existing customers.

A customer relationship management (CRM) system is often a good opportunity to connect with the same set of “regular and old customers”  between those “occasional visits”.

This can help understand what is the type of jewellery that was purchased, what were their likes and dislikes, are there plans for fresh purchases, are any celebrations planned in the family etc.

In my experience as a consultant for many small, medium and large businesses, we find that a typical business is losing a significant percentage of customers due to lack of a continuous relationship.

By enhancing the existing relationship with a CRM program, businesses can generate an additional 15% (up to) from existing customers.

In these Post Carona period, when getting new customers to enter the store will be quite a challenge, the easier way to improve the business is enhance the existing relationship.

If businesses don’t have enough past data to leverage this opportunity, it is time, that a fresh start is made.

At its simplest level, a dairy suffices to start the CRM program and it might require a sophisticated software and a team to manage lakhs of customer data points.

If you like to start your own CRM  journey for your retailing business, join me by sending me a WhatsApp message on 9036036524

 

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