Increasing Jewelry CLTV: How to Strengthen Relationships Post-Purchase

The success of your jewelry brand is ultimately up to your customers. Their purchases directly determine your revenue and bottom line. So how can you ensure that your customers continue to purchase from your brand? The answer is by measuring and improving your customer lifetime value (CLTV). In this article, we’ll explore this key metric and walk through different ways to foster ongoing customer engagement beyond their initial purchase so you increase your CLTV.

What is Customer Lifetime Value (CLTV)?
Customer lifetime value, often abbreviated as CLTV, is a metric businesses can use to understand how much revenue to expect from a customer throughout their relationship with the company. In other words, CLTV indicates how much and how often the average customer will purchase from your jewelry business from the first order to their last. So by increasing your CLTV, you can increase your revenue.
To calculate your CLTV, you’ll need to estimate the average number of purchases a customer will make and how long the relationship will last. By multiplying these figures together, your business can get an idea of how much revenue you can anticipate from each new customer. Tracking CLTV over time allows your jewelry business to evaluate the effectiveness of your marketing and plan more robust customer acquisition and customer retention strategies.
How to Increase Your Jewelry Brand’s CLTV
Increasing your CLTV can impact your business’s bottom line — the more your customers purchase from your brand, the more revenue you can generate. So how do you secure loyal customers? Here are four ways you can nurture relationships with your customers to keep them coming back:
#1: Stay in Touch
Sometimes increasing your CLTV can be as simple as staying in touch. Just reminding your customers that you exist can be enough to inspire them to make another purchase. Share curated content and offers through email campaigns and social media to keep them engaged and to keep your brand top of mind. You can use software as a tool in this strategy; some systems can help you to automate email marketing and reach out to customers that haven’t visited your site in a while.
#2: Ask for Feedback
Customer feedback can be a really valuable tool for increasing CLTV. Firstly, customer feedback can provide you with excellent insights you can use to adjust your strategies and ensure you’re meeting (or exceeding) customer expectations. Responding accordingly can secure their loyalty for years to come. In addition, asking your customers for feedback demonstrates how much you care about their experience. Proving that they’re a priority can go a long way in terms of customer satisfaction.

#3: Prioritize Exceptional Customer Service
Providing exceptional customer service should be a priority for a number of reasons, but customer retention is at the top of that list. Treating your customers with attention, care, and kindness can be the difference between a one-time customer and a loyal client. It’s especially important to treat issues as opportunities with customer service. 80% of customers will give their business to a company that has resolved a problem or mistake for them in a helpful way.
#4: Offer Jewelry Care and Repair Services
No matter how excellent your jewelry is, maintenance and repairs are inevitable. Letting your customers know that you’re happy to take care of their jewelry pieces long after they’ve purchased them is a phenomenal way to extend your CLTV. Create touchpoints through cleaning and inspection reminders and jewelry care guidance. You can create content on social media and send consistent email reminders based on their timeline of purchase. For instance, most fine jewelry should be professionally cleaned twice a year. Set up automated and personalized emails with cleaning reminders six months and one year post purchase for your customers to remind them.
As you can tell, customer lifetime value is an important factor in the success of your jewelry brand. Improving your CLTV can change the trajectory of your business and set you up for growth. An easy way to get there is to offer jewelry care and repair services using Reshyne. Reshyne is an all-in-one, cloud-based software that makes selling jewelry maintenance services easy for your team, and makes placing orders seamless for your customers. Ready to find out how this platform can take your brand to the next level? Schedule a demo with Reshyne today.