Edge Tips: 5 Ways to Help You Make More Money by Dick Abbott

Five Easy Things to do That Pay Dividends

You have powerful tools in The Edge that can help boost your sales and customer loyalty—without requiring a big investment. 

Here are five simple, low-cost or no-cost features that can increase your revenue and keep customers coming in:

1.  Track What Brings Customers In (Why-In Field at POS)

Ever wonder which ads or promotions bring customers through your door? The Why-In field on the point-of-sale screen will do exactly that, letting you see what’s working and what’s not. You’ll spend your ad dollars more effectively.

One jeweler we worked with ran a clearance sale and insisted on using radio and newspaper ads because of existing contracts. Meanwhile, we helped with email marketing and simple in-store window signage. The results?

• 88% of the response came from the low-cost options (emails and window signage).
• Only 12% responded to a double-trunk newspaper ad. Radio had zero impact (zero results and it was the costliest)

Another jeweler who got nothing from one radio station (he did get good results from 2 others) used the money he saved to buy placemats for a pizza restaurant in his local plaza, and his walk-in traffic of twenty-somethings soared. His target customer group.

Knowing what works helps you spend smarter on future advertising and avoid wasting money.

2.  Offer A Care Plan – A Win-Win for You and Your Customers

Care plans give customers peace of mind, ensuring their jewelry purchases are covered for future repairs. But they’re also a major revenue driver for jewelers.

• Customers pay upfront for the plan.
• When a repair is needed, they come back to you, creating customers for life.
• Some Edge users generate over $100,000 a year simply by adding care plans to purchases.

Care Plans help to build long-term relationships and a greater LTR (lifetime return).

3.  Use a Rewards Program to Drive Repeat Business

Rewards programs work. Period. Airlines, hotels, Amazon, and Starbucks all use them—so should you.

Customers love earning rewards. It just feels good to get something without laying out any cash. Rewards programs are a good tool for minimizing discounts. The goal is to keep as much profit as possible and rewards programs do help with that. If a discount is necessary to make the sale, offer it on a rewards card. A $100 purchase on a rewards card costs you your cost of the $100 retail priced item.

Work the rewards program by letting customers know how much they have in the way of rewards just before their anniversary, her birthday, Christmas, Valentine's Day, or Mother’s Day. Rewards notifications can be automated, and it's smart business. It gives customers another reason to visit your store.

With The Edge, you can set up tiered rewards, that encourage bigger spending while keeping customers loyal.

4.  Send Birthday & Anniversary Cards to Your Best Customers

Want to build stronger customer relationships? Stay top of mind.

Looking at one Edge user’s data as I write this, just 156 customers generated half of their store’s business. It took 3,000 customers to generate the other half.

• A birthday or anniversary card a few times a year (no sales pitch) can strengthen relationships and keep your store top of mind.
• The cost? Just a few dollars per customer—but the loyalty it builds is priceless.

5.  Work Your Wish Lists – They’re a Goldmine

Get your customers—especially women—to create a wish list of their favorite pieces. Then, use it strategically:

• Remind their significant other before birthdays, anniversaries, Christmas, or Valentine’s Day.
• Notify them when an item goes on sale.

Wish lists aren’t just helpful, they are sales waiting to happen. Stores that actively use them see repeat purchases and higher-ticket sales.