5 Ways to Keep Customers Knocking on Your Door For More Two investment bankers turned jewelry retailers offer five lessons on how to build customer loyalty for your retail business.
By Rebekah Epstein •
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How does one go from investment banking to starting a wildly successful online jewelry store? Just ask Amy Jain and Daniella Yacobovsky, founders of BaubleBar, who did just that. After meeting nine years ago in a banking class at Harvard Business School, they ditched the prospect of becoming financial analysts to open BaubleBar.
The two were shoe shopping at Saks Fifth Avenue together when they realized they never shopped for jewelry because they could never find jewelry they liked that was reasonably priced. They decided to take it upon themselves to fix this problem.
While the pair spends a lot of time talking about analytics, their impeccable branding plays a big role in BaubleBar's success. There is a lot to learn from Yacobovsky and Jain, so let's take a look at why their customers are so loyal:
1. Get personal, even -- no, especially -- online.
Interacting with your customers or clients on a personal level is very important if you want to build loyalty. BaubleBar takes a great online experience one step further by offering their customers in-person services. Though we live in a digital society, there is no better way to build loyalty than face-to-face interaction. This will make your customers feel special.
At BaubleBar, SWAT (Service With Accessorizing Talent) Stylists help customers pick out pieces that are right for them. Whether, you are looking for a piece to match a certain outfit, be worn on a special occasion or just can't decide between two necklaces, someone at BaubleBar can help you.
2. Make your customer experience consistent throughout your brand.
Cohesion is a necessary component to creating a company that people fall in love with. BaubleBar has a major challenge because it is hard to translate an online store into a brick-and-mortar shopping experience.
Opening a physical store when you have an online presence will only be successful if you duplicate the look, feel and mood of the virtual counterpart. Your customers already know what to expect, so don't change it up too much. Jain and Yacobovsky have done this through their first brick-and-mortar location, The Bar, in New York City. Regardless of how they decide to expand, they know everything has to have the BaubleBar signature touch.
3. Partner with influential people who have their own following.
It doesn't take an MBA from Harvard to understand why it's important to involve bloggers and style influencers with large followings. To do this, BaubleBar started the Guest Bartender series. Each month they introduce a new style personality who curates a special collection based on their personal aesthetic.
The personalities that BaubleBar teams up with have loyal followers of their own who trust their opinions. By giving customers a new collection each month, the brand gives them something new and exciting to look out for.
4. Reward your best customers.
Ultimately, as an entrepreneur, if you say customer service is your number one priority, you have to put your money where your mouth is and do something generous for your customers. Jain and Yacobovsky have done just that with their customer loyalty program, The Vault, which allows customers to earn points when shopping or inviting friends to join.
5. Build customers into your branding.
BaubleBar posts pictures of their fans wearing their jewelry on the homepage of the website. Actively encourage your customers to participate in your brand, then showcase their participation. This gets people talking and helps build a community.
Every aspect of BaubleBar's branding is well thought out. The result is a business changing the way consumers shop for jewelry. When you are thinking about your overall brand, you should never be scared to go down new avenues. Just make sure they are consistent with what you have already created.
