Signet Jewelers, the world’s largest diamond retailer, faces a distinct challenge in creating customer loyalty. Unlike frequently purchased consumer goods, jewelry purchases tend to be less frequent, necessitating a focus beyond transactional sales.
“For jewelry brands, the focus transcends transactions,” Lisa Walker, president of jewelry services at Signet, said Wednesday (July 10) at The Lead Summit in New York City. Her presentation, “Moving Beyond LTV – Creating a Lifetime Relationship with Customers Throughout Great Ownership Experience,” outlined Signet’s strategic approach to cultivating long-term customer relationships.
Signet prioritizes four enduring customer needs: comprehensive care, affordability, flexible shopping options and personalization. Walker elaborated on four key elements of Signet’s customer retention strategy:
Lifetime Warranties: Signet offers lifetime protection plans, ensuring repairs and fostering customer confidence. “Customers want to know that piece will be cared for its entire life,” Walker explained. “This incentivizes store visits and reinforces brand trust.”
Complimentary Services: Signet provides free jewelry cleaning and inspections, driving foot traffic and identifying potential repair needs before problems arise. “Ten percent of customers who come in for a service end up making an additional purchase,” Walker noted.
Relationship-Building Sales Associates: Signet’s sales associates are incentivized to prioritize customer service and relationship development. “The 20-minute cleaning window presents an opportunity to connect with customers on a personal level,” Walker explained.
Customization Options: Signet is expanding its customization offerings, including remote services and mail-in repairs.
Walker highlighted the importance of leveraging Signet’s extensive retail footprint, encompassing various banners like Kay Jewelers, Zales and Jared, alongside regional jewelers. This integrated network allows for a seamless customer experience across all touchpoints.
“Jewelry is a cherished possession that requires care and maintenance,” Walker said. “By offering these services, we create opportunities for customer interaction and build trust.”
“This personalized approach empowers customers and strengthens our ability to deliver a seamless connected commerce experience,” She added.
The company’s loyalty program provides additional value through targeted promotions and special offers. Ultimately, Walker underscored the importance of personal connections with customers.
“Developing an understanding of their lifestyles and interests allows us to create a collaborative environment and continuously improve the customer experience,” she said.
Walker’s presentation emphasized Signet’s commitment to building brand reputation and trust through exceptional customer service, fostering lasting relationships and ensuring a positive ownership experience.
PYMNTS data shows that not all consumers prioritize merchant loyalty when they shop, and building relationships is a way for businesses to overcome that hurdle.
Signet, a jewelry company grown through strategic acquisitions, emphasizes customer service and loyalty programs to cultivate lasting relationships with patrons. Walker highlighted the importance of integrated services, noting: “Customers wear their jewelry every day, and it requires proper care and maintenance. Offering these services provides a touchpoint for customer interaction and strengthens brand loyalty.”
Signet’s private-label credit card caters to customers seeking alternative financing options. This personalized credit solution empowers customers through targeted messaging while bolstering Signet’s ability to deliver seamless omnichannel experiences.
Building personal connections with customers is paramount for Signet, according to Walker. A strong service platform strengthens customer loyalty by ensuring users can rely on prompt and effective assistance when needed. This builds trust and cultivates positive brand sentiment.
“Understanding our customers’ lifestyles and preferences allows us to tailor the customer experience,” she said. “Open communication between associates and customers creates a collaborative environment, enabling us to continuously improve our offerings.”
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