Connect with us

Best of the Best: Instant Loyalty

Published

on

Stores that are doing things righ: Hyde Park Jewelers

[h3]Best customer rewards program[/h3]

 

[componentheading]THE IDEA[/componentheading]

Best of the Best Logo

Reward your customers for shopping in your store. Shoppers enjoy special privileges, and that encourages them to return and buy from you again. Five years ago Michael Pollak, co-owner of Hyde Park Jewelers in Denver, Las Vegas and Phoenix, found himself pondering the success of airline, hotel and specialty-store loyalty programs. Why couldn’t jewelers do the same, especially when it meant their customers would likely shop and spend more? It would also present an opportunity to collect more data about customers. “I set out to see if there was a program we could adapt or plug into to serve our needs and perhaps that of other jewelry retailers,” Pollak says.  

Advertisement

[componentheading]THE EXECUTION[/componentheading]

In 2003 Pollak worked with two firms to develop a feature that would run on Application System Corporation’s point-of-sale software. His retailer colleagues were intrigued, yet skeptical. Pollak persevered, immediately addressing the complaint that it would take too long for customers to earn enough points for a substantial reward if they could obtain points only in the jewelry store. He signed on with a company specializing in affiliate marketing to partner with a network of e-tailers such as Harry & David, Dell and The Sharper Image, so customers could quickly build up points that would be redeemable only at the jeweler they signed up with. Between 1 percent and 30 percent of customer purchases made at one of the affiliates goes to their Platinum Rewards account, depending on the arrangement with the specific e-tailer. Customers still earn points when they shop for jewelry in the store.

Best of the Best: Hyde Park Jewelers

[componentheading]THE REWARDS[/componentheading]

People who are enrolled shop 70 percent more frequently in his store and spend 60 percent more, Pollak says. The program also supplies detailed data on each customer’s shopping habits. 

[componentheading]DO IT YOURSELF[/componentheading]

Advertisement

Platinum Rewards or just its web-based data collection service is available to other independents. Several are already on board, including Hamilton Jewelers, Lee Michaels Fine Jewelry, Carl Greve Jewelers, Tappers Jewelers and Lacy & Co. “By the end of 2007, I expect 50 to 100 jewelers to be signed up,” Pollak says.

[span class=note]This story is from the January 2007 edition of INSTORE[/span]

Advertisement

SPONSORED VIDEO

Retiring? Let Wilkerson Do the Heavy Lifting

Retirement can be a great part of life. As Nanji Singadia puts it, “I want to retire and enjoy my life. I’m 78 now and I just want to take a break.” That said, Nanji decided that the best way to move ahead was to contact the experts at Wilkerson. He chose them because he knew that closing a store is a heavy lift. To maximize sales and move on to the next, best chapter of his life, he called Wilkerson—but not before asking his industry friends for their opinion. He found that Wilkerson was the company most recommended and says their professionalism, experience and the homework they did before the launch all helped to make his going out of business sale a success. “Wilkerson were working on the sale a month it took place,” he says. “They did a great job.”

Promoted Headlines

Most Popular

Best of The Best

Best of the Best: Instant Loyalty

Published

on

Stores that are doing things righ: Hyde Park Jewelers

[h3]Best customer rewards program[/h3]

 

[componentheading]THE IDEA[/componentheading]

Best of the Best Logo

Reward your customers for shopping in your store. Shoppers enjoy special privileges, and that encourages them to return and buy from you again. Five years ago Michael Pollak, co-owner of Hyde Park Jewelers in Denver, Las Vegas and Phoenix, found himself pondering the success of airline, hotel and specialty-store loyalty programs. Why couldn’t jewelers do the same, especially when it meant their customers would likely shop and spend more? It would also present an opportunity to collect more data about customers. “I set out to see if there was a program we could adapt or plug into to serve our needs and perhaps that of other jewelry retailers,” Pollak says.  

Advertisement

[componentheading]THE EXECUTION[/componentheading]

In 2003 Pollak worked with two firms to develop a feature that would run on Application System Corporation’s point-of-sale software. His retailer colleagues were intrigued, yet skeptical. Pollak persevered, immediately addressing the complaint that it would take too long for customers to earn enough points for a substantial reward if they could obtain points only in the jewelry store. He signed on with a company specializing in affiliate marketing to partner with a network of e-tailers such as Harry & David, Dell and The Sharper Image, so customers could quickly build up points that would be redeemable only at the jeweler they signed up with. Between 1 percent and 30 percent of customer purchases made at one of the affiliates goes to their Platinum Rewards account, depending on the arrangement with the specific e-tailer. Customers still earn points when they shop for jewelry in the store.

Best of the Best: Hyde Park Jewelers

[componentheading]THE REWARDS[/componentheading]

People who are enrolled shop 70 percent more frequently in his store and spend 60 percent more, Pollak says. The program also supplies detailed data on each customer’s shopping habits. 

[componentheading]DO IT YOURSELF[/componentheading]

Advertisement

Platinum Rewards or just its web-based data collection service is available to other independents. Several are already on board, including Hamilton Jewelers, Lee Michaels Fine Jewelry, Carl Greve Jewelers, Tappers Jewelers and Lacy & Co. “By the end of 2007, I expect 50 to 100 jewelers to be signed up,” Pollak says.

[span class=note]This story is from the January 2007 edition of INSTORE[/span]

Advertisement

SPONSORED VIDEO

After 139 Years, A Family Legacy Finds Its Perfect Exit With Wilkerson.

When third-generation jeweler Sam Sipe and his wife Laura decided to close Indianapolis’ historic J.C. Sipe Jewelers, they turned to Wilkerson to handle their retirement sale. “The conditions were right,” Sam explains of their decision to close the 139-year-old business. Wilkerson managed the entire going-out-of-business sale process, from marketing strategy to sales floor operations. “Our goal was to convert our paid inventory into retirement funds,” notes Sam. “The results exceeded expectations.” The Sipes’ advice for jewelers considering retirement? “Contact Wilkerson,” Laura says. “They’ll help you transition into retirement with confidence and financial security.”

Promoted Headlines

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular