Consumer financing doesn’t just help close sales with a new customers, it helps you build relationships and repeat business. In an editorial for InStore Magazine, Regina Leadem, Vice President of Sales for GE Money Luxury, writes that solving the “affordability conflict” for clients is just the beginning of the relationship building process that can start with credit.
She says it also lets you:
- Communicate with consumers: The credit-approval process generates useful consumer information, such as access to consumer lists that include purchase history and account status. You can use this data to connect with consumers who have active accounts and existing lines of credit. For example, tell them about special offers or invite them to events.
- Be the “go to” store: Customers looking to buy jewelry will most likely shop where they’ve already been approved for financing. Leadem says another way to put it is that they have money they can only spend at your store, which is critical when facing a big purchasing decision.
- Give customers a sense of community: Carrying your store’s card makes the consumer feel like a member of an exclusive club. Frequently communicating with and extending special offers to your customers will only enhance that feeling.
Take The Tip:
If you’re not already a member of Jewelers of America, join now so that you can take advantage of the luxury financing program from GE Money offered to JA members. Click here for more information.
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