Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Third generation taking WI store to next level
    Living on THE EDGE
    Persistence & Perseverance
    Hobbs Jewelers: Do Come In
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    IDCA 2022 Honorees to be awarded at sold out Las Vegas Gala
    Kirk Kara to showcase Rayana collection at JCK 2022
    Furry Friends on the Job: Say hello to Wanda from Gems One
    GN
    GN Diamond helps jewelers sell more diamonds with free in-store selling tool
  • Podcast
  • Columnists
    Sales Tips by Aleah: Everything is Sales
    The Retailer’s Perspective: With great power comes great fails
    The Retailer’s Perspective: Doom & Gloom or Boom & Bloom
    The Story Behind the Stone: Good as gold
    What to consider when building a new jewelry website
    Motivating your sales staff
    IAS Sales Training explains the importance of Preparation
    J Lo’s Green Diamond Stunner
    Convert your social media to sales!
    Motivating your sales staff
    Customer Service Standards – Part Four
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
No Result
View All Result
Southern Jewelry News
  • Featured
    • All
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Sponsored Content
    • Supplier Spotlight
    Third generation taking WI store to next level
    Living on THE EDGE
    Persistence & Perseverance
    Hobbs Jewelers: Do Come In
  • Latest News
    • All
    • COVID-19
    • Furry Friends
    • Industry Awards
    • Industry Events
    • NRF
    • On The Move
    • Other News
    • Tradeshow News
    • Video
    • What's New
    IDCA 2022 Honorees to be awarded at sold out Las Vegas Gala
    Kirk Kara to showcase Rayana collection at JCK 2022
    Furry Friends on the Job: Say hello to Wanda from Gems One
    GN
    GN Diamond helps jewelers sell more diamonds with free in-store selling tool
  • Podcast
  • Columnists
    Sales Tips by Aleah: Everything is Sales
    The Retailer’s Perspective: With great power comes great fails
    The Retailer’s Perspective: Doom & Gloom or Boom & Bloom
    The Story Behind the Stone: Good as gold
    What to consider when building a new jewelry website
    Motivating your sales staff
    IAS Sales Training explains the importance of Preparation
    J Lo’s Green Diamond Stunner
    Convert your social media to sales!
    Motivating your sales staff
    Customer Service Standards – Part Four
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription
No Result
View All Result
Southern Jewelry News
No Result
View All Result
Home Columnists

Why you should attract referrals

"Diamond" Bill Warren by "Diamond" Bill Warren
November 1, 2021
Share on FacebookShare on Twitter

Let me ask you: Would you be surprised to learn that there are many retailers, especially jewelers and gift shop owners, whose business is based in large part on referral selling? And with that, next let me ask you this: Do you have a referral program or system for your business? If the answer is no, my friend, you are potentially missing plenty of profit dollars! If you do have a program, you already know that it’s a lot like putting word-of-mouth advertising on steroids.

Attracting referrals is part of the D.I.A.M.O.N.D. Growth Strategy. We often hear that word- of-mouth is your best advertising, and I’ll agree with that – but only to a certain point. If you put that advertising strategy on steroids with a defined referral program, it will rock, and profits will soar. Let’s take a look at how you can build a program and reward those folks who refer a new buying customer to you.

Studies in retail and advertising have shown that in the U.S. it costs anywhere from $75 to $300 to bring a new customer through the door. Depending on your particular locale, you may fall at either end of that range, but that’s approximately what you’ll spend in marketing dollars. And notice I simply said, “bring a new customer through the door.” I mentioned nothing about them actually opening their wallet and buying from you when they do.

At this point, they’re a bit of a “cold” prospect because the only thing they may know about you is what you’ve told them through your own marketing. Or, they may know nothing at all and you are starting from scratch with this prospect.

Now imagine that you might be able to spend less and bring someone through the door who’s heard about you from a trusted source and walks in as a “warm” prospect who’s more likely to spend money with you. That’s exactly what a referred customer is, and the more of them you get, the more profitable you’ll be!

Rewarding for Referrals

How do you recognize the people who send you referrals? Maybe a big pat on the back? Do you call them personally to say thank you? Those might be nice, but they fall into the “oh my goodness – big whoop” category in my estimation. They deserve better – much better.

We need to be smarter and more effective in continuing to generate referrals, so let me share some ideas about how you might go about setting up a referral system or program that will do exactly what it’s supposed to do: boost your bottom line!

One of the easiest ways that I’ve discovered is using our Edge point-of-sale system to do the work for us, perhaps you use something different. With this system (and the one you have may have a similar if not identical feature), we can send the person who referred the buying client a gift certificate.

I’ll give you an example. If someone refers a new client who now spends $500 with me, I’ll send that person a gift certificate for $50 to spend in my store in any way they wish, and there is no time limit or expiration date. I believe this is the ultimate compliment and thank you – and the least I can do. If a referred new customer spends $1,000, I’ll send a $100 gift certificate.

This article is an excerpt from “Diamond” Bill Warren’s latest book, The Ultimate Jeweler’s Success Guide – 7 Strategies To Significantly Increase Revenue and Boost Profits!

"Diamond" Bill Warren

"Diamond" Bill Warren

“Diamond” Bill Warren is the founder & creator of the Ultimate Jewelers Mastermind Group, Diamond Bill Marketing, The Diamond Bill Marketing Podcast and Radio Show as well as author of “The Fastest Way to a Full Recovery” & “The Ultimate Jeweler’s Success Guide.” You may contact him via diamondbillmarketing.com or at bill@diamondbillmarketing.com.

Related Posts

Sales Tips by Aleah: Everything is Sales

May 25, 2022
The Retailer’s Perspective: With great power comes great fails

The Retailer’s Perspective: Doom & Gloom or Boom & Bloom

May 25, 2022

The Story Behind the Stone: Good as gold

May 24, 2022

What to consider when building a new jewelry website

May 18, 2022

Latest News

Columnists

Sales Tips by Aleah: Everything is Sales

May 25, 2022
Industry Events

IDCA 2022 Honorees to be awarded at sold out Las Vegas Gala

May 25, 2022
Other News

Kirk Kara to showcase Rayana collection at JCK 2022

May 25, 2022

Other News

Furry Friends on the Job: Say hello to Wanda from Gems One

The Retailer’s Perspective: Doom & Gloom or Boom & Bloom

GN Diamond helps jewelers sell more diamonds with free in-store selling tool

PGI USA partners with gold designers for COUTURE Platinum Spotlight initiative

The Story Behind the Stone: Good as gold

Luxury watch market expert Steven Kaiser dies at 68

Southern Jewelry News

© 2022 Southern Jewelry News.

Additional Information

  • About
  • 2022 Trade Shows
  • Media Kit
  • Contact

Get Social with Us

No Result
View All Result
  • Featured Articles
    • Featured
    • Featured Retailers
    • Retailer Roundtable
    • Supplier Spotlight
    • Sponsored Content
  • Latest News
    • What’s New
    • Industry Events
    • Tradeshow News
    • On The Move
    • Other News
    • Furry Friends
  • Columnists
  • Classifieds
  • Subscriptions
    • Newsletter Signup
    • Print Subscription

© 2022 Southern Jewelry News.