Know your Valentine

February 14, 2014 by Experian Marketing Services

According to the U.S. census bureau, in February of 2012 jewelry stores in the U.S. sold $2.66 billion in merchandise. It’s likely not a surprise that jewelry sales surround the holidays, an occasional birthday or special event celebration, and Valentine’s Day. The truth is that precious jewelry is special and outside of the normal disposable income spending for many consumers. Marketing to the precious jewelry buyer can, therefore, be difficult, as marketers only have a small window to impact the final sale.

With more competition available, both online and through brick-and-mortar stores, marketers need insight into consumer preferences in order to ensure that their message is sent at the right time, with the right offer. This targeted approach relies on the quality of consumer contact data available and the unique insights gathered on each individual.

Each point of contact provides an opportunity to gather data. For example, consider the data available when a husband researches jewelry: he may build a profile online to maintain his wish list or go in-store to ask for advice. Moreover, consider the additional data points needed to help speed up the sales cycle and potentially even impact the value of the purchase.

Many marketers are now identifying core customer attributes that may indicate how likely someone is to actually purchase from a jewelry store. These attributes will be unique to a specific customer base. However, once identified, retailers have the opportunity to enhance the customer view in real time with the necessary demographic, behavioral or attitudinal data points.

Data enhancement is only possible if the core customer contact data collected is accurate. To learn more about ensuring contact data quality for customer profiling enhancements, watch this webinar recording.

In summary, data enhancement is important in order to understand the customer at the point of contact, empower higher conversion rates and maximize on consumer holidays like Valentine’s Day. Show your prospects some love by investing more in them as a potential valued individual.