Fabergé ruby engagement ring
NEW YORK ? According to a Fabergé executive at Luxury Interactive, it takes nine times as much effort to create a new consumer relationship than it does to maintain an existing one.
The Russian heritage jeweler is an interesting case study in retention, as it has had to rebuild visibility and awareness for its jewelry business after shutting its doors for nearly a century in the wake of the Russian Revolution. While much has changed since Fabergé was decorated at the 1903 World?s Fair in Paris, selling to the ultra-high-net-worth consumer remains practically the same, and may even be made easier by through digital touchpoints.
“Customer retention today, as I?m sure you?re all aware, is your gold mining project,”said Jon Omer, vice president of United States wholesale at Fabergé. “Someone once told me it takes about nine times as much as to make a new customer, as it does to retain an old customer. “I do believe that your customer retention is key to growing your business, so much so that it?s a key part of the information system that we use at Fabergé,” he said.
Retention goals

During the ?Selling to the Ultra-High-Net-Worth ? Secrets and Misconceptions? fireside chat Oct. 17, Mr. Omer discussed best practices used to market to affluent individuals.
In the past, brands would place color advertisements in leading print titles and in-store sales associates would collect consumer details on note cards, filing t...