Swarovski Crystal Society Generates Approximately $27 million – Diamonds are always synonymous with luxury, making them more expensive than gold. At a time when diamond prices are so astonishing, jewelers have now conquered the Swarovski name. Although they look similar to the naked eye, diamonds and crystals are fundamentally different.
Swarovski Crystal Society Generates Approximately $27 million
swarovskijewelry – However, sometimes this difference is not known to ordinary people and many are so sure that they own Swarovski jewelry that is recognized as diamonds. It is dangerous if done by irresponsible individuals and ultimately the buyer becomes a victim of fraud. You don’t want to experience that, right? The following is an explanation of this world famous crystal.
Thus, Swarovski is one of the largest luxury brands in the world, with sales in 2022 reaching $1.9 billion.
Specializing in quality lead crystal, handmade jewellery, home decor and more, the brand has been around since 1895 and competes with heavyweights Tiffany and Co, Cartier and Bvlgari to dress celebrities like Dua Lipa, Lady Gaga and Beyoncé.
The brand’s crystal jewelry and figurines have earned a loyal following with 500,000 members through its paid membership program. You could say (well, we think) that it’s the unsung hero of the brand. This article explains why and how you can reproduce it.
Swarovski Crystal Society
“What”: a community of fans who love crystals. Membership unlocks a series of benefits, rewards and opportunities that are exclusive to the community and unavailable to non-member fans.
How does it work? Members pay a $55 annual fee or $125 for a 3-year membership to access the program’s exclusive crystal collection created just for members and an inspirational magazine, member interviews and contests published twice a year. There are also annual prizes that cannot be purchased outside the program.
Additionally, members receive free repair service, free shipping, and a free visit to the Kristallwelten (Swarovski Museum) in Austria once a year.
Finally, SCS membership fees and revenues also contribute to The Swarovski Waterschool, a global initiative founded in 2000 to provide children and their communities with the knowledge and resources they need to solve local water problems.
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Genius: Think of it as incorporating FOMO into a brilliant membership program. The exclusive members-only collection means die-hard fans of Swarovski crystals can’t afford not to join in. Acquiring a new customer can be up to 25 times more expensive than retaining an existing one, and Swarovski has created incentives to reward customers for staying with them in addition to providing points.
Through the magazine, the brand builds engaging experiences around museum visits, exclusive gifts, events and the “Swarovski lifestyle.” After all, brands that offer positive experiences get three times more word of mouth than mediocre brands.
Want to use word of mouth marketing from your brand’s fans? Use the Micro Influencer Calculator Dueland to calculate how much revenue you can earn from fans who already know and like your brand.
It’s a bit unusual for luxury brands to build a program like this, but Swarovski’s approach to paid membership versus a free loyalty program strikes the right balance. It’s ambitious and maintains the brand’s identity in the luxury category, but remains a good fit for customers who want regular engagement and an emotional connection (and has a 306% higher lifetime value).
Numbers: We broke down the membership fee numbers only, not even considering repeat purchases of SCS products:
Assuming all members pay annual dues, Swarovski would collect $27.5 million in membership fees annually. However, some members may choose to pay for a longer period, so we take that into account. These numbers are still quite extraordinary in terms of revenue estimates.
Swarovski Crystal Society
How to get it?
1) Create a members-only collection: Like Swarovski, create FOMO and play to the prestige of the club (in this case, the society).
2) Create a program that offers experiences as a reward: can your customers come to the main office for a day? Can they come for an exclusive chat with the brand? It’s about finding the right balance between financial rewards and opportunities for emotional connection, and creating value for both through the program.
3) Consider two programs and divide them into paid and free offers. Paid offers offer a “premium” experience and target more loyal customers, while free offers target the masses. Segmenting audiences this way leaves a lot of room for managing and sourcing rich customer data from both segments.
4) Don’t just focus on brand: like Swarovski Waterschool – think of altruistic initiatives that align with your brand values that you can incorporate into the program.
From the table above, you can see that the more members you have in your program, the more revenue you can collect. However, managing so many members sounds like a nightmare, right? Well, Duel has created software for that.
We built a SaaS platform that lets you discover, measure, manage, scale, and reward every fan who loves your brand – so you can increase revenue and build a strong brand community. We help build your app and build it on the platform so you can run it and watch the magic happen. Duel helps your brand connect and increase the right appreciation for you among your brand fans.
Want to see the potential income you can earn with our platform? We’ve created a calculator to calculate how much revenue micro-influencers who already know and like your brand can earn.