Ever wonder why your jewelry sales professionals discount your fine jewelry?
Brace yourself for some tough love here.
The truth is if your fine jewelry store has to substantially discount to sell it is because your sales team doesn’t believe in your pricing and aren’t trained properly to overcome the price objection.
Why do members of your sales team come to you for a “better price” to close the deal on a piece of fine jewelry, yet think nothing of going to Starbucks themselves and paying full price for coffee in the morning?
You hear it all the time from members of your sales team.
They tell the story of the tough economy, of how the client has been shopping around, and horrors of horrors, , , the Internet.
The associate is convinced that they cannot sell the jewelry item without a substantial discount.
Alright, I will give you all of that, if you could answer one simple question.
Why doesn’t everyone simply shop for the lowest price in all aspects of their life?
Clients Don’t Always Ask For A Discount
– Why Doesn’t Everyone Buy Generic Drugs?
All generic drugs are FDA approved, and much cheaper.
– Why Do People Buy Bottled Water When They Can Get It For Free?
No brainer. Free is the lowest price.
– Why Doesn’t Everyone Take Mass Transit When They Can?
Much cheaper than driving your car.
– Why Are People Buying Satellite Radio When There Are Plenty Of Music For Free?
– Why Isn’t Everyone Drinking Generic Coffee?
You could save so much money not going to Starbucks.
– Why Isn’t Everyone Fighting To Sit In The Last Row Of A Sporting Event?
I mean, it is cheaper to sit in the back row.
– Why Do People Pay To See Live Sports When They Can Watch It At Home For Free?
They also would save money on food, parking, tickets, etc.
– Why Do People Go On Expensive Vacations Or Go Dining At Expensive Restaurants?
You could eat at home much more economically.
– Why Doesn’t Everyone Drive The Cheapest Cars They Can?
Who really needs a BMW or a Mercedes?
– Why Buy Designer Clothing / Handbags / Shoes.
Please do not even get me started on this one.
Why Jewelry Sales Associated Discount Fine Jewelry
The reason?
People pay more for goods and services that have a perceived added value.
It is perceived that bottle water is better and it is convenient, though obviously they could get it for free.
People buy bottled water because they believe in the price.
I firmly believe that in the beginning, if associates were used to sell bottle water, that it would have taken years to get off the ground.
If we had sold bottle water in our jewelry stores, we would have had to discount it substantially because our associates probably would not have believed in the price.
If people pay for free water, could they not pay a fair price for our fine jewelry?
The answer is yes. . . if . . . the associate believed it was a fair price, was trained to handle the price objection, and had sales guts to stand their ground.
Remember it is not about the price of your fine jewelry, it is all about if your sales team is trained, and believes in the price.
Your selling team doesn’t believe in the price, that is why we end up discounting fine jewelry.
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The host of “Inside the Jewelry Trade” Radio Show – Jewelry Business Strategist – President of Four Grainer LLC. Author of the business books “A Reason To Chant,” and “A Reason to Chant – Jewelry Trade Edition.” Rod lives in Atlanta with his wife and two almost-human cats.