Why did your customer not buy that bracelet? Why did the lady who really liked that necklace walk out without buying it? Because she has a necklace!
Yes, she likes yours more, but she feels it would be irresponsible to buy a necklace since she already has a necklace. “Well, what is wrong with having lots of necklaces?!” Sorry. In the down economy many people realized they can be happy with less stuff. Today people want less clutter.
Why don’t you buy a new TV? Well because you have a TV. You feel it would be extravagant or irresponsible to buy a new one when you already have one. But what if you could trade your old TV in for a new one? Then you would feel good about getting a better TV and feel responsible.
The goal in sales is to get the customer to feel good about what they are buying. Especially in our industry! We sell emotion. People do not buy luxury items for logical reasons. They buy jewelry because it makes them feel special, richer, smarter, or more attractive. That’s why people want certs with diamonds. It helps them feel good about what they are buying.
The car industry figured this out. Car companies offer great incentives for trade-ins. Consignment clothes stores are thriving. People feel it’s ok to buy new clothes if they get rid of old ones. If you can help that lady trade in her old necklace she will up grade to your new one!
While selling diamonds on the road, I met one jeweler taking the trade in practice to the extreme. This might not be for you, but it is a terrific lesson on being creative and flexible. When the jeweler thought he needed an extra something to close an engagement ring sale, the jeweler would ask the guy. “Hey, do you have anything at home of value you do not use any more? A guitar? An video game box or stereo?” Most of the time they guy would say, “Well, yes!” Then the jeweler would say, “Why don’t you bring it in as a down payment?!”
Most of the time the guy would run home to get the item! The customer feels he is getting a deal. He also feels “green” and responsible since he is getting rid of something he does not use. The jeweler benefits by closing a large % of sales and selling many of the items he gets in trade at a profit!
So, how can you be more eco-jewelry friendly? If you promote and suggest trade-ins more often, not only will you be more eco-responsible, but you will close more sales! Have a promotion to get $25 off a new watch when you bring in your old watch. When a shopper is looking at a necklace, ask them if they have an old necklace to bring in as trade. You could even consign it for them in your case.
But Aleah, we already ask everyone if they have any gold to trade in towards this purchase. Asking for gold does not present the same feeling. It makes it about you wanting gold and less about them feeling good. It needs to be about them. Make sure you convey you are helping them upgrade to a better piece of jewelry. This will be a win/win. They get a guilt free purchase, and you close the sale.
Aleah Siegel is a 3rd generation GIA Graduate Gemologist and a 5th generation jeweler turned loose diamond wholesaler. Selling diamonds on the road lets her share great ideas from hundreds of different jewelers from all over the country. Sign up for her Jewelry Sales Tips Newsletter by e-mailing her at Aleah@olympiandiamonds.com or calling 800-882-8900. “We are all in this jewelry business together lets help each other!”