ONE OF the top objections that jewelry salespeople hear from customers is “It’s cheaper down the street.” Does this mean that the product down the street is of a higher quality and is really cheaper? Probably not. More likely, the product is of a lower quality and naturally costs less. Unfortunately, most salespeople panic when they hear this objection, and they run back to get a lower price.
Start by finding out where the client got this information and try to uncover where the discrepancy may lie. For instance, what was the cut of the diamond? What are the percentages? What is the real color and clarity? What kind of lab report does this diamond have? Where is the diamond? Is it really available? Is it clarity-enhanced? How thick is the girdle? Was it heat-treated to change the color?
Never slam your competition, but create professional doubt about the information that the customer has. Present your store’s benefits, which give the client peace of mind and freedom from risk. Talk about a full-service shop if you have one, and mention that you offer some repairs while the client waits, diamond setting, and sizing. Discuss diamond warranties, trade-in policies, and guaranteeing the color and clarity (which most won’t do).
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Some statements that carry a lot of weight include:
- “When you buy a diamond from us, we’ll give you what you paid for it when you trade it in later for a bigger one.”
- “Our diamonds have been personally selected, and they have to meet strict tolerances. Our rejection factor is extremely high — in fact, we’ve always wondered who bought the ones we rejected.”
- “We trade for diamonds purchased from other sources, but because most diamonds are cut incorrectly, we have to look at re-cut weight — because most diamonds don’t meet our standards.” 5We have a GIA-trained staff that sells with integrity. We’ll never tell you a diamond is better than it is.”
- “We’re family and locally owned.”
If none of these professional approaches work, you can then negotiate in a professional manner. This is a last resort and should only be used to keep the client from walking. Never use negotiation as a cop-out to close the sale early. Sell yourself, your company, and your product — in that order.
Close the sale and never make it about the price. There are tons of factors that give your product value. So it really isn’t “cheaper down the street” if we’re doing our job correctly. Remember: Your clients will forget about the price, but they’ve got to live with the quality for the rest of their lives