Connect with us

Shane Decker

When You Pre-Judge What’s in a Client’s Wallet, Everybody Loses

mm

Published

on

The credit card commercial asks, “What’s in your wallet?” But if you’re selling jewelry, the answer doesn’t matter. It’s what’s in the client’s wallet that matters.

Selling out of your own wallet can be unintentional, but it is a type of prejudging. Some sales associates don’t even realize they’re doing it. They’re presenting a product to the client that they can’t afford themselves, not realizing they’re underselling the client. A lot of sales are lost because what the client thought he was going to purchase was never presented. 

Selling out of your own wallet:

  • makes the client assume that you don’t think he can afford the item.
  • creates a slower turn on high ticket items.
  • makes store owners wonder if they are stocking the wrong  diamonds or price points.
  • drives your average ticket down.
  • lowers the closing ratio with clients wanting to purchase higher ticket items.
  • keeps higher ticket referrals from coming in. 
  • affects your salary or commission.
  • changes how diamonds, branded merchandise and high-end timepieces are sold in your store.

I hope you’re starting to see just how drastically this poverty-level mentality can affect your store. Now imagine these two scenarios:

The client comes in to buy a 2-carat diamond, but you show him a 1-carat instead. He leaves and buys the 2-carat somewhere else. Now when he wants to make a large purchase, he’s going to go to another store. He may come to you for beads, repairs and inexpensive items, but you’ve lost his big-ticket business forever.

Advertisement

The client has previously discussed the purchase with his wife and she wants a 2-carat. But you actually sold him a 1-carat. When he gives it to his wife, she is disappointed and they wind up returning it. 

Today’s clients want higher quality, larger diamonds, as well as higher-priced timepieces. They’re buying luxury vehicles, luxury technology, luxury vacations. Why wouldn’t they want your luxury jewelry?

The more expensive the item, the less time it should take to sell it, because the client looking at that item can afford it. If you make $40,000 a year and the item is $150,000, don’t be afraid of it. 

A lack of gemological or product knowledge is a big reason sales associates screw up these sales. And if a salesperson is category smart (comfortable with one category but not others), a lack of knowledge can keep him from selling higher ticket items.

Always remember the integrity of the item is in the price. The price represents platinum, gold, AGS and GIA lab reports, brand equity, manufacturing skill, rarity, quality, style and more. There’s a lot of value in your product that’s not seen.

Always assume that the person in front of you is a millionaire. Believe that you’re closing the sale, you’re adding on and they’re going to be wowed. Most of all, believe that you and the client are going to have fun! You want the client walking out with the item purchased and saying, “Man, the guys in that store are awesome!” 

Advertisement

People can buy jewelry anywhere. They’re happiest when they’re not undersold. 


Shane Decker has provided sales training for more than 3,000 stores worldwide. Contact him at ( 719) 488-4077 or at ex-sell-ence.com. 

This article originally appeared in the February 2017 edition of INSTORE.

Advertisement

VIDEO HIGHLIGHT

Wilkerson Testimonials

Texas Jeweler Knew He'd Get Only One Shot at a GOB Sale, So He Wanted to Make It Count

Most retailers only have one GOB sale in their lifetimes. This was the case for Gary Zoet, owner of Shannon Fine Jewelry in Houston, Texas. “Wilkerson has done thousands of these sales,” says Zoet. “I’ve never done one, so it’s logical to have somebody with experience do it.” The result exceeded Zoet’s expectations. Wilkerson took care of everything from marketing to paperwork. When it’s time for you to consider the same, shouldn’t you trust the experts in liquidation?

Promoted Headlines

Want more INSTORE? Subscribe to our newsletter.

Comment

Shane Decker

Here’s the Most Important Area To Invest In As a Store Owner

You’re only as good as your people.

mm

Published

on

RETAIL STORE OWNERS ARE having a difficult time holding onto their people. Right now, about half of all sales teams change every three years, and every seven years there is a total team change (with the exception of one or two “loyalists” in each store).

What’s the solution? Training. When salespeople have more knowledge, they close more sales and make more money. And as long as they’re making money, they’re far less likely to leave you.

Video: Why Your Digital Marketing Doesn’t Work Like the Experts Say It Should
Jim Ackerman

Video: Why Your Digital Marketing Doesn’t Work Like the Experts Say It Should

Video: Don’t Miss the Biggest Opportunity to Improve Profits in Your Jewelry Store
Jimmy Degroot

Video: Don’t Miss the Biggest Opportunity to Improve Profits in Your Jewelry Store

Video: Gene the Jeweler Hired His Nephew … And at Least Insurance Covered the Damage
Gene the Jeweler

Video: Gene the Jeweler Hired His Nephew … And at Least Insurance Covered the Damage

Training involves several areas, but one of the most fundamental is product knowledge. Your customers are more educated than ever before — and millennials are taking this to a whole new level. They do more research and know more about the product they’re purchasing than most salespeople do.

That’s why all salespeople, especially in bridal and diamonds, should take GIA Diamonds 1 and 2 and Diamond Grading. To some of you, this seems elementary, but I see so many salespeople who haven’t done this.

Salespeople who don’t have product knowledge talk too much to make up for their lack of knowledge. When you talk too much, you can talk right past the closing opportunity. Talking too much also takes the client’s attention away from the item being sold, and it takes attention away from the reason he or she came into your store in the first place.

Product knowledge gives you self-confidence and empowers you. When you have self-confidence, the client will have confidence in you. They won’t have as many objections. Your closing ratio will go up because clients can tell that you know what you’re talking about. They will trust you to help them make a decision.

Owners and managers: hold a one-hour sales meeting each week. Spend 20 minutes on product knowledge, 20 minutes on salesmanship, and 20 minutes on role-playing. When your sales team is well-trained, you’ll have more time to work on your business and you’ll be interrupted less often to help people close sales.

You’re only as good as the people you train. Your team controls how much money you make. And it’s amazing how many salespeople in jewelry stores do not know what they’re doing.

When salespeople are empowered with knowledge, they’re happier and more successful. Teamwork is better because they trust each other’s sales skills.

If you want a higher inventory turn, a higher closing ratio, and more net profit, start training your team. The more knowledgeable they are, the more valuable they feel and the longer they will stay. You invest money in buildings and marketing — start investing in your most valuable asset: your people.

Continue Reading

Shane Decker

How to Avoid 3 Security and Sales Risks

Secure sales techniques not only keep your jewelry safer, they make your clients happier, writes Shane Decker.

mm

Published

on

THROUGHOUT THE YEAR, I’m in jewelry stores all over the country, and one thing I’ve noticed is that many stores are packing up their jewelry and timepieces before they close. They start packing up at 5:30 when they close at 6. What if a client comes in at 5:50 because that’s the only time he can make it, and everything is put away? You’ve just told him you don’t want to wait on him. He’ll go somewhere else and become a client there.

I’ve heard salespeople tell such a client, “Tell us what you want and we’ll go get it out.” But by that point, it’s already too late. The client feels like he is being a bother or that your plans are more important than he is. (Not only is the practice of packing up early a sale killer, but your insurance carrier may have a problem with it as well. You’ve got your jewelry all boxed up and sitting on top of the counters for the bad guys to come in and take it out very easily.)

Podcast: Michael O’Connor, Jewelry’s Perfect Spokesman, Visits ‘The Barb Wire’
The Barb Wire

Podcast: Michael O’Connor, Jewelry’s Perfect Spokesman, Visits ‘The Barb Wire’

Podcast: A Jeweler Learns the Internet’s Weaknesses, and His Own Strengths
Over the Counter

Podcast: A Jeweler Learns the Internet’s Weaknesses, and His Own Strengths

Podcast: How to Find Good People and Avoid Employee Nightmares
JimmyCast

Podcast: How to Find Good People and Avoid Employee Nightmares

Some stores try to avoid killing the sale by packing up areas where they don’t think the client is looking. But this is silently telling the client, “Hurry up and get out so that we can finish packing up the area you’re looking at.”

Clients hate feeling rushed. They chose your store to purchase jewelry. If you’re in that big of a hurry to get home every night, go get another job! Quit killing the client’s experience.

Another problem I see often is what I call “over-showing.” It’s when salespeople have too many items out on the counter pad. This only confuses the client. It also makes it easier for someone to grab your inventory and run out the door. If you ask enough selling-specific questions, you can dial in quickly on what the client wants and concentrate on one or at most two items. Never have more than three items at once on the pad. But always put the item that interests the client in their hand. It shows trust and gives them ownership.

One final security risk that I see is salespeople walking away from their clients. If you leave the merchandise out in front of them, you make them feel nervous. But if you take it with you, you’re showing them that you don’t trust them. This is a sale killer. Always have someone to assist you to avoid either of these bad options.

Be sales-minded, but also be security minded. Practice store floor awareness. Be aware of other sales associates’ needs. This will make your store more secure, and equally importantly, make your clients much happier with their experience.

Continue Reading

Shane Decker

The Time Shane Decker Pre-Judged a Client – and Paid the Price

Every time you approach a client, think “She’s a millionaire. I’m closing this sale.”

mm

Published

on

Selling out of your own pocketbook means selling what you can afford. But never assume that’s all the client can afford. If you do, you’re not just doing yourself and your store a disservice — you’re doing your client a disservice.

Let me tell you a story about me. About 40 years ago when I was new in the industry, there was a lady that I thought was poor. I was new to the community and I thought people were mean to her — they all called her “The Cat Lady.” She pushed an empty cart by the store every morning, then in the evening, she would come by with a cart full of bottles, cans and anything she thought was valuable.

Right before Valentine’s Day, we had just changed our store windows to feature ruby and diamond jewelry. That evening, she stopped and looked in the window. Then she covered everything up in her cart, parked it outside and came in.

She was wearing a ratty old coat. I waited on her with a smile. She let me know she had always wanted a ruby and diamond ring, and she loved the one in our window. I got it out and handed it to her. She said again, “I’ve always wanted a ruby ring.” I should have closed the sale, but I blew it.

The ring fit perfectly, but I was worried about my integrity. I didn’t want to be known as a salesperson that sold her jewelry on a day that was very cold. Maybe she was hungry and needed a new coat. So I said one of the dumbest things I’ve ever said to a client: “Don’t you really need a coat?”

She said, “Young man, if I wanted to buy a coat, I would buy a coat! I want a ruby ring.” She smiled and left, and I felt like an idiot. If I remember right, our ring was around $695. Rather than going on her merry way, she went back the other direction to the jeweler on the next block. Later that evening as I was tearing down our windows to put our jewelry in the vault, she gave me a Princess Diana wave, showing me the ruby ring she had just purchased. I found out later she had laid down 12 $100 bills. Wow.

Later that week, I went outside and apologized. She said, “Young man, we all have lessons to learn in our life. I know you meant well. But I did want a ruby and diamond ring.” She was so nice. But if I’d been listening, she would have walked out of our store with a ruby ring. She was already closed.

When you sell out of your own pocket, you are accidentally pre-judging the client. Every time you approach someone, always go with a smile and think, “She’s a millionaire. I’m closing this sale. I’m adding on. And she’s going to be wowed before she leaves.”

Continue Reading

Most Popular