From Haggling to Happy: How to Stop Custom Jewelry Negotiations and Get Better Margins
You know your custom jewelry is worth more than the sum of its parts, but it can be difficult to present its value in ways that consumers understand and embrace. The key to high perceived value is to start long before the inquiry or sale. In this session I’ll teach you the techniques used by luxury businesses around the world to establish a strong value story through your messaging, sales, and presentation. Get beyond how you cost and price, and start getting the margins your custom work deserves. The main problem this session addresses is the fact that customers visit custom jewelers with a desire for a unique piece of jewelry, then they haggle away until the jeweler feels pressured to provide a premium product at a non-premium price. Luxury businesses have long known how to sell the idea that a purse can be more than just a purse and a pair of shoes can be more than just a pair of shoes. Some of the most impressive luxury experiences are small, local sellers – not international brands (so you don’t have to become an international brand to pull this off). This session will teach you how to make your store brand and custom jewelry purchasing experience work for you to increase perceived value and dissuade buyers from their inclination to haggle for a better price. Margins are shrinking in jewelry sales, and one of the few bright spots for profitability is producing custom work. Jewelers need these skills so they can stop leaving money on the table when they sell custom jewelry. In this session you will learn the elements of a store brand and how that brand can be used to promote a perception of value, how to improve your pricing strategy by decoupling cost and price, how embed high perceived value in your custom jewelry sales pitch, and how to use final presentation to ensure the customer walks out fueled on high satisfaction.