written by Aleah Arundale
One of the most brilliant ad campaigns I’ve ever seen was when Carl’s Jr. introduced the “$6 burger”. The GENIUS? It only cost you, the burger lover, $4! Just think about how much extra VALUE was perceived because of the name vs. the true cost. The TAKEAWAY? It’s not the PRICE. It’s the perception of VALUE. The customer perceives the item should cost $6, so when it costs $4, they get the perception of value. This can be used endlessly in business. How do you package, sell, name, or package something you sell to make it seem like a better value?
Not everyone is a price shopper, but EVERYONE IS A VALUE SHOPPER. Everyone wants to feel like they are getting a deal. If you can create VALUE in your store without discounting, then you can make more money. The price is not as important as making the customer feel they made a good purchase. So how do you make the young man in your store FEEL like the diamond you are showing him is a great deal? How do you create a feeling of VALUE without discounting?
To win the sale, you don’t need to be cheaper, you just need to be the better story teller. Here are examples of VALUE stories you can use to sell more jewelry.
The first is the 2nd Hand Story. People believe something that is 2nd hand is more of a DEAL. People perceive pawn shops as being cheaper, no matter what the price is because they use this 2nd hand value story. Let me repeat that. The customer has no idea what a 1.25 Princess H SI2 should cost. The price doesn’t matter. They just feel it’s a deal because of the story behind it. Tell customers your diamonds are estate or bought 2nd hand and they will FEEL they are getting a value. People need to rationalize purchases. A great value story does that for them.
Another value story is the location story. Talk about how you just got back from Antwerp or Israel. Mention that you partner with cutters all over the world to get the very best deals. You bought this sapphire directly from a cutter in Thailand. These yogo sapphires are found right here in Montana. French wine, Belgium Chocolate. Where something originates creates value.
People are looking for value. Make it crystal clear to each customer WHY you provide the best value and they will buy from you. To sell more jewelry, you don’t need lower prices, just a better VALUE story.