How can YOU tell a Great Value Story?
2nd Hand Story
Tell customers your diamonds are estate or bought 2nd hand. People perceive pawn shops as being cheaper, no matter what the price is because they use this 2nd hand value story.
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.
Quality Story
This is tough. To prove value you must prove you offer a better bang for the buck. Do this by using words such as “…when dealing with diamonds of this caliber…” or “Yes it is more money, but the best always is!”
I made these videos for YOU to use in your promotions.
The more fun you look, the more people will
want to shop with you.
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Why Do People Think Your Competition has Lower Prices?
People think other jewelers are cheaper because they tell a better value story.
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PRICE DOES NOT MATTER!
As strange as it sounds, the price of the diamond does not matter. Shoppers may tell you they saw a cheaper diamond somewhere else, but the more likely truth is that they are not sure what they saw. Even two 1ct GIA G Si1s can sell for thousands of dollars different. How can the customer’s compare? Don’t be fooled. Most customers really don’t understand what a diamond costs.
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SHOPPERS BUY STORIES
What shoppers DO know is which diamond seller tells a better story. To win the sale, you don’t need to be cheaper, just be the better story teller.
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STUDY PROVES IT’S ALL ABOUT THE STORY!
A recent study by Anne Bowers proves that people pay different prices for the SAME ITEM based ONLY on the story!
She ran this experiment:
She listed 3 rings for sale. The listings were identical except for one thing….. The story.
In one she said: She was selling the ring because she got divorced.
Another said: She was selling the ring because she worked with her hands.
The third said: I’m a jewelry store and we have excess inventory.
On average, with the ring from the store, people were willing to pay about $820. The one with the “hands” got $780. The ring from the divorce got $557.
That’s a huge discrepancy!
Same ring, same diamonds, but what people REALLY BUY is the STORY.
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