Given the current economy, many jewelers are willing to offer discounts in hope for good numbers at year-end. The problem with this formula is that it’s a guarantee all right, a guarantee loser. Once you start discounting, a something no so good happens. Customers will expect a discount for every future purchase because they perceive your prices to be higher than they would pay without an incentive. Coupons and sales; use them sparingly because you do have other options that will have a positive affect on your clients impression of your business.
Customer service is key. Providing customers with top-notch service and information will make their buying easier. You can most definitely hold firm on fair prices if you support your prices with facts. Take the time to educate your customers, they’ll appreciate the time and be more likely to come back to you. Follow up with a simple thank you. It seems like a no-brainier, but have you sent a personal thank you card to your last 5 customers?
Everyone is feeling the pinch from tightening his or her pocketbooks. Every dollar spent is is one to be thankful for because there are plenty of stores to go to, so make sure your customers feel happy that they chose your store. Now is the time to work as if everyday is a big performance. No more talking about implementing a customer referral or emailed program. Do it now. The investment to make now to fine-tune your business machine will have greater payback when the economy picks up again.
Stay firm on your prices and don’t feel like you have to reduce them to make a sale. If you’ve priced fairly, there’s no need to cave. Demonstrate confidence and negotiate by offering additional value-added services; inspection, setting up for insurance, cleaning, or an educational event or private shopping opportunity. Stand up to your prices while still making him feel good about his purchases. He’ll be back and you’ll be profitable.
