Identifying the Best Market: How to Sell Jewelry Efficiently
Selling jewelry takes a certain kind of talent. You need to have product knowledge and be able to make personal connections with your customers. Knowing what to say and how to say it makes a difference between the customer walking away and you making the sale.
You must be able to point out more than just the features of the piece; you need to truly be able to speak to the customer about their needs. These skills can help you sell more products and, ultimately, make more money.
Understanding Your Product as a Jewelry Seller
When learning how to sell jewelry, you need to understand each piece’s unique features and how to tailor its description toward your potential customers. Understand the product well enough you can easily answer any questions that crop up.
Quality assessment
Make sure to take the time to assess the quality of each piece. If you don’t have the knowledge or skills to do so, then seek the help of an expert. Learn what gemstones and precious metals are in each item you offer for sale so you can easily speak about each piece in your inventory.
Identifying target audience
You need to think about who you are selling to when promoting your jewelry. For instance, a middle-aged woman who makes more than $100,000 a year will shop for something different than a woman who makes less than $50,000 and is still in her 20s. You wouldn’t approach these two women the same way and expect the sale to go well, would you?
You also don’t want to target everyone in jewelry marketing. Instead, you should have a specific market in mind for each of your pieces.
Unique selling points
When learning how to sell valuable jewelry, remember that every item of jewelry has a story behind it. This may be a piece of unique history, a specific design, or even the craftmanship behind the piece. Highlighting these details and adding some personality to the conversation and can help sell the item.
When you talk about the items, make sure to touch on the traits that set them apart. You can speak about where the materials came from and the process of creating the piece. Talk about the thought behind the design or anything that sets it apart. People are more likely to buy a piece of jewelry when they know more about it, especially when there is a story behind it.
Pricing Strategies for Jewelry Stores
Running a jewelry business or selling used jewelry is no simple feat. It takes a lot of effort to design attractive jewelry, execute marketing strategies, and fulfill orders. If your efforts are going to be rewarded, you need to have a solid pricing strategy.
Setting the right price will take some planning, but finding the balance will pay off. You need to factor in items such as market demand, production costs, and perceived value. Keep reading for more details on your jewelry pricing strategy.
Cost considerations
You need to determine what the production cost of your jewelry is. This will include any overhead, labor, materials, and packaging as well as any other factor that went into it. Your price for production will vary depending on how your business is set up. Once you know this price, or your bottom line, you can determine the best price to maximize your profits and minimize your loss.
Competitive analysis
Now you will need to start researching your market to figure out the best way to sell jewelry. Discover what your competition is charging. This research will give you an idea of where your target price should be. Your research into what the competition is doing will provide the right insight into what you should do regarding pricing and your customer’s expectations.
When studying the competition, you will get a better idea of what your customer’s expectations are. As you learn about how competitors price their products, you are better informed on what your products should be priced. This will help you gauge and keep the price at a point where the product moves effectively.
Setting profitable prices
Setting a profitable price is the first step to creating a solid jewelry selling business. You need to have a profit margin, which is the difference between what you charge for the product and what you have invested in making or purchasing the product. Higher profit margins may seem to make sense, but if they don’t fit with your competition, they can set your business behind. With a smaller profit margin, you may be competitive, but your business won’t be sustainable in the long run.
Profit margins are a crucial part of a jewelry business pricing strategy and, therefore, success. You need to set prices that can cover your costs while still generating enough for a decent living and the ability to build on your financial goals.
Marketing Tactics for Jewelry Stores
When it comes to marketing for jewelers, there are several things you need to learn to do. In addition to creating a price for your pieces, you need to market your items in an effective manner. Here are some ideas to get started:
Online presence: website, social media
These days, you need to make sure you have an online presence to make the most of your business, regardless of the industry you are in. You need to have a presence on the most popular social media websites to make your brand more visible to your target customers and provide useful information about your products. Make sure to consistently publish posts and you’ll develop a solid following.
Utilizing photography
Make sure you use the best photos when advertising your business. By using high-quality photos on your website, for instance, you can easily showcase the details of each piece of jewelry.
There are also more photo apps available than ever before so you can easily take a ho-hum photo and turn it into something that really shines.
Networking and partnerships
Setting up partnerships with businesses that are within your industry but aren’t necessarily direct competition is an important way to grow your business. Take the time to develop and work on these relationships. Lend a helping hand where needed and participate in community events to attract potential new clients.
Sales Techniques for Jewelry Stores
To be successful at jewelry marketing, you need to work from every angle. Make sure to understand your target customers and their needs and learn everything you can about how to sell your items.
Building rapport with customers
One of the first things you need to do is build a rapport with customers. Ask them questions, listen to them, and get personable with them. This is the fastest way to build a rapport with your potential clientele.
You need to connect with a customer before you can effectively sell to your customer. Think along the lines of, “You remind me of my Aunt Sally. She was always shopping at different antique malls etc.” Read the person you are working with and then show them what your Aunt Sally always loved. This is a good way to use rapport to sell your jewelry items. It is one of the oldest and best sales techniques.
Upselling and cross-selling
Another important factor to consider is how to upsell your customer. This means when you can tell they are going to purchase a mid-grade piece, working them into understanding all the benefits of the upscale piece. Maybe it has more gemstones and is designed to last longer.
Whatever makes the item an upsell is what you should promote to your customer. Whether it is similar to an item a star wore to the red carpet or is part of a limited-edition collection, highlight these qualities when selling to your client.
Handling objections
Let’s face it: everyone is going to hear ‘no’ occasionally. Whether an abrupt no or something that offers an explanation, it will come up. How you handle it significantly affects how your potential customer sees you.
Take the no in passing, and even offer understanding. Something along the lines of, “I totally understand the price can be daunting. Just so you know…” then explaining how they can budget or justify the purchase one more time in passing. You can always say, “I understand and thank you for looking, as well.”
Closing the Sale: Closing Techniques for Jewelry Sellers
When it comes to the point of money exchanging hands, it is called closing the sale. There are several techniques that people use to handle this effectively. Consider the following possibilities:
Effective closing techniques
There are a few different ways you can close your jewelry sale. You can be direct and ask for the sale. Something along the lines of, “What do you say I put this in a box for you?”
There is the complimentary style of closing, like “You look so good with this on your wrist, it would be a shame to take it off.” Many excellent salespeople prefer closing ‘in secret.’ This is where you whisper something or say it in a secret fashion. This works like, “Don’t worry, I won’t tell you splurged. You deserve it.”
Customer satisfaction and retention
To keep your customers coming back, you need to make sure that they stay satisfied. Pay attention to their needs and answer them in a timely fashion. To retain customers, follow up with your sales and make sure you offer services like jewelry cleaning.
Encouraging referrals
When you keep customers satisfied, you also encourage referrals. Happy customers will want to spread the news about your unique jewelry pieces and the stellar service they receive from your shop. You can set up promotions where customers receive discounts for bringing friends into your shop. Fortunately, there are marketing software and tools that can help you create these promotions.
Use your whole team
Team selling is another effective sales technique for jewelry shops. Get to know each member of your staff and have them work in pairs according to their sales styles. The second salesperson should support the first salesperson by coming in on the side of the counter beside the customer.
Get more leads for your jewelry shop
Podium is designed to help businesses expand their customer base and make more money. The platform’s many features allow you to quickly get in touch with customers, gather reviews, and ultimately improve customer engagement.
Podium’s platform also offers mobile payment processing solutions to further improve the customer experience and encourage loyalty. Try out Podium today to see what we can do for your jewelry shop.
