Why do people think your competition has lower prices? People think other jewelers are cheaper, because they tell a better Story. As strange as it sounds, the price of your 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. They just think the other jeweler is cheaper because that jeweler had a better story. To win the sale, you don't need to be cheaper, just be the better story teller
A recent studyby Anne Bowers ubluished in JCK 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.
What is your value story?