HOW MUCH IS IT?
Tell Me!!!
How important is the price when deciding if to buy or not to buy?
Obviously people need to know the price before deciding, BUT how important is the price compared to other information that effects the buying decision? NOT VERY MUCH!
Retailers that assume that the price is all customers need to know, miss a lot of sales by posting the price and offering nothing else.
Retailers that hide prices assuming that customers will have to ask are wrong; they don’t have to ask. They can guess, decide and walk.
What A dilemma! Should you post prices or shouldn’t you?
While the answer may vary somewhat from business to business, my suggestion is to show the prices (clearly), but be pro-active with other information before or immediately upon the customer looking at the price tag.
Your customers will like you for that, and as we all know, “The customer is always right; right?” RIGHT!
December 31st, 2009 at 4:14 am
Greetings all,
One of my easiest sales was just that, dead easy. An okay looking lady walked into the jewellery store I was temping at one Hht October’s day here in Johannesburg. She looked cool and collected and had a crisp manner about her while everyone else was moaning about the heat and the heat and the heat. Tiresome conversation to say the least. I was by the till having just tidied up a bit. She asked “How much is that ring you have here” pointing to a 1.3 carat solitaire diamond set in platinum in our first glass case where mainly wedding goodies were displayed. “Ah I see it costs Rxx. Hmm, and do you have it in a ring size 5?.” I happened to know my stock and said no, the one she was looking at was a size 6-7 depending on which finger you wanted it for but that I could have it sized for her for collection the next day. I answered as I removed the ring for her to ’see with her fingers’ “Thank you, I’ll take it, I’ll pay by card and while you are sorting out the sizing for me the payment will be through and I will be in noon tomorrow to collect.” Fine I said. And that was that.
We still dine out on that story. It has never happend again and all I can say is that a)the price was on display, b) I knew my stock and c) we were able to size it for her on the spot as it were. I can only guess that she had seen the ring before on one of her ‘just looking’ visits so she knew what she wanted, but no-one in the store recognised her. I felt ‘cheated’ that I had not been able to show off all the other info I knew about the ring that I might have done as the sale was so quick, it can’t have taken more than around 8 minutes from the time she walked into the shop to leaving. I subsequently chose to write and little story about her purchase, information about the diamond, the setting, care for it and an intro brochure to the jewellery talks that our boss used to give with cocktail sessions for specially invited guests/customers. Nothing went wrong with the sale, she came to collect it as decidedly as she had bought it and my boss was pleased . Thank heavens he allowed me to deal with her again and didn’t hover or interfere in any way as some bosses do. Joy I tell you.
I say show the price, know your product, adapt your selling style to the buying style of the customer and grasp the opportunity. All lessons available in Ron’s books.
Cheers
Lestie
Jo’burg.
P S Sad to say, we never saw her again, so guess she was just passing through? My friends teased me for a while saying the money was hot…
January 2nd, 2010 at 9:45 am
I like your insight on this topic and I agree with it!