HAVE WE CUT OUR OWN THROATS?

A customer walks into a Jewelry Store.

He points to an Engagement Ring “How Much is that?” he inquires.

“$8,995” the Sales Clerk responds.

“Oh wow!” he says “Do you have anything cheaper?“

The Salesperson smiles and says “Luckily for you, it’s 30% off right now. That saves you almost $3,000!”

“Really?” replies the customer “That sounds a lot better…“

In fact, ANY discount sounds better than none!

But sadly, every Jewelry Store everywhere, all across the country, gives discounts nowadays.

They have to!

Every month there’s a new promotion, 20% off, 30% off, 40%…”

I see sales so often that I wonder to myself “Does anyone ever pay FULL price anymore?“

Have we cut our own throats by ALWAYS offering sales, discounts, bargains, and blue light specials?

I know of one Jewelry Store years ago (I won’t disclose the name), that ALWAYS, every single day, every single month, for years, ALWAYS had their Gold Chains at 50% off! Every single day for YEARS! Really!!!

Why? Because it sounded better to customers.

“Chains are Half Off Today!”

This is because customers want savings. They want to feel like they’re getting a good deal. And sadly, with the price of Jewelry today, they feel that paying full price is just TOO MUCH TO PAY!

There’s way too much competition to pay full price anyway. “If you won’t offer me a deep discount, the Jeweler down the street will!“

Sound familiar?

It’s true!

The Jewelry Industry created this monster!

Some Jeweler’s fight this tooth and nail too! They say that other Jewelers RAISE their prices, just so they can LOWER them for a sale. Misleading? Of course! But we know a lot of businesses do things like this. Shady? Yep! But it’s how things work.

Some Jewelry Stores though refuse to lower their prices and standards. They say it cheapens them.

I agree!

But then again, they do have the same Diamond Ring down the street for 40% off…

Case in point, check out Zales Jewelers website today…

The Sales are so Tempting!!!

And who doesn’t like to deal? I want to feel like I’m getting my moneys worth. Even if it is a “Fake Reality“.

“I got 50% off, a lifetime Diamond Warranty, a Service Plan on the Mounting, AND Interest Free Financing!” Now that’s a lot of bang for your buck!!!

Right?

So have we cut our own throats by always offering discount after discount? Have we backed ourselves into a corner that we can’t get out of?

I don’t think so, not anymore than any other business in the world. They all do it! That’s how competition works. Everyone’s battling for your pocketbook and your business. Someone’s gonna crack and offer you MORE!

It’s bound to happen. So Jewelers may make a little less profit today, but hopefully, they’ll make a customer for life, and that’s where the real magic happens.

Look at all the fliers, online websites, catalogs and brochures… EVERYTHING IS ON SALE!

So ask yourself, would YOU pay FULL Retail Price?

Probably NOT!

I wouldn’t!

I love a good sale. I love to wheel and deal. So discounts may be cutting my own throat…

But at least I’m smiling at the same time.

Bring on the Deals! :)