The importance of WOWING your customers

Everyone likes to be WOWed! In fact, every day consumers shop for that WOW factor whether it is on-line, in a retail store, window shopping or even surfing on various websites on a smartphone. Every year business is different from the last, and this year surely is no exception. The common thread that retailers agree upon is the need to create a life experience whenever someone walks into their store.

“GN Diamond speaks with over local 5,000 retail jewelry stores, weekly, and we listen to some of their creative ideas on how a WOW experience may be realized,” says Asaf Herskovitz, CEO GN Diamonds. “In addition, we host a monthly webinar with Shane Decker, the ultimate sales advisor for jewelry stores and president of Ex-sell-ence Sales

Academy. One suggestion may be when someone walks into a store for a watch battery and while they are waiting you WOW them with a 2-4 carat diamond that you are excited about or a new piece of finished jewelry that is spectacular. By creating these unique and unparalleled experiences, the customer will leave feeling special and that you truly care, which will hopefully lead to a future sale.”

“Storytelling can also create a WOW experience,” he continues. “For example, when a client comes to you for any reason, you can tell them the story of how and why you purchased a certain dia- mond. Perhaps 3 out of 10 times they may be an add-on and 7 out of 10 times they may not, but they will always remember the respect that was shown and the excitement that you created while they were in your store! This may lead to an extra holiday sale or any occasion sale.”

Asaf offers these discussion points when speaking about diamonds that can excite your customers.

1. Natural diamonds may be anywhere from 1 to 3.7 billion years old. WOW! That is incredible!

2. There is 34% less inventory and there haven’t been any new discoveries since 2005. Natural diamonds continue to appreciate.

3. Diamond cutters may attend school for over 10 years just to get their techniques fine-tuned. This may be longer than doctors, lawyers and dentists.

4. An average woman looks at her hand over 25,000 times a year. It is important to let end consumers know that diamonds entering your store are cherry picked from hundreds with the same color and clarity. Each diamond has unique characteristics.

5. Lab grown diamonds are here to stay, but because they are created via technology the supply is unlimited, and their price points are attractive to consumers of all ages.

GN Diamond has seen a tremendous increase in sales of lab grown diamonds as well lab grown studs in large sizes.

Creating opportunities is a challenge for everyone but the sheer excitement in one’s voice is always appreciated and may lead to many future sales and possible referrals.

“GN Diamond is loyal to our retail customers and is open 24/7 at sales@gndiamond.com and 800-724-8810,” said Asaf.

Prout

Continued from page 16 can then opt for a diamond that is smaller than the one that was “too large.”

2. Stock semimounts configured with heads and shanks for larger size diamonds

Just as there is a neurophysiological foundation for “going big”, we can similarly use the psychological concept of “Cognitive Dissonance” to provide another answer to the challenge of selling larger diamonds, and to illustrate, I’ll refer to a recent personal experience. My daughter decided to get engaged in February (to a terrific guy!), and so I sent her to several jewelry stores in her local market that I knew would have excellent assortments for her to try on. But when she called me that Saturday evening after her shopping trip, she summarized it with a remarkable pronouncement. “Dad,” she said, “all of the oval diamonds over two carats looked too big for my fingers.”

What a remarkable statement!

I puzzled over it for some time, and given the fact that I know that there’s nothing about her fingers that would preclude wearing a larger diamond, it occurred to me that the problem might not be caused by the diamonds being too large. Instead, I suddenly realized that the semi-mounts she was seeing were configured to accept diamonds that were too small.

With this in mind, I mounted up a 3-carat, and Fedexed it to her. She called me with glee when she opened the box, to inform me that I was right, the 3-carat “looks perfect” on her fingers. So clearly in this case, what was keeping her from selecting the larger diamond wasn’t the way the diamond looked on her fingers. It was the awkward way the diamond looked on a semi mount that was clearly too small for a larger center stone. Awkwardness of any kind converts the prospective buyer into a state of “Cognitive Dissonance” resulting from the fact that what they are seeing doesn’t make sense, and this in turn will cause them to freeze. Avoid this, by being sure to stock some semi’s that can accommodate the size diamond that you need to sell to increase your bridal AUR.

3. Start diverting part of your lab inventory to asset

The two strategies outlined above can help you elevate your bridal AUR and stem the decline in your bridal revenue/profit stream, but they may not solve the problem completely. So in or- der to elevate your gross profit on smaller (2-3 carat) LGD sales, it may be time for you to start mixing some asset purchases into your on-hand LGD inventory. No, I am not suggesting that you start buying LGD on asset across the board. There is still way too much volatility in the market to take significant risks owning LGD that will likely be declining in value.

What I am suggesting instead is that you start selectively buying certain sizes and shapes on asset so that you can expand your margins and blunt part of the impact of LGD price decreases.

I would especially encourage you to plot your prior year sales of 2-3 carat rounds, ovals, and emerald cuts, as well as 2 ctw round diamond studs, to build a mathematical model for your likely sales of these items during any 60-day period. By moving the part of your inventory that you are likely to sell quickly into asset, the savings from lower asset prices will allow you to recapture some profit, potentially offsetting a portion of the AUR decline. These three moves can significantly alter your bridal revenue/profit stream in ways that can compensate for industry-wide declines in bridal AUR, but they are only a few of the ways to accomplish this objective. If you’d like to read more, email me at george@surrealdiamond.com and I’ll send you a Phase 3 LGD Survival Guide.

Class Dismissed!

George Prout is President of JB Bhanderi, the largest CVD grower in the world and the producer of the Surreal brand of Lab Grown Diamonds.

Hrs

Continued from page 4 and market-tested prices.

A new addition to the HardRock Summit is the VIP Buyer program, designed to attract industry professionals from around the world. It allows buyers from large vendors to register and enjoy numerous amenities and perks.

Exhibitors and visitors of the HardRock Summit can look forward to a range of special exhibits and educational programming. World-renowned collectors and museums will showcase breathtaking specimens in dedicated collectors’ cases, while a series of lectures will accompany the fair. Additionally, the HardRock Summit continues its commitment to tradition by hosting the Denver Gem and Mineral Show, which was founded in 1968 as a grassroots movement of mineral enthusiasts. The DGMS will present the special exhibit “Gem Minerals: Nature’s Bling”, featuring nearly 40 exhibits displaying the latest mineral and fossil finds from around the world, as well as world-class specimens that reflect the show’s theme, making HardRock Summit an all-around captivating, informative, and upscale experience for all visitors. For more information, to register or inquire about exhibiting visit HardRockSummit.com.

AUGUST 26-27, 2023

PRE-SHOW EDUCATION: FRIDAY, AUGUST 25 COBB GALLERIA CENTRE

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