Columnists

Squirrel Spotting: The Case of the Pricey Repair

ColumnistsMay 23, 2023

Squirrel Spotting: The Case of the Pricey Repair

When it comes to pricing jewelry repairs, you should start by asking a simple question about the piece at hand, Peter Smith writes.

National Jeweler columnist and jewelry sales expert Peter Smith
Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com.
After completing my sales “Masterclass” at a store recently, I had the good fortune of spending a few minutes with the gentleman who ran the repair shop for the company. 

Ray was curious, conflicted even, about the inexact science of pricing repairs for the store’s customers. 

As he explained it, he was constantly balancing competing interests each time he quoted a price for a repair. 

There seemed to be a prevailing assumption that the customer always wanted the lowest price that could be offered. 

The salespeople, more often than not, adopted the role of passionate advocates for the customer getting nothing less than the lowest price possible. 

After all, they reasoned, the customer would surely consider them and the store in a poor light if the repair quote was perceived as too expensive. 

On the other hand, and perhaps most poignantly, Ray believed that the customer’s best interests, and the store’s best interests, were better served by quoting a price that allowed the shop to deliver the finest repair possible. 

Not the bare minimum, not the obligatory repair, but the absolute best job a craftsman could do.

That inherent conflict is, of course, not exclusive to quoting repairs. It is often true for special orders, for custom work, or for any of the many essentials that pepper our days in a typical retail environment. 

In thinking about Ray’s pricing dilemma, it occurred to me that there are both practical and psychological factors at play. 

We assume customers have a clear sense of what they should pay for repairs when, in fact, the opposite is often true. More often than not, a customer has absolutely no idea what a given repair should cost. 

I recently engaged with an appliance repair man about what I perceived to be a small matter with my fridge and, when he let me know what was needed, I decided that it was time to invest in a new refrigerator, after 13 years of fine service. 

I didn’t go into the conversation with the appliance repair guy with any awareness of what a repair should cost, and I didn’t immediately conclude that I was being “ripped off” when he listed the possible remedies and the costs of said repair. 

The fridge conversation was very matter-of-fact. Certain things needed addressing, and if I wanted them done, it was going to cost me a few hundred dollars. 

There was no emotional component to the conversation about my fridge, unless you count its devilment of being too accessible whenever I got even a hint of a craving … darn you to hell, fridge! 

“Understanding what a given repair request really means is not a rationalization for overcharging the customer, but an indicator of the best course of action.” — Peter Smith 

When it comes to jewelry repairs, believing the customer always expects the lowest price is to assume they have no emotional involvement with the piece in question. 

We assume the exchange of payment for labor and materials is nothing more than pure economics just like my refrigerator, minus the edible goodies inside. 

Mercifully that is not how the cookie crumbles, at least not every time.

There obviously are occasions when a customer must decide whether a given piece of jewelry matters enough to them to invest their hard-earned money in fixing it. 

The condition of the piece may be such that the price of repair will determine whether they will have it fixed or return to whatever little drawer it was nestled in prior to the store visit. 

More often than not, however, the jewelry in question is extremely meaningful to the customer. They have a strong emotional bond with the piece, whether it is an important family heirloom or otherwise. 

It may have been something acquired or gifted that is imbued with meaning and symbolism. Its restoration might signal something much more profound than the sum total of labor hours and material costs. 

Psychological research has definitively established that we place considerable value on things we already own, far beyond what any rational assessment by others might conclude. That means anything we currently own always will be worth more to us than things we have yet to acquire. 

 Related stories will be right here … 

Understanding what a given repair request really means is not a rationalization for overcharging the customer, but an indicator of the best course of action. 

If the sales or service person engages the customer and asks the right questions, they will have a better understanding of the customer’s emotional quotient. 

Ask a simple question such as, “That’s a lovely ring. What’s its story?”

A discovery question like this will result in one of two outcomes.

The first suggests keeping the work a bare minimum, and the price consistent with a lesser effort and fewer materials. And a second option that demands a much higher level of deliverable at a very different price.

The two prices can be offered to the customer (we all love to have choices and control) with a necessary proviso and a strong recommendation. 

“Look, we can do the repair for ‘x’ and it will get back to wearable condition. However, I fear that such a repair is a temporary fix and I worry you may have issues down the road.” 

That solution might be just what the doctor ordered for the customer, and the qualifier about future issues will have been delivered as a necessary note of caution. 

Depending on your conversation with the customer it might also warrant a very different recommendation, such as: “On the other hand, this is what we should do, and it will likely take care of those problems for years to come. 

“It is your decision, but I would strongly recommend the second option as I want you to have the absolute best outcome when you pick your ring up next week. What would you like to do?”

If the customer has minimal emotional investment in the ring, they may choose the least expensive option, the bare minimum to make the ring wearable.

If, however, they have a strong emotional investment in their ring, they will want and expect the absolute best repair and restoration possible. 

Do the work of engagement and discovery, stop spending from your own pocket, and remember, the very best value is always a satisfied customer. 

Happy selling!
Peter Smithis an industry consultant, speaker, and sales trainer, and author of three books, “Hiring Squirrels,” “Sell Something,” and “The Sales Minute.”

The Latest

Gina Drosos, Joan Hilson, and Jamie Singleton
EditorsMar 18, 2024
Q&A: Signet CEO Gina Drosos on Natural Diamonds

Drosos shared her top takeaways from a recent Botswana trip and her insights into the natural diamond market.

Claire’s storefront
MajorsMar 18, 2024
Claire’s to Launch in 4,400 Walgreens Stores

The retailer is expanding its footprint via retail partnerships, previously inking deals with Kohl’s and Macy’s.

Jewelers of America logo
MajorsMar 18, 2024
JA Partners with eBay on New Member Benefit

Members will now have access to “eBay Concierge,” a white-glove dedicated customer service team.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

The Jewelry Symposium logo
Events & AwardsMar 18, 2024
The Jewelry Symposium Launches Inaugural Scholarship

The deadline to apply is March 29.

Weekly QuizMar 14, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Brilliant Earth x Logan Hollowell Bloom earrings
FinancialsMar 15, 2024
Brilliant Earth Posts Record Sales, Orders in 2023

CEO Beth Gerstein spoke about the growing appeal of its non-bridal fine jewelry and its expansion plans on its recent earnings call.

Arkansas crater of diamonds eclipse tickets
SourcingMar 15, 2024
Crater of Diamonds State Park Selling Eclipse Tickets

Ticketholders can dig for diamonds in the Arkansas park ahead of the eclipse viewing event on April 8.

GIA id100
Brought to you by
Full Disclosure at Your Fingertips

Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.

Lotus Tiara
CollectionsMar 15, 2024
Piece of the Week: The Lotus Tiara

The versatile jewel pairs ancient Egyptian inspiration with a modern design.

Stock image of rough diamonds mined by De Beers
SourcingMar 14, 2024
De Beers Says Retailers Are ‘Restocking Conservatively’

The company’s rough sales improved for the third sales cycle in a row.

Gemological Institute of America logo
GradingMar 14, 2024
GIA Has a New Scholarship for High School Students in San Diego

The spring application window closes on March 31.

15.51-Carat Yellow Diamond
AuctionsMar 14, 2024
Phillips Hong Kong to Auction 15.51-Carat Yellow Diamond

It’s estimated to sell for up to $1.3 million at the upcoming sale on March 28.

Hedda Schupak
Events & AwardsMar 14, 2024
WJA Foundation Establishes Scholarship in Hedda Schupak’s Honor

It aims to support aspiring journalists, media professionals, content creators, and communicators.

Slick Rick
Events & AwardsMar 13, 2024
A Celebration of Hip-Hop Jewelry Is Coming to AMNH

“Ice Cold: An Exhibition of Hip-Hop Jewelry” will open at the New York City museum on May 9.

Dave Meleski
MajorsMar 13, 2024
Richline’s Dave Meleski Takes Over as RJC Chair

He succeeds David Bouffard, who is leaving Signet and the RJC next month.

Zachary’s Jewelers Mother’s Day kids jewelry contest
IndependentsMar 13, 2024
Zachary’s Jewelers Is Holding a Mother’s Day Jewelry Contest for Kids

Three winners will have their jewelry sketches turned into a real piece of jewelry in time for the holiday.

Boucheron Power of Couture
CollectionsMar 13, 2024
Boucheron’s New High Jewelry Collection Pays Homage to Ceremony, History

“Power of Couture” recalls Frédéric Boucheron’s love of fabric using diamonds and rock crystal.

Harry Winston diamond necklace
AuctionsMar 12, 2024
Top Lots Don’t Sell at Sotheby’s Signed Jewels Auction

A Harry Winston diamond necklace and other top lots failed to find buyers.

Steve Webb
MajorsMar 12, 2024
Steve Webb Named EVP of The Gordon Company

He brings 30 years of retail store management experience to the role.

Diamonds Do Good Awards logo
Events & AwardsMar 12, 2024
DDG to Honor 3 Industry Veterans in Vegas

At its annual gala, Diamonds Do Good will present awards to GIA, London Jewelers, and Lisa Bridge.

Cynthia Erivo
EditorsMar 11, 2024
This Year’s Oscars Jewelry Was the Definition of Glamour

Vibrant gemstones, layered diamond pieces and brooches with a story stole the show.

2024 Gem Awards audience
Events & AwardsMar 11, 2024
Gem Awards Highlight the Power of Retail, Community

The 2024 winners expressed gratitude to their teams, industry colleagues, and those who turn jewelry dreams into reality.

Jewelry from designers Jean Prounis, Marla Aaron, and Marie Lichtenberg
CollectionsMar 08, 2024
Pieces of the Week: Gem Award for Jewelry Design Nominees

They are Marla Aaron, Marie Lichtenberg, and Jean Prounis.

Peter Montalbano
Events & AwardsMar 08, 2024
Peter Montalbano to Receive JSA Industry Service Award

The Jewelers’ Security Alliance will honor the industry veteran at its upcoming annual luncheon.

Pomellato International Women’s Day video campaign
Policies & IssuesMar 08, 2024
Pomellato’s 2024 IWD Video Calls for an End to Violence Against Women

The annual video stars Pomellato CEO Sabina Belli alongside Jane Fonda and other celebrities and activists.

970x250.jpg
Supplier BulletinMar 07, 2024
Empower Your Team with IGI’s Comprehensive Educational Services

Sponsored by IGI

Eddie Grove
IndependentsMar 07, 2024
‘Old-School’ Jewelry Salesman Eddie Grove Dies at 81

The Pennsylvania native, who sold for Gumuchian and others, is remembered for being kind and outgoing.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy