Independents

Squirrel Spotting: Who Needs Jewelry?

IndependentsOct 22, 2018

Squirrel Spotting: Who Needs Jewelry?

No one really but, luckily for us, people shop with their hearts, not their heads, Peter Smith writes.

Peter Smith has more than 30 years of experience building wholesale and retail sales teams. He currently is president of Vibhor Gems.

Buying jewelry makes absolutely no sense on a rational level. Even if customers had better transparency about why things cost what they cost, the idea that they pay thousands of dollars for jewelry just boggles the mind. Or does it?

Why do people buy jewelry? For that matter, why do they buy timepieces or quality writing instruments? Is it to signal that they are “in a relationship?” To “tell time?” To “write their grocery list?” Of course not.

We buy jewelry because the act of shopping itself ignites a neurological reward system in our brains that makes us feel good. Really good. Chocolate good.

Those neurological pathways have nothing to do with facts, figures or rationality, but don’t ever construe lack of rationality with a lack of need. The need is real. It is emotive, and it is often subconscious.

In “The Four: The Hidden DNA of Amazon, Apple, Facebook, and Google,” Scott Galloway wrote: “The heart is a vast market. Why? Because most of our actions, including purchases, are driven by emotion. It’s easier, and more fun, than to turn to the killjoy brain for a predictable cost-benefit analysis, where the answer to ‘Should I buy this?’ is usually ‘No.’”

When a customer walks into your jewelry store, they have a need.

It might not be a readily identifiable occasion, such as a marriage, birthday or anniversary, but it is no less a need. In fact, I might suggest that a “no occasion” visit is filled with just as much possibility as one of the aforementioned milestones.

“Overloading customers on meaningless information is not a recipe for sales success. In fact, it’s probably the single biggest detriment to engaging customers.” — Peter Smith
When we anticipate rewards—owning and wearing something beautiful, something that our friends and family will notice, something that will set us apart—we get a dopamine rush in our brains that supersedes any menu of details and product information offered by many salespeople

If you have ever found yourself wondering how a specific salesperson is so successful despite not being a product expert, the answer lies in that rush of dopamine.

Those salespeople are successful because they consistently tap into the emotional reasons that people make buying decisions. They don’t waste time tripping over meaningless product details and rationalizations.

That does not mean that a salesperson should not have a functional knowledge of the products they are selling, but it does mean
that overloading customers on meaningless information is not a recipe for sales success. In fact, it’s probably the single biggest detriment to engaging customers.

I used to work with a guy who liked to challenge the idea of making assumptions. He would frequently admonish that to “assume” is to make an ass of you and me. Get it … ass-u-me.

With respect, here’s my take: Always assume that a customer will buy when he or she visits your store. No exceptions.

Believing that customers visit your store to kick tires is unforgivable. The customer might not be able to immediately articulate why she or he is there but make no mistake, there is a very powerful reason.

It’s our job to make that emotional connection and to inspire them to reward themselves with a beautiful piece of jewelry.

Peter Smith is president of Vibhor, a public speaker and author of “Sell Something” and “Hiring Squirrels.” He spent 30 years building sales teams in retail and wholesale and he can be contacted at dublinsmith@yahoo.com, peter@vibhorgems.com, or on LinkedIn, Facebook or Twitter.
Peter Smithis an industry consultant, speaker, and sales trainer, and author of three books, “Hiring Squirrels,” “Sell Something,” and “The Sales Minute.”

The Latest

CollectionsSep 26, 2022
Go ‘Inside the Dream’ of Bulgari Via a New Documentary on Amazon Prime

It follows Creative Director Lucia Silvestri as she crafts the brand’s high jewelry collections.

Recorded WebinarsSep 26, 2022
Watch: What Jewelers Should Know About Insurance

From safeguarding showcases to appraisal liability, insurance experts Mark Devereaux and Andrew Chipman share insurance tips for jewelers.

TrendsSep 26, 2022
Vahan Collabs With Wolf on a Jewelry Box

It’s the first time in 50 years the brand has made something other than jewelry.

Brought to you by
6 Steps to Start a Dynamic Company Culture

Learn how to better serve your employees, customers and community by having a dynamic and supportive company culture.

Events & AwardsSep 26, 2022
Texas Jewelers Association Rolls Out New Format for Design Competition

The competition takes place in tandem with TJA’s annual convention, known as the Texas Jewelers Roundup.

Weekly QuizSep 22, 2022
This Week’s Quiz
Test your knowledge of the latest jewelry news with this quick test.
Take the Quiz
CollectionsSep 23, 2022
Pandora Reimagines Keith Haring’s Art in New Collection

The limited-run collection features figures from Haring’s iconic street art on charms, bracelets, rings, and more.

GradingSep 23, 2022
GIA Career Fair Returns to Carlsbad

The Gemological Institute of America also announced plans for events in New York and London in 2023.

Brought to you by
Committing to an Ethical Diamond Business

While ethical mining is essential to a diamond business, they represent only a fraction of the responsibility bestowed on jewelers.

SourcingSep 23, 2022
See the Items in Gem Legacy’s 4th Anniversary Benefit Auction

One hundred percent of proceeds will benefit the nonprofit’s silicosis prevention initiative.

CollectionsSep 23, 2022
Piece of the Week: Emily Weld Collins’ Amulet

Inspired by antique coins, it depicts a “hippocamp” from Greek mythology.

EditorsSep 22, 2022
4 Things Seen and Heard at the 2022 HardRock Summit

Gemstones Editor Brecken Branstrator dishes on the latest color to trend, the show floor buzz, and more from Denver.

TrendsSep 22, 2022
There’s a New Book on Tiffany & Co.

Written by historian Vivienne Becker, it accompanies this summer’s Tiffany jewelry exhibition at London’s Saatchi Gallery.

Supplier BulletinSep 22, 2022
Using Commerce Data to Outshine the Competition in the Jewelry Industry

Sponsored by Bloomreach

SourcingSep 22, 2022
First Diamond Recovered From Burgundy’s Ellendale Restart

Burgundy also announced the retail launch of its diamond brand, Maison Mazerea.

Events & AwardsSep 22, 2022
JCK Industry Fund Now Accepting Applications

Organizations with a project or initiative aimed at bettering the jewelry industry are encouraged to apply.

Lab-GrownSep 21, 2022
An Updated Look at the Lab-Grown Diamond Market: Size, Pricing, and More

As the end of 2022 draws near, National Jeweler offers another deep dive into lab-grown diamond market data.

TrendsSep 21, 2022
These Are the Diamond Jewels to Stock for the Holidays

These trending-yet-timeless pieces are no-brainers for customers in search of the perfect gift.

SourcingSep 21, 2022
A Day in the Life: Daniel Namdar, Fancy Color Diamond Specialist

Namdar joins a long line of diamond experts, but his love of the trade was learned rather than inherited.

Lab-GrownSep 21, 2022
Looking Ahead: 4 Factors That Could Shape Lab-Grown Diamonds’ Future

Growing supply and falling prices likely will make differentiation a necessity and a reality, according to analyst Paul Zimnisky.

AuctionsSep 21, 2022
Egyptomania at Sotheby’s: See the Egyptian Revival Jewels Heading to Auction

The auction house is celebrating 100 years since the discovery of King Tut’s tomb.

MajorsSep 21, 2022
Claire’s Expands Walmart Partnership

The chain’s jewelry and accessories are now available in 2,500 Walmart locations.

Events & AwardsSep 21, 2022
Ethical Gem Fair Heads to NYC for the First Time

The event is slated for Oct. 20-22 at Brooklyn Metal Works.

MajorsSep 21, 2022
Hearts On Fire Announces Sales Teams Changes

Jacqueline Raffi has been promoted to vice president, sales, North America.

CrimeSep 20, 2022
Customs Seizes More Than 700 Counterfeit Cartier ‘Love’ Bracelets

Agents in Cincinnati intercepted three shipments of fake brand-name jewels that would be worth more than $10 million if genuine.

ColumnistsSep 20, 2022
The Smart Lab: 5 Holiday Shopping Predictions for 2022

From free shipping to early shopping, Emmanuel Raheb outlines a handful of factors expected to shape the holiday season this year.

Events & AwardsSep 20, 2022
Harwell Godfrey Nabs CFDA Fashion Award Nomination

The sole fine jewelry nominee, the brand is up for an award in the emerging designer category.

MajorsSep 20, 2022
Signet Expands Loyalty Program, Adds Personal Jewelry Insurance

Customers earn one “gem” for every dollar spent as part of the “Vault Rewards” program, unlocking discounts and special member-only offers.

×

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