How to Get Smart About Raising Prices

All shoppers love a good deal. But when it comes to jewelry, a consumer category famous for its broad price variances, a bona fide bargain is a relative thing. And jewelers looking to raise prices—and get off the discount merry-go-round for good—need to implement smart strategies to help their customers understand the concepts of value and investment. When selling, retailers should discuss the intrinsic value of a piece of jewelry, says Derek Halpern, founder of marketing consultancy Social Triggers. “If you describe to the buyer why the price is the way it is, they’ll usually agree with you,” he says. This may include a brief discussion of the value of the materials used in the piece: “You can say something as simple as, ‘Sure, there are cheaper options, but we want to focus on our quality.’?” And remember, a good story goes a long way in a sales pitch. ­Jeweler

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