The Side-By-Side Diamond Selling Solution

Diamond Support, a family owned company based in New York, has been selling diamonds to retail jewelers since 1939 and has been located in the same building on 47th street for over 60 years! Today, the grandson of the founder currently sits at the helm wielding a loupe and tweezers. Having passed from one generation to the next, each member of the team has a love for the business and above all else, an understanding that growth is ultimately tied to the increased profits and success of their customers, the independent retail jeweler.

 

STUDIES SHOW HOW YOUR CUSTOMERS WANT TO BUY

 

David Rakower had been thinking of ways to expand the business, but wanted to hold true to their mission of partnering with jewelry retailers. In 2000, David developed JEMM (The Jeweler’s E-Marketing Machine), a program for retailers that involves promotion, direct mail, research, and marketing tools. They wanted to give retailers the tools that would help them address their customer’s needs, so they began to conduct in-depth, one-on-one interviews with consumers who had recently purchased a piece of jewelry from an independent jeweler, or had been given jewelry as a gift. Over 30 hours of interviews were conducted which allowed deep-seated shopping patterns, concerns, and buying triggers to be uncovered.The most notable findings state that:

 

1. Men and Women are looking for completely different things when they browse in a jewelry store.

 

2.  People like to feel connected and want to be sold.

 

3.  There is an intimate connection between an independent retail jeweler and their customers.  Most consumers responded that they feel as close to their jeweler as their own dentist!

 

From these conclusions grew ‘The Side-by-Side Diamond Selling solution’, which was undertaken by Diamond Support in 2003. The goal of this project was to address each of the key factors that come into play when someone is looking to buy jewelry and to sell them jewelry in the easiest, most comfortable manner possible. In turn, incresing sales for every participating jeweler, which is the only way a true manufacturer/retailer relationship gains trust and growth.

 

THE CONSUMER SOLUTION

The First Display Design

The first Side-By-Side display was designed to create the easiest experience for buyers, and the most profitable experience for retailers. The side-by-side nature mimics the way that you and I buy everything else in our lives. Whenever we’re shopping, we compare two or three items and decide which will work best. Then, we make a buying decision. That iswhat this product enables you to do. Each display features a different bread and butter item for a jewelry store. Diamond pendants, rings and earrings are the standard. Each level of the display compares two different diamond pieces, each with a different quality level. Each row increases in carat weight. This enables your customer to decide what is most important to them in terms of size and quality and allows them to choose the best fit for their budget.

 

 

“The Side-By-Side display gives the customer the ability to slide down the prices until the item fits their budget and then bam! That’s the one. Once the visual understanding is done, the sale goes quickly and easily.”

Bill Hart, Hart’s Jewelry | Wellsville, NY


 

The 5-Fold Promise

The JEWELRY CONSUMER’S BUYING STUDY found that men and women differ greatly in their buying requirements. For women, the best outcome is a beautiful, high quality piece of jewelry that they can enjoy for a lifetime. For men, it’s more important that they didn’t get ripped off while attempting to make someone happy. Warranties and return policies play a much stronger role amongst men. This is why every item in the side-by-side display is covered by this 5-fold promise shown to the right.

 

As men are the primary buyers of this type of jewelry, The Side-By-Side display satisfies the 3 biggest hurdles that they face when buying.

 

1. Men are nervous and unsure about jewelry and are weary of things they don’t understand. This display is organized in a logical, easy to understand fashion that makes them feel comfortable about buying. 

2  Since jewelry is often a gift, men don’t want to make a mistake in buying something that won’t be appreciated. These Bread and Butter items have been around for decades, taking away the worry of picking the wrong thing. 

3. Getting ripped off. Once they see how the price/quality/size relationship works in the display, they feel relaxed and know they’re getting a great value.

 

A NEW DESIGN: IT’S ABOUT MORE THAN LOOKING SEXY

 

The New Display Design

 

While the first displays worked wonders, Diamond Support worked tirelessly to create a new and improved version that will simply blow you away!

 

The Side-By-Side Diamond Selling solution is about giving your customer what they want, but also giving you, the retailer, what you need!

 

While this display offers the same solutions as the first, it also offers something more. The wider selection allows your customer the opportunity to look at many pieces at once, opening you up to possible add-on sales with matching products.

 

 “Our last customer liked the pendants AND the studs. Since all the diamonds match so well, they purchased a matching set. They were thrilled! My employees say that the Side-By-Side display sure makes it easy to sell diamonds, especially add-on sales.”

Erik Runyan, Erik Runyan Jewelers | Vancover, WA

 

Interactive Screen Comparing Options

Each piece of the new display slides out for more careful consideration and when it does, the interactive screen provides a video comparison of the two pieces being held. The consumer knows exactly what he’s getting and your sales people can close the deal!

 

 

 

 

 

REWARDING THEIR RETAILERS

 

With the Side-By-Side strategy, there also comes an easier and more effective sales approach.

 

Compare Approaches:

 

Without SBS:  “Would you like to buy this ring, sir?“

Not so strong. Yes or no questions are a killer.

 

Or

 

With SBS: “Would you like to buy this ring, or that one?”

Now, your customer has to think, which does he like better? That focuses his attention away from “should I buy a ring” and makes him re-focus on choosing to buy one ring or the other!

 

 

Are you ready to give a choice and close the sale

 

For more information on Diamond Support or the Side-By-Side Diamond Selling Solution, call 212-302-6999 or visit www.diamondsupport.com. 

 

Written By: Allie Eley

 

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Author:Jewelry Business Advisor