On Gold Buying: A New Message
Buying gold creates more cash to spend in your store.
BY ALEX WEIL
Published in the March 2012 issue
Our industry has a great opportunity for a selling message. It has to do with us confidently buying gold from customers.
Our store has a four-decade history of selling gold jewelry. We have always told our customers that you can’t go wrong with gold and jewelry ownership. After all, how many things could you have bought 25 years ago, used, enjoyed and worn for 25 years ... and then gone back to the store to get just about what you paid for it, if not more?
This should be translated and messaged into the new items we are now offering for sale. The possibility still exists on our new items that if, after 25 years of use, you no longer want or need the product, you can get all or most of the money you spent and put it toward a new piece.
Having ethical buy-back policies in place is not taking advantage of people who look to sell.
I don’t know of a single person who cannot point to a piece of their jewelry and tell you the who, what, when, where and why of how they acquired it. Each piece has a story. That story does not end when the piece hits our melting pots. It represents a great opportunity to start a new chapter. A customer who comes in to sell gold is someone we are giving money to spend in our store.
When I’ve offered an additional small percentage to customers on the condition they use that money to buy something new, I have not had a single person who hasn’t considered the offer. Most have wandered the showroom to see if there is something they just had to have. For those who are still on the fence, I have also offered to take $100 off the amount and give them a store gift card for $125 as our way of saying thanks and for future purchases. Even if that still goes unclaimed, I simply hand them a card good for $15 off their next purchase.
Another great selling message for customers related to gold buying is that of responsible metal sourcing. We tell clients that we make new jewelry from all the gold that we buy back from people. For example, Stuller offers a clean scrap gold program. Rather than us just selling the gold, we send it in to Stuller and they use it to make new things for our orders and other stores. Many other vendors offer this as well. Now, how powerful can a selling message of “made in America from recycled gold” be in the marketplace, in addition to the benefits I’ve already described?
How are you getting this message of value — from both a buying and a selling perspective — out to your customers?