Cost Fatigue... Don't Overshare · Jewelry IQ with Threefortytwo

Cost Fatigue... Don't Overshare

Today's tip may be a bit of tough for some...

No customer cares what you paid, nor do they want to hear it. It's an instant vibe killer. Your customers want to know they are getting the lowest price possible. If you disclose you paid $50, can you truly expect it to sell for $85? If you paid $50 then that's the market price, why should they pay more? Why are you a better single item buyer than your customer? You are a bulk or wholesale buyer, and you may have a cost average assigned to each piece in a lot, but don't single out a single item and flap your arms while clucking on about how hard it was to buy or that you're in too deep on it... Your customers will exit the room, I promise you that.

I will occasionally share a price paid with the room simply as an interesting talking point, but never from a mentality of "I paid $50 so I need to make $75". I still start the item at $10 and let the room dictate what it's actually worth. I understand you may not have 50 people in your room, so start it at half market price so you don't take a huge hit. You will ALWAYS sell some items at a loss. If you aren't missing on a few pieces every show, you're not growing.

The following phrases I hear all the time, and I urge you to cut every one of them out of your sales flow:

I paid up for this
I paid X dollars for this
I need to get AT LEAST X dollars for this
This was expensive
I paid too much for this
I got carried away on this one
I don't have much room on this

Set an asking price, start the auction, tell everyone why they should buy it, hit the gas and if you don't have a different item in your hands in 22 seconds, you're in the wrong industry.

Fondly written with 🐢 noises and NOT ai,

Brad/threefortytwo

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Cost Fatigue... Don't Overshare