Jewelry purchases are often deeply meaningful for both the jewelry buyer and the ultimate recipient of the item. Many jewelry purchases are made as gifts, and have a special significance placed on them. That means that selling jewelry – and offering financing options as part of the sales pitch – isn’t just about establishing a typical value proposition. In the end, what will win you over the most customers and help you make the most sales is showing your customer that their purchase is as special to you as it is to them.
Understanding that principle is key to achieving long-term success in the jewelry business and standing out in what is a fairly crowded vertical. It’s also a key part of building a strong jewelry store consumer finance program.
It’s not the only part, however. There are several areas in which jewelry businesses can work to set themselves apart from their competitors in the jewelry business when it comes to consumer finance. And it all starts with understanding the customer mindset.
Putting Yourself in the Customer’s Shoes
Some people buy jewelry every week. But for most, jewelry purchases are infrequent and often very important, in terms of their relative financial weight and value. To establish an effective consumer finance program in the jewelry space, it is important to understand that the average weight of each transaction is much higher in the customer’s mind than in many other verticals.
With that in mind, it’s easy to see how offering consumer financing isn’t just about checking a box on a sales pitch list; it’s about continuously making the customer feel special throughout the purchasing process. You want them to understand that you know how important their purchase is to them, and that offering financing is yet another way of showing them that their purchase is important to you, too.
Adding to the Value
Offering financing creates flexibility for your customers, but a strong consumer financing program should do more than that. Your goal is to ensure that by offering financing to your customers, you are creating additional value for them in their jewelry purchase. The added flexibility only truly increases the value of their purchase if you frame the financing option the right way – that is, as a legitimate equal option and not as a measure of last resort.
Your customer should never feel ashamed to feel financing or like they are choosing second best. Instead, ensure that your sales pitch highlights financing as an excellent option starting from square one. It should never be an afterthought; it should always be a core part of your sales pitch.
Removing All Obstacles
Last, but certainly not least, you need to deliver on your value proposition by removing all the obstacles you possibly can between your customer and their financed purchase. That’s where FormPiper comes in.
As a comprehensive financing automation solution, FormPiper delivers easy-to-access reporting via a convenient dashboard, managed or self-managed services to meet your particular needs, and a streamlined application process that eliminates duplicate data entry on the part of your staff when processing applications to various lenders. But more than that, what FormPiper does is smooth out all the usual bumps in the financing process. The individual elements that FormPiper brings to the table are great on their own, but where it will really make your consumer finance program shine is in how simple and easy it makes the process as a whole, removing all impediments to smooth sailing with your jewelry store customers.
FormPiper will help you close more deals, to be sure, but more than that, it will help make your customers feel special with every financed purchase they make. And in the jewelry business, that’s something that’s truly priceless.
