A win-win situation
Once you’ve helped the client settle on the watch of their choice, inevitably, the conversation turns to price. In those cases where the customer already knows the watch they want to buy, they’ve likely shopped around and may only be interested in getting the best deal.
It’s a difficult situation to be in, Miserendino says, since the client’s entire focus is on cost, rather than the shopping experience and technical expertise you’ve tried to instill in the presentation.
Miserendino says his staff practices every day to ensure the negotiation process is a win-win for both parties. When the conversation is only about price, he points out, the employee hasn’t done their job explaining the product and asserting themselves as an expert.
Associates also need to do their homework when it comes to matching a price a customer claims to have received from another dealer. If it’s not within reason, things may be amiss.
“We benchmark the competition through mystery shopping and what customers tell us,” Miserendino says. “We have a general understanding of where the market sits at any given time for different product categories. We want to make sure the consumer gets a fair price, but we also have costs to running our business. At the end of the day, the negotiation just has to make good business sense.”
Maintaining the integrity of the brand is a priority, Freiburg notes.
“There’s a reason why things are priced the way they are,” he says. “Some gold watches cost $5000 and others cost $50,000. It’s all about explaining to the customer why that is.”
Derian agrees the negotiation process goes beyond simply talking dollars and cents.
“In the end, a potential customer will convert into a sale when you are committed to their best interest,” Derian says. “Focusing on price only cultivates high client turnover, so sell on everything but price, and watch your customer loyalty grow.”
