Time for flair: The art of selling high-end watches

by charlene_voisin | December 1, 2014 9:00 am

By Jacquie De Almeida

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Daniel Freiberg knows the power of limited-edition watches. As sales director for Toronto’s Classic Creations, he spends the better part of his time at Baselworld scoping out the latest in luxury timepieces, paying special attention to these numbered pieces.

When the opportunity comes along to pre-order one, he doesn’t hesitate. He’s seen time and again the flurry of phone calls he’ll receive once news of a limited-edition makes its way to blogs and magazines for watch connoisseurs. The fewer available, the greater the urgency to pick one up, a scenario he recently experienced.

“We initially ordered two limited-editions from Bell & Ross because it was the first year the company lowered the number from 1000 pieces to 500,” Freiberg recalls. “The first one was presold before it even arrived from Switzerland”¦ Seeing that number on the back of the watch and understanding there are only so many [makes them more appealing.]”

In the world of luxury watches, it is true limited-editions are in a class all their own. If you still have one in your case, convincing a consumer of its uniqueness and value can be straightforward most of the time.
Outside of that, selling a pricey timepiece ultimately requires the sales associate provide exceptional customer service and have the technical know-how to back them up.

Centre of attention

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Bijouterie Italienne in Montreal carries several high-end watch brands, including Rolex, de Grisogono, and Gucci. As part of their ongoing training, sales associates get a recap on a weekly basis on the art of selling luxury timepieces.

To make the sale, the first step is to understand the luxury watch buyer will not take lightly to being made to feel they are unimportant. Instead, lavish attention on them, says Marco Miserendino, the store’s vice-president, managing director, and co-owner.

“These clients are getting ready to spend a considerable amount of money on a watch, sometimes their yearly income or half their yearly income, and they become demanding simply because there is so much money involved and they have expectations that go with the price tag,” he explains. “One of the biggest mistakes is to not consider that when approaching them.”

The sales pitch begins the moment the client walks into the store, he says. A five-minute delay in merely acknowledging their presence can be fatal.

“You have to make the customer feel at ease and at home right away,” Miserendino explains. “If they’re received in a way that makes them feel different and the experience is better than it is at your competitor’s store, that goes a long way.”

Creating the right mood is imperative, right down to serving the client a beverage. Rather than inquiring whether they would like a cup of coffee, ask them how they take it. “This attention to detail sets the stage for selling them a watch,” Miserendino adds. “You’re sending them the message that you have an interest in making sure they are happy. That message stays with them throughout the whole presentation.”

Presentation is everything.[3]

Known facts

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The abundance of information on the Internet consumers can access can be both a blessing and a curse; the former since a sales associate can have a meaningful discussion about the technical aspects of a timepiece with a customer and the latter because there is no room for error on the employee’s part. Asserting one’s expertise is critical to gaining the client’s confidence. Not doing so makes the sales pitch all about price, rather than brand experience and value.

“For those associates who simply are not able to grasp the technical concept of horology, focus on a few key technical principles and learn those thoroughly,” says Haigo Derian, vice-president of L’Oro Jewellery in Markham and Vaughan, Ont.

“For example, chronographs and other types of complications are important to know. Clients, especially seasoned purchasers, have a wealth of knowledge, so giving them any wrong technical information will turn them off immediately. Stick to what you know and sell the product, but also sell yourself and your retail environment. This is all part of a luxury purchase.”

In addition to having a firm grasp of the technical details, Freiburg stresses the storytelling aspect to the sales pitch.

“We enjoy conveying a brand’s history to a client,” he says. “They have so much heritage behind them as to why they design their watches the way they do.”

Derian agrees, adding even the smallest anecdote can illustrate quickly a brand’s historical significance. “This is important, as today’s consumers are looking for a connection with the products they invest in. The brand’s story is just as important as the product, and in some cases, more.”

A win-win situation

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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.”

Source URL: https://www.jewellerybusiness.com/features/time-for-flair-the-art-of-selling-high-end-watches/

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