(SEE ALSO: HOW TO SELL YOUR PRICE.)
What can the average salesperson learn from Tiffany and other exclusive retailers? Plenty.
Learn from the experts when it comes to charging a high price.
Lesson #1: The Brand Supports The Price.
The brand supports the price and together they deliver credibility.
The brand offers credibility, exclusivity and status.
They don’t need to compare themselves to others. They don’t need to advertise.
Their salespeople don’t lie or misrepresent their products. They don’t need to badmouth competitors.
Here are some examples of product attributes to consider when setting above the market price:
Lesson #2: The Price Is The Price.
People don’t haggle in prestige stores.
The price is the price, not the start of negotiation.
If you want a cheap watch, go to a local flea market.
If you want a Rolex (the genuine kind) don’t bother discussing the price.
Salespeople selling prestige goods think differently to the average salesperson insomuch as they don’t believe that their prices are unreasonable so feel no need to defend them.
Lesson #3: People Who Pay A Premium Are Smart.
They know they waste good money buying junk so they don’t bother. They will, however, expect more from you than a junk merchant.
READ: More about pricing strategy.