Retail Sales Tip: Selling Luxury Products Without A Discount

By Bob Phibbs

how to sell jewelry luxury at full price retail

Looking for retail sales tips because you have luxury goods or premium service to sell?
I'm not talking a good or better version, I'm talking the best .

Selling luxury retail goods are very different from selling any other product.

Why?...

Because those who can afford to buy the luxury retail items know two things:

One, they can afford it.Whether that is the CEO making hundreds of thousands of dollars, or the woman with a black American Express card. They are not having to decide whether its shoes for the baby or a new Rolex watch .Because of that, the power is in their court.

Two, you really want to make the sale of the higher priced goods.

Which means they’ll probably ask for a discount.

The luxury brands boutique that gives in, the premium jeweler, the exclusive apparel shop opens itself up to unprofitability if they allow their retail employees to fold their tent and give the discount.

Discover how to get started with retail sales training with this comprehensive primer

The luxury brands boutique that gives in, the premium jeweler, the exclusive apparel shop opens itself up to unprofitability if they allow their retail employees to fold their tent and give the discount.


Here's Five Luxury Selling Techniques You Need to Sell Luxury products:

Have A Treasure Trove. Your salespeople must have a million ways to develop trust and sell your product. The one-size-fits-all approach that might work for someone working in a fast food restaurant will not work when selling luxury goods. Customers who purchase luxury goods have stronger personalities, self-assured and just like the most exclusive luxury goods, no two are ever alike. Before selling product, they have to sell themselves as trustworthy and human.

Know All The Luxury Brands. Whether you sell cars or cashmere, the new luxury buyer is a player; their connections, brains, talent or looks got them their money. Salespeople must notice the brands that these customers are already wearing, from the Jimmy Choo shoes on their girlfriend’s feet to the Omega Seamaster watch on his wrist. Luxury customers appreciate talking to people who know the difference in feel, in smell, in taste and in service. If they don’t sense this shared appreciation, affluent customers won’t respect any advice or goodwill-building the employee has to offer, much less any suggestive selling they try to do.

Be One Of A Kind. If something is truly a luxury brand, it should be seen as unique in terms of its features and benefits, memorable for the event it was purchased for, and irreplaceable in the bond forged between the item and the customer. To get ahead of the discounts, you have to know the event the item is purchased for. 

Know Personality Styles. The ancient Greeks categorized them and sales professionals trying to sell anything should know about them. Analyticals and Drivers are more likely to listen to your spiel about a product – though for different reasons. Amiables and Expressives are more likely to respond to emotions about a product or to feel understood. Drivers and Expressives are more likely to respond to the prestige of an item. Analyticals more for the technical aspects. Expressives may present a more “live for today” while Analyticals will want to know how timeless something is. For that reason…

Have Four Versions of Stories. Yes stories and product details are what make your luxury items unique but the four personalities, in conjunction with proven sales techniques, suggest you can cut the product or service details down so Drivers know why it’s the best with a detail, Analyticals know how it’s the best and all the details, Expressives know why it’s unique to them, Amiables know how popular it is and which celebrities have endorsed it. Without trust and a compelling storyline about your product, the shopper will be focused on price.

Cellphone protocol. Luxury customers are busy with multiple demands on their time. Even when they shop. While a coffee house can put up a sign, “Please finish your call before ordering,” you can’t if you work in high-end stores so come up with a way to deal with the probable interruption.

A woman who used to work in a fine jewelry shop in Southern California told me, "I never sold a luxury watch for less than 25% off its price.".

But discounting your luxury goods, if we really examine it, frequently comes from an employee's poor self-esteem more than their lack of luxury selling techniques.

Deep inside they believe the watch, the fur, the yacht, the plane, the cruise, isn't worth it.

And if the salesperson doesn't believe your luxury goods are worth the price, they'll pass that disbelief right on to your customer. Hence, that employee will tell you they had to discount. Make sure the type of employee you have on your floor believes in your product, and train how they see fit in while working in your high-end stores.

See also, Best Suggestive Selling Tips and Techniques for Luxury Retail Stores

In Sum

By all accounts luxury brands are booming. Whether that's Hermes scarves, Manolo Blahnik shoes or a Patek Philippe antique watches, the luxury market's staying power is evident across many brands' ads on social media.

If you're not getting your share of sales from the affluent, if your sales associates are standing around with their hands in their pockets waiting for customers and not moving your merchandise, it's not your customers; it's your employees. They need luxury sales training.

That's why you should checkout my online retail sales training program: SalesRX.com.
Have Bob Personally Train Your Team.

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