One of the prevailing techniques that Gold Buying Stores use that simply baffles me is in NOT giving out their prices when people call in to shop. Dumb, Dumb, Dumber and Dumb again.
Always go back to the origin: Why are people calling you?
Because they have gold to sell.
Why are they asking for your prices?
Because they want the most money they can get.
No, not really.
Price is important and you have to be competitive - but they are asking your price because they don't know what else to ask!
You want to position yourself as the most helpful and enjoyable person to buy gold. This will pay huge dividends in repeat and referral business as well as in allowing you to not have to be to highest price store all the time.
When someone calls in asking your prices DO NOT BE EVASIVE
Ask them: "Would you like the quote in grams or penny weight?"
More than likely you are going to be asked the difference - explain it to them in as much detail as you can.
"Thanks, by the way for calling, I do appreciate it. There are 31.1 grams in a troy ounce and there are 20 penny weight in a troy ounce. It is very important to ask what scale the buyer is using when you get quotes because penny weight always sounds like more".
"May I ask what prices you've been quoted so far?"
"How have you been pricing your gold? "
"Do you go on line and check spot prices?"
"Has anyone ever explained the spot market to you?"
"Has anyone taken the time to show you how to break down the spot price into grams and pennyweight?"
"What karat gold do you have to sell?"
"Do you know how to determine how much pure gold is in the jewelry?"
After every one of these questions that you ask insert an invitation to the store.
"I'd be happy to show you how to do that and then you'll always know why you are getting paid that amount rather than just what you are being quoted, can you stop by?"
"If you'd feel more comfortable come in without your gold and I'll show you how we evaluate it."
Of course, give them your prices in here as well if they ask.
You have to remember that jewelry is a mystery to most people. They consider it complicated and simply don't ask enough questions.
People want a good price for their jewelry and this is not a method to take advantage of them.
People want more to feel good about the people that they deal with. Once that is accomplished then the price becomes less important.
Ask questions that make your customer glad that they called you.
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