Probably the most frequently asked question I hear when people approach us for the first time is: "Why do you have a 500 dollars minimum trade order? I like your jewellery and I am sure it will sell well. But before I place a larger order, I would like to trial a few pieces first, ask my customers for feedback, and then I would be ready to order more".
Fair question. And almost impossible to answer in 10 seconds.
Before I answer, let me ask you something. Have you noticed how some businesses do very well while others struggle to break even? And not only do they appear to make more profit and expand regardless of economic trends, but it also looks like they are having fun while making lots of people happy by taking their money?
Four years ago we relocated to Sydney's lower North Shore. During the first week in our new suburb we started checking basic service providers. It was easy to decide which baker was going to be 'ours' - there was only one within walking distance, as well as only one fruit shop and one hardware store. But we immediately noticed we had a choice of no less than 5 butchers! All of them had a nice clean shop, with a very decent range of meats. However, one shop stood out 'head and shoulders' above the other four: there was something very special about that place. What made them very special? They had twice the range of products; everything on display was presented in a very special way; looked fresh, smelled superb; and customer service was the best we had ever received in any butchers shop. Their butchers wore a clean white shirt and bow-tie, and smiled at us even when we spent just $2.50. In other words, they had created what I call the WOW effect.
What is the WOW effect? Well this is something that cannot be easily measured and described, but you can feel it the moment you walk into a business. It is a magical combination of what's on display (product) and the way the business satisfies your needs - customer service.
Today, we consumers are programmed to expect nothing but the best - the largest, greatest, most efficient, timesaving product. And even if we only need one super gadget we expect it to be presented in a range of colours, shapes and sizes. Our senses no longer notice and react to one-piece-of-whatever; we only see the stacks and piles, and then, only when they are prominently displayed, not an inch lower or higher than eye level.
This is the reason why (unfortunately) the WOW effect can no longer be guaranteed, even with $500 worth of jewellery! Your 30 or 35 piece display may not be enough to capture the imagination of your buyer. No, there is nothing wrong with your product - you just need more of it before you start being noticed. And before you start selling it.
From time to time we have overseas visitors. We always make sure to take them to "our" butcher, even if they are strict vegetarians. Why? Because we know they will be impressed. The WOW effect is contagious. It simply works.
Regardless of what kind of business you run, you should constantly ask yourself the most important question: do I have what it takes to make my customers happy and satisfied, to make them come back again and to bring their friends? Am I offering them a range of product that should satisfy their curiosity? Do they have a choice of colours, sizes and styles? What makes my jewellery special and different from competitors?
After 12 years of retailing jewellery I have yet to find a customer who woke up in the morning, grabbed the Yellow Pages and started looking for his/her local "fashion jewellery provider". Although Yellow Pages browsing may work perfectly well for essential goods and services, the harsh reality is that fashion and luxury are not essential to anyone. It's up to YOU to create that magical feeling about your product, in the hope it will be recognized and appreciated by potential buyers.
I see on a daily basis customers who say 'no' to 20, 30 or 50 designs in a row. And then, all of a sudden, they say 'yes' to the following 3. The tricky thing is that I can rarely guess what someone else finds attractive or pretty. But if I have enough designs in stock they will eventually say 'yes', and that will make all the difference between making a deal or losing a prospective customer forever.
In other words, when it comes to fashion, glitz and glamour it's never 'about me'. It's always 'about them' . The best you can do as a seller is to satisfy their needs, taste and style, by offering a wide range of designs and providing professional and friendly service - and the WOW magic will follow!
Fantasy Fair is a small costume jewellery wholesale business located in Sydney operated by Tanya Hacko. As an architect by trade Tanya enjoys designing costume jewellery. The philosophy behind Fantasy Fair is simple - beautiful and wearable costume jewellery at affordable price. http://FantasyFair.com.au