How to Sell Luxury Goods

by jim on February 20th, 2010

I’ve always been fascinated by salespeople because they have one of the hardest jobs in the world – selling something. If you’ve ever read sales techniques, you’ll know that it’s hardly a hard science but there are many things deeply rooted in psychology. In this WSJ article titled How to Sell a $35,000 Watch in a Recession, luxury goods sales consultant Jean-Marie Brücker shares a few tips on how to sell high-end luxury goods in a recession. We’re not talking $300 Coach purses, we’re talking watches that cost as much as cars.

The strategies mentioned in the article:

  • The macaroon technique – where you sandwich the price of an item between two statements about its benefits. “Madam, this timepiece (or diamond or handbag) comes from our finest workshop [benefit] and it has a value of $10,000 [price]. If you buy it, your children are sure to enjoy it for generations to come [benefit].”
  • Say value rather than price.
  • Don’t offer a discount, offer gifts.
  • Positively distract other members of the party so they don’t get bored and drag the group away (since the target customer of a high end watch is typically a man, the article discusses how to show a watch to his wife so she doesn’t get bored).

It’s a quick read too so it should only take you a few minutes to complete.

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