Too often, designers and retailers find themselves apologizing for the premium price of platinum. So you may be relieved to learn that the most recent data underscores what has been seen as a growing trend over the past several years-an undisputable propensity for platinum. An impressive 75% of single women are willing to pay up to 50% more for their first choice (Jane Study, 2006). What's more...grooms simply want to please their fiancés. If their bride-to-be wants platinum, then platinum it is.
And that's not to say that it requires a king's ransom for a groom to treat his intended like royalty. The important message is that if anything in life is worth a bit of a splurge, shouldn't it be the engagement ring and wedding bands that represent a couple's love and lifetime commitment? If your customers are spending most of their wedding budget on items they will only make use of for one day, why shouldn't they be spending more on the jewelry they will be wearing everyday, for the rest of their lives? Luxuries such as flowers, wedding attire, the cake and food will all be gone the next day. However, the engagement ring and both wedding bands will be worn for eternity. The price to pay for wearing something day-in and day-out is minimal considering what young couples spend on other wedding embellishments.

So stop focusing on the premium price of platinum! Ensure your customers recognize and understand the value of platinum-it's worth it! Consumers of luxury items know a Mercedes or BMW comes with a bigger price tag than a Honda or Toyota. It's a given...a point not to be over-emphasized. In fact, platinum's rarity and exclusivity are key components of its appeal. Select consumers are drawn to what may be out of reach or underappreciated by many. The more rare, exclusive and expensive it is, the better.
Ask the couple, in the presence of one another, if they have a preference for platinum. It may be the first time the groom ever thought about the choice, and the first time he hears what his fiancée wants.
If the groom comes in alone, ask him if he knows his fiancée prefers platinum. His response will tell you whether he knows what his fiancé wants. Encourage him to find out if he doesn't know, and open the door to an education on the superiority of platinum.
Point out that while platinum is 30 times more rare than gold, it is only twice the price, a marginal premium for a lifetime commitment
Discuss platinum's durability, and how it will lose much less metal over the years with everyday wear.
Explain how platinum is more pure than most precious metals (usually 90-95%).
Once a groom or couple has expressed their preference for platinum, shift your focus on presenting them with a variety of styles and designs to try on.
It's okay to do a little name-dropping. If the opportunity presents its self, share with your customers the popularity of platinum, and don't be afraid to reference celebrities recently engaged or married in platinum.
Bottom line, in order to take advantage of the steady growth in platinum's popularity, you need to be designing in platinum and displaying it. Platinum is her first choice. Shouldn't it be yours? |