Competition

Competition comes from the word, “Compete”, which originally meant to rush toward together.

From this you can see that Leo Hamel & Co. and other jewelry stores rush toward customers at the same time or together. We would obviously like to get to the customer first! When we don’t and the other store does it would be silly of us not to find out how and why the competition beat us to the customer.

This is why we shop the competition: to find out the technique (or lie) the competition is using to beat us to the customer. What do they say? How do they say it? What do they do, specifically? How do they do it, etc.

Here is a checklist of questions to answer when shopping the competition:

1. What benefit does the location have for the customer?
2. What does the outside of the store do for the customer?
   • a. Signage?
   • b. Parking?
   • c. Inviting?
3. When you walk in as a customer, how does the store make you feel?
4. Are you greeted right away?
   • a. Real greeting or a. “Hi, May I help you?” routine greeting?
   • b. Did you feel welcomed into their store?
5. Is the layout of the cases such that it pulls you to the merchandise?
6. As a customer, are the displays such that they make you want to buy the items displayed?
7. Does the person helping you make you want to buy from them?
8. Are they knowledgeable?
9. Do they ask for the close in a way that would close you if you were a customer?
10. Would a customer feel their selection was:
    • a. Fantastic?
    • b. Good?
    • c. Ok?
    • d. Weak?
11. Did they ask for your name/address/phone?
12. What price points did they carry,
    • a. Something for everyone
    • b. All high-end?
    • c. All low-end?
13. Find items in that store that we have and note down price to compare
14. As a customer, how did you feel when you walked out?
15. As a summary of the above answer this question;
    • a. How are they “beating us to the customer”?

On our diamond shopping, we need to make sure the following is done:

1. The clarity grade and the color grade MUST BE WRITTEN on the receipt (if you purchase) or on a piece of paper if you don’t purchase. NO SPLIT GRADES.
2. Have them say or better yet, write on the receipt that they guarantee GIA or AGS will grade the stone at what they say it is. (For non GIA/AGS cert’ed diamonds)

For those going to the Diamond Source, two additional questions must be asked:

1. Do you cut all of your diamonds here?
2. Are all of your diamonds perfectly cut to AGS standards?
3. Why are Hearts On Fire diamonds so good?

In addition to the above:

1. How specifically do they do a diamond presentation?
2. What Key points do they use to close?
3. How many untruths do they tell?

IT IS KEY that you fill out this questionnaire when you return to your car after leaving that particular store so that everything is still fresh in your mind. Gather all this data will accomplish several things.

1. We will know what we are up against.
2. You will know when at the counter what you have to sell against.
3. We can incorporate any good things you find to become better.
4. The customer cannot as easily B.S. you about what he saw at another store.
5. Because you know all this you will be much more confident and this confidence will make the customer more at ease.