Selling Gold in New Zealand
How important is customer satisfaction with selling gold in New Zealand? Think about it from this perspective: if a business spends gets 80 percent of its revenue from 20 percent of the people who…
How important is customer satisfaction with selling gold in New Zealand? Think about it from this perspective: if a business spends gets 80 percent of its revenue from 20 percent of the people who walk in the door or express interest, it would make sense to focus most of the attention of the sales on that 20 percent, right? Well, that’s how powerful customer loyalty and retention can be. That 20 percent is more often than not return customers who keep coming back to the business versus one-time customers or parties who drop in once but are never seen again. Yet everyday business tries to spread their nets wide hoping that they will grow in profits and success by simply getting as many people through the front door as possible. Mathematically, it makes no sense, but this is the common attitude of most big businesses because the lure of lots of traffic is assumed to turn into sales. Welcome to the retail business.
Why How a Business Treats its Customers Matters to Gold
From a personal gold selling perspective, most gold buyers want a significant amount of traffic entering the front door. The more gold that arrives, the better off they are in terms of increasing intake and then turning around and selling it for a bulk recycle price. However, these buyers generally want to make sure they are making a profit. They can’t raise the price they sell the gold for; that’s controlled by the consolidators they work with and sell the bulk gold to. However, they can control how much they buy gold from personal sellers, so the logic tends to follow that they don’t pay any more than they have to, often trying to get lower costs by pressuring personal sellers to sell for less than their gold is worth. And that, in turn, produces poor customer service for people trying to sell personal gold for a respectable recycling price. No surprise, many people who experienced this kind of gold buying end up never going back, and that causes the cycle to repeat itself. The more people these kinds of businesses treat badly, the more they need have come through the door to replace those who will never sell gold to the business again. It’s a self-defeating business strategy, but they always seem to be more folks desperate to sell gold and not willing to look for a better option. So, the business doesn’t change. On the other hand, gold buyers who focus on building a relationship with their customers end up not only achieving gold purchases with the first transactions, they also continue to receive more gold again and again as the relationship continues and the customers return. This retention produces long-term revenue streams for the business and helps it continue. As the customers enjoy their transactions and receive fair pricing, they tell others which brings additional new customers to the gold buyer through referrals. Those, in turn, become long-term relationships and the cycle continues. From a business strategy perspective this approach brings in considerably more revenue and operational success, but for some reason, it’s not well-practiced. This in turn creates the reputation that poor gold buyers tend to continue among the public, making it even harder for good gold buyers to reach their customers.
The Proof is in the Pudding
Here’s an example of how much an impact a single customer experience can have when it’s handled with the customer in mind versus just making another sale as quickly as possible:“It was an absolute pleasure doing business with Gold Smart. They are highly professional and the nicest people too. Felt extremely comfortable dealing with them and the way they communicated with me. I went to a well known jeweller on Broadway before I went to Gold Smart and was most disappointed with their attitude, service and especially the price they offered me. Don’t go anywhere else if you are thinking of selling your gold. They will give you the best price and you will be amazed at what your old gold is worth.”– Debby, Auckland. Selling gold in New Zealand doesn't need to be a cringe-inducing experience. While it is true that a number of gold buyers in the country probably shouldn't even be in business, there are better choices available and easily accessible to you. Even right now with things being a bit restricted in terms of in-person interaction, online gold selling is quite possible in New Zealand, safe and secure. So there's no reason to settle for the poor service at the gold buyer store on the wrong side of town or taking huge risks with online auctions or similar. Instead, they're a better alternative to get the kind of customer service commented on above.
