This post is for dealers and sellers of precious metals. Precious-metal consumers are also welcome to post their suggestions in the comments.
Because I truly believe in sound money (gold and silver), I want all precious metal dealers to have a successful business with many satisfied customers. So here are a few important tips to improve your image and increase you customer base.
- Be honest about your stock quantities. “In stock” means you have the product on location, in your possession. It does not mean the product has been allocated by a supplier and is on its way. Don’t be afraid to list an item as out of stock. If possible, provide even more transparency by specifying when the item will be restocked. Not only will this make you more reputable, it also provides a signal to consumers that there are shortages in the market. Gold and Silver Online, for example, clearly displays the date when they expect delivery of out-of-stock items.
- Be direct and transparent with pricing. When listing prices on landing pages that contain a product assortment, display the price for a single item– not the lowest-price volume discount for that item. A sure-fire way to instill mistrust in new customers is to list the volume-discount price for what appears to be a list of single items. When a potential customer clicks an item and discovers that the price is actually a volume discount for a quantity he can’t afford, the result is suspicion, and it detracts from your credibility.Make tables that display payment options and volume discounts on product-detail pages. JM Bullion, for example, clearly lists all of the of the volume-discount prices and also includes the prices for different payment methods.
- No hidden fees. When people make purchases online, they expect to pay the cost of the product plus shipping, and sometimes tax. That’s it.
- Display live prices on your web site. Dealers that do not have live prices risk losing customers online. Nobody wants to call just to find out how much something costs, when there are plenty of other dealers who display live prices. Dealers that do not have live prices probably get most of their customers by direct referrals and are losing a great share of potential customers that find the dealer via online searching.
- Use consistent and clear names for your products. Each product name should stand on its own, without relying on page headings, for example, to provide clarity or other information. A product name should always include the metal, weight and if it’s a bar, the format (bar). For example, 1 oz Silver American Eagle, 1 oz Gold American Eagle,10 oz silver bar, etc.