Yes. This is more profitable than any other kind of industry. That’s the reason we have to offer a lot less money, a little bit less value. It may be 10 dollars for a piece; in other industries they would offer $300, $500, $800, $1000. And they would have the best equipment.
And some pieces may be in a warehouse, as we found out from this show that the manufacturer of the show pieces in New York is selling on eBay. But in Germany or China, it’s easier to find something. What are some other tips to learn how to be a better seller?
I will tell you a little secret. It might be the greatest trick of all. You have to do all your reading and research about your product, how good it is, you have to know what are those other guys like you selling. That is how you can get a good deal. And it has happened to me a few times.
Another trick is you need to know what the competition for good prices is. Do all the people you are competing against offer cheaper prices? Are they making the same quality as you, are they also cheaper? So do they offer the same quality as you are doing? They are. They have been to the same school, or they have studied the same things, or they have studied something related to the market.
For example, in China, somebody that was an expert at manufacturing metal furniture can sell $1,000. But the price in New York is $1,800. That means what he is doing is producing a piece in two years at $2,000, or $3,000. Now I did not know that. I came to Europe with this theory that people here, if they do good work, are better.
If someone in China buys from you, he pays you a lot less than what you give to the people in your industry. But the same is true to me that if somebody in China buys from me, they pay me more. That means that he is better. In other words, if the Chinese who are in the furniture business make a piece for $10, he won’t pay it to me; he will pay it to one of the other Chinese. And that means that he has to be better. And this is exactly what made me a better seller.
You just need to know which prices exist for good furniture, and that you will be able to be the best seller.
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