The Pawn Stars is a reality TV Show about a family run gold and silver Pawn store in Las Vegas, Nevada. The show is centered around the Harrison family, who own the store and how they go about running the business successfully on a day to day basis.
While most part of the show concentrates on American History and everything American , right from Antiques to Guns and rings, there are 3 aspects which we can think of, which can be considered relatable to most businesses and can make you take a step back and think whether you have faced those situations before.
- No Fear
In today’s day and age, businesses are the toughest negotiators while closing a deal. A lot of this is contributed by the amount of existent competition within your industry ,making it harder to get the client to buy at the price you are quoting and one invariably drops their price just to close the sale.
What you notice in Pawn stars, if you have watched the show, is that they never fear the loss of the deal. They have a maximum bid which they offer, beyond which they refuse to go. What they very subtly bring to the fore is one of the oldest principles every sales person learns of, NEVER FEAR THE LOSS OF SALE.
We at Pegasus, try to incorporate this principle always, not because we are rigid and we cant negotiate, it would be stupid to not leave room for negotiation, but we set a ceiling for ourselves, we never drop below a certain standard of quality we set, the standard that clients reap maximum reward out of, even if the client asks us to. Which is when we say NO.
As they always say, “ Quality comes at a price”.
- Knowing your Buyer/Seller as much as your product/service
It is obvious, all sales people usually have all the knowledge about their product, the usual mantra being we are the best and we top all rankings etc etc. Many a times, they have little or no idea about how the industry of the person they are meeting operates. This can be a tremendous disadvantage to the seller, because that does not allow them to link their product to the need of the client, which just ends up making it a one sided pitch.
Any product which comes to the shop in Pawn Stars, the owners seem to have enough knowledge about it to negotiate backed by logic, which more often than not allows them to close the deal and maximise their margins.
We have always said, no two events for us are the same. Once we receive the initial brief about the event, we spend as much time on researching what industry the client is from in order to suggest options which would allow the client to derive maximum benefit from the event.
Every event has its constants and variables, we treat even the constants as variable until we are absolutely sure that the event would require it.
- Always trust the experts :
Many a times it so happens, in the eagerness to close the deal, people tend to over promise and under deliver. This happens because they tend to commit to things without knowing and understanding what goes into making those things happen.
On the show, they make it evident. Even if they have the slightest doubt, they have a panel of experts they consult for more information. And then, they trust that information completely.
In incorporating that within our business, our expert being our better sense of judgement, we have crafted ourselves the reputation of only taking on what we are sure of delivering and being absolutely vocal about something we are not sure of. The slightest doubt, makes us create contingencies, making delivering on our promises a certainty with all our clients.