A Lesson in How Much to Charge for your Jewelry

This is a great article on pricing your product/services......there are valuable lessons to be learned here. What services and expertise are your providing in your jewelry business that would affect how much you should charge?

Is Guessing How Much to Charge Making You (and Your Customers) Crazy?

When business isn't second nature, setting prices can seem very mysterious. And when you look at the range of prices your colleagues charge, you may wonder if the secret isn't as simple--and ridiculous--as guessing or throwing darts.

So where do you find the right price?

The right price comes from enlightened self-interest.

Enlightened self-interest is taking care of yourself and your business and your customers in a way that benefits everyone. You could call it the Golden Rule. You could call it triple bottom line or win-win-win.

Whatever you call it, pricing based in enlightened self-interest requires three things.

1. Clarity about what you want your customer to experience or receive as a result of buying your work.
2. Clarity about what it will take for your business to deliver those results reliably.
3. Clarity about what you need to fulfill your role in delivering those results.

It seems obvious when you think about someone else's business. If you own a taxi company, you need to charge enough to keep the cars running, pay the drivers, and put food on your table--plus whatever else it takes for you to do your best for your customers.

But when it comes to our own businesses, things may not be so clear. When our self-interest is involved, old stories about money and power get in the way of determining the right price. We may shy away from the simple work of finding out what we need to charge for fear that we will seem greedy or arrogant or uncaring.

But remember the taxi: without gas, you can't give anyone a ride.

The Customer Comes First
Before you can begin to price your work, you need to know what it is, and that means knowing what it will take to deliver results to your clients and customers.

This means letting go of the issue of price for just a bit. Without your stories about what people can and will pay and what it means if you charge more or less, go inside and imagine the results you want for your clients.

Laura, a salon owner, wants her clients to leave not only looking great but confident that their hairstyles will continue to look great until they come back.

I asked Laura to think through the steps involved in getting that result. Here's what she came up with:

• Showing the customer how a style would look on her.
• Helping the client understand what would be involved in maintaining the style she chose.
• Choosing a different style if necessary and repeating the preview process until the customer was satisfied with both the look and what it would take to keep it up.
• Styling.
• Training the customer in techniques she would need to maintain her cut.

What Will It Take?
When Laura was satisfied that she had a clear path to the results she wanted for her customers, she looked at what her business needed to deliver those results.

This included:

• A video system for previewing styles.
• Training sessions for stylists.
• A separate consultation area for previews.
• Bundling products so that clients were sure to leave with what was needed to maintain a style.
• An enthusiastic and energetic owner--which meant paying Laura enough to take time off, attend yoga classes, and spend afternoons with her pre-school daughter.

The Human Factor
As the business owner and as a stylist, Laura also had needs. They included:

• Time, which meant hiring a receptionist to schedule appointments and handle day-to-day administration.
• Confidence in her staff, which meant allowing for the time to interview prospective stylists in-depth.
• Confidence in her own appearance and presence, which meant time and money for grooming and wardrobe.
• Inspiration, which involved attending conferences and advanced workshops.

A Road Map
Now Laura had a road map to use in packaging her services and setting prices. She could research different ways to meet the needs of her clientele, her business, and herself, and determine what each of these ways would cost. Then she could set prices that would cover those costs plus a little more to cover unexpected expenses and invest in improvements in the business.

The Beauty Part (no pun intended, and how could I resist?)
The best part of setting prices based on enlightened self-interest is that you get to make honest promises you can honestly keep. No more resentment about being underpaid or worries about under-delivering. Your interests and those of your clients are fully aligned.

If pricing has been making you crazy, stop now. Let yourself dream about what you want for your clients and customers. Identify what it will take to deliver that in terms of business systems and assets and your own well-being. Price your work accordingly and leave the guesswork behind.

Reprinted with permission from Authentic Promotion
U.S. Library of Congress ISSN: 1530-311X
Unless otherwise attributed, all material is written and edited by Molly Gordon, MCC. Copyright (c) Shaboom Inc.(r) 2008. All rights reserved. Visit our extensive archives at www.mollygordon.com .

Invest in Your Education-Jewelry & the Business Side

As I network online & off with other artists, I notice that the financially successful artists are the ones who invest in themselves, their art and their business education.

Is this coincidence? I think NOT!

Personally, I think one of my favorite personal development books is by Stephen Covey, The 7 Habits of Highly Effective People. As with anything in life, it is important to take ACTION; it is not enough to just read the book but to "practice" what is important /pertinent to you and your personal situation. I'm a huge believer in setting personal & business goals, writing them down and sharing them with people who will hold me accountable. Go to the public library or the nearest Half Price Books and check out the self-development area and find some books that speak to you. Read them. Set some goals and take DAILY actions to make those goals happen. If you do NOT see results, you have 2 choices-change your actions or change your goals (was it realistic)!

No matter what type of artist you are or what medium you work in, it is important to expand and develop your capabilities in your chosen medium(s). As a busy wife and momof 2, I lack the time to take "classes" but have found a variety of books, online forums (Ganoskin and Warm Glass are my personal favorites) and peers that have helped me grow as a jewelry artist,metalsmith & fused glass addict! Everyday, I try to "learn one new thing" about my art.....of course, 'experimenting' in the studio brings me the greatest joy! :)

Marketing your art/jewelry, should be just as important as generating new pieces or a collection! You need to inject the same passion and enthusiasm for creating your art/jewelry into your business. I have learned a tremendous amount about PR from reading blogs like the Publicity Hound by Joan Stewart as well as the Switchboards forum. I've learned about marketing from the Switchboards, Perry Marshall, Dan Kennedy, and previous job experience.
There is NO excuse for not taking the steps to learn the business side. You are the person who creates the art and must educate your potential market about the art/jewelry you create.

As Nike say, JUST DO IT! Make the time to educate yourself and take ACTION to further yourself, your art and your business!

Mirror, Mirror on the Wall....

When you are at a festival, retail market or private trunk show selling your handmade/handcrafted jewelry, do NOT forget to have mirrors handy.

Women will want to try on the jewelry and see how they look in it....this is an emotional process. When they look in the mirror, they are imagining what they would wear it with......

Watch their body language closely and you will discern who is taken with a piece and who has a ho hum feeling about a design.

Jewelry / eye-candy / bling/ baubles (whatever you call them) are meant to be touched and tried on. Encourage your customers to try on the jewelry and look in the mirror.

Before you know it, you will be asking if they would like to keep it on or gift wrap it...;)

Press Kit 101....

There are a two handcrafted jewelry designers that I look up to...Peggy Li & Amy Peters.

I love the fact that they make beautiful jewelry and they share with others how they have attained success.

Peggy Li recently wrote a little article on what she uses to create a Press Kit . Don't forget to look at her gorgeous jewelry too.

I have been making jewelry for a few years but got serious about my business a year ago and have experienced increasing success month by month. It is only through scouring the web, reading what others have tried and testing for myself that has brought me this far.

Although, I have not YET been published in a magazine like Peggy Li or Amy Peters, I will continue to submit my strongest designs because I am passionate about what I create!

Here is to our successful handmade/handcrafted jewelry business....

Jewelry Selling-What to say to a customer when...

When selling jewelry or any product for that matter, how you talk to the customer can affect your sales.

What do you say to a customer when they say, I saw something similiar for $$ less and can you go lower?

Depending on the customer/situation, my response may vary but these are the points I hightlight:

The jewelry is handcrafted by me and not mass produced. All my jewelry is made with the best materials ( I use precious metals and authentic stones / pearls). Look at the quality of the wire wrap, bail, etc...I guarantee my work for normal wear and tear.

As an artist, my price includes the cost of the materials and my time. My prices are very reasonable for what is being offered and I do NOT haggle. I have only lost a handful of sales over price after I've discussed my points with them.

Any other artists have suggestions or comments on how they deal with pricing questions from customers?

Keep Your Jewelry Fresh

I know what you are thinking....jewelry is NOT produce why does it need to be fresh! :) My point is that you must not be stagnant when creating jewelry. You may have a signature line or piece but in order to offer the customer something different (or fresh) so they'll come back to see what you have now.....

Here is one way I let my customer's know what's fresh or NEW at Designing-Diva Jewelry; when folks sign up for the newsletter, they are asked what they would like to be notified of general updates, sales, new designs, etc...

The folks who sign up for New Designs will get an e-mail with the new design and a discount for a limited time. I know people like these for two reasons:my e-mail stats and the fact if I don't have a fresh/new idea at least once a month I get e-mails say where's the new design sneak preview.

For those of you who don't have a website, make sure that your display a retail event/markets highlights "What's New". Create interest for returning customers and new customers alike.

The other thing you can do to keep your jewelry fresh is important as well. Invest in your education; learn new skills. I started out just straight beading with my business. I have added the following skills to my repertoire:

1. Crocheting with 26-28 guage silver wire

2. Wire Wrap Techniques

3. Viking Knit

4. Chain Maille techniques

5. Fused & Dichroic Glass

6. Metalsmithing

7. Lampwork glass beads

What does this mean? I can offer truly ORIGINAL designs to my customers.

5 Ideas for Packaging Your Jewelry

Here are 5 tips for packaging your jewelry that I have had great success with at private trunk shows and retail markets. Use your imagination and creative juices to come up with packaging ideas of your own that will pack a punch and have customers lining up!

1. Colored Kraft Boxes are awesome. I use my scrap booking supplies (stamps, die cuts and stickers) to create "seasonal" packaging that packs a punch but not on my budget.

2. Colored glossy lunch bags with tissue paper. These are just too cute and I close them with pretty ribbon (use a hole punch) and a hand crafted note card.

3. Trinket Boxes. I scour Dollar stores and flea markets for inexpensive trinket boxes that match my business color/logo/style. For my higher end pieces, I display the jewelry with the trinket box and it's a huge hit at private trunk shows.

4. Stainless Steel Tins with tissue or shredded paper are great if your jewelry is contemporary or if you also sell jewelry for men.

5. Think outside the box. Here are just a few great ideas:
****At Easter, I had earrings to go in plastic colored eggs in a darling basket with a sign, "Easter Earrings: Buy 1 for $15 or 2 for $25). Many people purchased without even opening the egg because they wanted to be surprised!
****At Christmas, I had Christmas balls decorated with jewelry displayed inside.

5 Places to Sell Your Jewelry

These are great places to start selling your handcrafted jewelry creations:

Host a Trunk Show in your home and invite family and friends. Is it a hit? Offer an incentive to the next person who hosts a trunks show (% of the proceeds towards FREE jewelry)

Approach Salon or Local Boutique and ask if they would be interested in a private trunk show for their customers with the salon/boutique receiving ~ 20% of the proceeds.

Festivals often have vendors and bread and butter items (under $15) will sell well.

The office lunch trunk show is often a huge hit.

Website with shopping cart

HOT Jewelry Marketing Tip: Offer a Gift Guide & Market It

This jewelry marketing tip is HOT. Offer a one page gift guide for special occasions like Valentine's Day, Mother's Day, Grad 2007, Holiday 2007. This is also a great idea for your seasonal collections: Spring 2007 Gift Guide, etc...What's your best seller? Have a "What's Hot Guide" and feature your business's best sellers.

Here are just a few things to consider for your gift guide:
*Break it down by price (e.g. gifts under $25,$ 50, etc..)
*Break it down by color or style
*Make sure your descriptions include a call to action
*clear photos of your items
*where to buy/shop/purchase your jewelry product
*a discount if applicable
*your contact information with logo (for branding if applicable)

My one page gift guides are "electronic". I do NOT go the printers because it is expensive and not really necessary; I put it up on my website and promote it. I e-mail the gift guide to my customers (you should be in touch with your customers in some way),my local newspaper and magazines (the lifestyle section and fashion section may be looking to fill some blank space and voila you have just received FREE publicity that would have cost you $$$) and local retail boutiques ( I have a list of retail buyers whom I keep in touch with) who may be looking for new stock and haven't been to the wholesale market yet.

My customers look forward to my gift guides and often forward them to friends and family ---viral marketing at work. I often used voucher codes for my gift guides so I can track their success which helps me tweak my presentation, description and call to action.

Have fun with your gift guide and here's to your jewelry marketing success.

Controversy Sells

Have you heard of Blood Diamonds? I'm sure you have. Why? Controversy sells!

Controversy does not have to be negative but just a different slant to what is already out in the media. Let's say you read an article about fashion jewelry sales are up; write an article or press release on why people are throwing their money away and why fine jewelry is an investment.

Remember,the goal is to sell more product but the press release or article must NOT read like an ad or it will NOT be published. It will end up in the trash basket and NOT in print!

What kind of controversy can you stir up to sell your product?

Introduction to Viral Marketing

Write an article, promote it and as others read it and pass it on, you become a credible business and expert on XYZ. Include links in your article so they can find you, your product and business.

Here is a marketing article that I wrote and submitted to Ezine Articles. This is now archived on the web and has several permanent links with my bio and website information at the bottom.

Jewelry Marketing Tip #1-gift giving problem solved

Jewelry Marketing Tip #1

Solve a Problem

Every product or service on the planet solves a problem. Do you know how your handcrafted jewelry solves a problem?

Jewelry solves many problems:
*Gift
*Romance
*Love
*Special Moment-birthday, anniversary, wedding, graduation

Get the picture. You are offering a solution/service/product that people are looking for!

Convert that solution into a press release. Here is an example of headline you could use for a press release:

Mother's Day Gifts Under $50 by Designing-Diva Jewelry

If you were a reader, would you care enough to read on? Yes. Mother's Day is a huge retail day and people are looking for gifts so they will read on. You have just provided a solution to their problem.

Welcome to Jewelry Marketing Tips

Welcome to Jewelry Marketing Tips. I am excited to share an exclusive venue on how to market your handcrafted jewelry so your business flourishes.

Here are just a few things that you can expect from this jewelry marketing Tips:

*Where should I market my jewelry?
*How do I establish wholesale accounts?
*How do I contact retail buyers?
*Photography
*Packaging
*Jewelry Displays
*How to Talk to Your Customers
*Shows-craft, juried, retail and wholesale
*Trunk shows
*Fundraisers
*Website: do's and don't
*Create a customer base
*Customer service



Well, I think you get the idea that no stone will be unturned so you can grow your jewelry business. As a jewelry artist, I want to give back to the creative community. Many of these ideas can be used not just for jewelry but for any business.

Here's to your success in marketing.