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Pricing in this Economic Environment

by Teresa Hughes.
(Connecticut USA)

I am a jewelry designer with many one of a kind pieces. I have several price points, lower $20-35 wholesale to $100-300 necklaces.

They are all hand-made, one of a kind pieces, using semi-precious stones, vermeil, silver, vintage brass and also looking at less expensive metals with the present cost of silver and gold.

I am finding that both price points are not selling, the stores are caught up with fear and are looking for the cheapest prices with the present economy. The fact that they get great response when the pieces are seen and looked at for quality still does not make them buy.

I can only resource my materials regarding pricing to a certain point even overseas options any suggestions??

Many thanks in advance.

Teresa A Hughes
Elizabeth Rawle Jewelry Designs

Comments:

Don’t give up!
by: Kim

Teresa: I think your jewelry is more attractive and interesting than what I see in stores. Don’t have any ideas for you though, as I have had my own difficulties with where/how to sell. I hope you don’t get discouraged or give up. You have nice artistic designs.

Good luck!
by: Zoe

It’s tough to get shop/gallery owners to buy at a high price at the moment – often it’s because they don’t have money to spend rather than because they don’t think your work will sell. In my experience the very rich are less affected by economic downturns and therefore the high end items will still sell. Try offering sale or return and target only the best retailers, or alternatively try selling directly yourself (it’s a good time to negotiate a favourable deal on premises!). I’ve found in the past that putting prices up can improve sales and bring more discerning customers, while also allowing you to be more creative and use better materials. Hope it picks up for you!

Thank you re “economic environment”
by: Teresa

Thank you for taking the time to write in. I have found some of the same things…. keep your fingers crossed for me and all the other jewelry lovers and sellers!!

Thanks again!!

Teresa

Get out there in person
by: Annette

Your designs are very attractive and will appeal to some people, you just have to find those people (and they have to find you!).

Rather than sticking to wholesaling, I would get out and about with your jewelry to art & fine craft shows (at least with your more expensive pieces) and don’t underestimate small local shows with a range of price points – you may not sell much at the small shows but do it as a form of promotion and someone may buy something on the day or come back to you later on.

Donating a piece to a fundraiser is another great way to get “seen”.

I believe once people see your work, you will find customers!

Same problem
by: Janni

I completely agree with your comments. I’ve been doing jewelry about a year. Using pricing guidelines from Rena’s newletter, I am finding that I am not selling very well…tried several shows, a small “booth” at a local “emporium” and other ways of exposure. I too have a fairly wide price range. I am also finding that many other jewelers in this area are making very nice items but underpricing their pieces! I don’t know how they can continue to replace their inventory, let alone make any money! How do I compete with that?

Exquisite Work, Inspiring to Others
by: Leslie

Teresa: Your jewelry is exquisite, very unique and different, and your work is inspiring to others. I loved looking at every piece. I can see why you don’t want to undersell your work as you put a lot of special beads and findings in that are not cheap and don’t look like they are “off the rack” (made in another country by cheap labor) jewelry. Those poor people who work for nothing can’t compete with the quality of your work.

I have had my best sales from personal contacts like my family, dentist, masseuse or chiropractic office workers. I have been asking them when would be a good time for me to bring in some of my pieces so they can all look at them, even have left them for a couple of hours in their office break room for them to peruse when they can take a break. I sold $125 in one office one day this way.

I will make custom necklace and earrings as I want my clients to have something in colors they will wear (some like gold, most like silver, some want purple, others blue, etc.). I take my photo albums with me of my work but they really connect with seeing and touching the real thing.

I have yet to do shows or a website as I have Chronic Fatigue/Fibromyalgia and do not have the energy with my other part-time jobs I do. I am in the process of making inventory though, and I keep learning and being encouraged by what others are making. I read the beading/stringing magazines and love Rena’s newsletter every month. I am so encouraged by what others are doing, so thanks everyone for sharing.