How to Raise Your Jewelry Prices Gracefully
by Rena Klingenberg.
After looking at your costs and profits, you may realize it’s time to raise your jewelry prices.
But are you concerned that increasing your prices will make you lose customers?
Don’t worry. In my experience, most people understand that price increases are inevitable.
They know that the costs of your materials and expenses are increasing right along with other goods and services.
But here’s a simple strategy for helping your jewelry customers feel well cared-for when you do raise your prices:
- Decide which of your jewelry items will have a price increase.
You may need to raise your prices on everything – or only on some of your items.
- Determine your new prices.
If you’re unsure of how to set profitable prices, you may want to check out my jewelry pricing formula.
- Set a date when these new prices will take effect.
For example, a month from now.
- Notify everyone on your customer list about your upcoming price increase.
Make sure they know the date your new pricing takes effect. Invite them to shop now, before your prices go up. You might also suggest that they take care of their upcoming gift purchases now, while your prices are still lower.
- Tell customers at your shows, parties, and other jewelry events about your upcoming price increase.
Let them know when your new pricing will begin, so they can shop now.
Now your customers have time to get used to the idea of your price increase before it happens.
And even better, they appreciate that you gave them this “insider opportunity” to shop and stock up at the old lower prices before the increase.
Customers feel like they’re getting a good deal this way – and you’ll likely get a nice surge of jewelry orders.
And here’s another good side effect of telling customers about your new pricing before it happens:
To get your lower prices before the increase, your customers will be hurrying to buy up a lot of your current and older pieces that you’d like to clear out anyway to make room for your new designs!
It’s a win-win! 🙂
What are your thoughts or experiences on raising your jewelry prices?