Many people have asked me about a pricing strategy for a tough economy.
The national economy has trends that don’t always hold at the local level. For example, in a community near where I live, new restaurants have opened every few months in what is considered a “hot” area.
Although you might expect people to spend less on dining out these days, these restaurants are packed.
As well, someone who may have typically gone on a shopping spree for clothing and jewelry may not do that now, but they will probably still buy individual pieces that they like.
So, as I advise in my seminars, you should have a spread of prices for your jewelry, with some at the lower end, some at the higher end, and more than half in between.
That spread does a few things:
First of all, it protects you against buyers who are cutting back, because you’ll have a lower‐priced line they can buy.
Second, it ensures that “entry level” customers have options at higher price points.
Finally, it gives you more options for selling at various venues … allowing you to flexibly move jewelry around at your booth, for example, if you find that buyers at a show or holiday gift bazaar are shopping for specific price points.
Keep in mind, as well, that artisan jewelry is not generally bought on price — it’s bought because it’s one‐of‐a‐kind, handmade and created by a live person they can connect with.
That trust is worth a lot!