Selling Jewelry at Low Pricesby Kate If I price my jewelry low - necklaces starting at 10 dollars - will people think that it's cheaply made and pass on it? At crafts fairs and such there is competition so I don't want my jewelry to be priced too high. Answer: Pricing Jewelry Too Low© by Rena Klingenberg; all rights reserved There are three factors at work here. First, our prices have a lot to do with how people perceive our jewelry. No matter how beautiful and high-quality your necklace is, if you price it at $10, it's an unfortunate fact that most people are likely to think it’s in the junk-jewelry category and pass it by. Here's their thinking as they pass by your booth: Their split-second judgment is that a $10 necklace is not worthy of buying, nor of giving as a gift. They'd willingly pay two or three times as much for costume jewelry at a department store. And if they want to buy jewelry Wal-mart prices, they'll go to Wal-mart. So they move quickly on to the next booth. However, if you price that same necklace higher, it will start to attract a lot more interest. People now begin to perceive it as a quality piece of handcrafted jewelry that’s worthy of adding to their collection or giving as a gift. Artists often say that if your work isn’t selling, then try raising your prices. It’s often hard to see the true value of the jewelry we create ourselves, and all of the costs that actually go into making and selling each piece. Also, we want to be fair to our customers with our pricing. But if you're not being paid for the time, effort and craftsmanship that go into your jewelry (plus all of your overhead expenses), you can't afford to stay in business. Read up on my Jewelry Pricing Formula for tips on how to price your jewelry more accurately. Now, the second factor here is that you may want to switch to sterling silver and 14k goldfill instead of basemetal findings. You can charge far more for jewelry containing these metals than for jewelry made with plated metals. Why? Again, perceived value plays a huge part. People feel that sterling silver and 14k goldfill are much higher quality and more valuable than basemetals, so your pricing can reflect not only the additional cost to you of these metals, but also what people expect to pay for them. The third factor here is that you may be selling your jewelry in the wrong venues if you want to earn a reasonable income. Many craft fairs are overrun with bargain-priced imported jewelry, and with way too many jewelry booths in general. At many shows, even vendors who are selling things like pottery and woodcrafts have a beaded jewelry selection. In addition, the people who shop at many of these events tend to be looking for a bargain and aren't interested in buying higher quality jewelry there. These shows are often disappointing, and can make you think you've got to keep dropping your prices to compete. In reality, you'd do better to sell your jewelry elsewhere. Aim for places with few or no other jewelers, and where people are looking to purchase high quality handmade items. For examples, see my blog post, How to Sell More Jewelry This Holiday Season. Many of these ideas can be adapted to work for you year-round. Also, my ebook Ultimate Guide to Your Profitable Jewelry Booth has an entire section on finding the most profitable shows, fairs, and festivals for your jewelry. And I have an entire section of articles on selling more jewelry at shows. I hope this helps, and I wish you every success in your upcoming shows!
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