Category: Business Brief

Words to Help Market Your Jewelry

5/28/2024

AT A LOSS FOR WORDS? I know many of us are working on how to get our wire-wrapped jewelry noticed more online!

Here are some words that might help... Here are some suggestions for words that will make your wire-wrapped pendant listings and descriptions stand out on marketplaces, social media posts, newsletters, or your online store listings... I hope this helps to stir your imagination about how to describe your beautiful work!

Highlighting Quality and Uniqueness:
Handcrafted: This emphasizes the personal touch and care that goes into your creations. One-of-a-Kind: This assures potential buyers they're getting a unique piece of art, not a mass-produced item.
Artisan-Made: This positions your work as high-quality and crafted by a skilled artist. Luxury: (Use strategically) This implies a higher quality material and a more exclusive feel. Heirloom Quality: Suggests the pendant is a special piece to be treasured for years to come.
Statement Piece: This implies the pendant is a bold and eye-catching accessory.

Descriptive Words to Paint a Picture:
Delicate: For pendants with intricate wirework.
Bold: For pendants with a strong visual presence.
Shimmering: For pendants with gemstones or reflective materials.
Ethereal: For pendants with a light and airy feel.
Organic: For pendants with natural-looking shapes and textures.
Geometric: For pendants with clean lines and defined shapes.

Emphasize the Emotional Connection:
Empowering: If the pendant design is meant to inspire confidence.
Serene: If the pendant has calming elements like gemstones or nature-inspired motifs. Romantic: If the pendant features hearts, flowers, or other symbols of love.
Playful: If the pendant has a whimsical or lighthearted design.

Keywords for Search Optimization:
Wire-wrapped Pendant (of course!)
Gemstone Pendant (if applicable)
Copper Pendant (if applicable)
Boho Pendant (if your style leans bohemian)
Minimalist Pendant (if your style leans minimalist)
Unique Pendant

Pro Tip: Use a mix of these words throughout your titles, descriptions, and tags to create a compelling listing that showcases the quality, uniqueness, and emotional connection your pendants offer. Much love! Scroll through the images for some super power motivations!

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How to Compete with Mass Market Prices

5/27/2024

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Here are some things to consider to help you decide on your pricing strategy:
Market Demand:

There seems to be a significantly higher demand for wire wrapped pendants at a lower price point (below $250) based on your search results. This suggests a larger customer base for lower priced pieces.

Competition:

The lower price point has much more competition however, so you'll need to find a way to make your pendants stand out in a crowded marketplace. This could involve using unique materials, incorporating intricate designs, or focusing on excellent customer service.
The higher price point has far less competition, but you'll need to justify the higher price to potential customers. This could be done by using high-quality gemstones, precious metals, or creating very intricate and unique, one of a kind designs.

Your Expertise and Costs:

Consider how much time and materials go into creating your wire wrapped pendants. The higher priced pieces will likely allow you to factor in a higher profit margin if they take longer to create or use more expensive materials.

Your Brand Identity:

Do you want your brand to be associated with affordable luxury, or more exclusive high-end pieces? This will influence your pricing strategy and the overall presentation of your products on Etsy.

Here are some additional tips:

You can experiment with offering a range of prices to cater to different budgets.
Consider offering customization options to allow customers to personalize their pendants and potentially pay a premium price.
Take high-quality photos and videos of your work to showcase the craftsmanship and beauty of your wire wrapped pendants.

Ultimately, the best way to decide on your pricing strategy is to test the market and see what resonates with your customers. You can start by listing a few pendants at different price points and see which ones sell best.

In Summary...

Focus on the Unique Value Proposition of Your Work: It would be better to concentrate on what makes your handmade pendants special and worth a higher price. This could include:
- Higher Quality Materials: Using gemstones, precious metals or other higher quality materials in your designs.
- More Intricate Designs: Creating unique and intricate wire wrapping techniques that set your pendants apart from mass produced items.
- Customization Options: Offering customization options like birthstones or personalized inscriptions can allow customers to create a one-of-a-kind piece and justify a higher price point.

By focusing on the unique aspects of your work, you can build a brand that caters to customers who appreciate handcrafted items and are willing to pay a premium for quality and design.

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Pricing Your Jewelry

4/15/2024

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Hi Members! I made you a little PDF with a sample of a spreadsheet formula you can use to help you price your jewelry. There is more coming about this too, but here is a basic start for you... I also suggest you pay yourself more than the $10 an hour shown in the sample. ;) Happy selling!

Click to download the PDF with instructions and a link to a Percentage Markup Calculator.

ptj_pricing_spreadsheet_2024.pdf
File Size:	103 kb
File Type:	pdf

Download File

There isn't a one-size-fits-all formula for marking up jewelry, but there is a common method that considers your costs and profit margin. Here's a breakdown:

Factor in all your costs: This includes the materials, packaging, chain. Don't forget to consider your time spent designing and building the jewelry, including design, patina, polish and chain assembling or making findings such as hooks and clasps. That time counts too!
Choose your markup percentage: This depends on several factors, including:
- Type of materials: Precious metals and gemstones will typically have a higher markup than costume jewelry. (300 Percent markup on your precious metals and higher-end, real or lab-grown gemstone pieces)
- Your target market: If you're selling to high-end customers, you can charge a higher markup than if you're selling at craft fairs. You can charge premium for specialized or custom orders. Why? Because that is dedicated and exclusive time that you are giving to a single customer, so the hourly rate you charge should be more then your standard everyday studio rate you pay yourself to stock your store. (400 percent markup)
- Your Bread and Butter Market: I always suggest keeping a line of jewelry you can make quickly, abundantly and sell quickly, along with your masterpiece pieces! (100 or 150% mark up)

A typical markup range for handmade jewelry is between 1.5 to 4 times your total costs. So, if your cost is $18.50 and you choose a 300% markup, your retail price would be:
Cost ($18.50) x Markup (300%) = $74.00 retail price (see your PDF worksheet for examples and instructions) - I suggest you make a spreadsheet i in your favorite spreadsheet maker ;) I use Google Sheets, it's free.

Here are some additional tips for marking up your jewelry:

Do your research: Look at competitor pricing for similar pieces to get a sense of the market. Don't look at just what is listed for sale, but try to find the similar items that have sold... this will give you a more realistic idea of what the finished piece might sell for.
Consider your brand value: If your jewelry is one-of-a-kind or made with high-quality materials, you can justify a higher markup. Our wire wire-wrapped, wearable, gemstone jewelry is indeed, handmade, and one of a kind items.
Start with a competitive price: You can always adjust your pricing later on based on demand. Start high, wait... I give it 3 months ... if it doesn't sell, you can always run a sale or drop the price, it's totally under your control! You're the Creator, seller, decision maker as well as the Artist. Don't under price your work, don't under value yourself as an Artist. DO have more than one price point and design collection.
The markup can be different for the different types of jewelry based on the above logic.

Ultimately, the best way to determine your markup is to experiment and see what works best for you and your business. I always teach the 'masterpiece' and bread and butter lines of jewelry as a balance to keep money flowing while you wait for the masterpiece items to sell at much much higher prices.

Many times, as Artists doing business, we tend to give our labor away to entice the sale.
As Artists who are focused on growing our business, we should never give our labor away. Being in Business, means paying yourself too.

Much love! I hope this helps.

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Where to Sell Your Jewelry?

2/7/2024

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We often only think 'craft or holiday fairs' for where we might sell, but here are a few other ideas!

WHERE TO SELL?
1. Certainly the craft and holiday fairs where you can get a booth.

2. Did you know that some Country Clubs have holiday events where they welcome public vendors? Check out holiday markets from nearby Country Clubs and see what you find.

3. Pop up art markets or art walks in your town or city.

4. Heck... check out towns and cities a couple hours away! Often mountain towns, resorts, ski lodges, etc will have jewelry shows.

5. Think about shows that are not related to jewelry but host craft booths, such as, some car shows are starting to add some handcraft booths also.

6. The local farmers market is also now hosting handcraft booths on the last weekend of every month...hmmm.?

7. Check out the City... they often have small holiday markets that are not that publicly advertised or listed, check out your NextDoor App and see what's up in your town and if you can sell anywhere.

8. And finally, are there any Gem and Mineral shows coming through that your booth might fit into?

A good search engine to use for finding places to sell is https://festivalnet.com/

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Shopping for Material at the Mineral Shows!

2/6/2024

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IF YOU ARE SHOPPING rather than selling... You can catch some advice I shared on our September Membership Livestreams.

I gave you shopping and education highlights from the show and I put the Short videos into a playlist if you're interested...

https://youtube.com/playlist?list=PLRjvDtRZcW7uwlmo53JRDCim3Js49u2Jz&si=D7sk6rvdQsWL8S1_

WHEN I SHOP the Gemshow...

1. I wear very comfortable sneakers and socks.

2. I carry a large handbag with a zipper (or some type of bag to safely carry your gems).... and if you're really getting it on, bring a smaller roller suitcase!

3. I bring a pen and a small notebook for making notes about what a rock might be... or any other interesting thing I need to remember or to record any custom orders I might get while at the show... it happens sometimes.

4. I bring the amount of cash I want to stay on budget with. I bring the business credit card because I know I will go over the cash budget so I have a secondary CC budget... :D (know thyself).

5. I have a list of gemstones or crystals I am shopping for specifically, either for orders or for general inventory for my studio. I also have a list of regular Dealers I like to shop with and I gave you links and names in some of the September posts and show videos.

6. I BRING MY BUSINESS CARDS - the rock show has people who love their rocks... what better place for a wire wrapper to have her business cards handy!

The gemshow, when you first walk in, depending on how large the show is... can be overwhelming. Most shows have a 'main desk' or 'registration' or 'front door'... there is usually a printed catalog showing where the dealers are located within the show.... I'd find that to start.

Then you have an idea of how large the show is and what dealers are there. You can make your path through based on who you are shopping with or just in general.

Most shows offer free parking but don't assume that. Most shows offer free attendance, but don't assume that either, might be good to factor in if you're on a budget.

Make sure if you are attending a very large show, to bring water and make sure you know where to get food or bring some snacks. It can be a very large experience and sometimes we forget to replenish the body. Outstandingly fun when we stay feeling good, too!

For my newest members... FIY... I have the greatest privilege to work for the Colorado Mineral and Fossil Show when it is here in Denver. The show travels through Texas as well as Tucson. Here is the website for the show so you can look up dates if you are nearby, you should go!

Most of the Dealers I speak about in various videos are from this show. This show does have free attendance and free parking. This is where I shop twice a year... along with a few local and online shops (some dealers that are at this show also sell online). www.rmgmpromotions.com

About the show!!! https://www.youtube.com/watch?v=6sV_943chNM

If you have questions, please feel free to ask me! Or please share any of your show experiences, be they as a shopper or a seller or both. These images are posted with the kind permission of the Colorado Mineral and Fossil Show Promoter and Owner.

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Business Brief - After Shopping

2/6/2024

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After the show or material shopping... for those of you who are taking it from hobby to business, my practice is to photograph and catalog everything I've purchased during the show.

It's good practice to make note right away, even though you might be exhausted, of who you buy from, what the material is, and any specific details about that material that you might want to use in your finished jewelry description.

Also, make note of the price you paid and the retail value of the gemstone in today's market. This will help you later when it's wrapped and ready for selling.

Many gemstones will come with the carrot weight, dimensions, and description of where it's from or what it is on the back of the box. If it does not, I will generally carry a small notebook so that I can make these notes. It's usually months later when I have finished jewelry from these pieces, and I may or may not remember these details.

I photograph measurements and weights as this is an easier way to keep my inventory details without my rushed hand writing and notes to rely on later.