If you’re like most jewelry artisans, raising prices is anxiety-provoking.
Jewelry makers fear if they raise prices, people will stop buying, that they will price themselves out of reach, and other negative outcomes.
On the other hand, many who raise prices find they start selling even more than before. Here are five thoughts about raising prices:
- Easy does it. Raising prices should be done cautiously. For example, raise a $35 necklace to $40 at first, not to $70. This minimizes risk while letting you get comfortable with the change.
- Know who your target customer is. As you increase prices, would that affect existing customers? That’s hard to know when you make one-of-a-kind pieces, but probably happens less than most anticipate. Focus on making sure the market you want to reach is willing to pay the prices you deserve.
- You might lose some buyers. If someone who would have paid $65 balks at $75, that person may not be a good prospect for you in the long term. The right buyer of artisan jewelry is most likely not a price-shopper.
- Keep a “spread” of prices. Having the bulk of your work in a certain price range, with some lower and some higher, will help you snag buyers at the fringes.
- Lastly, believe in yourself first. Before raising prices, you have to believe – deep inside – that you’re worth it. If that’s an obstacle, handle that first before you start incremental price changes.