If you haven’t raised your prices in a while, now’s the time.
Why? Because I have met few artisan jewelers (that’s you) who are charging enough for their jewelry.
How do you know if it’s worth more than you’re currently charging? You won’t know until you start charging more for it and people buy it.
If prospective customers are already complaining that your jewelry is too expensive, then they aren’t prospects for your jewelry. They should be buying their jewelry from Wal-Mart. You’re trying to sell to the wrong crowd. The right crowd will pay.
The “worth” of a piece of jewelry is like the worth of a house – it’s worth what any willing buyer will pay for it. That makes some jewelry makers uncomfortable, but that’s reality.
What about using formulas to arrive at a price? Forget them. Realistically, you need to charge enough for each piece so that you make back the cost of the materials plus a lot more. However, the value of your artistic vision and your skills isn’t easily given a “rate.” I’ve never heard of a formula that takes into the account the passion, love and enjoyment you put into a piece. But it’s there.
I encourage you to look at your pricing this month. If it makes you a little uncomfortable to consider raising your prices a bit, that’s good. It means you’re encountering some resistance in your mind. The resistance is because you’re not convinced that your jewelry is worth even what you’re charging for it now. That thought is nonsense. Squash it.
Your jewelry IS worth the price you’re charging. And more. Raise your prices.
To selling more!