Selling Your Jewelry In Recessionary Times
Posted by learntobead on March 30, 2009
Selling Your Jewelry
In Recessionary Times
With a financial crisis in full swing, it has become more difficult to sell your jewelry. Fewer stores, fewer customers, fewer craft shows. At the same time, the costs of all the supplies – beads, stringing materials, jewelry findings – have been increasing at much faster rates than inflation. This adds to the problem.
At the same time, it is getting more difficult to get your “message” to your “customer.” With things like blogs, facebook, my space, twitter, other interactive sites and social networks, people are organizing into ever-smaller market niches. It’s too expensive and too time-consuming to get enough people to be aware of your business, that you can continue to make a living.
They are no longer reading the mainstream magazines and newspapers to get their primary sources of information, to the extent that they have in the past. They are not going to local craft shows or local stores as much, because they have an online world of Etsy and Ebay and 26 million jewelry sites listed on Google.
Perhaps these times and prospects can be reinterpreted as an opportunity to rethink how you approach your jewelry selling business. At the least, perhaps you can better secure your base during these times, in preparation for more growth and expansion as the financial crisis bottoms out, and then gradually improves.
It’s time to take a hard look at your “business model.” You have probably been operating as a one or two person operation. You, or both of you, do everything. You create the designs. You make the jewelry. You market and sell your jewelry. You wear many hats.
“Unbundling” is a strategy where you give up control of some business functions, and rely on the expertise of other companies or organized groups. One obvious thing is to rely on UPS or FedEX for your shipping needs.
I suggest you think about no-cost and low-cost ways to unbundle some of your marketing and promotion. One inexpensive and effective way is to get a regular group together of others who sell hand-crafted jewelry or other hand-crafted items.
As a group,
– develop and share mailing and emailing lists
– try to brand the group with an identify of having quality, affordable hand crafted items for sale
– have a major presence, even a controlling presence, at a local craft show
– generate a logo that everyone includes on their websites and their packaging
– set up your own blog and try to attract potential customers to your blog
– interlink your websites into a web-ring
– have regular discussions about business strategies
– approach suppliers as a group to bargain for group discounts
On one level, you give up some control in managing these aspects of your business. On another, however, you get to leverage the talents and time and resources of these other businesses. This might be the smartest way to continue to reach your customers, and continue surviving and thriving when things are tough, and the business environment keeps changing and evolving.