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Posts Tagged ‘marketing jewelry’

PRICING STRATEGIES

Posted by learntobead on August 1, 2014

PRICING STRATEGIES

Question:  How do you go about figuring how to price your jewelry?

 

template-pic1-whats-the-price

I teach a class on how to best price your jewelry, and I have posted a video tutorial on the CraftArtEdu.com website.
http://craftartedu.com/warren-feld-pricing-and-selling-your-jewelry-with-warren-feld

 

There are different kinds of pricing strategies.

(1) One type of pricing strategy is called “Keystoning”.

Keystoning is where you multiply your costs by 2, to arrive at your price.

 

If your costs were $10.00, then your price would be $20.00.

In the Jewelry Industry, you will hear a lot about Triple Keystoning.

Here you multiply your costs by 3. To arrive at your price.

So, if your costs were $10.00, then your price would be $30.00.

 

Keystoning works well if you are a boutique or gift store buying finished jewelry.    You would double (keystone) or triple (triple keystone) the costs of each finished piece.    Keystoning, as a pricing strategy, works well when you are dealing with finished goods.    The price is simply a multiple of the cost of the Parts.  Keystoning assumes that Labor and Overhead costs have already been factored into the cost of the jewelry.

Keystoning is a little more awkward to use, when dealing with manufacturing goods, like most jewelry designers do.    Keystoning tends to over-account for the cost of the Parts, but under-account for the costs of your Labor.

Keystoning works well for jewelry stores.    Keystoning does not work as well for jewelry designers.

 

 

(2) A second type of pricing strategy is called “What The Market Will Bear”

Here, based on your gut feelings, you would set the price at the highest price you think someone might pay for your piece.

You will see this strategy employed in a lot of tourist areas.   Businesses in tourist areas usually pay very high rental rates.   They are often dependent on making their money in a very defined seasonal timeframe.   They assume they will they will never see these customers again.

What happens with a What-The-Market-Will-Bear strategy…

At the point of sale, the customer goes away happy and the business goes away happy.   However, when the customer goes home,  and they show their purchase to their friends or family, or shop around, they begin to realize they overpaid.    So, over the medium and long term, the customer is no longer happy.   An unhappy customer can spread bad word of mouth.   While that particular customer may never revisit that tourist area.   They might convince their friends and families, who may plan a visit, to avoid that particular shop.

 

 

(3) The third type of strategy is called “Fair Value”.

This is what I teach in my class, and is detailed in my video tutorial. ‘.

A Fair Price is set, using a formula.   This formula requires that the artist manage all the types of costs she or he confronts, when setting a price.   These costs include,

COST OF PARTS (P)
LABOR (L)
OVERHEAD (O)

Overhead costs include things like rent, electricity, wear and tear on tools and equipment, telephone, travel – basically everything else associated with making and selling your jewelry.

 

The basic formula:

MINIMUM FAIR PRICE = (2 times P) + L + O
MAXIMUM FAIR PRICE = 1.5 times the Minimum Fair Price
You gather cost information on your Parts and your Labor.    You estimate the Overhead costs based on percentage of your Labor and Parts costs.
This gives you a range of fair prices from which to choose.

With a Fair Price, you may not get the highest amount you possibly can get, but you will get an amount that more than covers your costs, and leaves some money left over to spend on yourself, or re-invest in your business.

With a Fair Price, when you sell that piece of jewelry, both you and your customer go away happy.

And both of you stay happy.

 

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THE IMPORTANCE OF SELF-PROMOTION

Posted by learntobead on August 21, 2013

THE IMPORTANCE OF SELF-PROMOTION

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If you are a jewelry designer who has ambitions to have your work publicized in books or magazines, or to be accepted into a juried show or exhibit, or to sell your things in a store or gallery, you need to be able to promote your work.     Often, I have found, creative-types can be shy when it comes to self-promotion and marketing.

What insights, from your own experiences, can you offer your fellow jewelry designers about self-promotion?

What kinds of things help you to overcome any fears about marketing your work?

How do you handle criticism and other rejection like getting the dreaded “No”?

From an article I wrote….

Jewelry designers often find a self-satisfaction in working intensely on a project, often in isolation or solitude.   But when it comes to tooting their own horns – this is not as easy or satisfying for them.   There is a discomfort here.     You might want to show your pieces to others, perhaps submitting them for review or a juried competition, or perhaps wanting a store or gallery to accept your pieces for sale.

Then humility kicks in.   Or perhaps a lack of confidence in yourself.   Or a fear of criticism.    Or a rejection.    Hearing: No, we don’t want your pieces.

We don’t want to appear desperate for a sale, or too eager for acceptance.

But, if you don’t believe in yourself and your products, no one will.      Your fantasy of striking out on your own will never materialize, if you don’t find it within yourself to do some self-promotion.

And the first step is understanding and recognizing that to promote yourself means promoting your value.

Your jewelry has VALUE to them, why….?     If something has value to someone, then they typically want to know about it.   Your jewelry has value to them because it solves a problem for them.   It might make them happier, more beautiful, more enriched, more satisfied, more powerful, more socially accepted, more understanding of construction or technique or art and aesthetics.    It might be better than other jewelry they see or wear or think about buying.

For a store or gallery, your jewelry might be more saleable, more attractive as displayed, better constructed, more artistic, more stylish or fashionable, a better fit with their customer base, with good price points.

You promote the value of your jewelry to your audience.   You do not have to brag.   You do not have to be shameless.   You do not have to do or say anything embarrassing.    Just speak the truth about value.   Share examples of your work and what you have done, not your ego.

And that brings up the second point – speakingPeople who are more comfortable speaking about themselves and their products tend to be more successful in their careers.

Products don’t sell themselves.   People need to be nudged.

This “speaking-about-themselves and their products” is a basic communication process.   This communication process is a process of sharing information.    You want to educate the right people, in the right way at the right time.    You want to speak about who you are, and what you make.   The values your jewelry has to offer them.    And how you would like to develop your relationship – whether designer/client or designer/retailer or designer/jury – so that you may both benefit.

Fundamentally self-promotion is about communication.   Communicators frame the narrative.   Communicators start the conversation.   They begin on favorable terms.    They would not say:  Would you like to see my jewelry?    Instead, they would say:  I have jewelry you are going to love.

And this brings up the third point – be relevant.

Know your audience, what their needs are, what their problems are that need solving.    You may have created the original piece to satisfying some personal yearning and desire.  But if you want someone to buy the piece, wear the piece or sell the piece, you need to anticipate why.   Why would they want to buy, wear, review or sell your piece of jewelry?

Do not assume they will figure all this out on their own.   You will need to help them along in this process.  You will need to communicate about the value your jewelry will have for them.   You will need to do some self-promotion.

The last point – inspire people to spread your message.

Your best marketing and promotion will be what is called “word-of-mouth”.   So you want to create supporters and fans and collaborators and colleagues.     And you want them to be inspired enough about you, your creativity and your jewelry, so that they tell others about you.     You inspire your current network of family and friends.   You might make a presentation or teach a class.  You might share images of your work on social media like FaceBook or Instagram or Twitter or Pinterest.     You want to regularly connect with people, so that you and your work are frequently in their thoughts.

There are many self-promotion strategies that you can do.   You don’t need to do everything at once.  You might try one or two ideas first, and do those, then pick a third, and so on.

Some Self-Promotion Strategies That Have Worked Well For Others

  1. Wear your jewelry all the time, and don’t be shy about saying you made it!
  2. Have attractive business cards  made, perhaps a brochure
  3. Have an active presence on social media, particularly FaceBook, Twitter, Pinterest, and Google+; participate in discussions; get people to click on those LIKE buttons (or similar thumbs-up registers) next to your images and your discussions
  4. Have a website, either as a “billboard”, or as a full-fledged e-commerce site
  5. Get your website listed in as many online directories and search engines as you can
  6. Generate a emailing list and use it regularly, such as sending out a newsletter; get into the habit of asking people if you can add them to your mailing list
  7. Collect testimonials about your work, and post them publicly
  8. Always speak and act passionately when discussing or showing your work
  9. Organize your own discussion groups on FaceBook and Google+, or begin a blog  (WORDPRESS is a good place to start a blog)
  10. Post video tutorials or videos showing you making things on YouTube
  11. Submit images of your pieces to bead, craft and jewelry magazines
  12. Teach courses, either locally, or as a connection with one of the many websites promoting teachers online, such as Betterfly.com or CraftArtEdu.com
  13. List yourself with websites that list custom jewelry makers for hire, such as Custommade.com
  14. If your jewelry has done well for a store, convince them to carry more of it and let it take up more display space
  15. Doing the occasional craft show, bazaar or flea market is also a good form of advertising and getting your message out to a large number of people you probably would never have met otherwise
  16. Create a good, rememberable image to use as your avatar, on such websites as FaceBook
  17. Follow up with customers and contacts, such as after a purchase, or after someone accepting to include you piece in a magazine, or sell their pieces in a shop.   Thank them.   Reinforce your personal brand with a short comment about the value of your pieces for them.
  18. Have a clear personal style that you can point to in your jewelry, and that you can speak about.
  19. Have a clear idea of what is called your “competitive advantage”.   What are those 5-10 things about you and your work that sets you apart from, and perhaps makes you better than, the competition.
  20. Search for companies or people that may want to see or buy your work.   Use directories on Yahoo and Google.   Use LinkedIn.com.    Search Twitter looking for people who are saying they need custom jewelry work done.
  21. Network with other jewelry designers, both in your local area, as well as online.   Ask for feedback on the self-promotional activities you are doing.  Have any of these worked well for them?   Are they doing other things you haven’t thought of?
  22. Get out of your studio and meet people in the flesh.
  23. Attend trade shows, networking events and charity events, or other types of places where your clients might also attend.
  24. Offer something – one time only — for free.    A free class, a free repair, a free pair of earrings.
  25. Publish or self-publish a book or book-on-CD, and promote that

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A Novel Way To Fund Creativity

Posted by learntobead on July 28, 2011

KICKSTARTER.COM
A Novel Way To Fund Creativity

I had recently read an article about Kristy Lin, a jewelry artist who was attempting to launch a new jewelry line, and was searching for money.   She turned to a website called Kickstarter.com to get some assistance in creating a fund-raising campaign.    Now-a-days, you need to be very creative to get your creative endeavors off to a start.

Kickstarter.com is one of a new set of fundraising platforms called “crowdfunding”.    The website facilitates gathering monetary resources from the general public.   This model circumvents traditional avenues for raising money.

People must apply to Kickstarter to have a project posted on the site.   Projects are promoted for a fixed timeframe.  They have millions of visitors to their site daily.  They can invest as little as $1.00.   The artist much reach the full target amount to receive any funds.   Otherwise, no funds are provided.     Kickstarter keeps 5% of the funds raised.    They do NOT keep any rights over your intellectual property.

Kickstarter offers an online tutorial for how to package and write up your project for maximum impact.

They promote both big and small projects.   They define a “small” project as something a group of friends might want to accomplish in a weekend.

And Kristy Lin was successful.   She sought $10,000 in start-up funds, and received $10,015 within the alotted time.   Click Kristy‘s name to view her Kickstarter.com campaign.

 

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nOir Jewelry – Capturing a Fantastic Style

Posted by learntobead on December 2, 2010

nOir Jewelry – Capturing a Fantastic Style
www.noirjewelry.com
blog.noirjewelry.com

nOir Jewelry is a phenomenal hit among the celebrity set, and a visit to their website shows you why.     Fantastic, imaginary pieces.

Leeora Catalan is the owner and designer of this 14 year old company.    She produces jewelry that is glamourous, fun and edgy at the same time.    She has produced special pieces for various clothing designers, musicians and actors.

From a marketing standpoint, how do you capture the excitement and thrill her pieces generate?

Let’s look at some of her pieces, and then look at one of her marketing ads, and compare.

 

 

 

And now the promotional ad:

 

Now, I’ve only presented a sample of her pieces, so it may not be fair to compare what I’ve shown to the ad-copy.     However, to me, the ad seems to showcase nOir as art deco jewelry.    But it seems to be so much more than that.    Her jewelry has power and artistry beyond deco.

What do you think?   How would you begin to get ahold of noir jewelry, from a marketing and ad-copy perspective?

With or without the marketing, it’s clear that Talent has found Talent.


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Exhibiting Jewelry

Posted by learntobead on September 9, 2009

Exhibiting Jewelry

Because jewelry is small, and the details even smaller, it’s difficult to get good images of your pieces, and it’s difficult to display them well.

Here’s a clever idea for getting people to notice your pieces and spend a little more time exploring their details.

Parking Garage Karlsplatz, Düsseldorf

Ten objects of differing sizes have been threaded into the perforated façade of the parking garage on Karlsplatz. They are greatly magnified pieces of jewelry of the kind that might be worn by the users of the parking garage in the fashion center, Düsseldorf. The modular façade, which cannot be
experienced except as a foreign body in the Old City, is turned by the jewelry worked into it into the display case of a heterogeneously furnished jeweler’s shop.
 
Fotos: Peter Stumpf

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Photographing Fashionable Jewelry

Posted by learntobead on August 6, 2009

PHOTOGRAPHS and JEWELRY and FASHION and BUSINESS

You have to be creative in how you stage the set for photographing your jewelry.   If people are web-surfing, you want to entice them to stay on your page a little longer, rather than click-thru to somewhere else.    If they are looking at items in a magazine or newspaper, you want them to linger a bit longer than turning the page.

I first began looking for some good ideas for photographing jewelry at the 7th International Festival of Fashion Photography in Cannes.     There were few examples of jewelry photos, however.   These included two by Marc Turlan

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marc turlan

marc turlan

marc turlan

These didn’t excite me, so I kept web-surfing and came across the website of a fashion photographer names Niva Kedem.     Now I was getting closer to the mark.

Her website:
www.nivakedem.com

She groups her photos into photo-style categories, so you can actually learn a lot about imaging on her website, from how she groups her own examples.

niva kedem

niva kedem

niva kedem

niva kedem

niva kedem

niva kedem

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niva kedem

It’s difficult to photograph jewelry.  You need to convey details in the piece, and the details are small.    You want to convey a sensibility about the piece — its emotions, its sexuality and sensuality, its use of materials, its relevance to certain contexts.     Many of the components have reflective qualities, which can change colors in photos, or affect the colors of the nonreflective surfaces around it.    You want to convey the artist’s style.

“The photography of jewelry can achieve a whole lot more than just depicting products. It can focus on unique details that generate very different feelings and can contribute to the visual communication of the jewelrys inspiration. Unfortunately, we see time and again that jewelry designers adopt a strangely ambivalent position when faced with how to communicate their products. This applies in particular to jewelry manufacturers in the initial stages of their careers. It is a crying shame that there are so many designers able to achieve the highest standards of precision and perfect craftsmanship in the production of jewelry and then proceed to take inferior photos of it that in no way do justice to their own excellent work. Conversely, established designers who are familiar with trade fair business and with handling the media have usually already discovered or experienced how important it is to define a clear approach in communicating ones own style of jewelry and its special features. An idea of who is or may be the target group for the jewelry can help the photographer or designer find a suitable language of images….   —

Communication With Jewelry Photography
By Christel Trimborn
Spring 2004″
You can have a “clean” shot or a “staged” shot.   The clean shot shows the jewelry without any background or other details.    The staged shot shows the jewelry in some kind of context.   It may be worn by someone, or not.

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Lydia Courteille

Posted by learntobead on May 12, 2009

Lydia Courteille
Beautiful Jewelry and Fantastic Marketing Images

http://www.couturelab.com/editorial/story-lydiacourteille.html?utm_campaign=lydia_May2009&utm_medium=email&utm_source=email&utm_content=newsletter

From diamond encrusted frog earrings to a stunning pink jasper rose and jeweled monkey bracelet, Lydia Courteille has a talent for transforming aspects of nature into exquisite works of art.

Pay close attention to this promotional photograph of her jewelry.   The photo captivates her artistic perspective.   It enhances the appeal of her jewelry.   It makes you want to buy her pieces and wear them.

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It’s difficult to display or present cuff bracelets, whether it’s an image, or on the shelf.   You can’t easily get a look at the full piece, or a sense of its essence.   This is a great display image for her monkey bracelet.

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This wonderful piece is a ring.

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Naming Your Business

Posted by learntobead on April 28, 2009

NAMING YOUR BUSINESS
What on earth do you think you would buy from The Flan Corporation?

Flan? The Spanish kind or the Mexican version?

Flans? Whatever they are – automotive parts?

Franny-Lisa-Alicia-Nancy kind of stuff?

Would you ever buy a Swarovski necklace of glass pearls, crystallized elements, 14KT gold clasp and real faceted emeralds from The Flan Corporation?

The Flan Corporation is a Chinese company that sells handcrafted, beadwoven jewelry. I don’t know what “Flan” means in Chinese, but, here in the US, it’s not a word that would immediately make me salivate about handcrafted, beadwoven jewelry.

It’s really difficult to pick a business name. It’s harder than naming your child. It’s harder than naming your dog. I’ve tried many times with varying degrees of success. And the first business name you pick might seem great and work great at the beginning, but will it evolve with your business as well? Maybe yes, maybe not. What’s important is not only how good your business name sounds, and how appealing it is today, but also how adaptable it is over time, as you grow or change your business.

I can’t claim 100% success with my tries at naming a business. Take “Land of Odds.” This has been my best name-selection to date, but it hasn’t been perfect.

I came up with that name 30 years ago for a hobbyist type business, where I refinished antique lamps, and some other antiques, for people. When James and I started our jewelry, beads and gifts business, I thought that Land of Odds would be good for that, as well. The name “Land of Odds” always gets such great responses from people. And it is memorable.

As our business grew and grew, Land of Odds – the name – grew with it. We added more handcrafted jewelry, unusual greeting cards, some neat clothing, collectible lines. The name still worked.

Then our business hit a wall. We were located downtown, and the city of Nashville took away 6,000 parking spaces within an 18 month period of time. The city had renovated this downtown historic district, and for various reasons, cars and parking got in the way of continued development. Our business dropped precipitously. I had to put us into Chapter 11 for awhile. James and I dissolved our business partnership, and we put most of the assets in a new business for him that we called Be Dazzled, and we put most of the liabilities under the Land of Odds name.

Now we were functioning with two names used to describe similar businesses that emphasized unusual, often hand-crafted jewelry, gifts, collectibles, gourmet foods, posters, clothing, and beads and jewelry findings.

I shut the physical Land of Odds store down, and continued the business as an internet company – http://www.landofodds.com . The online company was still called Land of Odds. At first, I put all our merchandise online – beads, jewelry, gifts, clothing, posters and gourmet food. Only two categories did well – beads and posters. I slowly began narrowing our focus to beads and posters, and eventually beads only.

As an online entity, we needed to get top placements in search engines in terms of key words like beads and jewelry findings. Search engine robots that indexed a business name with the words beads and/or jewelry findings in the name, would automatically assign it a higher ranking for those terms. A better online name would have been Beads At Land Of Odds or Land of Odds Beads.

Land of Odds” was still a name liked by all, but it no longer had the same strong association with beads and posters, and then with beads only. The business grew quickly online, and “Land of Odds” began to have a strong “brand” following. But again, no longer the most strategic business name, given what I was doing now.

Be Dazzled” was another popular name. The image James had for this business was jewelry that was hand made and wowed people. The business faltered, however. We got rid of most of the merchandise, turned Be Dazzled into a bead store, and eventually recombined Land of Odds and Be Dazzled. At the time we recombined them, both had strong brand identities, so we kept both names. We managed the physical store called Be Dazzled separately from Land of Odds – the online store. When Be Dazzled became all “beads”, I added the word “BEADS” everytime I referred to Be Dazzled — “Be Dazzled Beads” — , from our stationery to answering the phone to setting up its website — www.bedazzledbeads.com .

In the bead business, there are many variations on the name “Beadazzled”. Most people, even regular customers who visit the shop everyday, think that’s our name. We were lucky that Be Dazzled/jewelry morphed so well into Be Dazzled/beads. But we would have been better off if we had worked “beads” into the name somehow. There are a couple of small chain operations called “Beadazzled.” For awhile, someone opened up a bead store in Nashville called “Beadazzled”. There’s always some confusion for and with our shop name.

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