Jewelry is a very popular category – which can mean a lot of sales, but also a lot of competition.
How can you get an edge in building your jewelry business? Use these tips to help plan your product and marketing strategies, and grow your sales:
Design a distinctive and cohesive body of work. Is your jewelry really different, in a signature style that makes it all your own? It’s important to avoid being in the mix competing with imports and trendy styles that come and go. Make sure your work stands out.
Create matching sets. Bump up every sale by creating suites that go together – and make your jewelry more collectable, too.
Spread your price points. If your fans cannot afford the stunning $500 necklace that you make, they may purchase the $80 earrings in the same collection. Your range will help new customers get started owning your jewelry. But don’t just think lower prices – think higher too. Expand your high end to reach a more affluent audience, too.
Make sure your prices include profit. Profit is an essential part of every price. It helps keep your business running, and is over and above the wage you pay yourself. Check this article for more details on calculating a profitable price point.
Devise a system to make your jewelry in production if you are wholesaling. Production studios make each item in quantity so that they are more efficient. Use templates, molds or whatever you need to streamline the process and make your jewelry as profitable as possible.
Present your jewelry with great photos. Your competition is doing this. Mediocre images just won’t cut it if you want to get into the best shows. You need an outstanding presentation to cut through the pack and stand out. You spend a lot of time designing and creating. Honor that hard work by having professional photos taken to represent your collection.
Use smart merchandising. Carefully plan your display to show your work to its best advantage. Avoid clutter by giving each piece room to “breathe” and stand as a small work of art in itself. If you wholesale your work, you might want to offer optional display equipment to come with a purchase. This creates the “whole package” that gives a great presentation and will increase sales.
Build your customer base. Once they’ve made that purchase or placed a wholesale order, stay in touch with your buyers. Excellent customer service is a must, and repeat sales are what will build your volume and help your business grow. Design a marketing plan that will reach out to customers over and over again, bringing them back to make more purchases in the future.
Jewelry collage, above, shows the work of some of our profiled artists. Clockwise from top left: Angela Colasanti, Bettina Pressman, Louise Rauh, Bronwen Heilman, Debra Zeleznik, Joyce Slate, Kirsten Denbow, Dana Evans, Gretchen Diehl, Lisa Cottone, Linda Blumel, Ann Allen. Center image: Loretta Lam.