How to Price Your Handmade Jewelry
Tips for Pricing Your Handmade Jewelry to Increase Sales
How to price handmade jewelry to sell more; As handmade jewelry artisans, we like to focus on making handcrafted jewelry, not so much the selling of it. But in order to continue making our artisan jewelry and doing what we love, we need to be able to sell it at a price that we make money. It is very important that handmade jewelry artists learn how to price their handmade earrings and bracelets correctly to be able to sell handcrafted jewelry quickly and at a profit.
There is no single approach to pricing your handmade jewelry. What you will be able to sell your handcrafted jewelry for depends on a variety of factors, such as your ability as an artist, the demand for your style of work, how well established you are, and many more. If you are just starting out or if you have been creating handmade jewelry for a while and you are looking to start selling it, there is no need to worry about all the factors. Focus on the cost of materials and the time it takes to create each handcrafted jewelry piece. There are strategies and pricing structures that you can put in place to build a customer base and gradually increase the perceived value of your handmade jewelry.
We would all like to start out selling our unique handmade jewelry necklaces for hundreds of dollars but the simple truth is that without demand or a designer label it is not likely to happen. However, as a new handcrafted jewelry artisan just entering the marketplace you have the unique opportunity to establish buyers who can grow with you, perhaps into avid collectors of your work. And the simple fact of the marketplace is that collectors mean demand and demand means increased sales as well as heightened prices for your work. But before we get too carried away, take a step back and look at how we can price our unique handmade jewelry to get to this point.
As an entry-level handcrafted jewelry artist, you need to look to sell to entry-level buyers, which will inevitably mean entry-level prices. And again, these prices can depend on the particular market you are looking to sell to and the type of unique jewelry you are trying to sell. You will need to do some research, find some similar handmade artisan jewelry artisans in your area or similar handmade jewelry pieces for sale, and decide what the common price points are. It may be very low, under $20, or for more elaborate styles above $50. Either way, you need to find a reasonable price point to start with depending on the cost to make the handmade jewelry piece and the amount of time it takes to create. Nothing is written in stone, if you find certain handmade earrings and handmade bracelets are selling quickly, you could raise your average price on those items and lower the prices on the slower selling pieces.
Once you have sold your first few handmade bracelets and handmade earrings, you should be starting to create a customer base. This does not necessarily need to only include people who have purchased your work, you may have come across people who are genuinely interested in your work that you could include in your customer base to market your handcrafted jewelry to in the future. The idea here is not so much to focus on selling your handmade jewelry now but to establish ways in which you can continue to sell your unique jewelry in the future.
How to price handmade jewelry to sell more; Make sure you align your pricing with the current target market you are looking to sell into. Knowing who your customers are is very important. The age range directly influences pricing strategies for your handmade jewelry. If you are making funky, bright-colored handmade bracelets for a younger person then your prices need to be lower than if you are making sophisticated handmade earrings for the 35 – 50 age range. Younger people usually have less money so you need to make the price reasonable.
How to price handmade jewelry to sell more; You do not need to continue selling your handmade jewelry at the initial price points you establish. Remember that as your customer base grows larger and with customer loyalty for your handcrafted jewelry the demand increases, your average price point for your handmade earrings and handmade bracelets can also increase. Also, take into consideration that the more experience you have making handmade jewelry the quicker and more cost-effective you will be able to create each handcrafted jewelry piece. Once you have a great line of profitable handmade jewelry you may want to expand into the handmade wholesale jewelry market and begin to wholesale jewelry to gift stores and handmade shops. You can also find out How to Compete in Handmade Jewelry Business