Handmade Jewelry Business Marketing Basics
Marketing basics for handmade jewelry business, over the years in the handmade jewelry business, we have learned many theories, techniques, and great ways to market our unique jewelry both retail and wholesale to gift stores. If you are just beginning you need to start with some basic marketing or Marketing 101. Remember high school marketing? It seems like forever (for me at least) but there are basic principles that always apply even in this ever-changing world; product, price, place, and promotion. Most entrepreneurs probably know these but sometimes forget to use this effective strategy to create a successful handmade jewelry business.
Research your competitors’ product focusing on similarities and differences to your handmade jewelry. Even though it is a crowded marketplace there is room for everyone if you create something original or target a different niche market.
Marketing basics for handmade jewelry business start by asking yourself questions like:
- What will set my handmade jewelry apart? (This will give you an idea of what techniques, materials, and designs that you need to create a distinctive style.)
- What is your favorite handmade jewelry and why? (This question gives you an idea about who your competition is and what they are doing right.)
- What are your best selling items? (This will tell what your customers like and what direction you can take to expand your handmade jewelry line.)
- How can your handmade jewelry be better? (This is great if you already have a preferred technique as you will increase the quality, make it easier or be able to add extra customer appeal.)
- Why you do not like about your competitors’ products? (This question tells you where there is an opportunity to attract your competitor’s customers.)
These answers will really help you identify how you can differentiate your handmade jewelry from the competition. Keep in mind that there is nothing that everyone loves equally. Choose a niche that has a good demand but lower competition. Expand your line slowly and revise constantly until you have a great seller.
Price has a lot to do with how you want to be perceived. You might think that by having a cheaper price you are cheapening your brand, but instead, it is actually a marketing ploy. Selling similar styles at a slightly cheaper price than your competition is important when you are just starting out.
Marketing basics for handmade jewelry business some questions you should ask yourself are:
- What would be the lowest price you are willing to sell your product? How much time, material cost, and expertise go into each piece all need to be considered so that you make a profit.
- What would be the highest price that consumers would be willing to pay? Look at similar products and the pricing structure.
- How sensitive to price are your customers? This has a lot to do with your target market and their spending habits.
- What prices do current leaders in your niche charge? Leaders can charge a higher price so you will want to consider a lower price.
- How does your price compare to the competition? You may need to revise your materials and techniques to bring down the cost in order to compete with competitors.