I see alot of people talking about overseas jewelry killing 'local
if that’s the case, they are making the wrong stuff. It makes no
economic sense to compete that way, deliberately or inadvertently.
Sell yourself and your work on its special nature. But it better be
special. I don’t worry quite so much any more about price points. I
used to, when my career was more oriented to over the counter,
merchandising of manufactured goods. But Ettienne Perret said to me
once something about “throw away jewelry”. And Scott Cusson observed
about the extent to which I was detailing a piece…“Be the best and
be expensive”. Words to live by. And I have.
I still consider price points though, in as much as certain prices
ranges seem to be easy sells, people are looking to spend $X on a
gift. So I try to fill that need but I don’t get maniacal about it.
Thinking more about it…while I’m lucky in that I’m long
established and have a loyal following…I can see where a new
jeweler would feel price pressure. In order to survive she/he has got
to make sales, now! A discount can be enticing bait. Think about a
pricing structure that will allow you to discount when needed yet
still make enough to pay your rent.
As long as the subject line includes ‘other observations’ I’ll ramble
just a bit more. Rents. If you have a storefront operation the
temptation is to be in a high traffic(ie: expensive) location.
Prestige and image play into that. And all your other overhead
increase accordingly.Yes, image is very important in this business.
But at what cost? For years I was in a high rent location (makes my
hair curl just thinking about it) with a staff of 6 and while total
sales were higher bottom line suffered. If you’re doing this as a
business, keep in mind that profit is what you are seeking. Certain
emotional concepts don’t automatically gain you profit. One might
think, " a jewelry store has to be this, that and the other thing
and its going to cost big bucks" Yeah, that’s fine, if you have the
capital and merchandise and the marketing in place. And can survive
things like Black Monday and September 11. Wow have I rambled,
sorry. I need to open. Ciao.