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Thomas Mann's Pricing


#1

Does anyone use the pricing structure from the Thomas Mann video?
Karin


#2

Yes, I have, but I also go with what the market will bare . Mann has
some good ideas but one has to find what works for you .

O Ganoudis
Wilmington, De


#3

The best thing Mann’s materials did for me was to make me realize
what is necessary to be profitable and I reassessed my designs to
build more profit it. I think it was invaluable to me. I’m not just
pulling info out of the air anymore and trying to set a price. For
one thing, I think “poor.” People are always telling me how
reasonable and some tell me how low my prices are! It has given me
more confidence!

J. Sue Ellington


#4

Could someone please provide a link where I can find out more
details regarding Thomas Mann Pricing that is being discussed. If
not a link, could someone relate the basic formula put forward.
Thank you very much! Jeanne

Jeanne M. Bellone
Vintage Treasures (est. June 2001)
http://www.rubylane.com/shops/vintage-treasures
Jewelcollect Registered Member
VFCJ Member
Orchid Member


#5

Jeanne,

I bet Tom would welcome your query. Perhaps if you contact him
directly at tom@thomasmann.com he might be find it useful to join
in on this forum. Tom has extensive knowledge and expertise
regarding marketing and pricing structures for jewelry.

Karen


#6

Thomas Mann has a website. You can search Yahoo and find it easily.
He sells the marketing materials. Someone was nice enough to loan me
the pricing video, which I still have. If you would like, I can send
it to you after contacting him and getting his permission to do so.

J. S. Ellington


#7

What I culled from the video was that retail prices should be no
lower than 6 times materials and labor. With this in mind, a piece
that takes 1 hour will be a minimum of $150.00. As most of my
pieces take at least 5 hours, my prices end up in the $700 – $900
range using this formula. I work primarily in silver with gold
accents and (semi-affordable) What I have settled on for
the time being is to use 4 times material and labor. But I feel I
should really be shooting for 6. I want to be able to grow my
business, add tools to my shop, and feel reimbursed for my time. I’m
not necessarily in this for the money, but I do feel my time and
talents are as valuable as anyone else’s.

I have one more week to settle on a pricing structure before I take
my work to an all-summer show that expects over 300,000 visitors.
This is my first show. I expect by September I will have finally
transitioned from an art-school mentality to a business one. I know
I can’t figure everything out in advance, but it helps to know that
I am starting with as much knowledge under my belt as possible.

Back to work!
Karin


#8

Hi, Its interesting to hear that you charge 4 time the price of
materials, cheeze! I’ve just been charging the wholesale price and
adding my hourly fee??

Do you recommend adding 4 times or times the price of materials,
this could work out pretty spendy, I use tones of Swarovski crystal
in my work. They always turn out expensive, but that is not a worry,
that’s just what they cost!

You mention $700-$900 for one of your pieces, it seems to me that
you feel it too expensive, “Please” get that thought out of your
head, you have to be fair to yourself and your work and charge
appropriately, other wise your only ripping yourself off!

Thanks for the tip though, why do you add so much on top of your
material wholesale price?

Best wishes
Tina


#9

Tina-

One persons situation may not be the same as yours. Your overhead or
cost are not going to be the same as someone else.

Check out Brad Simon’s, “Run your Shop Without It Running You” or
check out Gellar. These both do a good job of explaining how to
figure what to charge.

The Dr.
(Director of Romance)