Gyrogami Blog - Precious Metals, Jewelry, Artwork

Pricing Items - Your Market

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Categories: Instruction and information; Commerce and business

Word count/read time: 594 words; 2-1/2 minutes

Part one of this three-part series deals with your market.

Here's an interesting article about determining prices.

Determining if there is a market is the first step. It's a tough one in the jewelry and chainmaille worlds. The chainmaille market is literally swamped. How will your items stand out? What is your target audience? What is your plan to deal with them? Understanding the barriers and obstacles is crucially important.

People are conditioned to hearing every seller claim they have the best, the greatest, the highest quality, and all the other buzzwords. How will your din be any different? I carry a bevy of displays to educate consumers about making wise decisions, identifying myriad illegal advertising claims that most sellers use, and showing examples. It might not change anyone's decisions but at least they'll know the truth.

Selling low-cost stuff means quality and materials will suffer. Inexpensive is synonymous with cheap products made by unskilled people. Undercutting your competition quickly becomes a race to the bottom. Bargain hunters are not good clients because they don't care about quality, loyalty, or the story behind your work.

The chainmaille market is already over-saturated with low-end junk and deceptive backstories. If the average 4th grader can make perfect, flawless chainmaille then why can't adults? Laziness, ignorance, and arrogance. Maybe you will be among the sub-1%-ers who courageously show integrity and have high-quality products in tow.

Then again, the reason the market is saturated with low-quality junk is because that's all the majority of people will pay for. Can any seller be faulted for it? Not necessarily, as long as they're honest about what they're selling.

Your manufacturing and material choices speak volumes about your market. Using anything other than saw-cut rings or not closing them properly means you make junk and don't care about quality or workmanship. Sorry, but these are the facts and aren't open for debate or discussion.

Pictures are helpful to a point but will not reveal the entirety of what makes an item special. Some sales' pitches works best face-to-face because it's the most effective way to show passion and share the amazing story behind the products. Plus, there's no substitute for the tactile and visual elements, secret weapons indeed!

The artist is paid for their vision so price may not be based entirely on time and materials. It may be the first one, a limited edition, famous maker, etc. Further, an $80/hour rate for people who pre-make products (jewelry, knitting, pottery, etc.) might net less than 1/4 of that at a given craft show after time and expenses are accounted for. Others don't appropriately value their time and grossly undercharge for their goods.

Value is a relative term that's critically important however a consumer defines it. It's also the most nebulous property but heavily influences what someone will spend. Simply, never underestimate the emotional component as people pay dearly for things that tingle their desires.

It's challenging to find exemplary, unique, or showroom pieces. High-quality items command a premium when done right. Prices rise fast when expensive metals enter the arena. They demand excellence so quality should match accordingly. If you can't make flawless items with lesser metals, you'll quickly be labeled a poser when using silver or gold.

SPECIAL NOTE: Something off the radar for most people was the effect of a pandemic. Luxury items like jewelry are definitely not a high priority. Those who rely on shows and fairs to sell their wares are left high-and-dry. Clearly, items or services not deemed essential are markedly influenced in such unusual situations.

Posted by M: May 1, 2020

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