What is The Pricing Strategy for Jewelers?

A one-on-one consultation for jewelry designers looking for a thorough pricing strategy for your brand. A strategic plan that considers every facet of your jewelry-making – production processes, materials, business goals, target audience and more! This is the step you take when making big plans for the rest of your business to ensure that your pricing works hand-in-hand with your artistry to help sell your work. Pricing strategy is the step that you take before your next trade show, the step that goes hand-in-hand with your branding, and that informs your bottom line.

Who is this for?

Jewelry designers and metalsmiths working in any medium.

Why this is for you:

• You are thinking about doing a trade show, but need a strategic framework and solid financial planning.
• You’re getting ready to apply to bigger and pricier shows and you are wondering if your pricing will meet the moment.
• The holidays are coming and you want your best pricing to maximize your holiday profits. You know it will take time and you want to start now!
• Your production is humming along, but you don’t have time to call around and find new production partners – casters, stone setters, fabricators and more to compare pricing.
• Consumers and retail buyers give you conflicting information and tell you your work is too expensive/a great bargain/a luxury/a deal and you aren’t sure who to trust, and you want to be secure in your pricing before pitching another store.
• You’re mid-career* in jewelry and want to get to the next level and sustain yourself in the process.
• You are wondering if it is time to start outsourcing your work, but aren’t sure if it is worth the money or time. And you don’t feel like you have time to figure it out on your own.
• You are ready to shift your jewelry to gold and platinum but feel sticker shock when you price your jewelry in another metal.
• The money is coming into your business, but isn’t sticking around and you really need to get paid!
• Your custom jewelry bookings are overwhelming you, but you feel like all your money is slipping out of your business.
• You did a trade show and none of the buyers you thought would like your work even glanced at your case.
• You are killing yourself to produce that one best selling piece and can’t keep it in stock.

You love what you do, but finding financial stability in jewelry-making feels just out of reach, especially when you feel like you lack the vocabulary, the roadmap, and the financial vision for making business decisions. You are feeling overwhelmed by decisions and could use an expert guide. And that’s OK! We all start somewhere, and no one is born knowing how to build a business strategy.

Why I offer this

Pricing is fundamental to selling jewelry, and not just to your profit! The right pricing for your work can help you get noticed by buyers and help you deliver the message of your brand. But most importantly, you work hard and I think you should get paid for that work.

With a 20-year history in metalsmithing and production jewelry, a simultaneous 20-year work history in retail sales and management, and a 16-year history in eCommerce for small businesses, I bring a perspective that is deep and wide to pricing strategies. Understanding the math, your production process, consumer psychology, brand positioning, and retailer expectations are all key to pricing success. Plus, I had to learn all of this too! I know that you don’t have to struggle alone with your pricing.

My experience is hands-on, experiential, and rooted in real-world consumer dynamics, with a big side of digital know-how. Most importantly though, my goal in this process is for you to understand it all too.

What are your options for working with me?

Option One – Review of your pricing strategy – Starting at $750

An analysis and review of your current pricing model, leaving you with a roadmap to implement pricing and strategy changes on your own.

You provide me with your current pricing formulas and strategy (in whatever form they are in) essential information about your production systems, operations, labor time and costs, and the essential information about your overhead. This process will be tailored to you and your business.

With this package you get:

• Identification of your current positioning and messaging within the industry.
• New target markets to sell to.
• Benchmarks to understand when your prices can and should change in the future.
• Recommendations on jewelry tools that will speed and ease your production practices, enabling you to sell more without changing your prices.
• Connections and recommendations for new production partners.
• Based on both your numbers, your consumer profile and your current branding, you’ll receive a report on recommended changes to your current pricing model, positioning, and production practices.
• A 2-hour coaching session to walk you through all of the changes and shore up your strategy.
• Ongoing virtual support for one month via Voxer.

Option Two – Review and implementation of your new pricing strategy – starting at $3100

With this package you get everything included above, plus:

• Implementation of your new pricing with your approval.
• Changes to your website.
• Updates to your line sheets.
• Any necessary messaging to your wholesale and DTC customers about pricing changes.
• A VIP half day (this is instead of the 2-hour call) to dive into the findings, understand your new pricing strategy.
• 3 months of virtual support via Voxer post-implementation.

For enterprise-level pricing strategy – book a call for a quote

What are people saying about working with Sharon Z on their jewelry pricing strategy?

“Who knew pricing could be creative? 🤯 Working with Sharon on Ofrenda Jewelry’s pricing strategy was an exercise in thinking outside the box, having more flexibility around the craft, and considering alternative options creatively. It allowed me to see and understand my brand with a broader perspective, and be confident in trying new things. Sharon was respectful, kind, and generous throughout the process and I now have a ton of ideas, resources and examples to price my jewelry without feeling I’m in a straitjacket!”

Cecilia Echeverri – Ofrenda Jewelry

How does this work (the logistics)?

It all starts by gathering information and doing research. Your pricing doesn’t exist in a vacuum, it considers every facet of your business – production time, materials, your operations. Public perception, marketing and branding all count too!

• We meet on a discovery call to make sure that this is the right plan for you.
• Work starts when you say yes via an invoice and contract. Your due date starts once you supply me with the details of your production practices, COGS and more.
• Costs in jewelry are obvious – most of the time – but matching your brand and business goals to your pricing is more nuanced. That’s why a consumer profile, and an understanding of your business goals are crucial – I work with your stated goals to develop a pricing strategy tailored to you.
• You share with me your current formulas, productions processes, business goals and your current target market. Don’t have this info handy? You and I will work together to build this into your business so that you can operate on your own!
• I find other competitors, look at jewelry industry benchmarks, industry changes, and analyze your current profit margins.

What you and your business get out of this

• New positioning and messaging to bolster your prices.
• Clarity and understanding of industry best practices.
• Better and more efficient production processes.
• Identifying markets you hadn’t thought about.
• Higher profit margins.
• More ease in your operations.
• Security and confidence every time you sit down to price new jewelry.

What else are people saying about working with Sharon Z on their jewelry pricing strategy?

“Working with Sharon was a pleasure; her enthusiasm kept the conversation flowing and allowed me to be open about my recent challenges. She carefully considered each of my inquiries and gave clear responses. Her counsel and recommendations have been incredibly beneficial in helping me look at methods to improve my cash flow and introduce a new, successful pricing structure. I heartily suggest Sharon if you want to make important business decisions to keep your company expanding!”

Cindy Liebel Jewelry

Who Isn’t This For?

• This plan may not be appropriate for someone in the exploration phase. In other words, if you haven’t created any work yet and don’t have any COGS, or haven’t identified a target market, this is not the plan for you. I recommend starting with my Pricing eCourse, or my jewelry-making courses to get familiar with the terminology and general practices.

*What counts as mid-career in jewelry? In this context, early-career would be 1-5 years in business or comparable industry experience. Maybe you’ve reached the six-figure stage in your business. Mid-career would be 5 years or more. Most of the time these parameters are made up, so if you aren’t sure, that’s a good reason to hop on a discovery call.