Jewelry Business Tips: How to Price Jewelry and 9 Ways to Add Perceived Value to Your Handmade Work
The market in which you sell your handmade jewelry and the market (audience) to which you offer it are two ways to increased the perceived value of your work (taken from part one of this blog on how to price handmade jewelry). Here are nine more ways to raise the profits you make by selling handmade jewelry through increased perceived value, excerpted from Pricing Strategies for Artists and Makers, our online jewelry business class with the Art Business Institute’s Carolyn Edlund and Wendy Rosen.
How to Price Jewelry and Other Art: 9 Ways to Add Perceived Value to Your Work
- Use words or symbols: Appeal to the left brain and make a connection by using words that share the concepts behind what you do. These may appear in the artwork or design itself, or may be less obvious, such as a word or two on the bottom of a ceramic pot, on the back of a pendant, etc.
- Use luxury or targeted packaging and presentation: Present your handmade work in a beautiful box, or with packaging that carries a message that relates to your customer. What is your style–luxury, humor, dedication to a cause? Use words and images on packaging, hang tags, and boxes that convey your brand message.
- Create limited editions: These carry higher price tags than open editions. Collectors know they are getting a scarce piece of your work, and it is more highly valued.
- Made in America: Interest in items made in the USA has soared. This taps into national pride and the desire to support American artists. If you are not an American artist, promote that the work is made in your own country.
- Add functions: Does the 5” x 7” greeting card you sell also fit perfectly into a pre-made 8” x 10” mat and frame? Can your handmade kimono be hung on the wall as a piece of fiber art? Each added function can also add value and reasons to buy what you make.
- Use a certificate of authenticity: Use the “real estate” on the back of a painting or a matted print [or on your packaging] to include a signed certificate, with information about the artwork and the artist. This adds “credibility” and is also a wonderful addition for buyers who are selecting gifts.
- Sign your work; Your signature says it’s yours, a creative work by an artist. Your signature matters, and tells others that the collector has a valued original.
- Tell your story: Your story, inspiration, and technique are fascinating to many people. They appreciate the fact that your fingerprints may be on the work itself; that it is painstakingly made in a time-honored tradition, with great skill. Share this in your marketing, packaging, and presentation.
- Share the customers’ benefits: “What’s in it for me?” That sums up the concerns of most customers. Share how your art or handmade work enhances their lives or makes things easier. Do you work with tarnish-resistant silver? Is your handmade clothing made to fit a variety of sizes? Do you offer gift cards or returns if they are unsure of what to buy? Talking about benefits can make your customer realize how much they value what you are selling, and help close the sale. –CE & WR
Pricing Strategies for Artists and Makers is packed with actionable, logical methods and formulas to help you determine a fair but profitable price and how to price jewelry–including ways to reduce all of your costs along the way. You can learn more details about this course, how to price jewelry and other handmade goods in part one of this blog. Or, register now to reserve your spot in Pricing Strategies for Artists and Makers–and if you want to start your handmade jewelry business on the right path, check out How to Launch a Successful Handmade Business while you’re there. It’s loaded with proven, professional advice on launching a handmade business, from making to cha-ching!