3 Unconventional Pricing Strategies For Jewelry Marketing
Episode #271 – “3 Unconventional Pricing Strategies For Jewelry Marketing”
Welcome to Episode #271. As we enter the new year, I’d like to discuss unconventional pricing strategies that you might want to explore in 2024 and beyond. Many jewelry businesses tend to adhere to established pricing norms, and that’s perfectly fine. Some offer discounts, while others maintain fixed prices – whatever suits your business model.
However, today, I won’t be addressing these common pricing approaches. Instead, I’d like to focus on pricing as it relates to attracting new customers and enhancing your marketing efforts. You can continue selling your jewelry at the prices you’ve determined to be suitable, but I’ll show you how to leverage those prices strategically to benefit your business.
Later in this episode, I’ll also be chatting with Hilary from Hilary Finck Jewelry, who we’ve been spotlighting as a jewelry brand case study. For those joining our podcast series for the first time this season, I’d suggest starting with Episode #252. Doing so will introduce you to Hilary and allow you to follow this narrative from its inception.
Before we begin our conversation with Hilary, let’s discuss some unconventional pricing strategies that you might not have thought about yet and explore how they can boost your marketing efforts this year.
Check out the transcript below.
Laryssa Wirstiuk 0:00
Ready to break free from algorithms, vanity PR, and money-sucking ads? My name’s Laryssa Wirstiuk, and I’ve learned in 7 years of jewelry marketing that content is the crown jewel. My agency Joy Joya takes a holistic approach, leading with laser-focused storytelling, impactful content creation, and strategic content distribution. This method has worked for the solopreneur as well as the multi-million-dollar company, and now I’m sharing these systems and tactics with you. Here’s to standing out in the Sea of Sparkle.
Welcome to Episode #271. As we enter the new year, I’d like to discuss unconventional pricing strategies that you might want to explore in 2024 and beyond. Many jewelry businesses tend to adhere to established pricing norms, and that’s perfectly fine. Some offer discounts, while others maintain fixed prices – whatever suits your business model. However, today, I won’t be addressing these common pricing approaches. Instead, I’d like to focus on pricing as it relates to attracting new customers and enhancing your marketing efforts. You can continue selling your jewelry at the prices you’ve determined to be suitable, but I’ll show you how to leverage those prices strategically to benefit your business. Later in this episode, I’ll also be chatting with Hilary from Hilary Finck Jewelry, who we’ve been spotlighting as a jewelry brand case study. For those joining our podcast series for the first time this season, I’d suggest starting with Episode #252. Doing so will introduce you to Hilary and allow you to follow this narrative from its inception. Before we begin our conversation with Hilary, let’s discuss some unconventional pricing strategies that you might not have thought about yet and explore how they can boost your marketing efforts this year.
But before we get to the solid gold, I’d like to take a moment to remind you that this podcast has both audio and video – so you can either listen on your favorite podcast platform or watch on YouTube by searching “Joy Joya”. You can support the podcast for free by taking the time not only to subscribe but also to leave a rating and review on Apple Podcasts. Also, I’m so excited to announce the Joy Joya 2024 “Name Your Price” Emerging Jewelry Brand Incubator. Are you an emerging, independent jewelry brand looking for strategic digital marketing from Joy Joya? But you’re also worried that you simply can’t afford professional marketing support? In 2024, we’re launching an “Emerging Jewelry Brand Incubator” for just 10 brands that will have the opportunity to “Name Their Price” for professional marketing services! We’re determined to make marketing support more accessible. Nope, this is not a joke, and there’s no “catch”. We’re serious! After working in the jewelry industry for almost 8 years, we’ve noticed numerous brands that could greatly benefit from additional marketing assistance, but often, it has seemed challenging for them to access the support they need. Maybe you feel like you have one of those brands. Our objective is to establish a strong marketing base for you, enabling you to elevate your brand to the next level. For all the details, visit JewelryBrandIncubator.com. Applications close January 31st!
Okay, let’s get into today’s episode, my Sparklers! Today, we’re going to explore pricing strategies that can elevate your marketing efforts in the coming year. We won’t be delving into discounting, so if that’s not in your playbook, no need to be concerned! Instead, I aim to provide some fresh perspectives that will encourage you to consider the value proposition and ways to attract new customers to your brand.
So the first unique pricing strategy that I want to talk about and that I hope you consider to some extent in a way that can work for your jewelry business is loss leader pricing. So this is a marketing strategy where a business deliberately sells one or a few products that is either very low or even below cost but the intention is attracting customers, kind of getting them into the door, and then generating additional sales of other often complementary products. So what would be the goal of loss leader pricing? The goal of this strategy is not to make a profit directly from that item or items being sold at a loss. But again, you’re trying to lure customers into your physical storefront or onto your ecommerce website, where they’ll be more likely to make other purchases with higher profit margins either at the same time within the same purchase, or later on. So that way, you can get them on your email list, you can have them follow you on social media, so you can continue to market to them later. Loss leader pricing is a tactic that’s commonly used by retailers to increase that foot or website traffic, also to boost sales volume, and also to build customer loyalty because people really feel like they’re getting a great value, especially on select items.
So who would this be right for? Definitely jewelry businesses that sell products with high profit margins that can offset the losses by selling the loss leader. So these high margin items help recoup the losses and generate overall profitability. Also, if you’re a jewelry business, that’s really, maybe you’re new, or maybe you recently had a drastic change in your business model, and you’re having trouble getting people in the door. And yes, this can work for high end and luxury jewelry businesses. Actually, there are a lot of very famous examples for luxury brands like say Gucci, Prada, and Louis Vuitton, who obviously cater to people who are willing to spend more money. The clothing they produce is pretty well known as a loss leader. It’s a way to kind of get people interested and invested in the brand. But the real money that they make is when people purchase things like fragrances, definitely handbags, shoes, and other accessories. And that clothing is hardly profitable. But it becomes an aspirational item that people can wear, because they’re really excited to show the designer’s name on their body when they wear that clothing. So what types of products work really well for this? Well, items that are relatively low cost to make frequently bought on impulse. So things like add-on items like charms, pendants, maybe even chains; these are things that customers would be more likely to add to their cart kind of without thinking twice. Something that has really proven itself to be popular and or a best seller could make a great loss leader. Because you as a business, if you know that it’s a popular product, maybe you can take steps to streamline the production stage, find ways to have lower production costs, since you know people will be interested in it, then you can sell it at a lower price, maybe something you know that people will want to collect and come back for again and again. So let’s say you start that loss leader with a chain and one pendant or charm, knowing that to have the full experience someone will want to keep coming back for more pendants and charms and add to it. So you start them off with that one bundled product at a loss and then encourage them to come back and add to their collection.
What are the drawbacks and challenges of loss leader pricing? So there is a worry that some people might just come for the loss leader and then never come back again. But that’s where the work of the marketing comes in and bringing people into your brand, making the other products feel collectible, aspirational, desirable, really developing a relationship with a customer. For a jewelry brand, this strategy can be challenging because as we know there’s typically high cost and lower profit margins associated with some jewelry items. But there are definitely creative approaches to consider. So again, the charms maybe simple dainty jewelry that can serve as entry price points for customers into your brand encouraging them to then explore those higher end jewelry pieces. You can use loss leader pricing within a loyalty program. So then customers earn rewards or discounts on future purchases when they buy the loss leader items, you can collaborate with other brands or artists to create unique co-branded pieces that can then be sold at the loss leader pricing. And that can generate buzz and draw in new customers. You can create online exclusive loss leader jewelry items that are available only through your ecommerce platform, that you reach a broader audience and drive traffic to your website. Regardless, it will really be important for your brand to carefully evaluate the financial implications, the long term customer value if you’re thinking about implementing a loss leader pricing strategy.
Again, the goal is not to just sell items at a loss. That’s not what we want to do here. But we want to convert these customers into loyal patrons, who will make those more profitable purchases in the future, and be those really valuable returning customers.
Online apparel retailer Everlane has gained recognition for its commitment to “radical transparency.” They’ve built a unique marketing message around this principle, which resonates with customers who share similar values and desire transparency in their purchasing decisions. Everlane has pledged to disclose pricing markups, clothing suppliers, and their ecological impact, addressing some of the skepticism often associated with the pricing of quality clothing. In the jewelry industry, this level of transparency isn’t as common, largely because those within the industry tend to have a deep appreciation for the materials and craftsmanship involved. However, if you step outside the jewelry realm, especially when engaging with individuals who shop for jewelry on platforms like Reddit, you’ll encounter consumers who are somewhat disillusioned with what they perceive as artificially inflated jewelry prices. While these consumers may not typically be the target audience for high-end jewelry, there’s value in considering a degree of transparency regarding the cost of materials. It doesn’t have to be as comprehensive as Everlane’s approach, but integrating this transparency into your customer education efforts could be beneficial. This is particularly relevant if you specialize in selling diamonds or unique gemstones that may not be widely understood by the general public. What is the goal? The primary goal of adopting transparent pricing as a marketing tool for jewelry businesses is to build trust with customers and differentiate your brand in a crowded and often opaque market. By providing insight into the cost breakdown of your jewelry products, including materials, labor, and other associated expenses, you aim to demystify the pricing process and demonstrate fairness and honesty. This transparency can also help justify premium prices for high-quality materials and craftsmanship, ultimately increasing customer confidence and loyalty.
So who would this be right for? I would say if you cater to value conscious consumers, so people who really like to know what they’re paying for and have a clear cost rationale, maybe those ethical shoppers who prioritize ethical sourcing, fair labor practices, and sustainability. Definitely educated buyers, the people who really want to know what their piece is made of and what went into the making of the piece. And perhaps customers in niche markets. So those who are shopping for unique or rare gemstones or materials or techniques or designs and then what would be some drawbacks or challenges associated with this radical pricing transparency, there may be a competitive disadvantage. So if you’re revealing your cost structure, it could be easier for competitors to undercut you or replicate your offerings. We all know that jewelry pricing is not so straightforward. It involves various factors could be like gemstone quality labor design. So explaining this complexity in a simple and understandable way can be challenging. And we also know that prices may fluctuate, we know the price of gold and gemstones is always changing. So having consistent transparency under these circumstances, could be tricky.
The third pricing strategy I want to talk about is having a trade in or buyback program. So a trade in program in the jewelry industry involves allowing your customers to exchange their old or previously purchased jewelry items that they got from you for credit that can then be applied toward the purchase of new pieces. This credit’s often referred to as a trade in value. And that’s determined on a lot of factors like market value, condition, the materials, and then customers can use that credit when they’re buying a new piece from your brand. So just to give you an example, one jewelry brand, I know they for their trading program, they deduct a 30% restocking fee from the original price of their old product that they paid to make the purchase. And then the remainder amount is referred to as the buyback price of the existing jewelry. And that’s balanced when the customer purchases a new product. But that must be at least two times the buyback price. So that’s a little confusing, but that’s kind of the rules that they have decided on. And you can make this whatever makes sense for you, you don’t have to follow that particular model, if this is something you’re interested in, but remembering what the goals would be. So customer retention, this will incentivize customers to return to your brand for their jewelry needs. Also upgrades so they’re likely continuing to purchase up and spending more money with you. It simplifies the selling process because they already know what it’s like to work with your business. And they kind of know what they’re getting themselves into when they’re trading in. It can engage customers. So this creates ongoing engagement with your brand customers may visit your website periodically to kind of see maybe what they want to buy next. And it can potentially give you a competitive advantage, a unique selling proposition if your competitors don’t have a similar program.
So who is this right for fine jewelry businesses? If you’re selling high end or luxury items? Definitely if you’re selling engagement rings or wedding bands, and perhaps if you sell if your selling proposition is that you have sustainable or ethical jewelry, because it kind of aligns with this idea of recycling as well. And then what would be the drawbacks and challenges? I mean, you can only imagine the appraisal accuracy if you don’t have the right resources or team members to assess the trade in value of jewelry, and perhaps even security concerns. So what does it look like for someone to bring back or send back their piece to you? So those are some things to consider. Okay, so I just gave you three strategies, I’m going to give you one bonus, and that’s tiered pricing. And tiered pricing is a versatile, versatile strategy that can be framed as a loyalty building approach, rather than a traditional discounting strategy. It sounds like a discount, it kind of is a discount, but I want you to think of it more from a marketing perspective. So when you have it focused more on loyalty, it can really enhance your jewelry brand’s marketing message. So for example, this would involve creating distinct tiers or membership levels within your customer base, and each tier offers unique benefits. So maybe someone at an entry level VIP tier. People start at this level. This is the baseline pricing for your jewelry, they get access to your regular product offerings, but as they move up in the tiers, they might get a certain special kind of pricing, first access, special promotions. It you can kind of decide like how you want it, the kinds of benefits that you want to offer to each tier. So this could also work really well, if you primarily do Made to Order jewelry, and you are thinking about doing pre orders. So having tiered pricing in a pre order promotion where customers in higher tiers, who get exclusive preorder access, or an incentive to buy earlier and kind of give you like a heads up of how much product you’ll need to make. So maybe they get special pricing for that.
In our upcoming conversation with Hilary, we talk all about pricing – how she approaches setting prices for her jewelry, what helps her feel confident about setting prices, how she correlates prices with perceived value, and more.
Hey, Hilary, welcome back to the podcast. I’m so excited to chat with you today about the topic of pricing.
Hilary Finck 20:58
Hi, Laryssa, great to see you.
Laryssa Wirstiuk 21:00
Great to see you also. So pricing. I mean, I feel like any money related conversation can be like difficult and uncomfortable for people. And I feel like in the jewelry industry, I mean, there are like formulas, there’s some information online. But I don’t think enough people talk very openly about like how they set their pricing. So I’m excited to get to hear directly from you today about your pricing.
Hilary Finck 21:25
Yeah, I’m more than happy to talk about it.
Laryssa Wirstiuk 21:27
So how do you approach setting prices for your jewelry pieces?
Hilary Finck 21:31
So what I do is I keep a notebook where I write down, you know, every piece that I make, I write down, you know, the date it’s made, you know, all the materials, use the weights of them what the price of the you know, the gold is that I’m using that time what the price of the stones is that I’m using, and then I log my hours, and then I have an hourly rate. And then I have a formula that I plug all that into. Now that’s not, I know that I’m different, I like to make one piece at a time, usually from start to finish. I know a lot of jewelers, they like to make a lot of components or components at once, and then kind of finish a bunch of pieces at once. So you know, what I do might not work for everyone, I just love the instant gratification of like making a piece from start to finish and having something finished. So yeah, that’s what I do. And then for, like small production pieces, I have a little like Google Drive sheet where I put all my quote unquote recipes and the weights of what the gold is for those pieces. And then you know, as gold prices change over time, then you at least know like, Okay, this necklace weighs this many troy ounces, and blah, blah, blah, blah, blah. And then you can just increase your pricing as needed.
Laryssa Wirstiuk 22:51
How see, that’s kind of interesting to me the gold price fluctuations, like, when does it get to a point with the gold prices fluctuating pretty much regularly that you feel like, okay, now I definitely need to like change the price of this item?
Hilary Finck 23:06
That’s a good question. Because it’s just, it’s just so hard to know what gold is going to do, especially with our economy right now. And people think that investing in gold is a good idea, which drives me crazy, because it just makes it harder for our industry. I just think you have to pay attention. And all of a sudden, like, let’s say you are, you know, making a new order, or you need to kind of like, you know, add another stock item. And obviously you realize, you know, gold is at five now, and before it was 75, well, you’re gonna have to increase that price, you know, it’s just kind of, you just have to keep good notes and just do it. And then you know, let your clients know, like, Hey, I’m so sorry, but these, the price of gold has gone up. And so I’m going to be increasing my prices, a lot of people will do a sale saying, hey, from now until the end of the month, you can get the current pricing on this. And then everything after that is going to be increased 20% or whatever, there’s a few different ways to do it.
Laryssa Wirstiuk 24:05
So one thing I find is jewelry designers sometimes struggle with kind of setting a price that really values, their time and effort and what the creations are worth. So what helps you really feel confident about setting your prices, especially now as you’re putting out pieces that are starting to go into higher and higher price points.
Hilary Finck 24:28
Well, you know, honestly, I’m not always confident. I just think that’s kind of normal with pricing, but having that, you know, formula and that system that I talked about previously, it really helps. You know, and I have clients that you know, regularly tell me, Oh, I really wish I could afford that piece or that but I know it’s worth every penny. So I think people understand that when something is really well made something as unique, handmade, one of a kind that there’s higher higher value to pieces like that. So I think that helps increase the confidence. And, you know, I’ve I always thought, I think I’m like, just like other jewelers, I’ve always been like, Oh, that’s too much. It’s too expensive. And then I’ve had, you know, business coaches are pricing. I’ve used a pricing consultant in the past. And she was like, your hourly is too low, like your labor rates are way too low. And I was like, Oh, my gosh, really? So I mean, I’ve increased my labor rates. But not for, like, at least a year. You know what I mean? So I’m sure there’s room for me to give myself a raise too. But sometimes I look at my prices. And I’m like, Yeah, I don’t know. It’s just so hard to know.
Laryssa Wirstiuk 25:45
It is hard to because like the person making the jewelry is not necessarily like the customer buying it. And then pricing is all relative. So like, one person can say that’s expensive, and another person can say that’s like perfectly in their price range. So that’s another challenge as well.
Hilary Finck 26:04
It is definitely I wish I knew the answer to all of that definitely is a challenge.
Laryssa Wirstiuk 26:10
Have you ever had any like major revaluations or overhauls to your pricing strategy besides those like, you know, gold influenced price increases, maybe because of competition or market changes, or just different strategies you wanted to pursue?
Hilary Finck 26:28
I should probably pay a little bit more attention to competitive pricing. Generally, I don’t just because with one of a kind, it’s just what it is, for me, at least, you know, since I kind of know like, well, that price is exactly what I put into it when then with all my multipliers. But I would say the only thing that I’ve re evaluated and adjusted over the years is mine is my labor rate out of you know, advice from a consultant to raise it. And then I’ve just become way more comfortable with my with increasing my final multiplier for direct to consumer. And that’s just something that all of a sudden, you go, Well, I started doing that, and people are purchasing. So you just it’s, I guess it’s one of those things like, you have to give it a try, like increase your multiplier, increase your labor rate, if things sell, you just got to stick with it and go with it. And don’t don’t go backwards.
Laryssa Wirstiuk 27:28
Yeah, that’s a great point, too, because not all of this just gets boiled down into like a simple formula. And that’s it, you have to know is there actual demand for this are people still gonna buy because if literally no one’s going to buy, then your formula is not really worth anything. So that’s a really good thing to think about too. And to that, in that vein as well. Do you ever worry that prices may not resonate with like certain segments of your audience or even your whole audience? And then how do you address that?
Hilary Finck 28:02
Oh, absolutely. I mean, I started out, you know, five years ago, just working in silver. And so I still have a lot of clients that can either just rather would wear silver, or that’s just more of what they can afford. And so I will still make pieces and silver. For them, period, I don’t want to leave anyone behind, but I won’t lower my I won’t lower prices on gold pieces or pieces with finer gemstones to meet people, I will just create, I’ll just create more affordable silver pieces for for people.
Laryssa Wirstiuk 28:43
So as you’re moving into like these higher price points, obviously, it becomes more important to like really communicate the value or the perceived value. So what are some ways that you kind of share that story, tell about the materials to make sure people understand like, Okay, this is why the price is what it is.
Hilary Finck 29:05
I think photography plays a huge part in it. Having photography that’s simple and refined and very clear, and puts the product front and center. I think that helps a lot. And I think on like Instagram stories where I have time to take pictures as I make something in post as I’m making something and people can see the process. I think it helps them to understand that this is a handmade product from start to finish made by Hillary. So people really find value in that. And then just the fact that something is one of a kind, you know, if the as long as the craftsmanship continues to be good, and as long as it has that kind of future heirloom feel to it. I think that all of those things, have, you know, really helped with the perceived value of a piece and then can correlate to the price that matches all of that. Yeah, that mean, and then there’s some people that won’t buy jewelry, if it’s too low. They just, you know, they’ll only buy it if it’s really expensive. So it’s, you know, like we were kind of saying before, so it’s the perceived value is huge for people like that.
Laryssa Wirstiuk 30:19
That’s so interesting that people only buy jewelry, if it’s expensive. I do know there are cultures that you know, let’s say 18 karat 24 karat gold, like they invest in, in the jewelry, because that’s like such an important part of their culture and tradition. So I guess that makes a lot of sense, too. So we can’t talk about pricing without talking about promotions and discounting. Of course, there are some brands that like never do promotions, but that is something you do offer occasionally. So tell me about like your strategy and process behind figuring out promotions and discounts.
Hilary Finck 30:59
Yeah, it’s tough. I mean, I would love to not do it, right. Because I do think it kind of cheapens the brand a little bit having too many sales, I think really cheapens the brand. You know, I do a holiday sale, whether those are successful or not, it’s so hard to know. And the timing has to be right. You know, it’s there’s so many things that go into having that go into having a successful sale. I’ve also done a spring sale in the past. And I really liked the spring sale, it just kind of like fret refreshes. Like, there’s like the inventory, you know, and you know, sometimes with that I’ll do like a percentage off. Or sometimes I’ll just be like, these pieces are on sale, and what they’re marked is what they are, you know, maybe there’s just some pieces I just want to see go out the door. And I’ve seen other designers do like an archive sale. And I think that’s another great way to do it. Like these are pieces that have been on the site for a while. Let’s move them, you know, it’s not really doing anyone any favors by just sitting there on your site. So, you know, like I said, I don’t love having sales from the branding aspect, but it is a great way to make some money.
Laryssa Wirstiuk 32:17
So going along with that kind of more challenging discussion of when to have promotions, how to handle discounting, would you say you have ever had any other times when you had to navigate a particularly challenging pricing decision or negotiation?
Hilary Finck 32:33
It’s generally okay. A few years ago, or a couple years ago, I started working with a new collector, and she was going to buy, we were working together to come up with like five custom pieces for the holidays for her family members. And she was going to be she was going to be spending a lot of money. And she kind of was haggling with me on on some of my prices, which I was like, wait, what this is handmade jewelry, you know, this is not, you know, but I, but she she is a huge jewelry collector. And so I know that she knows the prices of jewelry and whether or not she just thought my what I was quoting was too expensive or not. But anyway, I did give her a little bit of a deal on some of them. But it I mean, I thought it was challenging, just because I thought I know this woman’s I kind of know her situation. And she can definitely afford to. She didn’t need the discount. But I also know that she was very important client. And I really liked working with her. And we continue to work with each other to this day. So it wasn’t like it was anything that was really too much of like a negative impact. If anything, it was a positive impact overall, but it was was a little it was a little off putting, I guess. But it all worked out.
Laryssa Wirstiuk 34:00
Yeah. And that kind of goes back to what we were saying. Like it’s not always just about a formula like you’re dealing with people and you’re dealing with their own like perceptions of what things should or shouldn’t cost. And I agree with you a situation like that can be awkward because you don’t want to do value yourself but also you have to kind of think beyond that. Well what’s this relationship gonna look like three years from now five years from now and so it’s not easy to like figure that out, especially in the moment when like you have someone literally like asking you these questions or like quote unquote haggling with you.
Hilary Finck 34:39
Yeah, yeah. And I think something I’ve I’ve also had to do is explain to people like the way I set stones, uses a good amount of metal. It’s not just like a small little thin bezel wire. You know, I’m using 24 gauge sheet to set my stones and usually As the metal has to come up over the stone higher to fit the crossbar, so my settings use a lot of metal. And I think people don’t fully understand that if they’ve just bought jewelry. That’s just bezel set stones, traditional bezel set stones, or even faceted stones, they don’t use a lot of metal. So that is partly what makes my jewelry more expensive is just the amount of metal.
Laryssa Wirstiuk 35:25
And it’s so nice that you as the maker can like have those relationships and conversations, because that probably makes your collectors value it even more at the end of the day.
Hilary Finck 35:36
Yeah, there’s a lot more, they’re getting a lot more gold and a piece you know otherwise than they otherwise would be.
Laryssa Wirstiuk 35:43
So what advice would you give to emerging jewelry designers or people who are feel shy or confused about pricing, and to help them have a sustainable and profitable pricing strategy?
Hilary Finck 35:57
Well, I’d say stick with a formula and just use it and be confident about it. Don’t be afraid to have strong multipliers. If you think a piece, if you can get more for a piece, even after you’ve done your multipliers. Get more for that piece. You know, I’ve done that with some pieces where I’m like, Oh, I know I can get more for this than just my traditional multipliers. Get more. And don’t ever I would say, Don’t ever go below Keystone on your direct mail markups, that’s two times right two times your wholesale, I would never go below 2% Two times. Yeah, I would just say keep good notes. Keep a good log. And then you can learn over time be like if you even if you’re making like a similar piece, you’re like how much and it also helps with like estimates, right? So like when you’re quoting custom jobs. It really helps me to look back at my notes and be like, Okay, this is kind of a similar stone and a similar setting. And you can be like, alright, well, that was this much. And that helps a lot too. So I would just say use of a formula, stick with it. Don’t be afraid to have high prices. I mean, I’ve had people tell me before that they think my prices can be higher. Which I’m like, Oh my gosh, really. So I just I think that people, the right people will pay a higher price for jewelry that you just it’s a matter of finding them.
Laryssa Wirstiuk 37:24
Right. I really liked what you said too, about the pricing for custom and how keeping those notes just helps you like shortcut it a little bit. Because yeah, you don’t want to be like reinventing the wheel every time. So I like that you’re using that to create more efficiency too.
Hilary Finck 37:41
And I also think it’s just kind of cool to look back on. Like, I’ve filled up three of these, like, I don’t have one with me right now. But like the moleskin, like eight and a half by 11. I’ve filled up like three of those over the years. And it’s just really fun sometimes to look back and be like, alright, I remember I made that piece of my brain work with that person. And so I always put like the name of the person with it, too. If it’s for a custom order. I just think it’s a really cool way to just kind of have a historical record of what you’ve made too.
Laryssa Wirstiuk 38:12
Absolutely. I like that. Yeah. Well, thanks, Hillary. This, I hope was very helpful to people to be a little more transparent about pricing, and I really appreciate your insights.
Hilary Finck 38:23
Yeah, you’re welcome. I hope it’s helpful as well.
Laryssa Wirstiuk 38:25
What did you think about the interview? Are you excited to follow Hilary on this journey? I highly encourage you to check out Hilary’s website hilaryfinck.com and follow her on Instagram @hilaryfinckjewelry. Link in the show notes as well. Let me know in a podcast review or YouTube comment what you think about this new journey. Okay, let’s get into THE GOLD MINE.
Welcome to another edition of THE GOLD MINE – a segment where I get personal and share insights on entrepreneurship, mindset, success, growth, and all things business. THE GOLD MINE allows me to share topics and insights close to my heart. In this week’s GOLD MINE, I want to explore a thought-provoking question: “What if you try the opposite?” It’s not uncommon in the jewelry industry for brands to look at their peers and try to mimic their paths to success. It’s like saying, “Hey, that other jewelry brand did this, so I’ll do the same and expect the same results.” But when you limit your perspective to what others in your field are doing, you often end up with a narrow mindset, and it’s hard to achieve remarkable results. I recently came across an eBook by Tim Ferriss titled “17 Questions That Changed My Life.” In it, he shared his experience with his first job after college, where he had no clue about selling mass data storage to CEOs and CTOs. Initially, he followed the same routine as his colleagues, making sales calls from 9 AM to 5 PM. But being the newcomer, he realized that approach wasn’t working for him, and he needed to make a radical change if he wanted to avoid failure. So he decided to step out of the box. He started making sales calls during unconventional hours, from 8 AM to 8:30 AM and then again between 6 PM and 7:30 PM. In the gaps, he focused on sending cold emails instead of making calls. He also decided to dive deep into the technical aspects of the product, so he could converse more like an engineer than a typical salesperson. Instead of pushing hard sales pitches, he began asking more questions. His experiments paid off, and in his final quarter on the job, he outperformed an entire office from their biggest competitor. Now, of course, as jewelry brands, we’re not out there cold-calling CEOs with jewelry sales pitches. However, there’s a valuable lesson here about trying something unconventional. When everyone in your industry is following the same playbook, it may seem like they’re all successful from the outside (because you don’t see what happens behind the scenes), but you have no idea what challenges they’re facing. The jewelry industry often relies on established formulas. But if you dare to do something that aligns better with your vision and your customers, even if it’s just a short-term experiment – something completely unexpected for a jewelry business – you might be surprised by the results, even if they don’t show up immediately. And you might discover valuable insights and motivation for your next steps. So, what can you do differently? What industry norms have you questioned that don’t quite resonate with your brand or approach? I encourage you to consider trying something completely unexpected in 2024 and wholeheartedly committing to it without fear. Who knows what exciting outcomes and valuable lessons you might uncover along the way? Feel free to drop me a message via Instagram DM, leave a review on the podcast, or comment on our YouTube channel. Let’s engage in a discussion about it!
Did you have any questions about today’s episode? You can always email me Laryssa at email@example.com. If you loved this podcast, please share it with a friend who’d appreciate it. And don’t forget to subscribe as well as leave a review on Apple Podcasts. If you’re completely new to digital marketing, then you’ll want to purchase and read a copy of my book JEWELRY MARKETING JOY. Visit joyjoya.com/book for more information.
Transcribed by https://otter.ai