People often ask me how I determine the prices for my jewelry. Honestly, I don't have a tried and true formula. I'm no mathemetician so I don't sit down and determine the exact hours of work in ratio to the exact amount of materials that I use. But I do factor in the cost of materials, labor involved, as well as how my pieces are priced in comparison to similar items. So far, this formula has worked well for me, as most people have agreed that my prices are reasonable. If anything, I've been told that I charge too little. I'm realistic, though; I'm working with wire and making costume jewellery. When I use higher end materials, I do charge more.
I'm also very fair when it comes to striking bargains with customers, especially at craft fairs. For instance, a mother/daughter duo purchased several items from me and the mom asked if they could get a little discount. I didn't hesitate to knock off a few bucks. They spent a lot on me and it's common practice to haggle at flea markets. It didn't hurt me in the long run and was just good business for good customers. While I don't haggle online, I do give a free gift with purchase and am willing to come up with a fair price for custom items. It's a little extra to thank my customers from buying from me and to help keep a good reputation.
That said, I was a little annoyed the other day when a potential customer asked if I could slash my price for her. Basically, she asked if I could make a bracelet about 1/2 inch smaller than average size. This was no problem for me. However, she then asked if I could charge less for her because it would mean that I was using fewer materials in the bracelet. I refused. We were talking about a few milimeters worth of material -- literally a difference between cents. I explained that it's not just about the material used, that my prices are based on the labor involved. And if anything, making a piece smaller often means more work. It means that I have to reproportion everything and make the measurements that much more precise. As an example, when making my kids' jewelry, I use the ruler much more frequently because sizing for children doesn't come as naturally to me as it does for making adult-sized pieces. I have to stop myself from making things too long and then make each link a touch smaller so it works with the design. For the record, this bracelet is $15, so it's not like she was trying to score a deal on a $1000 ring.
Like I said, I think I'm a very reasonable business woman and don't want to overcharge my customers. I don't pretend that my jewelry is something it isn't; I list all of my materials, explain in detail how each piece is made and make it clear that I'm selling costume work. But I do put a lot of work into my pieces and have to retain some dignity when making a sale. I can't have people nickel and diming me.
As of now, this person hasn't purchased the bracelet for me, but I'm fine with losing a sale. I have to stick to my guns and do what I believe is right for my business. I believe that things work out the way they're supposed to so I'm confident that more customers -- who appreciate the work behind my pieces -- will come along soon enough.
To purchase my jewelry, head to Naomi's Designs. To purchase my children's jewellery, head to MayaGirl Creations.
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