Pricing is often a huge question among crafters. Many of us get stuck because we feel that what we have made was easy for us to make, so we can be shy or even feel guilty asking appropriate prices for our work.
I was thinking about this recently and came to an important realization. I can go to just about any store and find jewelry that was likely made in China for prices such as $20 /earrings and $40 / necklace, and those pieces are not only cheaply made and imported but were created en masse and will be worn by thousands, if not millions.
Then you have those who create handmade work but will create a limited or unlimited number of the same design, so while that design is handmade and unique to that artist, there are still anywhere from a dozen to a few hundred of the same item out there.
And finally, you have the artist who creates just one of any of their designs, so that one piece stands alone, and cannot be sold to multiple customers.
These are important factors to think about when pricing handmade goods. I am sure that a particular pair of earrings I created and priced at $50 could have a imitation mass produced and offered at Claire's for all of $7.00. The mass produced earrings wouldn't take as long, as much care, or as much detail as the earrings I had made, but they would have a similar look.
What it really boils down to is
who you want to sell your jewelry to. If it is anyone and everyone, and as many pieces as possible, then your best bet is to set competitive prices with what people can find at the mall.
If you want to sell to someone, who like me, believes that special handmade pieces have a life and soul all their own, perpetuated by the love of those who make them and those who buy them, then what you make will be worthy of more than any department store piece could hope to achieve.
A matter of perception comes into play in the pricing of jewelry (or any handmade items) as well.
Your perception has a huge impact on the customer's perception. For example:
If you use the cheapest materials you can find, do fine handwork in making your items, then present, display, price and sell them for relatively low prices, your customer will view your items as worth what you are asking. In other words, you'll cheapen them. This not only makes each piece worth less but also gives the impression that they are less desirable.
People do not think to themselves that they'd like to save up for a $20 item that is presented as if it belongs in a yard sale.
On the other hand, if you select quality materials for your work, present it in a professional manner (but still warm, fun or quirky, we are artists after all!), and ask a price that genuinely reflects the time, love and thought put into your item as well as the rarity of it, this will be conveyed to the public. They will see your work as something special, something that has a value beyond its materials because of what went into it and the artistic mind behind its creation. Then people are no longer buying a simple object but instead are connecting with another human being by taking something created by one hands and passing on the message it carries by themselves wearing it, allowing for further connections with everyone who sees and admires the piece.
If you present yourself in the right manner, potential customers will instinctively know that they aren't just buying a piece of jewelry but are in fact investing in the vision of an artist.
This is all food for thought and there is no single pricing scheme that works for every person or every craft. It is many factors woven together that equal the value of your work in the eye of the public.
I happen to be the jewelry designer who makes the bulk of my designs only once. For me it is because my ideas for jewelry are just like my ideas for paintings - once it is created, it is out of my mind and I often couldn't force myself to make the same thing again. Not only that, many of my jewelry designs are not repeatable, because I allow flow and randomness to dictate aspects of the design. In my case, attempting to competitively price my jewelry against a manufacturer would make absolutely no sense at all.
Here is a list of factors that can cause consumers to view your work as worth more than average prices or less than average prices. This isn't to say that everyone agrees, but in general these factors have an impact on perceived value.
-Are your items handmade? Yes - higher No - lower
-Are your items one of a kind? Yes - higher No - lower
-Do you use semi precious stones and metals? Yes - higher No - lower
-Are your photographs or displays professional looking? Yes - higher No - lower
-Do your designs tend to follow current market trends? Yes - lower No - higher
-When you search handmade jewelry on Etsy, are there many other items of a similar style / technique to yours? Yes - lower No - higher
-When you search similar handmade items, does it appear most use higher quality materials? Yes - lower No - higher
-Do retail stores offer jewelry which in the eyes of a customer is comparable in design / overall style? Yes - lower No - higher
Do you believe in yourself and your artistic vision? Chances are if the answer is yes, you're already charging prices comparable to what you put into creating your jewelry. If not, you're likely underselling yourself.
Also, keep in mind that every designer makes some pieces that have more intrinsic value than others. I make dozens of earrings that are pretty basic assemblage - albeit with my unique perspective on color combinations and shapes and styles of beads. I sell these for much less than my sculptural necklaces that are one of a kind because of factors in the above list. It is good to have a range of prices, but also to try to keep the bulk of your stock near the middle of that price range. Often, people subconsciously select items that fall about halfway between your most expensive and least expensive pieces.
