Pricing Your Work -
Consider Your Competition
In pricing your work you must also consider what your competition charges for a similar item to yours.
This doesn't mean your price should be based solely on what the competition charges, but if you are both after the same customer this factor must be included in your calculations.
If you want to sell your item for more, or for less, you will have to convince your customer that it is either better quality in both materials and craftsmanship, or that it is a better value.
Your jewelry business must offer a unique feature that will make the customer want to buy from you rather than the competition. Your job is to point out this "something special" to the customer.
Your image can also influence what customers are willing to pay. A jewelry business that projects a professional image will no doubt receive more business and can charge higher prices. Little things and attention to detail can mean a lot to your success.
Market demand can also influence the prices you charge. Costs alone cannot monitor price. Expenses will dictate when prices are too low and you are losing money. Costs are only the floor of the pricing dilemma. Customer demand sets the ceiling. The area between cost and demand is a cost-competitive price. Your price must lie somewhere between a product's cost and what the market will bear.
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