Episode 481: Rising Fine Metal Costs? Here’s How to Handle Pricing!
Surviving Rising Metal Prices for Jewelry Business Owners
It’s inescapable – high prices are here to stay. The recent surges in inflation have left us all with higher grocery bills, gas prices, and many other expenses that leave our wallets feeling lighter and our bank accounts lower than ever before.
And for those of us who work with precious metals – we’ve had it even harder. From having to make Jewelry for MORE than we sold them for to explaining price increases to shocked wannabe repeat customers, the rising price landscape has caught many Jewelry makers unaware.
I have good news for you:
This isn’t the first time this has happened to me. In 2008, I had to close my business because expenses were rising faster than I could adapt. So, when I started my second Jewelry business – I developed strategies to prepare myself in case it happened again.
Well – clearly that time is NOW!
In today’s episode – I share what you can do in your business to not only survive but thrive in today’s highly inflated precious metals market.
In this episode, we go over:
- [3:41] How 2008 prepared me for today
- [5:30] The economic reasons why precious metals price spike
- [11:40] Ways to adjust your prices to account for the rising cost of materials
- [13:30] Develop a Customer Communication Plan for use with wholesalers and repeat buyers
- [15:47] Diversifying your product line to reduce material costs while keeping value
- [17:34] Optimizing your supply chain to secure better deals
- [18:31] Elevating your value proposition so customers recognize other sources of value
- [19:32] Reducing or removing non-essential business and personal expenses
xo, Tracy
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Links:
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