Are my prices too high?

[Mollymoojewels]

I have just had a convo from someone who praised my work but complained about my prices. I do try to be competative whilst being realistic (I have to pay myself). I use the best materials and am a perfectionist about my work. Now I feel a bit deflated.

Do you think my prices are too high? Grateful for your input.

[Former_Member]

Hi!
Your prices are definitely not too high Fizz! You make absolutely adorable jewelry and I'm not even a jewelry person. ;)
The problem is that a lot of prices are really low on Etsy, I think. Most items on Etsy are handmade and that costs a little more. I felt a lot more confident about my (high?) prices after watching an Etsy Lab by Megan Auman.
http://www.livestream.com/etsy/video?clipId=pla_8dda0c4f-2597-493f-bc96-e8cd78abde9f

Good luck!

[TerraRhapsody]

Your prices look reasonable to me. I make jewellery in the UK too, and with the beads you're using as well as the other materials, those prices look fine.
I would say that they may have a rather warped view on prices after looking at the prices of other shops, as I see so many that sell similar styles of jewellery for so much less- it makes me wonder how they make any money. It makes me wonder IF they make any money!
At the end of the day, you're running a business, so you need to make sure you're covering all of your material, expenses and labour costs as well as pricing in profit.
Don't feel deflated at all- they clearly don't have a tight grasp of running a business as you do :)

[Former_Member]

I agree with Kitty, if someone complains about prices that are too high that person is probably not in your target market. Compared to established brands who make the same style of jewelry as you do (Chan Luu, for instance), your pieces are a bargain. So I guess your main focus should be people who have the money for high end brands but find handmade more appealing :)

[Mollymoojewels]

Thanks guys! I appreciate your positive feedback. :)

[AttentionGetting]

Not at all. Your jewelry is gorgeous with kind of a boho chic style, but classic at the same time. You just need to promote, especially now with festival fashion being so hot in the news.

[Former_Member]

Nope! I think your prices are reasonable. We are after all trying to run a business here and need money! lol!

[Former_Member]

A couple of thoughts. 1) People who complain about your prices being too high are generally looking for a bargain and unless you're in the bargain business, then ignore them. You are not WalMart.

2) Your prices ARE higher than other sellers who are producing almost identical work. In order to get sales, you have to provide the customer a benefit for the higher price. So...you have to provide a product or service that they can't get elsewhere for less. In any business (jewelry or otherwise) you have to provide the customer something more than they can get elsewhere if you're going to get the sale. More value, better product, better service, etc. If your sales aren't where you want them to be, consider how you can increase the customer's value to warrant the prices you are charging. And btw, I don't mean things like packaging and fast shipping..those are a given. I mean things like unique colors or themes...what ISN'T being made by your competitors?

An aside: The customer doesn't care that we need to make a living. They only care that they're getting a really awesome product at a price that makes them happy to pay it.