8 Crucial Components to Lay a Strong Foundation for Your Jewelry Business
Jewelry designers ask us all of the time about the most important consideration when building a jewelry business.
The short answer is sales, but the long answer comes down to this question:
“How does a jewelry designer attract more DREAM clients so she or he can create a steady funnel of repeat business?”
It’s not just one thing, it’s actually a bevy of components working together in conjunction to help build a BRAND. Today, I wanted to share with you the 8 crucial components to lay a strong foundation for your jewelry business.
#1: Identifying Your DREAM Client
One of the most important practices is understanding who your DREAM client actually is. The problem when you try to sell to everybody, is that your message becomes noise and you have difficulty reaching the attention of anyone.
Hone in on who your DREAM client is and get VERY specific with the details. Create a DREAM client avatar and understand what motivates her to purchase. Using this knowledge to find her will increase your sales and relevance dramatically.
#2: Communicating Your Story
You know you’re a unique designer, but if you really want to have success, you need to stand out. Smart designers work hard to keep the spotlight on them.
You can keep the spotlight on you by really developing your personal and brand story. What makes you unique and different from the thousands of other jewelry designers out there? You must showcase your individuality in order to make an impact.
#3: Developing Cohesive, Branded Collections
There are so many jewelry designers out there these days, many of them using similar techniques and selling similar products. It’s a wonder any of us are able to stand out from the crowd!
Just as your brand story must highlight your uniqueness, so must your collection. Here is your opportunity to really stand out as a designer and create a signature style. The designers with longevity in the jewelry business design collections that have a unique look that is exclusive to them.
#4: Pricing for Value and Worth
The elusive pricing question! I hate to break it to you, but there is no one-size-fits-all formula that will tell you how to price your jewelry collection. That’s because there is so much more involved in pricing than just the cost of materials and labor.
You must price your work based on a combination of factors including COGs & Labor, perceived value, your value, your desired income, your operational costs, your brand and your DREAM client.
Remember, price your product based on all of the factors and you’ll be paid what you are worth!
(P.S. we offer specific pricing strategies in our Laying the Foundation course which are quite useful for nailing down your pricing).
#5: Marketing the Heck out of Your Work
If you aren’t putting yourself out there, then you aren’t going reach any new clients. It’s as simple as that. It requires a consistent marketing plan on various platforms to gain traction and momentum.
Create a marketing plan that you can easily stick to and implement on a weekly basis.
#6: Gaining Media Recognition For Your Jewelry Business
Press coverage and celebrity fans can certainly help you grow your exposure! While press isn’t necessarily a ticket to more sales (immediately) it definitely helps build validity in your brand which you can leverage to get more sales.
The good news? It’s a myth that you need to hire a fancy PR person to get the attention of the bigwigs in the media. You can definitely do it yourself.
#7: Implementing a Stellar Sales Plan
I hate to break it to you, but if you don’t have sales then you don’t have a business. The difference between a business and a hobby is someone who is actually earning a profit every year and ultimately can sustain their lifestyle based on the income they earn from their business.
The only way to get there is by creating and implementing a stellar sales plan. It's natural to feel nervous about putting yourself out there, but making it in the jewelry industry requires sales, and sales require confidence!
#8. Creating an Impeccable Customer Service Experience
The final piece to the puzzle is creating an awesome customer service experience. Whether it’s working with your DREAM client or difficult clients, those designers with excellent customer service will really stand out and shine.
Creating an impeccable customer service experience for your client throughout the process and beyond is key. It’s not difficult to get clients to purchase from you once. However, to get them to buy again is another story. Building relationships with your clients through excellent customer service is the golden ticket to repeat business.
And it’s so much easier to sell to someone who already loves you, right?
Remember these components working independently will help you gain a little traction. In tandem, they build a HUGE impact. It’s sort of like designing a piece of jewelry, without the clasp, the jumpring and the chain, a pendant is just a pendant and not a necklace.
If you haven’t checked it out yet, Robin & I are doing an early bird sale on our February Laying the Foundation course. We’ll teach you everything you need to know about every one of these 8 crucial components.
In fact, if you purchase by November 11th, 2013, you’ll save $100 off the price and be able to take advantage of a longer payment plan.
We want to hear from you!
- What are you struggling with in your business foundation?
- What steps have you taken to deal with your struggle?
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