And why we occasionally make exceptions.
Here's something you probably won't see in our market booth: a big SALE sign.
We rarely run sales in our booth. We don't have a clearance section or offer automatic discounts for buying multiple pieces. And we don't haggle.
That might sound a little firm, especially when so many businesses are constantly offering promotions and special deals.
But after years of selling our handmade jewelry at farmers markets, makers markets and art festivals, we've found that keeping our pricing consistent works best for us.
That doesn't mean we never give someone a little something extra. We absolutely do! But there's a difference between choosing to thank a customer and feeling pressured to lower our prices just to make a sale.
Here's why we do things the way we do.
Our Prices Reflect Our Work
Every once in a while, someone will ask if we can give them a better price. Sometimes it's because they're buying several items. Sometimes they simply want to see if we'll negotiate.
Our answer is almost always no.
We appreciate every customer who stops by, but our prices reflect the time, materials, skill and effort that go into making our jewelry.
We make everything in our booth. We're not buying finished jewelry wholesale and reselling it. We work primarily with sterling silver, genuine gemstones and authentic sea glass.
And those materials aren't cheap!
Neither is our time.
Will makes our handmade chains link by link. Some of those chains take HOURS (and hours!) to complete. I spend plenty of time making rings, earrings and pendants, too.
We're not just pricing the materials. We're pricing the work that goes into turning those materials into something beautiful.
Have You Seen the Price of Silver Lately?
One of my favorite responses when someone asks for a discount is to mention the cost of silver.
Something along the lines of:
"Actually, with the price of silver right now, that piece might cost MORE if we made it again today!"
The price of precious metals fluctuates. The sterling silver in a piece we made several months ago may have cost considerably less than it would to replace today.
If we remade that same piece using more expensive silver, we'd potentially have to charge more. I've written more about why our jewelry prices have increased and why we're sticking with sterling silver.
So, no, we're probably not going to discount it.
I don't say this to be snarky. I genuinely want customers to understand what they're looking at.
Not everyone knows the difference between sterling silver and silver-plated jewelry, or how much work goes into fabricating a piece from scratch.
And that's OK! Sometimes a little explanation goes a long way.
We Don't Have a Clearance Bin
Another thing you won't find in our booth is a clearance section filled with jewelry that hasn't sold.
We certainly have pieces that sit in our inventory longer than we'd like. But just because something hasn't sold doesn't mean it's suddenly worth less.
One of the wonderful things about working with sterling silver and gemstones is that we can often reuse our materials.
We can remove a gemstone and use it in a new design, rework a piece into something different or have sterling silver recycled and refined.
And sometimes we simply put a piece away for a while and bring it back out later.
I've had jewelry sit for months or even years before finding exactly the right customer. That doesn't necessarily mean it needed to be discounted. Sometimes it just needed the right person to come along.
There's also the issue of how we want our booth to look.
Will and I work hard to create a clean, organized, professional display. We want our booth to feel like a small jewelry shop. That approach is part of how we encourage customers to come in and shop.
For us, a big clearance sign or a bin of discounted jewelry just doesn't fit the look we're going for. We also want customers to look at everything in our booth, not just SALE items.
That's a personal choice, of course. Clearance sections work well for plenty of businesses. They're just not part of our business model.
We Don't Offer Automatic Discounts for Multiples
Occasionally, someone will ask if we offer a discount for buying multiple pieces.
And I understand the question. In plenty of retail situations, buying more means paying less per item.
But buying three handmade rings doesn't mean those rings took us any less time to make. The materials and labor that went into each one still have to be covered.
So we generally don't offer automatic discounts based on the number of items someone purchases.
However, this is where we sometimes make exceptions.
What We Do Instead
We absolutely appreciate customers who make large purchases, buy several pieces or come back to see us again and again.
And sometimes we like to show that appreciation with a little something extra.
For example, if someone makes a substantial purchase, we might tuck a free pair of earrings or a full-sized jewelry polishing cloth into their bag.
It's a small gesture, but it's our way of saying THANK YOU!
Will and I also occasionally take a few dollars off a purchase for a repeat customer or someone buying several items.
Not because they demanded a discount. Not because we needed to make the sale. But because we genuinely appreciate their business.
There's a big difference.
When someone buys directly from us at a market, we're also avoiding some of the fees associated with selling through Etsy. That gives us a little more flexibility to show our appreciation.
These aren't advertised discounts or automatic promotions. They're occasional gestures that we choose to make, rather than something customers need to negotiate for.
A Price Adjustment, Not a Discount: Sizing Bracelets
There's one situation where we routinely adjust prices, and that's when we're sizing bracelets.
Our bracelets start on the larger side so we can accommodate customers with different wrist sizes. The price on the tag reflects the full length of the bracelet.
If someone needs a smaller size and we remove several links, we deduct an appropriate amount from the price.
We're using less sterling silver in the finished bracelet, so it makes sense that the customer pays less.
I don't really consider that a discount. It's adjusting the price to reflect the amount of material in the finished piece, and we explain that to customers.
What About Etsy Sales and Coupon Codes?
We take a similar approach in our Etsy shop. We don't regularly run big sales or offer constant promotions.
However, we do offer thank-you coupon codes to encourage customers to shop with us again.
We include coupon information on our business cards, and we also use thank-you offers for customers who purchase through Etsy.
I see these a little differently than running a blanket sale. They're a way to encourage repeat business and thank customers for supporting our small business.
And frankly, I'd much rather reward someone who has already supported our work than constantly discount everything in hopes of attracting a sale.
Does This Mean We're Leaving Money on the Table?
Maybe!
I'm sure there are customers who would buy something if we knocked $10 or $20 off the price. And I'm sure some people walk away when we won't negotiate.
I'm OK with that.
We've worked hard to develop our products, our pricing and our market booth. We know what our materials cost, and we have a pretty good understanding of what our time is worth.
We also know our customers.
Plenty of people appreciate handmade jewelry, understand the value of quality materials and are happy to pay our asking prices. We've seen that firsthand, even when selling higher-priced jewelry at farmers markets.
Could we sell more jewelry if we ran regular sales? Possibly.
But selling more doesn't necessarily mean making more money, especially when those additional sales come with smaller profit margins.
We're running a business, not just trying to move inventory. That's also why I pay attention to making what actually sells at handmade markets, rather than relying on discounts to move pieces that aren't connecting with customers.
Find What Works for YOUR Handmade Business
I want to be clear that I'm not suggesting handmade vendors should never offer discounts.
There are plenty of good reasons to run a sale. Maybe you're changing your product line, clearing out seasonal inventory or making room for new work. Maybe you've got older merchandise that you can't easily rework or reuse.
And maybe sales are an important part of your overall marketing strategy.
That's perfectly fine!
For our handmade jewelry business, though, consistent pricing works.
We'd rather focus on making quality products, creating a professional shopping experience and building relationships with customers who appreciate our work.
We don't need to make every sale. And we don't need to discount our work to prove that we appreciate our customers.
Sometimes a sincere thank-you, a little extra gift or simply taking the time to explain how something was made means more than knocking a few dollars off the price.
What about you?
If you sell at handmade markets, do you offer discounts or negotiate prices? Do you have a clearance section in your booth?
I'd love to hear how other makers handle this. It's one of those topics where I suspect everyone has a slightly different approach!