Episode #481: Rising Fine Metal Costs? Here's How to Handle Pricing!
- Author
- Tracy Matthews
- Published
- Thu 18 Jul 2024
- Episode Link
- None
Are rising metal costs driving your profits into the ground? Are you tired of losing sales to customers shocked at your new prices?
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.
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:
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[3:41] How 2008 prepared me for today
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[5:30] The economic reasons why precious metals price spike
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[11:40] Ways to adjust your prices to account for the rising cost of materials
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[13:30] Develop a Customer Communication Plan for use with wholesalers and repeat buyers
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[15:47] Diversifying your product line to reduce material costs while keeping value
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[17:34] Optimizing your supply chain to secure better deals
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[18:31] Elevating your value proposition so customers recognize other sources of value
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[19:32] Reducing or removing non-essential business and personal expenses
Here are the resources mentioned in the show:
Free Masterclass: The Five-step Jewelry Sales Playbook
The Jewelry Marketing Collective (Early Bird Sale)
Buy My Book: The Desired Brand Effect
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xo, Tracy Matthews
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