Selling Jewelry in Tough Economic Times

by Judy Ellis

When families struggle to make ends meet or react to the loss of income, suppliers of goods and services must respond to keep an even keel in their business. But, saying so is not as easy as doing so. Erecting sales signs or spending more money to land fewer customers is a "knee-jerk" reaction and not the only thing businesses can do. For jewelry makers, it's easy to consider their product a "luxury item" which feels as if it will be hit the hardest by the downturn. However, thinking so is counterproductive as you probably already know. So, how can you insulate yourself from declining sales, turn the loss of sales around, and increase business? Following are some specific things you can do that will work for you!

Work harder.If you worked 40 hours a week in a strong economy, expect 50-60 hours now.

Assess and analyze your business.

What has worked best?

What sold the most and created repeat customers?

Focus all energy on proven successes. Shelve fun activities with poor ROI.

Create new jewelry pieces.

Start something new? Yes!

Sit with friends and family.

Bainstorm jewelry ideas in high demand during economic downturns.

Develop your go-to-market strategy to reach buyers.

Keep Marketing.Marketing feels tempting to cut in a downturn.

Expenses don't show direct, immediate sales impact.

You're fighting for market share. Stay in the game or lose more than competitors.

If people don't know you or why to care, you'll lose opportunities and customers to louder rivals.

Check tips on our Wire Jewelry Business Resources Page.

Pick up our Definitive Guide for great guidelines!

Judy Ellis's Selling Jewelry in Tough Economic Times - , Selling, Selling, , Definitive Guide to Selling

Put resources into sales. Companies hate adding costs during slowdowns, even in sales.

Yet expanding your sales force helps outperform the downturn.

Contracting guarantees worse results.

Do whatever you can to be remembered by your customers.

In booms, customers overlook your nice gestures.

In tough times, they never forget even small ones.

Recessions build lasting relationships.

Treat customers roughly now, and they'll drop you at the first chance.

Innovate.

Now squeeze more performance from your efforts.

Streamline operations and cut costs in goods sold, rent, energy, policies, procedures, and information management.

Keep spirits high and instill confidence.

Show appreciation for extra hours and effort.

Give people chances to blow off steam.

Force yourself to take breaks.

Nobody works well without motivation, especially in tough times.

In recessions, strategy matters, but the human element matters more.

Ask your customers.

Reach out to your best customers.

Ask for their ideas to boost your business.

Is price the issue? Would lower prices or cheaper alternatives stimulate purchases?

Do they need financing?

Figure out what drives sales, then repeat it.

In downturns, it feels like the ceiling will crash down.

Yet these times offer the best opportunities to positive, eager, prepared business owners.

Are you one of them?

Check our wire jewelry sales and marketing books for more ideas on tough times!

Selling Jewelry in Tough Economic Times

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