131 - Laryssa and Liz Interview Hilary Halstead Scott of Halstead About Pricing

Summary

Podcast Summary: Success With Jewelry

Episode 131: Laryssa and Liz Interview Hilary Halstead Scott of Halstead About Pricing

Release Date: May 19, 2025

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Introduction

In Episode 131 of the Success With Jewelry podcast, hosts Laryssa Wirstiuk and Liz Kantner delve into the crucial topic of pricing strategies for jewelry designers and entrepreneurs. They are joined by Hilary Halstead Scott, the second-generation president of Halstead, a renowned jewelry supply wholesaler with over 50 years in the industry. Bringing her extensive experience and an MBA, Hilary offers invaluable insights into developing sustainable pricing models, factoring in rising metal costs, and effectively communicating value to customers.

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Understanding Common Pricing Mistakes

Hilary begins by addressing the common pitfalls jewelry designers encounter when pricing their work.

• Overreliance on Formulas: Hilary emphasizes that while pricing formulas are helpful, they shouldn't be treated as rigid rules. "Don't be ruled by the formula... pricing, ultimately, as a business owner, it is up to you" (00:55).

• Excluding Overhead and Admin Time: Many designers neglect to include all overheads, such as rent, utilities, software subscriptions, and administrative tasks. Additionally, time spent on design and prototyping often goes unaccounted for. "A lot of jewelers leave out... hours on sketches that you're not accounting for" (02:17).

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Standard Pricing Formula and Overhead Integration

Hilary outlines a standard pricing formula and the importance of incorporating overhead costs.

• Basic Formula: Materials plus labor time, multiplied by two for wholesale, and again by two for retail. "The most standard that I see is accounting for your materials plus the labor time that goes into a piece, multiplying times two to get to your wholesale, and multiplying times two again to get to your retail" (04:04).

• Adding Overhead: Beyond the basic formula, overheads should be included to ensure profitability. Hilary suggests dividing monthly overhead expenses by the number of pieces sold to determine an additional cost per piece. "If you run your monthly numbers and it's $82 of overhead, then you should be adding $82 to the price of your pieces" (06:35).

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Factoring in Labor and Design Time

Determining a fair hourly rate for labor is pivotal.

• Benchmarking Wages: Use online resources like Salary.com to find standard wages for jeweler positions. "The national number for that right now is $25 an hour" (09:14).

• Differentiating Admin and Bench Time: Separate administrative tasks from production work to accurately assign costs. "Your admin time is your designing, your prototyping, your marketing... everything that goes into your business outside of that time at the bench" (08:44).

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Adjusting Pricing Based on Market and Volume

Hilary discusses adjusting prices to align with market expectations and sales volume.

• Market Alignment: Regularly compare your pricing with competitors to ensure competitiveness. "Once a year you need to do a little health check on if your prices are in line with what's out there" (18:15).

• Volume Goals: Use pricing formulas to set sales volume targets that make your pricing sustainable. "You can use this as a way to set goals... what do I need to get to in terms of a volume goal where it does start to become viable" (11:07).

• One-of-a-Kind vs. Production Pieces: Differentiate pricing strategies for unique versus mass-produced items, ensuring that design and production time are adequately covered. "One of a kinds... you need to be selling at a certain price point to make that viable as a business" (13:28).

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Handling Rising Metal Prices

The conversation shifts to the volatile metal market and its impact on pricing.

• Market Volatility: Metal prices fluctuate due to various factors, and jewelers must navigate these changes without panicking. Hilary advises against hoarding metals, as market conditions can change rapidly. "Do not gamble with the metals market. You will always guess wrong" (20:09).

• Strategic Purchasing: Purchase based on current sales and trends rather than reacting to media hype. "Let your business dictate what you're buying in terms of supplies and materials" (21:55).

• Opportunities in Volatility: Use increased media attention on metals to market your jewelry as valuable investments. "If you pivot your marketing and really start emphasizing your jewelry as investment, as high value, as precious... that works" (22:30).

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Communicating Value to Customers

Effective communication is key to justifying your pricing.

• Direct to Consumer (DTC): Focus discussions on the value and story behind your work rather than prices. "Keep the conversation focused on the value, not the price" (27:03).

• Wholesale Relationships: Position yourself as a valuable partner by offering solutions and maintaining flexibility. Consider capsule collections or limited editions to meet wholesale needs without disrupting your brand. "Offer valid information validation and you offer solutions. And this is a time to really set yourself apart from other suppliers" (27:03).

• Handling Price Objections: Develop resilience to price criticism by reaffirming the quality and uniqueness of your work. "Thank you for the feedback. Maybe my work isn't for you. I understand. And just move on" (16:24).

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Advice for Overwhelmed Designers

As the episode concludes, Hilary offers encouragement and practical advice for designers feeling the strain of pricing and market challenges.

• Lean on Community and Mentors: Seek support and guidance from experienced individuals and fellow designers. "Lean into your mentors, lean into your community. You're not the only one going through this" (29:01).

• Maintain Commitment: Emphasize the importance of passion and dedication to weathering tough times. "If you love your business, if you're committed to it, you're gonna see this through and you're gonna be okay" (29:01).

• Utilize Resources: Engage with Halstead’s educational materials and community resources to stay informed and grounded. "We offer a reference blog on volatility in metals markets... as a good resource" (30:16).

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Conclusion

Episode 131 of Success With Jewelry provides a comprehensive guide to pricing strategies tailored for jewelry designers. With Hilary Halstead Scott's expert insights, listeners gain a deeper understanding of balancing formulas with practical business considerations, navigating market volatility, and effectively communicating the value of their creations. The episode serves as a valuable resource for both emerging and established jewelry entrepreneurs striving for sustainable success in a competitive industry.

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Notable Quotes

• Hilary Halstead Scott:

  • "Don't be ruled by the formula... pricing, ultimately, as a business owner, it is up to you." (00:55)
  • "Do not gamble with the metals market. You will always guess wrong." (20:09)
  • "Keep the conversation focused on the value, not the price." (27:03)
  • "If you love your business, if you're committed to it, you're gonna see this through and you're gonna be okay." (29:01)

• Liz Kantner:

  • "Marketing is a vital business expense, the same way it is to have the lights on in your studio." (08:11)
  • "Like all these designers posting the rising metal cost and leaning into the hyperbole." (27:15)

• Laryssa Wirstiuk:

  • "Creating a sustainable business with the metal prices... not setting yourself up for a sustainable business." (12:22)

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Resources Mentioned:

• Halstead’s Interactive Pricing Worksheet: An online tool to help jewelry designers calculate and adjust their pricing strategies.
• Halstead’s Reference Blog on Metal Market Volatility: Educational content to keep designers informed about market trends and strategies to manage stress and pricing adjustments.

For more insights and resources, visit successwithjewelry.com.

Transcript

[Larissa]

Welcome to the Success with Jewelry podcast, where we invite you inside our conversations about business success and marketing for jewelry designers and entrepreneurs.

[Liz]

We're Larissa and Liz, jewelry marketing experts with a combined 18 years of experience in jewelry marketing and proven track records in helping jewelry brands meet their goals. When you listen to this podcast, you get an intimate and exclusive peek behind the curtain of all the things you wish you could know about earning success in this industry.

[Larissa]

Welcome to episode 131. In this episode, we're talking about pricing your work with confidence. We're joined by Hillary Halstead Scott of Halstead to discuss what goes into a sustainable pricing strategy and how to make sure you're charging enough to run a profitable business. We'll also discuss the rising metal costs. And for insiders, we're sharing a longer conversation with Hillary about communicating value to your customers. Hey, Larissa and Hillary, let's get into it.

[Hillary]

Hi.

[Hillary Halstead Scott]

Good morning. Thanks for having me.

[Hillary]

Yay.

[Liz]

Welcome, Hillary. We're so excited to have you.

[Hillary Halstead Scott]

Me too.

[Larissa]

Yeah, we are very excited. Why don't you go ahead and share a little bit more about yourself?

[Hillary Halstead Scott]

Sure, sure. So I am Hilary Halstead Scott. I'm the second generation president at Halstead. We've been selling jewelry supplies wholesale to jewelers around the world for over 50 years. And I grew up in the industry, so I've been in jewelry my whole life. I left for a while, got some experience, got my MBA, came back to the business about 24 years ago. So we've seen a lot of things over the years. I'm excited to dig in today.

[Hillary]

Yay.

[Liz]

Liz actually shared me the link of the chat that you did with her Stay Gold Collective. And I watched it and I was like, where has this voice of reason been? I was just so impressed with all the things you said, and I'm so super excited to have you.

[Hillary Halstead Scott]

Awesome. Thanks for having me.

[Liz]

Yeah.

[Larissa]

So let's talk about. And I don't think, Larissa, correct me if I'm wrong. I don't think we've ever talked pricing on this podcast. Really?

[Liz]

I don't think so because we're not really pricing experts.

[Larissa]

But it seems to be for designers, like, one of the most stressful pieces of building a business. And so I'm wondering, what are the biggest mistakes designers make when it comes to pricing?

[Hillary Halstead Scott]

Yeah, I mean, I think a few things. The first is don't be ruled by the formula. Like, the formula is meant to help you, but it is. It is not a rule. You're not going to get it wrong. And no teacher is going to come and wrap you on the knuckles with the ruler. So, you know, pricing, ultimately, as a business owner, it is up to you. You have a lot of latitude, but it is a really helpful tool. So I'm sure we'll talk about formulas more. But that's. That's the first thing I'd see is just this over reliance on formula. Like, people Google it, and then they feel like that's it. That's how I have to price my work. And that's not how it is at all. So that's the first thing I would call out as a mistake. The second is just not including all of your time, all of, like, your overhead, as well as your admin time as a part of your overhead. So we can dig into that a little bit more, too. As part of that, I would say a lot of that is also your design and prototyping time, with which a lot of jewelers leave out. Like, they're really focused on, like, timing how long it takes to make a piece, especially if you're working in multiples, but they forget that, you know, you may have spent hours on sketches that you're not accounting for. You may have done a lot of trial and error before you got to your final design. And that's still time going into production, going into your work that you need to consider.

[Larissa]

Yeah, there I. I know you have a standard pricing formula, which I'd love to hear about, but I think that with the adding in your admin time and your overhead, I think there's a lot of confusion of how to, like, break it down and put that in each piece.

[Hillary Halstead Scott]

Yeah, absolutely. And there's a few different ways to do it. So, yeah, let's talk overhead. Let's.

[Larissa]

Let's get into it. Well, first, let's get. Let's first get into, like, what is the standard pricing formula to start with?

[Hillary Halstead Scott]

Sure. There's a few of them out there, and I think, you know, you can. You can try all of them, see what works for you. The most standard that I see is accounting for your materials plus the labor time that goes into a piece, adding that together, multiplying times two to get to your wholesale, and multiplying times two again to get to your retail.

[Hillary]

Right.

[Hillary Halstead Scott]

That's kind of like an industry mainstay that's been around a really long time, and that's a great place to start. Start, like, run those numbers. Start there, see how it looks kind of compare to some other makers in your same segment and see if that jives A little bit. What I think that formula leaves out is your overhead piece that's not in there at all. And I would encourage you to take that formula as a basis and then add on your overhead and then again, look at it critically like this number is up to you. So. So if that formula is yielding crazy results, I think you need to go back through and look at all of your variables. So pricing really should be like an iterative process, especially at first, as you're kind of learning everything that goes into your. Into your product, into your business. Really play with the different numbers involved and experiment a little bit before you kind of settle. And that's something I think is useful as an exercise every few years, even as your business matures, you know, past the, the 10, 20 year point, like come back to that every now and again and see if it's still making sense.

[Larissa]

So how would you take like factoring in your overhead and how would you factor in like your hours spent prototyping or designing or at your bench?

[Hillary Halstead Scott]

Yeah, so we have a little tool and I can share the link with you. It's an interactive worksheet to allow you to play with all these numbers. I know it's a little hard to follow in a discussion when you can't be looking at your numbers, so keep that in mind as a reference later on. We do try to focus on labor and overhead because I feel like it's a piece of the conversation that's missing in other formulas out there on the market. So when you think about your overhead, it's everything that goes into your business outside of that time at the bench.

[Hillary]

Right.

[Hillary Halstead Scott]

So it's your rent, it's your utilities, it's your software subscriptions, it's your marketing, it's also your admin time spent answering emails and maybe doing the prototyping and design and sketching that we were talking about earlier. All of those things are time and expenses in your business that are going to be there no matter how many pieces you sell.

[Hillary]

Right.

[Hillary Halstead Scott]

And that's the difference between overhead and labor costs that go straight into a piece.

[Hillary]

Right.

[Hillary Halstead Scott]

You're going to market. Even if you don't sell any pieces, you're going to do marketing. Even if you sell a thousand pieces, that's always going to be a part of your investment in your business. So those are things that, you know, you should kind of have just a spreadsheet or a little list somewhere of what your monthly business expenses are. Total those up and know that's just kind of like your baseline of overhead. Now what do you do with that number? Right, that's a monthly number. And it's something that I would encourage you to kind of divide across the volume of pieces you sell. Now, there are many ways you can do that. Again, there is no one formula that is the right way. The most simple thing to do is simply take that monthly expense number and divide it by the number of pieces you typically sell in a month, whether that's five pieces or a hundred pieces, and use that as an add on after that pricing formula we talked about before. So if you run your monthly numbers and it's $82 of overhead, then you should be adding $82 to the price of your pieces. That makes sense.

[Hillary]

Yeah.

[Liz]

I love that you talks about adding marketing to overhead. So Liz and I did an episode about budgeting. I don't know if it was specifically for marketing, but marketing was like a piece of that. And I'm not sure what it is, but it often seems like nobody is considering that as like a vital business expense, the same way it is to like have the lights on in your studio. But it really is. And I'm glad that you are bringing that up as something that needs to be considered overhead in your pricing formula.

[Hillary Halstead Scott]

Yeah, it's helpful. I mean, there are a lot of things that go into your business you don't necessarily think about. Now, should you be adding in your Starbucks? No, that's not, you know, so there are limits to this. And that's where I would caution, like sometimes I do think people get a little carried away and all of a sudden they're, you know, they're adding their daycare and their gas and like all of these other things. That's not a business expense. So get real about what is. And also get real about market rates on labor, which is something I think we should talk about too.

[Larissa]

Yeah, let's dive into that because I think that also something I hear from designers is like, what is the hourly rate that I should give myself?

[Hillary]

Yeah.

[Hillary Halstead Scott]

So two things. I. I would encourage you to split out your admin time and your bench time. And the reason for that is if you're looking at your business long term, odds are at some point you're going to hire or outsource part of your production at the bench.

[Hillary]

Right.

[Hillary Halstead Scott]

So including that in kind of your analysis from the get go just prepares you for that step later. Right now, if you are making jewelry using standard metalsmithing and bench techniques, you can pay a standard wage for that.

[Hillary]

Right.

[Hillary Halstead Scott]

That information is available on the Internet. We do this for positions at Halstead. Right. Like every year when I do annual reviews, I'm. I'm benchmarking wages. Right. I'm making sure we're paying fair compensation for the skill set. So you could go right now to Google and type in Ben's jeweler hourly wage, salary.com or one of these other, like, employment websites, and it'll spit back a number. So I did it right before our conversation. The national number for that right now is $25 an hour. Now, you can also add a city or a state, and it'll, you know, go up and down. It's way higher in California than it is in Oklahoma, of course.

[Hillary]

Right.

[Hillary Halstead Scott]

But that gives you, like, a baseline. And that's the number I would use for your jewelry production time. That's in that markup formula we talked about. Unless you have some very specific, unusual skill that no one else can do, and there are those jewelers out there, but be realistic about it.

[Hillary]

Right.

[Hillary Halstead Scott]

If not, I'd be using kind of a standard metalsmithing wage for that portion. Now, when we talk about overhead, that's your admin time. That's your designing, your prototyping, your marketing, your administration, all of those other things that wage you have a lot more latitude with. And I would say that depends on kind of experience. Experience and reputation of your brand over time.

[Hillary]

Right.

[Hillary Halstead Scott]

So when you're just starting out, that may be a living wage for your region of maybe 15 to $25 an hour. As you gain experience in the field, that's going to be going up quite a bit.

[Hillary]

Right.

[Hillary Halstead Scott]

And that's something to take into account as your brand matures a little bit more.

[Liz]

What if the price that. Sorry, Lisa. Go ahead, Larissa. I was just curious. What if the price that comes out of your formula is way out of line with what, like, the market dictates is okay for, like, a similar piece of jewelry?

[Hillary Halstead Scott]

Absolutely. And I'm so glad you asked that question, because I think it's really important, like, you can run all of these numbers, and this is where volume comes in. And this is a really important discussion.

[Hillary]

Right.

[Hillary Halstead Scott]

Because a lot of times, especially when you're first starting out, maybe you're only selling a few pieces a month.

[Hillary]

Right, Right.

[Hillary Halstead Scott]

But you can use this as a way to set goals, because you can say, okay, if I apply my overhead across four pieces of jewelry, like, there's no way I can charge that. You know, it's not going to work. But what do I need to get to in terms of a volume goal where it does start to become viable.

[Hillary]

Right.

[Hillary Halstead Scott]

Like the pricing is jiving with what's out there in the market. It's also making sure that I can pay myself sustainably for where I live. And that's why again, this is a tool where you should probably try some different inputs and see how it impacts the suggested price that comes out. And you're right. Like we see all, all variations on this, right. Like your volume may be way too low and that's probably a big issue. You may be like trying to charge an unrealistic labor rate on your pieces. If you're trying to make $100 an hour and all of a sudden your prices are blowing up, that's, that's something you need to look at. Maybe that's not really an input number that is viable.

[Larissa]

Something you said that I want to highlight is to create a sustainable business with the metal prices, which we'll get into. I see a lot of designers kind of taking cuts, especially in their wholesale margin and playing around with different ways to make the prices lower. And that is not setting yourself up for a sustainable business. Right?

[Hillary Halstead Scott]

Yeah, absolutely. We see all, all variations on this, right. We see designers paying themselves like $5 an hour for labor, which you know, you can't do that. And the other end, like I mentioned before, like designers that are trying to pay themselves this really high labor rate that the market just can't bear.

[Hillary]

Right.

[Hillary Halstead Scott]

That you aren't going to be able to sell your pieces at that. So again, like that's where I feel like those benchmarking tools, Googling, like what common wages are for like location, experience, level and the skill that you're talking about. I think that can be really helpful just in giving you like a checkpoint to verify your numbers a little bit.

[Larissa]

Should you be thinking about one of a kind pieces and you know, more production style pieces differently when it comes to pricing.

[Hillary Halstead Scott]

Yeah. And that's again where this overhead piece is really important with your design and prototyping time. The big mistake I see with a lot of one of a kind sellers is they only account for the their labor and production. But generally you're making fewer pieces because you're putting so much time into design phase when you rely on one of a kind of.

[Hillary]

Right.

[Hillary Halstead Scott]

So that has to become part of what you consider as an input for that product. And sometimes this is where one of a kinds I really think you have to be selling at a certain price point to make that viable as a business. You know, if you're doing one of a kinds and your necklaces are $150. Like that just doesn't add up over time. Right. Like you're putting so much time into design phase and then adding your production, your other business costs, you know, it's just not there. So one of the kinds, I typically kind of nudge people towards either higher skill work where you're, you're creating really original design work, higher end materials, and then the prices kind of get to a point where both the market can bear the price and you can establish a sustainable business and stream of income from it.

[Liz]

Yeah. With one of a kind. That really comes down hard on the marketing side too, because obviously in production there's nothing repeatable. But with marketing, you basically have to reinvent the wheel also with every new piece that you're trying to tell a story about, from the photography to the description to just all the buildup around that piece. So you're right. I think even the marketing aspect of that overhead is higher too.

[Hillary Halstead Scott]

Absolutely. If you're listing it on your website, you know, like you just mentioned taking the photograph, writing the copy, setting it up on the website, listing it for sale. That's all kind of input time on that piece too.

[Larissa]

Any tips for responding to, you know, like your prices are too high or feeling confident with numbers? Because this is something I find designers have a tough time with also.

[Hillary Halstead Scott]

Yeah, it's really hard to be confronted with that at a show or even in an email. Right. It is, it is part of our business, unfortunately.

[Hillary]

Right.

[Hillary Halstead Scott]

Um, and you're, you're always going to get those. So here's my caution. Like you've got to kind of develop a thicker skin with that kind of comment because no matter what your pricing is, you're going to hear it. You could drop your prices by 50% tomorrow and you're still going to hear it like it is just the nature of what we do. And you are always going to get the looky lou buyers who are not your intended audience, who are not really shopping fine jewelry or handmade jewelry, are jewelry, any of those things. They're comparing you to what they see at JCPenney. You know, like you're always going to have that person come across your website. So I think you just need to kind of take a deep breath, give the professional answer. You know, thanks for the feedback. You know, maybe my work isn't for you. I understand. And just move on and try and let it go and really try and focus your mental energy on the people in your audience who are good prospects.

[Liz]

Right.

[Hillary Halstead Scott]

They do appreciate what you do. What goes into your pieces. And I think that's the story you want to be telling.

[Hillary]

Right.

[Hillary Halstead Scott]

Anytime you can describe your process, describe the skill involved in what you do, you're adding perceived value to your work.

[Larissa]

I had a designer message me recently. She just launched a new collection, like at an in person event, and she said, I think I priced my stuff too low. It felt like my collectors felt like the pricing was a little bit off. And there is something to that too. Is like pricing too low. When you've put a lot of work into your pieces and it's handcrafted, like locally made things like that, your clients expect a certain level, right?

[Hillary Halstead Scott]

They do, yeah, absolutely. And I actually there was some great quote about that years ago in the industry where as soon as you start hearing about your prices and people are complaining, raise them by 25% and you. And then you're fine. Like, there is kind of this sense of finding your sweet spot in your audience and making sure those match up.

[Hillary]

Right.

[Hillary Halstead Scott]

And at a certain point, if you're really focused on being price competitive, you're probably not focused on making great work. It's going to drive you towards more of those commodity type products that probably aren't going to serve you as well in the long run. You know, they may help as cash cows kind of to, to kind of pay the bills between the, the bigger sales or the higher end design work that you really want to make. But don't let those dictate too much of your business and your strategy.

[Liz]

Yeah. On the other side of that too, I think it is important to have awareness though, because I have come across a lot of, like, indie designers. I have never even explored, like, potential competitors and what their price points are like. And so they are just working and pricing in a vacuum without any awareness of like, what other things cost.

[Hillary Halstead Scott]

Yeah, yeah, I would agree. You do have to look at what the market is doing and, and what other artists are charging. Not every day, like, don't obsess about it. But again, like once a year you need to kind of do a little health check on if your prices are in line with what's out there. If you're starting to feel like you're hearing that feedback more and maybe you're getting it from, you know, trusted collectors or clients, then yeah, that's probably a red flag. And you're absolutely right, Larissa, that happens too.

[Larissa]

All right, let's get into this hot topic of metal prices. Hillary, you've seen this happen before. You've seen the metal market change. What stands out now. What have you seen in the past?

[Hillary Halstead Scott]

Yeah, I mean, I think this is part of our business, unfortunately. It's like dropping a diamond or cracking an emerald. It's gonna happen like metal runs happen. Thankfully they don't happen all that often, but it is something you're gonna have to learn to deal with if you wanna be in our industry. So that's just kind of a sad fact. And it's, it's like any other skill or thing you can practice. It is super stressful right now. I know watching metals and material prices rise is very stress inducing for all of us. And business can slow down when this is happening and that's stressful too. So, I mean, I think some experience and going through some of the ups and downs of metals gives you a little bit more confidence that this too shall pass. But if it's the first time you faced a big run, yeah, it's scary and I get that. So, I mean, lean into your community, talk to makers who have been in it a little bit longer and get their perspectives on how they got through the last time around and what you do. I think those are the things that are most helpful. Now you can dig into all of the wonky side, the technical side of why metals are going up. This, this time the variables are a little bit different. What I think is really important to remind people is that there are a lot of variables that affect gold and silver prices. It is not just one. And what you start to see in the media when this happens is all of a sudden metals are in the news, right? And newscasters are talking about it. I have no idea what they're talking about. So know that first off, they have no idea what they're talking about. And there's a lot of speculation that it's, it's going up to, you know, 5,000, 10,000. Gold is on a run. The world has never seen this before. It's a lot hyperbole and it's nonsense. It's absolute nonsense. So yes, the world has seen this before. No, it's not going up to 10,000. So take a little bit of the panic out, bring the temperature down. Yeah, it's been going up, it is going to go down again. And it's very hard to say when. What I think is really the biggest risk for jewelers facing this the first time is you buy into all of that panic and you want to start like hoarding gold at $3,400, which is, I think, where we are today. And then a week from now, there's a policy change or an interest rate change, and it drops like 15% overnight. Like, these things happen. So I would encourage you not to try and game the market. That is my biggest piece of advice on this. Do not gamble with the metals market. You will always guess wrong. So everybody has a great story of, oh, I scrapped out and it was high and okay, yeah, send in your scraps right now. Absolutely. That's the perfect time to send in your scraps. But if you're starting to stockpile metal, I would caution you that that is extremely risky.

[Larissa]

I liked your advice that you gave the stable collective of like, just think like, small and tight with what you're doing right now.

[Hillary]

Yep.

[Hillary Halstead Scott]

Buy what you like, look at what's selling, replace what's selling. Like, let your business dictate what you're buying in terms of supplies and materials. Don't let the news tell you what to do. They don't know your business.

[Hillary]

Right.

[Hillary Halstead Scott]

So what's selling, what's trending, all of those things should be really driving the decisions you make on the supply side.

[Larissa]

Have you seen anything that small businesses are doing to respond to this, that work really well, or strategies to kind of take it, not take advantage of what's happening, but to, you know, just think more positively or head in a positive direction?

[Hillary Halstead Scott]

Yeah, there's opportunity in this for sure. And I think that's a little hard to see when you see your costs rising. But I encourage you to really think about what's happening right now in the media with all of the attention on metals. And Liz, I know we've discussed this in the past, but it's almost like marketing for jewelry in a way. There's a lot of talk on the radio, on the news, on social media about gold this, silver that, gold, gold. It's almost advertising jewelry for you. So there is a lot of attention on the intrinsic value of metals. And so if you pivot your marketing and really start emphasizing your jewelry as investment, as high value, as precious, that can really strike a chord with the audience in the market when they're primed for that message already. So that works. Digging into small and local, I think really works at times like this. That's. That's your hometown crowd.

[Hillary]

Right.

[Hillary Halstead Scott]

They want to support small and local. And you're already starting to see more of that messaging pop up on social media.

[Hillary]

Right.

[Hillary Halstead Scott]

When there is any kind of economic strain, not just metals markets rising, but in times of tough, tough economic conditions, I think digging into your local roots, your small business roots, is a really smart strategy.

[Larissa]

Locals, where it's at, showing up in person, meeting people in person, having a strong connection with people. I'm so into local right now. I think that's really important.

[Liz]

Yeah, it's probably a great long term strategy anyway.

[Hillary Halstead Scott]

It is. Yeah. And I think it just comes back to those business and marketing fundamentals of like working your network, working your connections, getting out of your Instagram account and actually smiling and shaking some hands. You know, those things really do work for your business.

[Larissa]

They really do. I'm actually doing a meetup in Asheville tonight and it's been on my mind forever. Like, there's so many jewelers here that I don't know or have never met in person. I'm like, why? I need to meet them.

[Hillary Halstead Scott]

Yeah, that's awesome. I love that.

[Larissa]

Okay, let's. And I know Larissa really appreciated this about the chat you did with Steagall Collective as well, but communicating changes in pricing and your thoughts around that.

[Liz]

Yeah, you want to hear it?

[Hillary Halstead Scott]

All right. So I do think it's a different strategy depending on your audience.

[Hillary]

Right.

[Hillary Halstead Scott]

So if you're talking about direct to consumer and retail sales, if you make the conversation about price, they're really going to go negative. And think about your price. And honestly, for the retail buyer, they probably weren't even on your website a month ago. They didn't know what it cost then. They don't care. They're either willing to pay your price or they're not. So keep the conversation focused on your work and on your story.

[Hillary]

Right.

[Hillary Halstead Scott]

You don't need to talk about prices going up. You don't need to talk about metals going up. Just make it all about the value of your work and communicating that that's what the retail buyer is there for. And, you know, you will probably start to hear a little bit more pushback. You know, like we talked about earlier in the podcast, just, you know, your prices are too high or this is too expensive. You have to recognize that during times of economic difficulty, there are a lot of people that just don't have the budget to buy the earrings no matter what. And they're probably frustrated and a little sad about that because they miss buying earrings. But your price differential compared to two weeks ago is not the deciding factor there. It's just not in their budget right now. So again, like, thicken up your skin a little bit and just know that's kind of a function of the times we're in. Don't take it personally.

[Hillary]

Keep that lead.

[Hillary Halstead Scott]

As you know, I'm sorry, this doesn't fit in your budget right now. I hope you'll come back at a later time or think of us when it comes time for gift giving.

[Hillary]

Right.

[Hillary Halstead Scott]

Those are things to keep in mind if you're direct to consumer selling retail. Now wholesale, I think, is a little bit different. So wholesale buyers are businesses. They're just like you. They have all the same stress and worries you do right now, but they're lying awake worried about sales going down, worried about costs going up, worried about tariffs, all of these other things. There's a lot of stress. They want to look to you as someone who is capable and has authority to help them through this tough time.

[Hillary]

Right.

[Hillary Halstead Scott]

So I think with that audience, it is very important to communicate and also become a valued partner. Now how do you become a valued partner?

[Hillary]

Right.

[Hillary Halstead Scott]

You offer valid information validation and you offer solutions. And this is a time to really set yourself apart from other suppliers to those wholesale accounts.

[Hillary]

Right.

[Hillary Halstead Scott]

You make yourself look good. If you come off as sounding smart and capable and presenting ideas for how they can weather this.

[Liz]

That'S advice.

[Larissa]

Great advice. We love this because Larissa and I have talked about probably in an insider episode about all the designers posting the rising metal cost and like leaning into the like, hyperbole that you were talking about earlier. And that just to your point, like shows like think about the price, look at the price, See what I'm charging versus this is handcrafted. This is a beautiful, one of a kind piece featuring this gemstone that you'll never see again.

[Hillary]

Right? Yeah.

[Hillary Halstead Scott]

Keep the conversation focused on the value, not the price.

[Hillary]

Right.

[Hillary Halstead Scott]

Why is there value? And for your wholesale buyers, yeah, you probably need to be a little bit more flexible with your offerings right now. So that may mean offering, you know, smaller versions or lighter weight versions or some other things where they can hit price points that are still selling in their store. So you may want to be talking to them about what that looks like, you know, what is the price point that is still moving in your store. And let's work together on what I can do that'll meet those needs. A suggestion we discussed is offering capsule collections for times of economic strain where you're putting like an expiration date on it. So hopefully you're keeping it a little bit contained and not setting an expectation that this is like a new brand direction. But maybe you do introduce a smaller line or a lower price line that's a limited edition, it's only going to be available for this year kind of thing, and then it's gone.

[Liz]

That's it.

[Hillary Halstead Scott]

So those are ways to kind of be flexible with your wholesale buyers and. And work with them. Right. They want to see that you're. You're working with them.

[Larissa]

That's amazing advice. Let's wrap up this episode with this question of what would you say to a young designer who's feeling very overwhelmed right now?

[Hillary Halstead Scott]

Yeah, I'd say lean into your mentors, lean into your community. You're not the only one going through this. It is stressful for everyone. And I don't mean to give the impression that it's easy to get through times like this. It's not. It is really hard for me still. And I've been through a few rounds like this, so know that you're not alone, that it's really hard for everybody. And it's probably not that you're doing anything wrong. You're not stupid. You're not bad at this. You know, it is just tough conditions. But honestly, handling the tough stuff is one of the things that sets. Sets entrepreneurs apart. You know, you know how to hustle it. You know how to kind of work really hard and get through this time and whatever it takes.

[Hillary]

Right?

[Hillary Halstead Scott]

Like, if you love your business, if you're committed to it, you're gonna see this through and you're gonna be okay. It will pass. I promise. It will pass. So those are the things I would just offer as tidbits of encouragement and. Yeah, like, lean into Marissa and Liz. They know what they're talking about. This is a great support network right here.

[Larissa]

Yeah. And I was going to say follow Halstead on Instagram, because I feel like you provide a community and you provide so many resources on your website as well.

[Hillary Halstead Scott]

Yeah. Thank you. We try to, like, we really want to be that resource in every way. We try to provide a lot of just education and insight, especially at times like this. So we do offer, like, a reference blog on volatility in metals markets. It does talk about a few of the points we raised today. If you want to circle back to that, you know, as this situation develops in the months ahead, it's a good resource, too, to kind of keep you grounded, especially when you start to feel that, like, stress and panic get a little overwhelming. Like, remember, there are things you can do, like dig into those things, dig into what's working, and just keep pressing ahead.

[Larissa]

Thanks so much, Hillary.

[Hillary Halstead Scott]

Thank you. It was great to be here.

[Liz]

Yeah. This was amazing. I hope everyone loved it as much as we do.

[Larissa]

All right, do you feel confident about your pricing? Let us know. Visit successwithjewelry.com, and if you love the podcast, we'd love to hear from you. Send us a message or leave us a review. Thanks for being a part of our community.