← Success With Jewelry
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- [00:00]
Liz
Welcome to the Success With Jewelry Podcast. Your go to source for real conversations about business marketing and what it actually.
- [00:06]
Larissa
Takes to succeed as a jewelry brand Today I'm Larissa, the strategist systems queen and the one who finds joy in turning big marketing challenges into step by step plans that actually work. Email marketing and generating revenue through it is the specialty of my agency, Joy.
- [00:22]
Liz
Joya and I'm Liz, your creative compass and advocate for designers doing things differently. I I live for brilliant brand storytelling, beautiful visuals, and helping designers confidently show up and shine. I founded the Stay Gold Collective to create community and support for independent jewelry brands.
- [00:41]
Larissa
Together, we bring you nearly two decades of jewelry marketing experience and on this podcast we're pulling back the curtain on everything we've learned. Whether you're just starting out or scaling to your next big milestone, you'll get honest insights, helpful tips, and maybe a few giggles along the way.
- [00:59]
Liz
This is episode 151. Today we're talking about something that impacts every part of running a creative how to value yourself. So many jewelry designers struggle with pricing confidently, setting boundaries, and communicating their worth because they don't fully recognize the value of their own time, skill and experience. In this episode, we're unpacking what it really means to value yourself as an artist and business owner, how that mindset shift affects your pricing and decisions, and how to build confidence in the word worth of what you create. Let's get into it.
- [01:35]
Larissa
So this came up from the last episode we recorded, or one of the last episodes we recorded. And I remember we were saying, oh, this is kind of like a mindset y thing. But I do think it's so important for business owners at the same time.
- [01:50]
Liz
And I think it's harder now more than ever with the cost of materials going up. You you're looking at pricing. Like maybe you're using your pricing formula that you've always used, but the numbers coming out at the other end are big. And sometimes saying those numbers out loud of what a piece that you made costs can be really hard.
- [02:14]
Larissa
I think that's so true. And here's something I see a lot with independent jewelry designers. Maybe they start out as their target customer, or maybe not. Usually both end up like not being the target customer of their own business. And so it's really hard to put yourself as the maker or the designer in the shoes of your target customer. What they would feel comfortable spending, you know, what feels expensive to them. And so it's really important to like separate yourself from all of that.
- [02:48]
Liz
I know when you get to the point where you're selling something that you couldn't necessarily afford. It's really, really tricky.
- [02:56]
Larissa
Yeah, totally. Or you maybe you can afford it, but you just can't, like imagine yourself spending that money on. Spending that money on it.
- [03:03]
Liz
Yeah, yeah. And when we talk about like affording something, I think this was something Sharon Z said. But it's not necessarily like that you can't afford it, but like that's not in your budget to spend on is what somebody's really saying when they say that's too expensive.
- [03:18]
Larissa
Yeah, totally.
- [03:21]
Liz
I even remember working for other designers. I think it's a little bit easier, especially when you're in your 20s and you don't know better and you're just like, oh, I'm selling this thing, cool. But you know, sometimes I'd been in situations where I had to practice saying, oh, that's $20,000. You know, It's it like sometimes wild numbers working in the like higher end fine jewelry industry. But in my sales strategy or marketing strategy always was, well, this is why, you know, like, this is a really incredible opal. You'll never see an opal with this same flash of red in it again.
- [04:06]
Larissa
Yeah, that's such a good point. I would say too though, balancing that with like not over explaining or like over trying to justify it too. Because I have seen the other side of that where someone is like, oh yeah, this is worth $20,000. And like, yeah, let me explain why. And they're like almost trying to compensate for the fact that it is whatever price point. So there's also an element of just like knowing the value and communicating that in your confidence, in your energy, like in the messaging as well. Which is the more woo woo part. I guess. That's so true.
- [04:50]
Liz
You don't want to oversell it. You don't want to say like, oh, well, this took 500 hours to make kind of thing. Like, you don't want to get into the nitty gritty of it all, but you do want to understand the value of what it is and what makes it special and also understand what the end consumer tends to gravitate towards or tends to latch onto. And you can learn a lot about this by doing in person events or just in correspondence that you have with your customers. Like what is it that they usually hear from you that gets them excited or makes them want to purchase something? Yeah. But the other part of this is that you need to price things appropriately and you need to value yourself and your product to have a sustainable business.
- [05:35]
Larissa
So what are signs that, like, maybe someone isn't aware that they're not valuing yourself, valuing themselves?
- [05:44]
Liz
I think underpricing is probably the most obvious and the biggest one. And I know so many designers. I know that looking at the end price, you might be feeling like, oh, I cannot charge more than this. But when you look at the numbers on the back end and what you're actually paying yourself, and, you know, maybe you're, like, fudging the numbers to get your suggested retail price, you're usually cutting from what you're paying yourself and. Or you're cutting from your cut of that sale. If you're in the wholesale end of things, and you might not feel like you're underpricing your work, but you're not paying yourself enough, so you. You technically are underpricing your work. So that's, I think, probably the biggest thing. Overworking. And then, like, I come into this problem where I just say yes to too many things.
- [06:35]
Larissa
Yeah. So burnout, for sure. Like, if you start to feel resentful of your business or, like, I don't know, you secretly hate your customers or something. I know that sounds kind of crazy, but it's this. Just this undercurrent of feeling like you are not being compensated accordingly.
- [06:56]
Liz
Yeah. Getting to that point, and I'm sure, Larissa, you've been. It had moments of this in your business, because I've had them in mind where you get an inquiry about working with you, and you're like, gosh, I do not want to deal with this, or, I don't. I don't want this right now. Please stop emailing me.
- [07:12]
Larissa
Yeah, well, though, that was definitely, like, stepping stones in my own business and, like, pricing my services accordingly. Like, I. I've definitely gone through this. And. And of course, there's, like, a pnl. There's a financial aspect of this where you can see it in numbers. But I also, in those moments, had this feeling like I'm just tired or, like, I don't know, I just feel like I'm worth more than this or my value is worth more than this. And again, it comes out in this, like, burnout, resentment, frustration, impatience. And, like, those are signs you should really pay attention to in yourself.
- [07:57]
Liz
Yeah, I. I think it's hard when you do have your own business or are solopreneur, because once you're, like, on the wheel, like, it's hard to pause it and step off of it, to, like, reevaluate. So, you know, I. There's been times for me and Maybe right now, because I am burnt out and trying to figure out how to overcome that, where it's like, okay, well, what do I get rid of? Or what do I pause? Or how do I pause to take care of myself and reevaluate what I'm.
- [08:24]
Larissa
Saying yes to and what I'm choosing to charge for? I really struggle with that. Exactly what you're saying, like, the pause. Because there is this element of, like, to be successful, you kind of just have to keep going and to learn by doing. And so to take a pause almost feels like losing momentum or losing progress. But I do think that it's necessary when you're feeling like things are misaligned.
- [08:55]
Liz
It's really hard. It's really hard. And I find myself sometimes just, like, waiting. Well, it's going to slow down eventually, and then I'll take a break. But it never really does slow down. If you're just waiting for it to happen, you kind of have to take charge. But a lot of these, like, especially, you know, speaking from my own experience, underpricing for me comes from, like, fear and imposter syndrome, like, very much so. Imposter syndrome, like, seeing these other consultants or thought leaders. Is thought leaders still a term that people use? Experts, People out there. Because I primarily work in content strategy. And, you know, when I'm not. When I'm working with clients and I'm not necessarily seeing the growth in numbers, maybe I'm seeing the growth in sales, but you're not getting those viral reels. Because that's just not how I work. I don't do that type of content. You start to, like, question everything that you're doing. Like comparing yourself to other people and feeling like an imposter.
- [09:57]
Larissa
Absolutely. Yeah. That's some heavy stuff right there.
- [10:01]
Liz
Sorry, sorry, everyone. I'm.
- [10:03]
Larissa
No, don't apologize. I think a lot of people can relate to that. But it's probably like one of the hardest things about being a digital, digital front, a digital storefront business in this day and age.
- [10:20]
Liz
I am so stuck right now, and I think I mentioned this on a recent episode of, like, I need to show my face or I need to market my business or I need to talk about, like, what the stakehold collective is. And I am having such a hard time doing that, like, getting over some of those comparisons I am looking at. And, you know, I'm having a hard time marketing right now. And I'm a marketer. I'll market your business. I could certainly help you listeners. I would love to tell the story of your jewelry business, but for myself, I'm really struggling with it. And anyway, something I need to get out of. But in general, like, if you are underpricing your work or if you're overworking or if you're feeling burnt out, there's definitely a cost to staying stuck in those patterns. Like, one of them being that you're not creating a sustainable business for yourself because you're undercharging for your work. But the other end of it is, like, your own health, your own mental health, which is very important because the reason we do work for ourselves is so that we can have a more flexible life and do something meaningful and empowering. So if you're in a situation where you're like, oh, this isn't feeling good, you have to pause and make a change.
- [11:32]
Larissa
So many good things that you just said. Yeah, I'm like. I'm, like, digesting them as you're. As you're talking. Yeah. That is so easy to forget that the reason many of us got into business in the first place was to kind of create freedom for ourselves, and then the freedom ends up being like a. A prison of our own minds. That's. That is true.
- [12:00]
Liz
I mean, most of us started for, like, to create more freedom for ourselves, and then also, like, coming from a passion. And sometimes I think about how excited I was when I first started, and I still have, like, many moments of passion and excitement, what I'm doing, but you have to dig a little deeper to find it sometimes. Some days. I don't know if you're feeling this way too, Larissa, but the end of this year is feeling, like, a little bit of a struggle, and maybe this is a hard time to be talking about this. I feel like, hopefully with the renewed year, a new, fresh year, maybe a little bit more energy and excitement.
- [12:40]
Larissa
Yeah. I find the end of the year in general becomes more, like, reflective for me because, like, I spent the whole year, like, going after my goals, blah, blah, blah. And then by November, I'm kind of, like, thinking back on what served me, what didn't serve me, what do I want to change, like, what's not working, what's working, stuff like that.
- [13:04]
Liz
Yeah, the. The reflective part's tough, but good for you for setting goals. I don't know if I fully set goals. We'll talk about that next week. But something really important to do is to understand your real value, the real value that you offer. And I'm always amazed by makers and designers because there's a lot of work that goes into what you do. And a lot of experience and, you know, regular people. I've been in the industry for a long time. I couldn't design or make a piece of jewelry. I have no idea how to do that. Maybe I could figure it out, but it would take me way longer than it would take you and it would take time and I'd have to learn things and want to learn things. So just a reminder that your experience, your creativity, your craftsmanship, all of that is so valuable.
- [13:53]
Larissa
Definitely.
- [13:56]
Liz
Yeah. And your story, what inspires your work? Again, like the behind the scenes, the craftsmanship, all of the techniques that go into creating the work, that's what makes it very valuable. And your values, what you stand for. Also, just like a reminder that jewelry is so emotional and symbolic and people invest in jewelry for a lot of really important reasons. That's, that's very valuable too, I think.
- [14:26]
Larissa
So if anyone struggles with the value part, what helps me is kind of looking back or keeping like a folder on my desktop or in my inbox of like, compliments or nice words that people said to me about my business, like over the years. And I'm hopefully you out there have some of those too, like a review or just like, even if someone said something nice on an Instagram post, like even if they didn't purchase. Having a swipe file of nice things. And when you are struggling with mindset, looking at that stuff I think can really help you remind yourself of your value.
- [15:09]
Liz
And maybe having images of pieces that you're really proud of, that could be helpful too. But having, yeah, I love that idea of having a folder or even like if you have a place to pin images and notes above your desk or bench, that could be a great place.
- [15:25]
Larissa
To put things too.
- [15:28]
Liz
But yeah, this does come down to mindset. So, you know, shifting your mindset to.
- [15:35]
Larissa
To one of confidence is not easy.
- [15:37]
Liz
I wish I, I wish I could help everyone do that.
- [15:42]
Larissa
I think especially on the Internet, you're a jewelry maker, jewelry designer, you see all the other jewelry brands out there. I think on Instagram too, a lot of them tend to follow each other. And so you get in this vacuum of like, oh, I'm just in a sense sea of jewelry. What makes me different? Are there enough customers to go around for all of us? Like, these are all scarcity mindset thoughts. And moving to a place of confidence and value is knowing like, there's a customer for you, there's somebody that loves your work and not maybe not everyone else's, but your job is to attract those people. I Mean, how many people are there in the world? Like billions?
- [16:32]
Liz
So many. Like, I don't even know.
- [16:34]
Larissa
But there are a lot of people out there and there is something for everyone. And you can be that something for someone who loves you and your work and will pay the price that you're charging.
- [16:48]
Liz
There is room for everyone. And I think that digging into fans of your work, the followers you are already have, is a great place to start with that because you already do have an audience that love what you do and are advocates for what you do and are excited about you. And so digging into that first is a great way to grow.
- [17:08]
Larissa
Absolutely.
- [17:11]
Liz
So turning all of this into action, first and foremost, everybody either pause the podcast or as soon as this is over, look at your pricing. I mean, that's an important thing to do. Just because of the metals market right now and the gemstone market and all of the things, things happening, you probably need to raise your prices. So just go look at your pricing. Make sure you're able to pay yourself for your custom projects. Make sure you're, you're, you know, making sure that, that if somebody does hire you for a custom project, that you get compensated for design work, even if they don't go through with the project. So look at those types of minimums that you have and create boundaries for custom as well. Or all of your client work. Like, get really clear on what your boundaries are so that you're not overextending yourself and you're clear about what you need because your business is at the end of the day supposed to serve you.
- [18:06]
Larissa
Yeah, a big misstep, I see. With that, even if you have those prices and minimums and all those things for your custom work, I think sometimes the process is not clear for the client or there are some gaps or uncertainties in the actual process. So, like from A to Z of starting a custom project to finishing it, is that all also super clear for the customer? Or are you kind of just like sharing it as you go along, making it up as you go along. Like, the customer also needs to meet you at your own boundaries and they need, they need to know how you work and you need to be the captain of that ship. So, like making sure your custom form is easy to use, that it's easy to schedule a consult, that all the information is shared up front and that I think this is a good time of year to do a tune up on that, that, that's so true.
- [19:10]
Liz
You can have all the boundaries you want, but if you don't clearly communicate them it's not going to help you at the end of the day. So. Yeah, understanding what your boundaries are and then clearly communicating them. Now's a great time to check to make sure everything's in line and. And working well. But also, you know, something to think about too is like, within your marketing is communicating your value very clearly. And as you have conversations as well. So understanding, you know, what is valuable about what you do, what is special about the pieces you make, and communicating that.
- [19:46]
Larissa
Mm, yeah.
- [19:49]
Liz
All right, so final thought, I guess, is to.
- [19:56]
Larissa
Or.
- [19:56]
Liz
Or an action item. Identify one place in your business where you can start honoring your time and scale more fully. Or like, pause for a moment and recognize, you know, how much experience you have or how special the work you're creating is and write that down.
- [20:12]
Larissa
Or.
- [20:12]
Liz
Or send it to us. I would love, like, if you feel comfortable sending us, like, what is special about your work, like a quick sentence, what about what you do is special?
- [20:23]
Larissa
Create an affirmation or that can become an affirmation, like a I am statement or something like that that really affirms what makes you and your business and your work unique and special and value driven.
- [20:38]
Liz
Will you take action to be more confident about your business? Let us know. Visit successwithjewelry.com and if you love the podcast, we'd love to hear from, send us a message or leave us a review. Thanks for being a part of our community.