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SPOTLIGHT ON ... ARTICLE
May 2009
Selling in a Slow Economy
Written by: Charlene Gary
We've all heard about it, as it's ever present in the news and on our minds: the economy is bad. Businesses are closing or laying off workers to stay afloat. Small businesses seem to be hit the worst. If you watch and read the news enough, it could send an otherwise sane and calm person into a panic attack. I wouldn't go so far as to stop reading the news altogether. Ignorance is bliss sometimes, but not in this case. It's important to stay diligent and to be aware of the current financial climate in order to take advantage of opportunities when they arise. There is money to be made, even in this economy. Being frugal, resourceful, and industrious will help us all make it through this economy, and hopefully come out stronger and wiser on the other side.
Of course, the first thing we all do is offer sales. Incentives, like sales, are always a good way to attract business, but you're not the only one doing this. So what can you do to set yourself apart? If your local community is feeling the slump, how about collaborating with other local artists and putting together an arts event? We've all heard that for every $100 spent at a locally owned business, $45 goes back into the local community. Supporting your local community and working with others locally is a good way to boost morale, inspire others and work at attracting business. Teach a workshop or have a jewelry show at your studio, if you have the time and space.
It's always a good time to cut back on expenses, but in searching the web for information on selling in a slow economy, along with what I've learned, all articles indicate that this is NOT a good time to cut back on your marketing. In fact, your marketing strategy should be more aggressive and unique. Email newsletters and postcards are one way to reach out to and attract potential customers. There are many free, open-source templates out there for downloading. Modify them to fit your business and send them out to your regular distribution list. In this electronic age, computer correspondence is the least expensive way to market, and save on ink, toner and paper. If you are an especially green business, you can tout this fact in your electronic correspondence. And of course, (this should be a no-brainer), don't forget to post any news about your business, any incentives you're offering, and dates and locations that you're showing your pieces to your blog/facebook/MySpace/account.
Take stock of your supplies on hand. See if you can use what you already have in stock before you buy more. Be creative in how you use leftover wire, beads, string, jump rings, or whatever you have available. I made a pendant from pieces of copper and brass, and soldered it together with large pieces of solder. I left the solder half melted for texture and I added a leftover piece of square silver wire for the bail. It was purchased as soon as I made it. Sometimes throwing things together in a way you normally wouldn't make the most interesting pieces.
See if you can negotiate, or renegotiate, with vendors, or wholesale accounts on price, just so you can move your inventory. Post to your online consignment site and give it a fun, unique name like "economic recovery sale!" or "I need some new materials" sale! Don"t put yourself in the red, but a sale is a sale is a sale.
Can you barter with another jeweler on materials? Do you have an overstock on a particular component that someone else can use? Most jewelry blogs have followers and groups, maybe even a central message board. Ask if you can trade a material with someone. If you're already a member of a group, check in with your friends there to see if they can help.
Remember, what goes down, must come up. This too shall pass. If you can make it through this, you'll come out smarter and stronger when times do turn around.
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A schooled jewelry artist, I work from home finding inspiration in the every day. I like color and keeping things simple. I like to read, and write, about jewelry in its many shapes and forms. You can check out my blog at www.graygirlstudios.blogspot.com
Design and photo above by Charlene Gary.
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