Episode #481: Rising Fine Metal Costs? Here's How to Handle Pricing!

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:   [3:41] How 2008 prepared me for today [5:30] The economic reasons why precious metals price spike [11:40] Ways to adjust your prices to account for the rising cost of materials [13:30] Develop a Customer Communication Plan for use with wholesalers and repeat buyers [15:47] Diversifying your product line to reduce material costs while keeping value [17:34] Optimizing your supply chain to secure better deals [18:31] Elevating your value proposition so customers recognize other sources of value [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) Laying the Foundation Buy My Book: The Desired Brand Effect   Are you enjoying the podcast? We’d be so grateful if you gave us a rating and review! Your 5 star ratings help us reach more businesses like yours and allows us to continue to deliver valuable content every single week.  Click here to review the show on Apple podcast or your favorite platform Select “Ratings and Reviews” and “Write a Review” Share your favorite insights and inspirations If you haven’t done so yet, make sure that you subscribe to the show wherever you listen to podcasts and on Apple Podcast for special bonus content you won’t get elsewhere.   xo, Tracy Matthews   Follow on Instagram: Follow @Flourish_Thrive on Instagram Follow @TracyMatthewsNY  Instagram <