[Jewelry making - Article 00212] - Re: [Orchid] Pricing according to Geller's book

[David Geller]

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Hi Susannah

    I looked you up in my database, didn't see you so don't know what
    version of the book you're using. 

    If you have the 3.2 version, it's based upon: 

    1. Gold at $300
    2. Platinum at $610
    3. Jewelers W-2 at 435,000 to $45,000

    If you're using the 4.0 book, it's based upon $45,000 to $55,000
    jewelers W-2. There are many RELEASES of that book. If bought BEFORE
    June 2006 (5 months ago) Gold in the book was at $400, Platinum at
    $850. If bought AFTER June 2006, same labor, gold at $700, Platinum
    at $1300.00 

    If you listen to my CD's you know I preach repairs are not price
    sensitive, they are trust sensitive. 

    That's in a RETAIL STORE. Customers aren't worried about cost as
    much about trust. 

    But trade work IS price sensitive. Why? Because most of your clients
    don't have my book, haven't tried to get higher prices to know they
    can get it. 

    So here comes Susannah charging $9 when all other trade shops charge
    $5. 

    The retail store owners think the prices are too high because they
    can't envision themselves getting that much. 

    And why even try, when if you're $9, I can find Willy who'll do it
    for $5? 

    I tell all trade shop people to go retail. 75% of trade shops are
    not making enough money. If asked, most would say "To do it over
    again, I'd chose a different field" 

    Your problem? Doing what I'm doing: Training the retailer (your
    customer) how to sell repairs. The other side of the coin is many
    retailers are in financial binds and cutting your cost is so much
    easier than cutting back on inventory over a year old (#1 killer of a
    jewelry store). 

    Two things you can do: 

    1. Offer to spend 30 minutes twice a month training their staff at a
    meeting. 

    2. Take the prices you WANT, make up a price sheet for THEM. Make 2.
    One keystone and one triple key. Laminate them, give it to them and
    let them chose their profit level based upon their comfort level. To
    lower your price means: 

    a. You will make less money, or
    b. You'll have to do the job a LOT faster, or
    c. You'll have to buy your parts a lot cheaper, ot
    d. All of the above.

Good luck

David Geller
JewelerProfit
510 Sutters Point
Sandy Springs, GA. 30328
(404) 255-9565
www.JewelerProfit.com


 
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