In almost any store where you shop, you will be asked at check-out for your name or telephone number, or if you have a store card. Most people comply and whip out that card, because it entitles them to sale prices or special discounts. The requested information or the card keeps track of customer purchases, and the information is automatically entered into the store’s database. The collected data is used to determine and implement more productive marketing strategies.

Use your jewelry software to create an account for each customer. Along with the usual name, address and phone number, enter the following information:

· E-mail addresses
· Product purchased
· Purchase price
· Services, including repairs and appraisals
· Purchases of warranties and insurance
· Style preferences
· Special requests for items of information

With the jewelry software, you can assess relevant market conditions and sales data to determine your marketing strategies. You will see what items sell well, and which don’t. This will help you determine what inventory should be increased or decreased. The average price of items being sold tells you in what price range customers are most likely to make a purchase. Whether you make you own jewelry or purchase your stock, some items will have higher rates of return or need for repairs. If you make your jewelry and reports show that a certain brand or type of clasp or crimping bead breaks quite often, you will know to change to a more reliable brand. The same applies to brands or styles of ready-made jewelry.

Set specific goals for you business. For instance, you may want to increase the percentage of sales for a certain item, or phase out a product that doesn’t sell well to make room for a new line. Use the jewelry software to help you determine where to apply the correct strategies for attaining your business goals. As you become more experienced in using the software, you will be able to determine where to increase product investments and view your available assets, such as liquid assets, cash flow, equity and inventory. You may find jewelry software such a valuable tool that you’ll wonder how your business ever got along without it!

Gary Capps is the general manager of Beading-Software.com.  Contact us through our website http://www.beading-software.com for tips on jewelry making and setting up your own home jewelry business.

Pricing an art or craft show product is more of a science than an art. You can’t just set a price that you think is okay and expect to sell a lot of your product for a profit.

First of all you need to know what it costs you to produce your product. You want to include the costs of the goods used to create your product plus a little more to buy extra supplies.

Second you need to include your wages. What price per hour would you like to make? How many hours did it take to create your product?

Third you need to add in the price of your other expenses. Don’t forget to include things like the cost of your studio, electricity, advertising, cost of travel, cost of shows, in this figure. Then spread these costs out over the price of all your products.

NOTE: You will recover a small portion of these miscellaneous costs each time one of your products sell.    For example your miscellaneous costs add up to $2000 a year and you sell approximately 1000 products a year that means that you need to add $2 to the price of each product to recover those costs.

Last and definitely not least you need to know what price the market will support. What this means is that your price can’t be higher than the amount the people who buy your product are willing to pay for it.  IF you sell a product that is similar to a retail product you can go to the stores and see what price products like yours are selling for.

Then you need to decide if you can make your product for that price.

Here is a formula to help!

A.  Cost of goods used x 1.5 = cost to replace supplies used + costs of new supplies

B.  $dollars per hour I would like x #number of hours it took me to create product = my wages

C.  Miscellaneous expenses for the year divided by approximate number of products I can sell a year = cost of miscellaneous expenses per product

D. Add A + B + C =Total cost of product

Compare the answer you go in D to retail prices in the area to know if your price is inline with market expectations.

It may take some adjustment to find the price point that sells the most product at the best profit.

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