As the owner of a home-based jewelry business you can’t afford to do surveys and market studies in the style of big corporations; however, you definitely need to know who and where your potential customers are and what they want.
The biggest problem is that the majority of home-based jewelry business owners start the wrong way. They buy a bunch of wholesale jewelry first and then go out looking for clients to sell it to. It truly should be the other way around; you must research the market first, and then, buy the jewelry that people want to buy.
In the jewelry business, the key to success in analyzing the market is to observe. You must be very attentive to identify how and where jewelry sells, how prices are set by the competition, and who is buying the pieces.
To determine who will buy your jewelry pieces, first you have to establish where the best sales outlets are. Here are a few possibilities:
-Wholesale trade shows
-Retail trade shows
-Festivals and bazaars
-Sidewalk arts and crafts exhibits
-Farmers’ markets
-Flea markets and swap meets
-Wine festivals
-Open houses and craft parties
-The Internet
-Gift and souvenir shops
-Arts-and-crafts galleries
-Specialty shops
-Chain stores
-Craft malls
-Mail-order outlets
-Arts-and-crafts co-ops
-Museum gift shops
-Craft fairs
It is always easier and better to start small and locally. Research every nearby outlet; find out what is available in your town, county, and within short driving distance from your home. Find out the schedule of future craft fairs and similar events in your community and nearby locations, and identify all the shops and galleries that fit your products’ market, because these will be your main targets.
Eventually, you can expand your research to include outlets all over your state and region. You have to make a few trips to investigate the shops and galleries in these locations.
Everywhere you go, first visit the local chamber of commerce or visitor center. Gather information and brochures about the community and local events that pose an opportunity for your jewelry. Also get information about the local shopping, restaurants, and lodging, and ask for a copy of the phone directory. Tell the person at the visitor’s center counter what you’re doing and ask for recommendations. Later, at home, analyze the information and plan future trips.
Most certainly, during these trips you will learn about other valuable places you had not considered or didn’t know about, for example, shops and galleries at hotels, motels, and lodges, or jewelry shows at restaurants, marinas, or even RV parks.
To make the most out of every trip, ask the locals lots of questions, take notes, and observe… and then, observe a little more…Soon enough you’ll be ready to place your order for wholesale jewelry, and you’ll be confident it’ll sell like hot cakes!
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