When families struggle to make ends meet or react to the loss of income, suppliers of goods and services must respond to keep an even keel in their business.  But, saying so is not as easy as doing so.  Erecting sales signs or spending more money to land fewer customers is a “knee-jerk” reaction and not the only thing businesses can do.  For jewelry makers, it’s easy to consider their product a “luxury item” which feels as if it will be hit the hardest by the downturn.  However, thinking so is counterproductive as you probably already know.  So, how can you insulate yourself from declining sales, turn the loss of sales around, and increase business?  Following are some specific things you can do that will work for you!

Work harder. If you worked 40 hours a week when the economy was strong, it’ll take 50 or 60 hours to get the job done now.
Assess & Analyze.  What has been working for your business?  What has sold the most and what produces repeat customers?  Once you analyze exactly what it is that has worked, focus all of your energy on it and ignore and shelve those things you did that maybe were more fun, but didn’t give you the return on investment that you wanted.

Create new jewelry pieces. What you say – start something new?  Yes!  Sit with friends and family and brainstorm jewelry ideas that WILL be in higher demand in an economic downturn than other pieces and develop your go-to-market strategy to get them in front of your buying audience.  Read more... (700 words, estimated 2:48 mins reading time)