#19 Know Your Worth: How to Price Your Work with Confidence

In episode 19 of the Jeweler's View podcast, titled 'Know Your Worth: How to Price Your Work with Confidence', host Courtney Gray dives deep into one of the most challenging aspects of being a creative professional: pricing your work. Drawing from 25 years of experience in the jewelry industry, Courtney shares invaluable insights, addressing the common fears and misconceptions that many jewelers and creatives face when setting their prices. She highlights the importance of valuing your expertise, craftsmanship, and creative vision, rather than just the materials and time spent. Tune in to learn about the three biggest pricing mistakes, strategies for building pricing confidence, and actionable steps to transform your pricing mindset. Whether you're a seasoned maker or just starting out, this episode offers practical advice to help you price your work with confidence and ensure your business thrives. Don't miss this empowering conversation and be sure to visit CourtneyGrayArts.com for additional resources and workshops.

Transcript

EPISODE 19: “Know Your Worth: How to Price Your Work with Confidence”

[00:00:00] Welcome to the Jeweler's View. I'm Courtney Gray, and after 25 years in the jewelry industry, 15 of those running one of the most elite schools in the country, and working with masters and aspiring makers from across the globe, I've experienced the highs, the lows, and everything in between. I've consulted for organizations both large and small, and I work one on one with makers who are building their own creative business.

In this podcast, I'm here to help you do the same. Whether you're just starting out, maybe you're dusting off the bench or looking to elevate your craft to the next level, we'll explore topics that build confidence, tackle challenges, and help you achieve your goals. So what's holding you back? Let's dive in.

Hey Fran, welcome back to the Jewelers View, episode number 19. Know your Worth, how to price your Work with confidence. That's what we're gonna talk about today. So let me ask you [00:01:00] something. How many times have you second guessed your prices, thought about lowering them just to make the sale or even felt guilty, asking for what your work is worth?

If that sounds familiar, you are not alone. Pricing is one of the biggest struggles I hear from jewelers and creatives. The fear of charging too much. Losing customers or feeling like your work isn't worth the price tag, it's real. But today we're gonna break that cycle. I want you to go over to Courtney gray arts.com if you haven't already, and make sure you're getting my VIP email 

I send it every week. It correlates with each episode that I'm launching, which right now is every Tuesday. So definitely if you haven't done that, put it on your list or go do it real quick. Hit pause and come back. By the end of this episode, you'll know exactly why pricing feels so hard, the three biggest pricing mistakes that hold jewelers back, and how to start pricing with [00:02:00] confidence.

if you're ready to go deeper, I have two ways to help you move forward. One for those who want an immediate pricing breakthrough, and one for those ready for a full business transformation. More on that later. Stay tuned. So why does pricing feel so hard?

What if my prices are too high and no one buys? These are the questions that we ask ourselves, right? I feel guilty charging too much. I don't wanna scare people away. This is a big one. I see others charging less, so maybe I should lower my prices. Sound familiar. These fears keep so many talented makers from truly thriving, but here is the truth.

You are not just selling materials and labor. You're selling expertise. You're selling your craftsmanship. You're creative vision, and people pay for value, not just the time it takes to make something. When I first started [00:03:00] in this industry, I kept my prices too low because I was afraid. I thought if I made things affordable, I'd get more sales.

But all that did was leave me overworked, undervalued, and a little stuck in this mentality of my work will never be valued any higher. the moment I started setting a baseline price that actually reflected the value of my work. I noticed something amazing. My customers changed. I started attracting people who respected my craft and were willing to pay for it.

And this isn't just my experience. I've seen so many jewelers go through the same shift. One of my students doubled her prices on a collection. We did the math and it needed to be doubled. She'd been underpricing for years and staying kinda locked in this pricing bubble, if you will. So what happened was instead of losing customers, which was the biggest fear she sold out. If pricing [00:04:00] brings up all kinds of emotions for you, fear, doubt, frustration, you're not alone. I go deeper into this side of things in episode six. So go back and revisit that later. Shifting the money mindset is what that one's called.

So if this resonates with you, be sure to listen to that one too. Three pricing pitfalls that I see keep jewelers stuck in the bubble. First, underpricing out of fear. I get it. There's a worry that if you charge too much, people won't buy. But here's the thing. When you price too low, you actually make customers value your work less Luxury brands don't compete on low prices. They build value, exclusivity. and confidence around their pricing. You can do the same thing by positioning your work in a way that showcases its true worth. Second, that I see the biggest pitfall is not accounting for your time and expertise.

[00:05:00] Pricing isn't just about materials and hours worked. It's about the experience, the skill, the creative process that you bring to the table. Your years of training your design eye, your ability to create something truly unique, that's what makes your work valuable. And when you start to own that, your pricing naturally shifts.

Third is guessing. Instead of using a real pricing structure, I see so many jewelers just throw a number out there. without a formula behind it. And when you guess you're constantly second guessing yourself. So inside my Pricing Confidence Workshop, it's a one hour training I put together.

I walk you through confidence building strategies for pricing, and inside my six week course, we take it even deeper with a full pricing framework to help you scale your business with clarity and confidence. 

Okay, so how do we start pricing with confidence? Instead of asking what will [00:06:00] people pay? I want you to ask, what is my work truly worth? One small step you can take is I want you to increase your prices by just 10% on your next piece, just 10%. I promise you, most of your customers won't even flinch because they're already buying based on value, not price.

And here's something else. Many customers don't actually know what handmade jewelry should cost. That's why educating them is so important. Show them your process. Show them the materials, your craftsmanship, walk them through what goes into each piece that you create. The more confidently you state your prices, the easier it gets. 

 Now, if this is exactly what you struggle with and you'd love some guided help working through your pricing mindset, I have something for you.

I run a live pricing confidence workshop. Where you go even deeper into strategies for overcoming doubt, I'm calling it [00:07:00] Elevate. We're gonna build momentum in your business. And if this sounds like what you need, I want you to head again, Courtney gray arts.com/workshop and see when the next one is happening.

, get on the wait list. And if you're ready for that full step-by-step transformation, I mentioned covering pricing consistency, and building a true thriving jewelry business. Then my six week course Transform Your Jewelry Business from Vision to success is for you. I made it for you, I promise.

I've talked to thousands and thousands of jewelers over the last 25 years. I've been able to really zoom in on the common threads that I hear from. designers and makers at all levels and the struggles that we all experience, you are absolutely not alone. Welcome to the tribe. So doors only open a couple times a year, and I wanna make sure you're aware Courtney Gray arts.com, see if we're enrolling, or hop on the wait list so you don't miss [00:08:00] the next round.

let's do a little recap of what we talked about today. Under pricing does not serve you. Or your customers, your pricing should reflect value, not just materials and labor. Confidence in your prices equals confidence in your business growth.

And then I mentioned these two opportunities for a fast focused deep dive. Check out the pricing confidence workshop, elevate. At Courtney Gray Arts and for the full transformation, my six week course, walks you through pricing systems, strategies, building momentum insurance. We're gonna talk about all the nitty gritty that we can fit into six weeks.

Can't give it all to you in that timeframe, but I'm gonna help you lay a foundation that you can build on moving forward. Whichever path you choose. The most important thing is that you take some action. Your work is worth it. You are worth it. So let's start [00:09:00] pricing like it. I love to hear how this episode resonates with you.

Tag me on social at Courtney Gray Arts. Send me an email. hi@courtneygrayarts.com. I wanna know what pricing shifts you're ready to make. All right. Until next time. Onward and upward. You have got this. [00:10:00]