b'&By Bill BoyajianThe price of a product or service is set by its owner, but the trueservice just unaffordable to that individual? The good news is value of it isnt determined until someone buys it. Often wethat the other half of the time, the price is accepted, so the value think that the price of an item is too high, but if someone buysis confirmed by those who accept the price offered. If everyone I it, he or she has valued it differently than the one who rejectedencounter agrees to my proposed price, my prices are probably it. Maybe the person who bought it needed the product ortoo low. If no one accepted my proposals, that would tell me service more, or perhaps they just valued it differently. that either my prices are too high, or Im doing a poor job of selling. And there could be other reasons, too. My point is, you In jewelry I have found that most people dont really knowcant sell everyone on your product or service, but you can do what the price of something should be, so it appears to thema better job of pricing and selling. Increasing your closing rate as a blind item. The more basic a product, say a one caratcosts no more in advertising and marketing, but creates many G, VS2, Triple Ex, the more shoppable the product is and themore sales and much more efficiency in your business.more price competitive it is. The more the product differs from the ordinary, say with a unique design or numerous diamonds,Make sure your products and services represent great value the more difficult it is for people to comparison shop, andto your customers by constantly evaluating them. One jeweler therefore to put a price on it. Even if you asked a bunch oftoldmerecentlythathedidnthavetimetoevaluatehis jewelers what something should sell for, you will invariably getmerchandise and to reprice his products. I wondered where a wide range of estimates. hespenthistime.Probablyworkingintheweedsofhis business instead of working on his business.When I look at a jewelry item, I ask myself if it looks like its worth the asking price. Sometimes I see products in stores thatPrice and value are not the same. Price is set seem over-priced, while at other times I see products that haveby an owner, but value is determined by the the look and feel of something much more expensive. I usebuyer. Make sure your products and services this test to see if more margin can be squeezed out of an item,reflect great value to your customers.or if weve hit the peak of what a jeweler can ask for it. Of course, the key to all this is whether a product or service sells. Bill BoyajianTry this exercise in your weekly store meetings. Pass around aBill is the former long-time president of the number of items each week and ask your sales staff if the priceGemological Institute of America, and is is too high, too low, or just right based on the look and feel ofcurrently founder & president of Bill Boyajian & Associates, Inc. His company consults for the product. You might get some very interesting answers, anda wide variety of businesses in the gem and insights, from the people on your team. jewelry industry, specializing in leadership, business, and organizational development, family transition, and succession planning. Bill is WhenIpricemyservices,abouthalfthetimeapotentialthe author of Developing the Mind of a LeaderYour Path to Lead and Inspire People. He is a sought-after business coach engagement falls through. Was my price too high, or was myand speaker, and can be reached at bill@billboyajianassociates.com.12 | The Jewelry Business Magazine'