Competitor Sells the Same Jewelry

Why are You Afraid of Competitors?

Often I get the question from potential clients: “How many resellers are there in my country, or state?” (Australia, California, Florida, Canada…).

90% of people ask this question due to the wrong reason, and only a few people have the right approach.

The right purpose of asking this question is to ensure if delivery works well to their country, and if the products are in demand in some location.

If a supplier has a lot of clients in some country, it means that the delivery is well organized and reliable. And there is a great chance that products are in high demand by end customers, and goods are high-quality.

Most people ask this question due to the wrong reason. They want to know if their product will be unique, because they are afraid of competition.

Let’s ask ourselves, why aren’t car dealers afraid of competition, and sell the same car brands within one country or town? Why aren’t different grocery stores afraid of selling milk of the same brand? Are they really less clever than an aspiring jewelry seller?

Of course, no. The fear of competition is caused by at least five delusions about the jewelry market that sellers have.

Don’t sell unique jewelry

It’s a mistake to sell unique jewelry. People forget that the uniqueness is always opposite to the demand. The more sought after the jewelry is, the less unique it is.

People are willing to sell unique jewelry to avoid competition. They have a fear: “Oh my god, what if someone is selling the same design!? And what if at a lower price than mine?”.

When I was launching my business, 15 years ago, I made the same mistake. I wanted to offer unique jewelry, rather than a popular one. But the more I communicated with the audience, the more I got the understanding that I should sell not what I want, but what my audience wants. 

And the truth is that people want popular designs, trendy designs, but not unique. 

Have you ever met Instagram accounts of jewelry makers, who make unique crafts which no one wants to buy? I call such store accounts “3 followers, 2 likes, and all of them from friends and relatives”.

What to do? Offer the most popular designs! But in a perfect quality, with you great service, packaging and advertising.

There is a very simple way to discover which designs are mostly demanded. On my website we have the bestsellers selection in the catalog.

These are the most popular styles by our statistics for the last 60 days. These products are sold five times more than the other. 

Let me know in the comments, if you want me to share the link to the actual jewelry best-sellers list.

Stop Limiting Your Business 10 Times

Too often small business owners willingly give their money to competitors. They intentionally cut down the profits 3 times, 10 times.

What is the main mistake? They just focus on local sales only.

Many of my dear clients sell jewelry online.

Many offline jewelry sellers have social media and online stores too.

If fully or partially you offer products online, there is no reason to limit yourself by the audience inside your town, state, or country.

Too often I see such stuff in the descriptions of Instagram accounts:

• “Best jewelry in New York”

• “Jewelry Designer in Tampa Bay”

• “Jewelry and gifts in Australia”

If you sell jewelry from the US, why wouldn’t you deliver all over US, Canada and Mexico without customs and borders?

If you hold a store in Australia, you have the ability to send fast all over ASEAN and New Zealand.

From London you can send goods all over Europe.

Why are you cutting down your scale, and your profit?

Break the limits, start sailing at least within your country, within free trading areas, within a continent, or better all over the world.

There are a lot of online sales platforms: Instagram, TikTok, Shopify, Etsy, Amazon. Choose one or several that fits your talents.

I have a free live stream recording “Top 5 platforms to sell jewelry”. Let me know in the comments, if you want me to share the link to that live stream.

90% of your competitors are made up

Often, online sellers consider every Instagram store account a competitor.

Offline boutique owners think that another store on the other side of the town is their competitor.

Failing to identify your business competitors leads you down the wrong path.

Let's look at the simple example, perhaps a bit silly. 

• Let’s say John is a family man.

• His wife Cindy has a fear that her husband will be stolen from the family by another woman.

• There is a cute female friend of Cindy. She lives in another part of a town. She is very attractive, but John never ever saw her.

• There is also a neighbor named Laura, who is not so attractive, but quite nice. And Laura was caught winking at John sometimes.

• Who do you think is the main threat to family integrity: some far off cute girlie, or a neighbor? It is obviously - the neighbor Laura.

• Cindy - is a jewelry business owner. John is her client. Laura - is a jewelry store nearby. Cute girl is a far off jewelry store.

• Conclusion: another jewelry store, or Instagram account in your city - is not a competitor by default.

The fact some business exists, doesn't make it your competitor.

What really matters, if some business tries to reach your audience. It really steals away your clients.

You can easily identify those competitors. Do you want to know how exactly? Let me know in the comments!

What business is stealing your customers away?

Far not every store of the same products is your competitor.

If you sell off-line, your competitors are only within 20 - 30 meters to you.

Even if several jewelry stores sell the same designs, it means only that the products you offer are in really high demand.

If you sell online, let’s say on Instagram, far not every jewelry store you see in your feed is your competitor.

Your actual competitors are only the stores that actively promote themselves and try to grab your audience. 

Discover which stores are mainly followed by your followers. Pay attention to active stores only, stores that obviously have advertising and sales.

You will see that the actual number of such stores is very small.

But what to do if such competitors are bigger than you? There is a very simple solution to make your business grow up to 10,000 dollars monthly in sales from scratch.

Do you want to know the solution? Let me know in the comments!

Forget about competitors until you make 10,000 USD per month

In online business, the more audience you get, the more sales you make.

Only after you have a large audience, there is a chance to have a real competitor.

Why? Because the bigger your audience, the more likely you are to touch your competitors' audience (that is somebody else may be fighting for the same clients as you are fighting for).

But If you still have a small audience, there are two bits of news for you.

Bad news - you are not a competitor in the market. 

Good news - you don't have any competitors either. As your audience tenses to zero, it does not intersect with others' audience.

Conclusion. Before you make 10,000 US dollars in sales monthly, forget about competitors. Focus on your own quality, service and advertising.

Do you want to know how to grow your jewelry business? I have a free course called “16 steps to start your jewelry business from scratch”. Let me know in the comments if you want me to send you the link to this course.

Competitors offer Cheaper Jewelry?

Are you in panic when you see on Instagram a store that sells the same designs at a lower price?

Let the loser stay where he is. Believe in my 15 years of experience, there is nothing to be afraid of.

There is inelastic demand in a high-quality jewelry market. It means that lowering the price would not bring more profits. 

During the existence of my business there were a lot of so-called competitors trying to copy my business with weaker quality and offering a cheaper price. All of them are dead by now.

Don’t ever try to develop a small business with low prices, especially in the jewelry market.

In my book “Your own jewelry business” there is a big chapter about pricing in the jewelry market. If you want to get the book for free, let me know in the comments - I will share the link.

Same Jewelry is Sold Cheaper?

If some store offers a lower price for the same product, it means they have lower profit margin, and lower ability to advertise.

In combination with the inelasticity of jewelry market demand it means that such a store is defeated from the very beginning.

Don’t pay attention to those who use the dumping as they have no ability to compete and develop. They will always have a very limited audience size.

Focus on your business promotion and developing of your service and quality.

Retail at a markup of at least 400%, and at least $12 per piece.

For example:

• Buy at $3 wholesale - sell at $15 retail.

• Buy at $5 wholesale - sell at least at $19 retail.

• Buy at $7 wholesale - sell at least at $25 retail.

You will have profit, have funds for advertising and scale. The quality and service should correspond with the price.

This is the road to success in a small jewelry business.

To have a better understanding of profits in a small jewelry business use my free online business plan. Let me know in the comments - I will message you the link.

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