Pricing A Range of Products
Ranches in quick uh pricing hot seats with a couple of our audience members where we're going to get up here and we're going to do this so I know that you guys have some product so who wants to be brave and go first wait let me bring a few of your pieces up here you're gonna come up here yeah okay things off this table here I didn't pull out my cookie this time I packed in bags so is one of the pieces that you have here the bestseller that you were talking about that isn't yes okay guys awesome. This is the highest okay sky on dh let's do two more here perfect so while you're pulling those out this is your best seller tuck marie about your costs on this guy so material costs material costs like a dollar fifty okay, labor costs about twelve dollars so I can make it right but say that the material against material dollars d you guys gonna judge me later it's really it's not lookit this is funny yeah it's really good here only where you said about uh twelve dollars awesome. Okay, all righ...
t. And then do you have a ballpark on your overhead? Uh for this one would be a sixteen dollars an hour overhead and they take you about an hour to make her uh this takes twelve minutes twelve minutes sixty dollars okay clipper so we're going we'll run another twelve okay uh so what I get us up to twenty four twenty five fifty fifty and so that's not even calculating profit so what have you been wholesaling these that have been wholesaling those at nineteen dollars okay is a big discovery for me all right and then how much are you marking up for your retail uh times too ok so then your retailing them for thirty eight thirty eight all right, so I think this is ah pretty strong case where your retail price is going to become your wholesale price yes yeah so then let's look at kind of some comparison so then these little guys what do you currently selling them at those retail for thirty okay and I wouldn't make the assumption that they don't actually take that much less types is about the same materials and time okay, so um so we said twenty so really in reality to make money these guys would probably have tio wholesale for like twenty five and retail right for fifty right? And then if we're gonna move up our scale from here that's what caesar what? Maybe eighty I like retail yeah yeah so you can see so then what happens is if this is your best seller anyway you're going to get a bigger margin on that so that's going to be really fantastic I may be alone are best when he said he'd be but I liked it yeah yeah I think um I wish I was wearing I think I have ah pair of bronze post hoops that I want to say sell for about eighty and they're like about the same size is that so there's definitely absolutely room for that price point there for sure, eh? So where we at with these that we just can you just hold up as we're talking about each one that'd be great so we're so right now we're thinking that we should be about fifty here eight here right and then where we at with these guys those I currently itself for forty eight so obviously we're going to slide those are compared to these you know so to me if these are eighty what do we think here I'm thinking one forty I like it yeah all right e another one twenty one forty range and he's got a one to the front for me I've heard people say that a za pricing strategy just put a one in front of all your price of so that we can work all right so then let's talk about the necklace is now all right. So where we at with this guy? So this guy uh I saw him for fifty, okay? Well, kurt class all right? And so if we're selling these for eighty uh I think this should be pretty comparable like around eighty I think that's pretty fair assessment so we're moving that guy up and so gino is that keep you profitable on that one now that would keep me profitable I would make a profit now okay, talk about your big guy don't you have the little one and then we've got the bigger guys so where you selling that I saw this for one twenty eight it's okay, now this is an eighty no one seventy maybe I think you could maybe even go up a little bit higher like maybe you're talking about a one ninety I think it's and this is something that you do want to think about for retailers that they are going to be concerned about staying under certain benchmarks so under fifty under one hundred under twenty five is one, but most of us are probably not dealing in that maybe other than shayla who might be dealing in under twenty five categories. Still, most of us aren't princes, but but they're concerned about those kind of mental barriers that people create. So if you're but what what's great about that is if you're going to go over one fifty, you can go up to one ninety you know, if you're going to one, seventy miles, we'll go one ninety okay? Because it's probably for people who are buying in that price point it's all going to kind of come out the same in the wash so you could certainly kind of tweak that. So the other thing with you is that, you know, you're right now using that two times mark up, right? So you might want to think about moving up to that two point two, um, so what you'll have to decide is, you know, those numbers that you just set, are you comfortable if those air, then your m s r p and your wholesale price comes down from the two point two, so if those air eighty, um, two point two gets us about, like, thirty six dollars, which is where I currently retail, which is where you currently retail, so that would be your wholesale. So right, do you make of it? So we know you make a profit on that because we did that math. So where you guys were looking at that when I'm looking at that one? Okay, so we know that if you were thirty six, then then you get that on there, I think it's less critical for this line, but as you move into the pieces that you're thinking about, so this is part of that, what you're calling your gallery line, right, and so you're thinking about telling this to a particular market, this is a case where um you definitely want to be in that two point two to two point three markup for sure and I think because you're going to do it here it's probably less confusing just do it everywhere, ok? S o I would do that think about that for their so where we had in this that a currently retail for one twenty five so this is a case I think where you know, obviously this is a smaller scale than that piece, right? But you're thinking about a different market place here and the kind of I think a different customer is going to value this over this so to me that says that even though this is visually a smaller piece, it probably also needs to come up to be in line with that. Also, if you're thinking that this is your kind of special boutique collection right the enemy lord moore then the kind of the signature everyday collection so this is something that you could think about bringing up a swell okay, what do you think? I mean, I think this is probably something where you want to look at what do you have in terms of like, this is a labor intensive piece for you, isn't it? This one isthe so I think total costs material and overhead would be probably forty for me, okay, so that's probably a case where you know party wants to say that this could probably actually fall in the same range. Is that piece in terms price like you could probably be in that one ninety retail price point? Um pretty safely, but then you can kind of play around with out from there and I think one of those things is to that you know, you are just developing this this line so there's still a lot that you can go so this might become kind of the smaller piece, but then if you're using the same motif in a bigger shape or something that lets you up the price of gay so you can play with that a little bit more when I have something that compare it tio exactly school so he'll get around those prices is hell and, you know, I could do it awesome. All right, any questions about from anyone about anything we just talked about here with lindsay? Well, to a bloom is saying that she looked at her or he or she looked at her prices and it's having the mini heart attack through the point being, you know, firmino and she doesn't need to the suppression of a such a good point to is that like, it becomes a community thing too, so like I said, my first prices were okay because I had some really great mentors who were like those prices are too low and I was so terrified of them that I just did what they said I was like a hair after what's apparently I have to be like scarier to get people to listen you listen to the first time around but you know so if we're all saying you know what we realize that our prices have more value than what we're charging let's all bring them up and that only benefits everybody all right? Awesome all right thank you. Thank you all right, who was doing accents? Thank you, lindsey and thank you should come up whatever you are having actually half attacks online about raising your prices don't be feel fearful of it be fearless that's exactly thinking maybe thought something you do need to take a look at yeah you know and feel free to share that too you know, I know a lot of you are sharing like worse we're scared scared of my prices it's making you nervous it's one of those like I think that's the first step is to say, you know what? I am super nervous e s o where are you in terms of cost so we're going to stand your product up so we can really so your labor materials and labor okay ice about like twelve dollars told fifty okay it's a twelve fifty twelve dollars let's make it even twelve okay, we'll say twelve dollars materials and labor so that's your cost yeah not including overhead no ok and right now you're retailing them for forty nine so now you originally said earlier today that you really wanted to be re telling them at sixteen ninety nine yes so now that you've started to do your costs yeah and you looked at some other prices where do you really think you should pay I think and with the proper markets like he said that I want twenty dollars, twenty five, twenty five yeah yeah I mean there were some people that we like forty five one hundred twenty right oh my god but right so I think that you can put yourself in that place where that that twenty and again so just based on your cost that we just talked about you have to be at least twenty five or you're not making any money right because I have the import and everything I'm just yeah right so so then I'm like let's play around a little bit more so what if it was thirty so would you need to change anything if you were in a charge thirty dollars attached the packaging okay make it something a little bit more durable I would change yeah I would definitely be the packaging and uh just really narrowed down on the communicated value because I remember when you asked me I was giving the benefits reverses the value so I see the difference in that so right. Yeah is right and I think in your case teo part of the value is going to come from the back story of the product, right? So you have that you know, your you have this great relationship you're working with the guards like, you know there's so much of it's not a question shin of where my coffee is coming from or what janet what's in the soil like so I think for you that really increases the value is starting to tell that story and so you and your packaging it might not be that it becomes more durable but that you really start to tell more of the story it and I know that you're kind of you're talking about it on the back so what's really important to remember is that people don't read right way want them to read we really and they don't. So how can you tell the same story in a picture? Right? So if this is a picture of you at the farm with the coffee seeing how it's grown and then one sentence or two okay that's going to tell the story in a way that has so much more emotional resonance that's going to make this make more sense as a thirty dollar bag of coffee just the text versus just the text, right? Because there's so much as we really want them tio people don't read it's unfortunate but it's okay, because we're in visual field, so we can, you know, it's, that whole thing picture picture tell that there was a thousand words I feel like my ran stop working like hell is what's, right? We're gonna put that picture on there. And I think that really kind of helps to tell that story should general also add in my personal back story of why I started? Is that something s o s o that could definitely help that kind of y story. But you do want to remember that the ultimately the thing that the customer cares most about is themselves. Okay, so this is a case, though, where they care about themselves by caring about the story of, you know, where the stuff is coming from, you know, the ethical sustainability, healthy, all of that stuff. So at the end of the day, like that still self interest, I know I know that people wanna be like it's not I really care, and you do care. But you care because it makes you feel good, right? So you can absolutely share your story, but you keep in mind, you know, what is going to be the thing that the customer focus is the most on and how that kind of gives them a positive emotional feeling? So they're going to feel good because they're supporting a farm that they know is doing great things and they're gonna feel good because they're putting something good in their body okay, so it's about them so it's not that it's always about the customer that's different that's what your customer care is and I think it's important like to remember that is we care about ourselves, but our customer doesn't care about ourselves, so if you can remember that your customer first inform ass before most is thinking about themselves, you're always gonna win then because you're like, oh, I get it, they want that and we're going to talk more about that customer in the next segment too, so I don't really help with that. All right, he's earlier that this has grown in volcanic it's run in volcanic soil in the mountains. Now few people in the chat room pointed out that, you know, there's so many sort of familiar brands like colombian, brazilian, you know, the hawaiian cona, I guess think owner is mohr expensive because it has the volcanic ash flow again. People have that perception, they're getting something very, very unique, so I guess I'm definitely to change because I was just like, fearful of I just want to get into the market first cause I know I have a really good product, right, but you're saying I mean, how many people really are even aware that cameron produces any coffee let alone something so organically grown so again you've got that really exclusivity yeah, I believe that getting something really? Yeah, right on I love that we have all these coffee connoisseurs it's perfect really thank you for that fantastic andi I think too that then right? So you start to talk to the customers and understand what they value and start off again pricing where you want to be so yes fourteen ninety nine might get you into a market today it's not your market and b you don't do all that work and not make any money, right? Yeah. All right, I know what it feels like way want you to make money for the work you're doing so and again, this is a case where this is leading a perfect example where you know so you start to play with the size so right this now has to be a thirty dollar bag of coffee, but if they want to try it out you know, this little sample is no ten bucks or or whatever we put that so and that's the one that when when you go on the web sites I love free stuff that's just the sample okay, yeah, so this could definitely, you know, ten dollars for this it lets you try uh and then you know and then you step up to the thirty or forty dollars bag and I'm gonna keep working like insist the the whole time we're doing it up and that's what gives you that those other price point so uh we talked about some people have mentioned that kind of affordability piece in the chat rooms I know that came up earlier today look, I want my products to still be affordable affordable doesn't come from making all your products low because first of all your products no one could buy your products if you're out of business because you want background point but second of all it's not affordability isn't about making all those prices low it's about providing certain things at a lower price point and then having that full range in your products so they don't may not necessarily have to afford the whole bag but they can try it out with this and then when they love it because you know they're gonna love it they're going to step up to that so then I could even do a half half a bag of this you are five pounds right exactly so you can play with that range and it lets people try and so this is the case where you know, just because it's half this size doesn't actually mean that has to be half the price it could be a smidge over half okay because that makes them then you want to step up so you can play that value game too so if this is thirty than the half bag is you know sixteen or seventeen yes okay feels good. Awesome. I love it. Thank you. Thank you thank you. Well, I mean you're in a very different jump think called my friend out I should we should talk about it all right, so I brought um things that are at a few different perfect so let's pick out one and just talk about the cost. Sure. So let's maybe those yeah, this is definitely our best seller does that called callie love and so use its felt that's made from recycled plastic bottles a laser cut on dh then machine sewn just to give you some context so where we at in terms of our materials and labor materials are about five dollars counting like our hang tight you definitely want to have it the labels on the head and legs you're right on right on it there ok, um labor this is pretty fast so I think I put it at uh four dollars okay, how much helen's take to make that search finished? I know you're probably patching things, but yeah, I started counting the cutting uh yeah uh like ten minutes okay, maybe s o four dollars to me seems pretty low for ten minutes because again you know you have taking account if you're making and I know you're you're hiring out but there is still the possibility that you might have tio right and also I think as we talked about earlier you're maybe not accounting for like the urine upward costs of your labor so you know I think that certainly what we say ten minutes so I think you're you're probably at least looking closer I would think to like eight dollars in labor instead of your four all right so so what are you and do you have any kind of expenses estimate on this one as well uh overhead allred yet that worked out to who will round up call it a dollar fifty and around it up too okay all right so we're looking at about fifteen just to cover these without putting any profit in so what do you hold feeling that for right now s so you're making no profit and if someone else makes this you're not getting paid right now correct alright very correct so we want to bring that up for sure so based on your kind of research I know you found some pretty expensive yes is coming up here good way better she didn't even look it's good I know apologies necessary I love it right so yours is way more awesome and those super expensive like a disney character on so yearsas were awesome so where should it be based on both that pushy about you and where you where you know you need to you to be making some money I know the number if I was going to be way too low just throw it out and we'll go from there I would say like two retail yeah so what would you reach out and you're doing a straight two times markup right yeah um I would feel comfortable in like the low forty perfect so that brings you up to like someone you know twenty twenty two which is definitely better than way you're at yeah still clearly resisting this right right and my kind of attitude is like if you're going to be at forty two or forty three like you will be a forty five okay so what are you like sixty five o my e retail this is our little party oh this'll retail for fifty four you're right that's like using a seventy five dollar party in right q I have a little girl I would put that on her with the too too and she would look okay yeah all right all right. So that's what that way at then that probably slides this up a little more yeah to at least the fifty early again close you could see a hundred fifty you could go even go you go forty eight if you really wanted knowing I'm lauren sees it she's gonna think it's a steal yeah, and then so then where we at with these? So these before the magic, you're going to work with them? He's this's called business lynch gonna little puckett. This retails for fourteen, and then the nom nom retails for nineteen. So so why is this? So why are these two things different prices? Because this is three pieces in that six, but this has a pocket I write, so the pocket is so I'm stressing out. So I think that this is a case where you don't confuse your customer. All your bills should be the same price. So that just means that you sell this one with the pocket, you're gonna make a little more money, which is good because we like to make a little more money. Um, so yeah, so I heard tiffany say, like, twenty nine? Yeah, that's another thing I thought of two was like instead of a one off, like, I really liked what you're saying about, like, what can I do? Tow up level and to get ready to work with higher caliber caliber retailers like bundling them. So I have the nerd alert version of this. I left it in my bag, but it's like basically a little bow tie with a bucket. So it's you know it can easily be settled as to why this is so clearly a set I mean that way you think the other thing to you when I think about is your setting these prices is like, you know yes kids outgrow clothes, but as a parent you're going to keep certain things like what parent is they're gonna want to keep this to say like, this is my son warren he was a little you know? So these are the things that they're going to hang on to and that is also worth something because they're not the clothes that they're goingto get rid of or take the thrift store they're going to keep him and they're gonna hang on to me well the right don't you have enough coming class on that about turning your clothes and quilts so yeah, things that they're going to keep on dso that's gonna influence the price I feel like I don't you know you don't feel so bad about wearing this first of all because your kid's gonna look adorable and then second of all because you're going to keep it on and also everyone on the street is my god, where did you get that it's so awesome so yes so there's definitely room to go up in your prices if if for nothing else based on the reaction everyone when we held this up because I can't keeping myself right you had away yourself right you have a credit card right now you have to make sure that you're getting paid so okay awesome. I'm glad I have the recording because no have accountability remember I think probably everyone's going to go order stuff really fast now here is your price forty thank you awesome. So were there any other questions or comments for man as we can switch back to the keynote now yeah I think we got to get going on people are really loving the product honestly you should be getting some some big sales and remind us what's your website and apple dot com um you guys can all go to that so now we've pretty much established that everybody sitting in this room and everyone watching online probably needs to raise their prices so let's talk about that um so first of all you don't be afraid um I really want you guys teo kind of just go ahead and do it so we're going to talk about those tactics but uh we've already started to get into some of these fears if you guys want to share again but I think we've kind of already established a few of these which is what scares you about raising your prices lindsey wants to go apparently worked with a few retailers a few boutiques one in particular I have like a really long standing relationship with and when I was watching you in terra last year, I doubled my prices, and it clearly still wasn't enough. I need to quadruple my prices. Yeah, so I think just that's my fear of, uh, pushing those relationships away there. Yeah, all right, so we'll talk about actually the logistics of that are there any other fears? The people are kind of also looking at all right? Yeah, yeah, maybe people being like, did you not know what you were getting into when you first started and you put your price at x? Ah, so that is a great question. And the reality is that nobody remembers your prices. Nobody pays attention with that one little exception of your retailers who have your old price sheet. But in terms of your, you know, retail customers, people apart from you online, very few people actually remember and pay attention to prices, so you don't really have to worry about people being like honey, and I don't know like did that? What was she thinking before? Because that's not going to impact them. If anything, I have this great story from this woman I know who makes ceramics, and she worked with me, I think she did my pricing for profit e course, and she so she really smaller prices were too low and she raised them and she sells from her studio and she had a customer come in and make a purchase, and then I believe it was like the customer's brother came in the next week and said, hey, you know, she was in here and she said, you raised all your prices and we realized we better get in here and buy because she's getting super famous like she did raise your prices so there's that perception of when you charge more people are gonna be like, oh, well, something got better, they got more famous or there's a perception from the customer that again, when you charge more that it's worth more, so don't worry about them thinking like she don't know what she was doing and they're more than likely they're going to think the opposite. Um, so this is probably one that I think a few people have, which is that you don't feel comfortable charging a certain price on I think part of that comes from you know, that feeling of am I providing the right value and I really, you know, getting that so this is where I think when we start to play without value peace, hopefully this fear starts to go away, we start to say, you know what, it's okay? And again, as I mentioned before, it's okay to feel uncomfortable with your prices, like if they don't feel scary, they're probably not right, at least in the beginning. Eventually, they're not so there you, but in the beginning, there to feel scary to you and that's, I think partly to because you might not know people who would spend that much on your product, right? You might not have ever experienced someone who could go in and spend one hundred or two hundred or three hundred or two thousand dollars on a necklace, but those people are definitely out there, and then it becomes our job to find them and the beauty of selling two stores is that it's the store's as much the store's job to find those people is our job, so it takes some of the pressure off you to really find those people, and we did talk about this a little bit, the pricing yourself out of a market. So what if I raise my prices so high that I price myself out of the market and again, markets of the market can't support what you need to charge it's, not your right market and it's time to move on and so on. I know that that can really feel scary for people, especially if you've been telling online or you've been telling in retail situations. And you don't want teo alienate your existing customers, you feel like these people have been with you, but the truth of it is that they're not your right customer, and if they really love your product, they're going to come along for the ride and if they're not it's okay, toe, let them go. So part of this moving to sell to retailers is you're going to leave some markets because we're headed for markets, they're going to better serve your business, and really, that's, what we're trying to do here is we're trying to make the best decisions for your business, and oftentimes stepping out of one market and into another is the best decision for, you know, for your business, all right? So let's, talk about that? How do I raise my prices? Because I know everyone wants to know, how do I do it? So there are two pieces to this one is how do I raise my prices? And the other one is, how do I do it without alienating existing customers? So if you are not selling wholesale at all right, now, rip the band aid often reason get yourself where they need to be, just go ahead and bump him up again, not all your customers we're gonna notice most people aren't paying attention, and, yes, you are going to leave a people behind you know, if you really want to you could use it as an opportunity to dio I got quick little flash sale hey guys, you know what I've been watching megan's work, chef I realized my prices have to go up so everything is going up on monday, but I'm you know, I'm keeping him the same for the next couple of days. If you have your eye on something going my online shop now it's like a sail in reverse essentially prices are going up, so if you want to do something like that to take advantage, get a little cash flow that's totally okay, you could do that or if you're like, you know what? I don't care just raise him up. Um, so that's something that you could d'oh I I will say that for those of you selling on etsy, I learned that there's a funny little glitch, ifyou're, etc products are on pinterest because pinterest shows prices and it shows the previous price and the price like the new price. So that is one way that people will notice. But the trick to doing that is take your prices and put them say, like a dollar more than where you want them to be and then the next day dropping back down so don't make the prices seem actually a smidge lower so that's that little cheek yeah yeah that's how you get around that little trick, right? Hendrik I told you guys I'm e don't put the price in your description yes, I still do that yeah because at cia setup for rich pins on pinterest so it sure whether you wanted to or not it shows the price when stuff gets pinned got so it's a little trick for those of you in your stuff on pinterest is that does the price go with it although not not if you're not telling on at sea and not ifyou're not set up for richmond's that's the only time or that like pricing change becomes a little bit of an issue but that's how you can sneak around that but for the most part just go ahead, change those prices get him up there now if you are selling to existing read um retailers if you're already doing that, then what I like to do is just give stores a deadline so all our prices are gonna go off on, say, july one let them know that if they get an order and before that you're happy to honor the old prices but say here's my new line sheet here's where things were coming and so you know one of the things that you can do is get in the habit with your retail customers of releasing that new line sheet every you know, at least twice a year, so you're gonna we're gonna talk about the trade show seasons, but at least twice a year, so that gives you a very finite date. So I always I like to think that you know, july first in january first our good times to raise prices for retailers because they coincide with trade show season, but if you wanted to say like, hey october first they're going up or wherever you want to say you do want to give those stores a little bit of a heads up because you know itjust impacts little bit more of their business now I know that you're concerned about are they going tio not be so happy that you that you raised so you may lose a store to there but what's important to remember is that when you raise your prices it means that stores make more money too so that price goes up. It takes the store the same amount of work to sell that necklace whether it's eighty dollars or hundred ninety dollars ultimately it's basically the same amount of effort, so if now they're selling it for one hundred ninety dollars, they get paid a lot more for that effort and they're actually going to appreciate that so there may be a few stores here there where there that price point isn't right for their customer anymore but for the most part it's typically not a problem if you're giving them a heads up and you get to stay in business for more years right exactly so that's also important with thirty days to be a good heads up for retailers like yeah boutique rocher thirty days with a good head of them you know if you wanted to be safe you could maybe stretched out to forty five okay okay. Yeah that's okay too but I think that's that's plenty of time in your case to let them know you know what our prices are going up um and again the same thing with stores you know you might not end up with the same stores is that you started with but you wanna be in the right the right story the right market the ones that fit your product anyway yeah, so don't be afraid of losing a couple stores to get you to where you really need to be because again you need to stay in business and you're not making money you're not gonna be in business for very long. Three more questions about that online we're looking good in check awesome. So any other questions for you guys about raising prices where you need to be everyone's feeling better right? You're feeling better about those prices now awesome perhaps um to make clear megan I know you have a sort of going along is that this this does apply to any type of product this is I mean, we've talked very specific ladies we have here is our students because lots of people in the chat rooms, they're saying what I do, greetings, cards, doesn't supply, and I do this is that applied? But of course, it's yes, all it applies to every product and that's what I want you guys to think about when I talk about that you have, like the price ceiling in your industry. So it's really easy to say hold greeting cards have to be a certain price. No, they don't, they don't have to be any price, so it absolutely applies to anyone on, and I would also encourage those of you who are in things like greeting cards. To remember that you might end up with slimmer margins is something like a greeting card and that's, why it's a really good idea? Teo, think about some other products where you can have that bigger profit margin, so you might find that the range and greeting cards is limited, but the range and, say a poster, a print that's, a pretty big price range, so you can really kind of stretch that by adding and other products as well. You have to justify the increase at all or do you just rip the band aid off, change the price and rip the band aid often change the price because I think one of the things is that when we try to justify we end up defaulting to kind of our maker perception well, I'm not paying myself enough I you know, my materials price went up and those are not things that your customer cares about, right? So what you can do is you can take those price increases, and if you couple them with that improved branding, start telling better stories about the product, then they don't seem so strange because now you're not justifying them as like, hey, I'm not make enough money, I gotta pay more, but you're like you're gonna love this necklace, you're gonna wear it every day it's gonna be awesome and they're not even questioning that price because now you've told that better story and you've communicated the value in a better way so that's the way that you're going to do it. So if you're gonna make any changes or you tell things your customers tell them a great story about the value of the product don't say I realized I wasn't paying myself enough now he has got a really good question she's obviously in the jewelry business and says so when something like that the price of gold or the price of silver falls dramatically everybody seems to be aware of this it's on the news or whatever so they expect then jewelry prices to fall a swell but that shouldn't be the case should it correct it shouldn't be the case so particularly with silver jewelry so so gold is a slightly different thing so we'll get out a minute but with silver jewelry yes, no ostensibly everyone knows that the price of silver has gone up but how many people actually pay attention the price of silver if you're not a jeweller or you're not following the stock markets and the I meant the metal markets right if you're not following the things you might hear it in a news story but that information is not going to go back to you then when you're standing in a store and be like I think that's on ly three ounces of silver and silver dropped you know going out in a store right? So yes, they might have heard that these of information but they're not translating it to your product with gold it does if you're selling gold in a fine jewelry retailer there is a little bit more kind of price flexibility that happens with those markets so you might have to be more aware of that but if you're just selling silver nobody notices if those prices drop just be really happy about your bigger profit margin