Barb’s QuikTip #5-Pricing
Adjusting Prices of Your Products
Trying to figure out how to price your art or craft products? Consider these pricing tips:
* HIGH PRICES force buyers to weigh their desire for your work against the money they have to spend. Some will mentally compare your beautiful creations to the price of machine-made imitations and walk away feeling your prices are unrealistic. On the other hand, if your prices are too low for the high-quality work you are offering, some people may feel you do not place a high enough value on your work, so they do not care to own it. Try to find a happy medium.
* TO APPEAL TO EVERYONE, offer an assortment of items priced in a broad range. Offer a quantity price to customers who buy several items of a kind. If you have some older lower-priced items you’d like to get rid of, consider offering one as a freebie with the purchase of a higher priced new item. (Everyone likes to think they are getting more than they’re paying for.)
* IF YOU CAN MAKE A PROFIT on a three-dollar item, that’s fine, but lowering prices on something that should sell for $10 or more is rarely the solution to sluggish sales. There will always be people with money to spend, so the real secret in selling more of what you make is to make more of what people want to buy. (See my Make It Profitable book for tips on how to brainstorm for new product ideas.)
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