Pricing: Affordability is not an obligation

[ConcertinaPress]

Paper n' Stitch just posted a great article about pricing your goods

http://papernstitchblog.com/2012/01/17/the-first-rule-of-pricing-make-no-assumptions/

I can definitely identify with what she's saying, being in a fairly pricey field myself with weddings. However, if your goal is to support yourself with your artistic income, you need to stop trying to compete with the bottom line, whether it be hobbyists charging the bare minimum to cover just materials, or big box competitors who have their things mass produced overseas, and work on creating something unique taht you can charge MORE than average for. That's the takeaway lesson I get

[Former_Member]

Thanks for sharing. I always find pricing awkward especially when I can see my prices 'getting out of hand' (for what I could afford) while I'm doing my calculations

[Former_Member]

I agree, I know that some people view etsy in a more business like way and I don't have a problem with that but it is not how I do it. I see people selling small original paintings for 20 or 30 dollars. I just won't go that low just to compete.

[Former_Member]

This is so true... I used to worry that if I overcharged, nobody would buy anything. Recently I've realized that my target customers don't have to be as broke as I am. I've been working on improving the quality of my products, and have been gradually increasing my prices, as well. To my surprise, sales have actually increased! My only problem now is figuring out how high is too high in terms of pricing. Does anyone have any suggestions on that?

[MurrayBolesta]

I say raise prices 'til it hurts !

[AVisionToRemember]

I started out pricing with how much I would pay for something. Then I learned that I wasn't making any money so I came up with a formula for how much to charge for my quilts. Then every time I start to get to busy to keep up. I just change a little bit of that formula and increase the price accordingly. It has been working so far for me. Pricing is really hard to figure out when you are just starting out. I remember how hard it was! I am glad that I have figured out the best way for me to charge. I know that what I charge does push out many people from purchasing my quilts but I just can't be that busy.

[AnneLondezGlass]

This is soooo true. Thanks for posting that !

[WintergreenDesign]

Thank you so much for posting that article... very helpful : )

[Former_Member]

I've been told I need to raise my price's by many team members and I'm scared to because I'm just getting going! But I know I do once I start really caculating my time, more then product. But what about Pin It and Wanelo? You can't edit on Wanelo so prices would be lower on those sites, then they visit your shop and it's higher. How do we deal with that?

[beevintageredux]

I had a sale in my shop right after the new year. As I took items off of sale, and edited all of the listings, I also raised my prices. It's still too soon to know if the raise has been good or bad. But prices needed to go up, and for a few reasons. Number one, the price of everything, from supplies to vintage finds to shipping, seem to have increased sharply since the holidays ended. Number two, it can signify a sense of pride and worth in your work (so long as you keep prices realistic!). Lower prices can make a potential buyer wonder why you are practically giving something away, and see it as a turn-off. I do take pride in my work, and as much as I would love to give it all away, I simply can't. I'm still working out the formula, but it felt good reading this article today. And Linda H is so right- our customers aren't necessarily as broke as us ;)