Pricing is something we all struggle with. For Etsy shops in particular it is hard to compete and many times shops find themselves second guessing their pricing when trying to go up against resellers and those who are under pricing. When shops don’t sell or sales slow the first question we almost always ask is in regards to our pricing.
Robin incorporates vintage and contemporary into her original mixed media creations. She has some words of wisdom for online shops in regards to pricing.
|Rizzart Collage Mixed Media|
For those who are creating intricate designs, bridal pieces or one a kind she notes “Do not shortchange yourself! A bride who may be spending thousands on her wedding outfit will not blink at spending $100 for a stunning piece that will become a keepsake and a family heirloom.
We all have a habit, especially when starting out, to look at our work and ask ourselves, "Would I pay that much for that?" But remember, you aren't selling to yourself. You aren't even selling to your friends, who may be in the same economic strata as you. You are trying to target people who have an appreciation of fine materials and skilled work, and particularly with regard to bridal items, are willing to spend (and even overspend) for something special. I once read that if as an artist you can afford your own work, you are not charging enough!
|Rizzart Decoupaged Keepsake Trinket Jewelry Box|
You have to ask yourself why you (and not just you, all of us) charge what you charge. Are you pricing low so that your work can be affordable to a mass of people and therefore you'll sell like crazy? Will you make up in volume what you're giving up by undercharging? Probably not, unless you're Target or Walmart - they've got the market cornered on cheap, wholesale purchase everything overseas for pennies, and reach millions of people. You'll never be Walmart - you'll just struggle along accepting Walmart prices for couture work. But if you charge what you're work is really worth, you may sell less often, but you'll get what you put into it. Your market will be smaller, and it may take more work to find them (or get them to find you) but they are out there. My brother is a manager for Neimann-Marcus - despite the economy, they are still making profits - millions of $$ every day in his store alone. I would strongly suggest, for anyone who makes jewelry, to take a trip to Neimann's and just look at what the jewelry is going for. Look for the simplest item you can find - maybe a silver ring or bangle bracelet. Just see what they're charging for it retail. And people are BUYING them! Well, those same people buy online! Find them! Show them that your work is made of the same fine materials, handcrafted by a skilled artisan, one of a kind! These people don't want cheap - they want special!”