are my prices STILL too low???
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Hi... I have asked here for help before and did everything advised, and it seemed to all work...including raising my prices.. BUT I am wondering: are my prices STILL too low??
A guy friend (no experience in my area, but MBA degree) said my prices look like "clearance prices" and asked HOW I am making any $$... (well I work up to 113hr/week and make less than min wage, thats how lol)
Also, Ive noticed similar products to mine for sale for double+ my prices, and I have been told by several customers now that my products are of a much better quality, fit, workmanship etc etc... (but i have more sales than such sellers as well)
AND- my tags?? I have them exactly like similar products that pop up 1st in searches, but my items are still usually hidden serveral pages back- am I missing something?
AND- 1 more thing- my bibs do not sell. at all. They don't even get views. I dont understand why...price too high? too low? (again guy friend chimed in with "y spend $$ on bibs-use a paper towel" sigh)
Im still so scared that if I raise my prices, I will lose the sales/customers, and this is nearly 50% of my income... :/
SO... here I am begging for more help... what do you think????
thank in advance!!
Posted at 6:03 pm Jun 16, 2012 EDT
I don't feel comfortable addressing pricing (don't have anything to compare with). But I looked for your Bibs and don't even see any. Am I missing something? I didn't read all your titles but didn't even see a shop section on them either. Maybe it's me...oh wait just re-looked and you call them "Buzzy Baby Bibs" I get the Buzz thing having to do with the bumble bee but at first glance I didn't even see them. I think you should rename that section with something that begins with Bibs.
Posted at 6:15 pm Jun 16, 2012 EDT
Pricing needs to take into account the cost of materials, cost of your time, fees paid and the profit that you want.
That gives you your wholesale price (what you would sell in quantity for). Your retail price would be 2x that.
Right now, I don't even think you are covering your costs let alone making a profit.
You can calculate the amount of fees that you would have to pay by using this calculator.
If I were you, I would work on your titles a bit. I've never gone to a shop and asked for a
""Baby toddler Bib pul girl boy machine washable cloth feeding drool teething ribbon velcro snaps snapping reversible ""
and its rather doubtful that I'd ever search for anything called that on Etsy or anywhere else either.
'Word salad' really doesn't seem to work for many sellers.
What are you selling?
To me it looks like a"machine washable reversible baby bib with velcro closure"
I have no idea what a 'feeding drool teething' is (and your buyers probably don't either) so why bother wasting the valuable title space?
Would you rather sell 5 bibs at $10 each or 10 bibs at $5 each? Work smarter NOT harder!
Posted at 6:50 pm Jun 16, 2012 EDT
great advice here and beautiful product! I would consider paying a graphic designer to design a banner. Many here on etsy do it for 25ish which is money well spent.
some people on one of my teams used
and she did beautiful work for them.
good luck!!!! I wish you were around when I had my babies!
Posted at 10:13 pm Jun 16, 2012 EDT
I totally agree with CrochetGal (so I won't type my own version of pretty much the same).
And to answer your first question: yes, your prices are still way to low.
BUT, you want to work on your pictures and give your items the look they deserve. They look a bit 'cheap' in your pictures. Clean and crisp pictures, showing them at their best, will persuade your customers to pay a decent price for them.
Posted at 3:55 am Jun 17, 2012 EDT
I don't like to give advice on pricing, as only the seller can really decide what price they're happy with, based on their costs, time and skill level.
I wouldn't worry too much about increasing prices reducing your number of sales though. It may, or it may not. But I'd rather make 1 sale for $100 than 10 sales for $10 - less work for the same money!
Posted at 5:30 am Jun 17, 2012 EDT
My prices are more then double what they were when I first started selling on Etsy (in 2006). I sell less items, BUT I make the same amount (or even a little more) money.
If your products are worth it, raising your prices might cost you some customers, but no money. Less work, more payment. Sounds good, right?
Posted at 10:45 am Jun 17, 2012 EDT
Sometimes when prices are real low and photos are blurry it makes me think that a product is of inferior quality. Even if it in reality is very high quality. It is impossible to know online. If it is cheap and looks cheap, due to unclear photos and not thorough descriptions, I will assume that it is low quality.
If the photos are clear, descriptions are thorough and prices seem right for the materials and time put into making the product I would be way more likely to buy something.
I don't want the cheapest of anything. I want the best.
Crochetgal gave you some VERY good advise, in my opinion.
My daughter used to make cloth diapers when my grand daughter was a baby. She charged a lot more than what you are charging. (That was 7 years ago.) They are a lot of work and money to make. She sold lots of them and made money doing it.
Don't underestimate yourself & Best of luck to you!
Posted at 6:24 pm Jun 17, 2012 EDT
thank you... i cant do much more with pictures... all i have is my cell phone and as a single mom of 4, no $$ for a "real" camera or paying someone else to remake what I already paid for in 2008... (nor the tons of advertisements to pay for critques etc etc that flooded my inbox after posting this)
I have used all previous ideas to make my pictures better, and Im not seeing which ones are blurry? none of them are blurry on my computer so now im really confused. (but maybe its my PC or $10/mth internet lol)
and yeah, im starting to see i undervalue myself in all areas across the board... :-/
on top of my 4, I started babysitting 3 more in order to survive financially, and realized ive slowly been talked into 14hrs/day, 5days/wk& for $275 before my expenses like food etc...
I support us myself (own boot straps type- i have no family etc) and get scared that I will lose the only $$ I am making. EX: what if i say they need to pay more and they say "fine. we will go somewhere else"...?
Im just not sure how to jump that hurdle. I just raised some of my prices- trainers& size small diapers... Im headed in to bite the bullet and try to work on somemore...lol
Posted at 7:44 pm Jun 17, 2012 EDT