Are Your Prices TOO LOW?

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Original Post

WingsDove says

After 18 months of both buying and selling on Etsy and reading the forum posts where sellers ask, "are my prices reasonable?" I need to put out another perspective about pricing from my 7 years as a small business owner.

Prices on Etsy are all over the place in every category - from very low prices to very high prices. I have seen really talented people under-price their work and cringe each time I see this.

Very low priced items are quickly passed over by shoppers who can and will pay a higher price and will assume that a low price means low quality. I went through this a few times in my own business when I first started it.

Fear of losing customers is a common reason for low prices. The truth is you will find new customers at your new price point.

Visual the customer you are selling to in your mind.

If the custom you visualize is someone who has a very small budget, you will price your work for the customer you visualize in your mind - low prices for small budgets.

If the customer you visualize is some who can afford and will pay a higher price for unique and original handmade artwork and crafts you will price your work for that customer. And that customer will find you and buy from you.

Are you happy with your prices?

Posted at 4:04pm Dec 11, 2009 EST

Responses

Pricing is sooo hard, but I think I'm finally getting to grips with it - it's important to me that my items be affordable, so I keep that in my mind when I source my supplies.

Posted at 4:06pm Dec 11, 2009 EST

Good points WingsDove!

Posted at 4:07pm Dec 11, 2009 EST

HimeGirls says

this is a great thread

Posted at 4:07pm Dec 11, 2009 EST

Good point and something to think about. I always struggle with pricing.

Posted at 4:07pm Dec 11, 2009 EST

westmama says

I sometimes wonder this. I see other similar type products selling for more. And the keyword there being SELLING... where as my stuff just sits.

Posted at 4:08pm Dec 11, 2009 EST

colorada says

My prices are fair for the time I put into each piece, but may be higher than the market right now will allow for my type of niche. It's tough to compete with manufactured items, which are getting much more handmade type details in them. I wonder sometimes if they don't check out places like this and get ideas. :-)

Posted at 4:10pm Dec 11, 2009 EST

suppliesme says

thanks for your post.

i hate pricing...

i thought my prices were ok but have been told they are too low

Posted at 4:10pm Dec 11, 2009 EST

My stuff doesn't sell well either and I have often wondered if I am pricing items too low. I know I was at first and have raised them, but not by much, but I am also being influenced by our economy. Opinions welcome!

Posted at 4:13pm Dec 11, 2009 EST

I sell hankies, so I compare my prices to other hanky sellers, allbeit there are few of us doing 'hand embroidery' nowadays...and go from there.

I have found when I raise my prices, my sales go up!! :)


I do sell some things rather inexpensively (at least in my propective) but they are what really got my business to going and I really want to keep something down there where little old ladies on one income can afford it they want.

PLus, those cheaper items, most brides by in 'bulk', so I make my money there.

Posted at 4:17pm Dec 11, 2009 EST