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Lull in sales after raising prices?

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Thank you for your insight Kim and Angela!

Angela - my train of thought has been exactly this which was the main reason I even contemplated raising my prices. I was working around the clock and becoming overwhelmed. Imagine my surprise when I visited a bunch of bridal shops and saw items I would be EMBARRASSED to sell at double and triple my prices.

Guess I'll have to see if I find anything good to do with all my new time or if I would rather just be making hats! haha

Its really the not knowing. There have been people willing to pay the new price, Im just not seeing the views! That is what scares me.
I make inexpensive easy and fast to make items. I try to price at what I would pay for the same thing and my target market is people who are looking for an inexpensive little something.
I raised my prices on my wood pins and whaddya know, they abruptly stopped selling. So, I lowered them again and back came the sales. So, I guess I hit on the perfect price for what I'm selling.
I'd rather sell 5 pins at a lower price than just one or none at a higher price.

Your items are obviously high quality specialty things that buyers would expect to pay more for but you don't want to price yourself right out of the market, either. Like you said, you've got bills to pay! You may need to just find that sweet spot where your prices are fair for both you and your buyers and you sell rather than have things sitting in your shop.

Im def at an interesting spot in the market, Elizabeth. Im right between the average $50 and the fantastical $300+ range.

It really is a sweet spot I need to find. Some numbers seem off putting to me as well. Like $95 seems so expensive vs $100 where its just simply worth it. (For my products at least)

Does anyone else feel this way out of curiosity or am I just mad? Are there certain numbers that seem too high to you but others just make you HAVE to have it???

Prices are complex and can take ages to work out. There are some very good Wikipedia articles on pricing.

en.wikipedia.org/wiki/Pricing

Read this at least 2 times. It's better to pick a model and go from there
i raised the price of one of my backpacks by $40 due to labor and leather detailing. i was actually hoping people wouldn't buy as much of them (pacing sales), but i ended up selling 3 in the past 10 days. it was already more expensive than most backpacks in its category.

pricing is tricky.

sometimes raising prices makes something look like a better deal, though i have no idea how $180 looks cheaper than $140. it's still a great deal for what you get, though.

then i have to market it in a specific way, too, getting to the right demographic.
I raised prices of everything in my shop. I thought I was selling things too inexpensive. I had a drop in sales :(

I think it's my odd prices like $7.00 for a felt brooch. Or maybe that's still too cheap, haha. I don't know...
Tricky, indeed.

Read here today that instead of changing prices to experiment constantly to do sales instead. Something to think about.

Mr. Sal Phan: Your shop is awesome!!!!

Sarah - I feel you! Im thinking...did I just set myself up in limbo? Do I need to raise just a tad more to get the point across and do sales? Terrifying.

Thanks for the wiki link, KC. I'll spend some time with that tonight. Yay, Friday.



Thanks for this thread. You're all full of useful advice. I just opened my shop and I'm starting from the opposite end. I priced everything where I think its real value is. And then I plan to drop prices incrementally to see where there are sales. And if the market price is too low, then I won't sell because it takes me a long time to make everything and it has to be worth it to me to spend all that time making (plus photographing, writing descriptions, posting, editing, re-posting...). I think pricing is incredibly tricky and I worry that a lot of us are underselling ourselves just to make sales. (Yes, you can be your own sweatshop!)
I can't speak for others but following my price cut sales really didn't improve for about a month and but the past few days have been very good. I think offering free international shipping has helped. I will probably raise them again the fall but by then I hope that ladies and gents from all over world will be talking about how awesome my ties are.
KoutureCrochet from KoutureCrochet says
I think offering free international shipping has helped.

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KC, do you mind me asking why your free international shipping only includes 3 countries?

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