Tuesday, May 24, 2011

Pricing your goods

A comment by Carole last week prompted me to look at the issue of pricing our handmade goodies.

Her comment was about underpricing.

I'm sure we've all seen them - the sellers who underprice their goods.
They say "it's just a hobby" or "I dont want to make much money" or "it might affect my pension" or "I add 50cents on - that's enough" or "I'd rather sell them for x than have them sitting here unsold".

But maybe it's something we all do sometimes.
Maybe because we don't value what we do enough.

Perhaps we don't really know how to price our goods.

There are many formulae around and I'm sure we all have our own favorite.

Meylah has got a great download - 10 tips for pricing your products.

I really like this because it has a few options.
I'd be interested to know what you think.

I have a different equations for different things that I make.
I make a huge variety of things. Some use expensive components but don't take much time whereas others use relatively inexpensive materials but take forever to make!
(eg knitting and beadweaving)

Some I price "up" because people are prepared to pay more for those.
So the quicker higher profit items subsidise my more labour intensive products.

Do you have a method that works for you?
Feel free to share - I'd love to hear your opinion.


PoetessWug said...

Pricing is always tricky for me too! And trust me when I tell you...it's not because I de-value what I do! The truth is...I KNOW I wouldn't be able to get what I think it's worth!! So, I try to price it at what customers might think it's worth.Why? Because I figure that once the quality of my work becomes more known...then I'll be able to price it the way I want to!!! And if they want it then....they'll have to PAY!! LOL For now, I'm going with the flow....fully aware of who I am, and how good I am at what I do. :-)

Karmi84 said...

i always have trouble pricing my items as well this is not my idea of fun i'm always concerned that they are to highly priced or not priced high enough. i am always concerned that if i set the price too high the item won't sell. Creating the item is great but when it comes to taking photos which i am also no expert at and then selling the item i really have no idea where to begin this is always a challenge for me.

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