Wednesday, January 14, 2009

Pricing

As Im getting closer and closer to the Buyers Market, Im slowly crossing things off of my to-do list. One of the biggest things on the list is my catalog and line sheet. Im working on finishing up my line sheet but have reached a bit of a road block. Its time to plug in my prices-both wholesale and retail, and i find myself going back and forth between raising the prices and keeping them the same.

So far, Ive felt my work was fairly priced, and i was happy with what i was getting for each piece. Then again, so far Ive only done retail shows, so ive been getting double what I will be getting in February. My work is all hand made from start to finish, so every piece has a lot of time and love put into it. I know all makers can relate. When its time to put that price tag on, you cant help but think of all the time, and steps that goes into each and every piece. Of course, ive done the traditional cost of material, labor and mark up equation, but it doesn't always seem to match up with what i think is a good price. Sometimes its too low, and sometimes too high.
I guess the bottom line is- i dont want to undercut myself, and i dont want to be too greedy. Its a fine line to walk.

Im curious about the implied value a high price tag adds versus the amount of sales a low price tag can get me. Which one is better for an artist just starting out. (in a bad economy no less!)

Just throwing that out there...my current dilemma.... too raise or not to raise, that is the question.

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